By Carmel Rickard A judgment by Kenya’s top court has found significant gaps in the law dealing with orders of foreign courts. These were discovered in the course of a judgment related to litigation lodged by seven local tea-pickers employed by Scottish tea company James Finlay (Kenya). While addressing core issues of the judgment, Five judges of the Supreme Court ordered government agencies responsible for preparing and making new legislation to look into the legal framework in question with ‘utmost urgency’ to have the law conform to the Constitution. The suit involves seven current or former employees of Finlay, each of…
Author: NLM writer
The withdrawals caught the investigators of the DCI and the EACC by surprise as the files had been worked on in synergy with the prosecution agency, and the decisions to proceed with charges were arrived at by concurrence By David Wanjala I t is no longer a free rein for the Office of the Director of Public Prosecutions (ODPP) when it comes to the withdrawal of ongoing cases as courts begin to reclaim their constitutional stake in that process. Months into the new regime of Kenya Kwanza Government, the ODPP surprised not only the public but also stakeholders in the…
Economic alliances have seen countries become reliant on imports, especially in food and energy By Antony Mutunga Sino-American relations have been greatly harmed for as long as a trade war has existed between US and China. The recent conflict between Russia and Ukraine has further dented business and political ties. To some observers, these escalating geopolitical tensions will likely continue for the foreseeable future. If the world were to split into two trading blocs, with China and her allies on the one hand and the US and the European Union on the other, many developing countries that rely on these…
Across the globe, some economies have varying levels of dependence on carbon By Antony Mutunga Intensifying weather events demonstrate that urgent changes are needed to tackle climate change. Global economies must rapidly reduce greenhouse gas emissions and shift towards a low-carbon economy. This is crucial as the risk brought about by climate change are being felt throughout all industries and global markets. There is a need to limit global warming to below 2° C above pre-industrial levels to avoid climate change’s most destructive impacts. With the world facing high inflation, minimum opportunities, and a looming financial crisis, adding more…
Investor confidence in venture capital in Africa stays strong during global uncertainty By Victor Adar Venture debt has emerged from the periphery to become a key component of the African investment ecosystem in recent years, as early-stage and high-growth companies opt to remain private longer and seek creative forms of financing that minimize founder dilution. According to the African Private Capital Association’s (AVCA) 2022 Venture Capital in Africa Report, private capital inflows continue to propel economic growth and inclusion across the continent. The report captures venture capital performance, value, and investment stage, putting Africa’s venture funding market at $6.5 billion…
The market capitalization has been on a downward trend since 2014 By Antony Mutunga The Nairobi Securities Exchange (NSE) has faced one of its worst periods in the last five years as foreign investors flee the Kenyan market. The bourse, which recorded a significant loss in 2022, has yet to recover to the start of 2023. In the first quarter of 2023, the average foreign investors’ participation decreased from 54.84 percent in the last quarter of 2022 to 41.24 percent. Data from the Capital Markets Authority (CMA) also highlights that in March 2023, foreign investment participation decreased by 13.60 percent…
T he global economy has faced no shortage of challenges in recent years. Now, a new set of headwinds has emerged, with banking stresses flaring up in the US (AAA stable) and Europe. The economic backdrop has shifted in recent weeks, with near-term financial stability concerns posing downside risks to the global growth outlook. As growth slows and credit risks rise, questions over the ensuing impact on emerging market (EM) corporate borrowers’ balance sheets remain front and center. To assess the risks to credit quality, rating migration, and defaults in these uncertain times, we conducted a scenario analysis drawing lessons…
The payments market in Africa is experiencing rapid growth, mainly due to advancements in peer-to-peer (P2P) and consumer-to-business (C2B) payment solutions. However, the fragmentation of payment processing continues to pose a significant challenge for businesses seeking to establish a presence in Africa. Founded at the height of Africa’s mobile technology boom in 2003, Cellulant is building Africa’s most comprehensive payments infrastructure. The company offers a single API payment platform that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or bank. Providing alternative payment methods for African consumers…
The Central Bank of Kenya (CBK) has unveiled a QR Code Standard that seeks to hasten online payments for businesses and customers. The standard will guide how payment service providers and banks that are regulated by the CBK will issue Quick Response (QR) codes to consumers and businesses that accept digital payments. QR Codes are machine-readable codes consisting of an array of black and white squares containing information that provide an alternative option for initiating and accepting digital payments made by customers at supermarkets, general stores, and shops, among other outlets. “The implementation of the Standard, and use of standardized QR Code-enabled…
Governors are up in arms that Ruto is paying lip service to his devolution promises, and particularly miffed by the County Governments Bill, 2023 By NLM Writer The recent statement by the Council of Governors (CoG) warning of an imminent collapse of the devolved units for lack of Exchequer disbursements presents unprecedented political challenges for President William Ruto’s administration. This warning by CoG muddied the political waters for the Kenya Kwanza administration, which has heightened the blame game since assuming office, accusing the former Jubilee administration of everything that is going wrong economically. With the problems facing devolution mounting by…