Didn’t have time to catch up with all of the week’s stories? Relax, follow HerBusiness commentary of the most interesting items that made the news headlines, every week.
Latest Forbes Global 2000 list
This is the Forbes list that ranks the largest public companies in the world. Criteria for ranking include; sales, profits, assets and market value. In 2018, Safaricom ranked as the 1,817th biggest company in the world – number 1 in Kenya, number 13 in Africa. The top 10 share of the biggest companies in Africa went to only two countries, South Africa (8) and Morocco (2). It was no different for the global top 10. China and USA each had 5 companies representing them. Just to impress your friends, the largest public company in the world is Industrial and Commercial Bank of China (ICBC).
NSE mobile app
I’ve never seen the good things being done make newspaper front page, it’s almost as if no news is good news. Nairobi Security Exchange (NSE), after announcing piloting of a derivatives market, is now launching a mobile app. The app will give real-time market info and will include a simulator for first-time bourse investors. NSE hopes the app will attract young Kenyans to the stock market.
Kenya’s top football referee Aden Marwa was, this week, nabbed by famed Ghanaian investigative journalist, Anas. This was portion of a bigger play uncovering corruption in African football. Marwa had to withdraw from officiating at the 2018 FIFA World Cup after being filmed accepting a sh.60,000 bribe ($600) and saying “The most important thing is not even this, it’s the friendship.” Some apologetics questioned the ethics of how Anas went about his work. But, c’mon, that is missing the point entirely. This is the best referee in Kenya and he has no problem receiving a paltry sum, relative to his earnings, for bribe. What does this imply?
Your stance on the Cuban doctors issue?
Specialist doctors from Cuba arrived in the country to work and teach us a thing or two about Cuba’s vaunted healthcare system. According to health administrative secretary, Rashid Aman, “The doctors will be trained on how our healthcare system works before being deployed to public health facilities across several counties.” Following, a court held up the development over work-permit regulations, citing that Kenyans are priority for work considerations here and only locally unavailable skill should be imported. The Government’s counter is that there are no enough specialist doctors.
Manufacturers vs Retailers
I think this would be a good fight. Entrepreneur vs Employee has lost its appeal. The Kenya Association of Manufacturers (KAM) wants a law that will force companies to be transparent about debt they owe suppliers and service providers. This would inform manufacturers on whether to pursue business with particular companies or not. KAM cited the over sh.30 billion debt that retailers owed in 2016. In fact it hopes there can be penalties for late payments to at least placate pissed-off manufacturers.
County workers sent home
Siaya County Governor, Cornel Rasanga sent 50 county workers on compulsory leave over corruption allegations. The affected departments were Finance (hehe) and Planning. On the issue, he said, “the period of their absence will afford my Government an opportunity to scrutinize the activities of each directorate and recommend measures to improve service delivery.” He revealed intentions to widen the reach of this hunt. We wish them the best, unironically.
TEDx Kakuma Camp
This Saturday, 9th June, the first ever TEDx to be held at a refugee camp will happen. TEDx is modelled after TED Talks where individuals give short talks on any transformative idea. Kakuma, in Turkana, will be the venue for this. Supporters of the event include Safaricom, UNHCR and UNICEF. Turkana Governor, Joseph Nanok is in the lineup of speakers that will include current and former refugees plus a 250 attendance figure. The event will be broadcasted in big screens to the rest of the refugee camp. You can Livestream it. The theme of the event is “thrive.”