Busy week didn’t give you time to catch up with all of the interesting news items? Relax, HerBusiness will be summarizing these important things that made the news every week.
Bans don’t work!
Last year, environmental body, NEMA imposed a high handed ban on secondary plastic packaging. Some thought it was a straightforward move to protect the environment while a few others thought the Government was being clever to suppress the informal sector. It was none of that. Despite celebrating compliance level of “over 80%” it looks like Kenya will have to divert money to enforce it with “intensified surveillance.” Tax it don’t ban it.
Innovation centers in Northern Kenya
iHub is collaborating with Mastercard International and, humanitarian organization, Adeso to operate innovation centers in Marsabit and Garissa for 21 months. This initiative is being funded by UK Aid. The aim is to solve problems by ensuring, “participation of rural communities at the village level rather than focus on urban issues.” We share similar sentiments, actually.
Kenyan public warned over ICOs
As we continue to wait for everyday utility of blockchain technology, it’s entertaining to watch the back and forth between regulators and “cryptocurrency will disrupt money” end of the debate.
Local cryptos like NuruCoin are being issued while startups like bitsoko are announcing interesting utility for ICOs (Initial Coin Offering). For the second time, the Government – through the Capital Markets Authority – has made it clear that you’re on your own with these transactions.
Sh20 million typing error
Nyeri Governor, Mutahi Kahiga said that the proposal to build a Sh20 million gate for his office was a typo. Yes. He also said that it’s okay to divert Sh200 million to spend on a mansion that will include official residency of the deputy governor. I like how every problem has to be solved by some costly project. Who has time for straightforward solutions worth a lot less?
Teachers not ready for new curriculum
The Kenya National Union of Teachers (KNUT) has explained reasons for opposing the new education system as including ill preparation of teachers to implement it. Kenya Primary School Heads Association (KEPSHA) had a different view. The challenges facing the piloting continue to get complicated by the day and some have questioned it’s suitability. “Maybe invest in school infrastructure first?” That was one suggestion made.
NEMA sells pollution to the highest bidder
Okay, the headline was over the top. But NEMA has introduced its form of carbon tax in Kenya – the ethics behind it are still debated, depending on which side of the divide you stand. Factories will have to pay sh.5,000 for an emission license and a further sh.3,000 for variation or transfer of the permit. After, large companies will pay sh.50,000 annually. Iron, plastic and aluminium recycling plants will pay sh.30,000 while other factories will pay sh.20,000. The idea that modernization and industrialization can be green or clean is an oxymoron Kenya should stop wasting time on.
Kenya raises sh200 billion
How envious are you, as an entrepreneur, to see how much flexibility a Government has in raising money? Kenya has now raised $2 billion in a bond that was listed on the London Stock Exchange. It was oversubscribed 7 times over. Kenya took $1 billion in a 10-year note (7.25% yield) and another $ 1 billion in a 30-year note (8.25%).
