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Kenya wins big as Japan summit ends: Japanese PM Shinzo Abe wound up his three-day visit in Kenya last night after announcing a Sh10 billion grant to support development. A bilateral agreement on the development of a special economic zone at Dongo Kundu, Mombasa was signed yesterday at State House, Nairobi just moments after Mr Abe and President Uhuru Kenyatta officially closed the Tokyo International Conference on African Development. Mr Abe also signed the Promotion and Protection of Investment deal expected to spur Japanese investments in Kenya. The press conference attended by several ministers from both countries also centred on future plans to have direct flights between Kenya and Japan, the importance of developing infrastructure for water storage, green energy and public-private sector partnership.

How Uhuru caught banks flat-footed: Commercial banks were shocked when President Uhuru Kenyatta signed into law a Bill capping interest rates, the Nation can reveal. Top government sources yesterday revealed that banks were “overconfident” that the President, because of his family interests in the sector, would reject the Bill which will most likely affect the banks’ profit margins. Believing circumstances were on their side, the source explained that this was the reason why, five days after the President had received the Banking (Amendment) Bill, the banks had not submitted a detailed map of how they would lower interest rates and change their ways of making “super profits” even when other sectors are struggling.

Anti-graft boss must go, says probe team: The fate of embattled anti-graft boss Phillip Kinisu appears to have been sealed after a parliamentary committee that was investigating his suitability recommended that he leaves office. Mr Kinisu, the chairman of the Ethics and Anti-Corruption Commission has been under fire after it was revealed that a company, Esaki Ltd, where he was a director, and is reportedly run by his wife and daughter, was paid in questionable dealings with scandal-hit National Youth Service. EACC on the other hand, is investigating the NYS over the loss of Sh791 million, in corruption-related activities, that has seen a Cabinet Secretary resign, and senior NYS and Ministry of Devolution officials, businessmen and wheeler dealers charged in court.

The Standard

Divorce millions shocker for men: Divorce has become an expensive affair, particularly for the rich, with courts handing out hefty payouts. Recently, a man was ordered to pay Sh30 million to his ex-wife within 90 days after the court dissolved their 22-year marriage. Justice Luka Kimaru also directed Peter to provide Njoki with a house within either Runda, Lavington, Kileleshwa, Kilimani or Karen or any other upmarket area of Nairobi that would accord with the standard of living that she was used to during their marriage. Another Mombasa-based tycoon was last December directed to pay a woman Sh10 million after the court found she had been lured from India into marriage in Kenya on a false pretence.

It’s record harvest of deals for Africa: Kenya bagged 20 deals with Japan, as the giant Asian nation pledged over Sh3 trillion ($30 billion) for industrialisation of resource-rich African continent. Kenya secured a Sh10 billion grant as the curtain fell on the mega Nairobi Sixth Tokyo International Conference on African Development (TICAD) attended by 35 African heads of state. The hugely successful TICAD, held outside Japan for the first time, was co-hosted by President Uhuru Kenyatta and Japanese Prime Minister Shinzo Abe, who brought along a high-powered delegation that included 22 top corporate executives. Kenya has signed an agreement with three other African countries to hasten the stalled talks on boosting intra-African trade.

Long nights for students who burnt dorms: Students in some schools will sleep in classrooms ahead of today’s reopening after their dormitories were destroyed. Yesterday, heads of some schools were busy looking for alternative accommodation with calls for help rebuild destroyed dormitories. Schools are reopening for third term in the wake of tough rules aimed at curbing exam cheating, including limited visits. In Homa Bay, Samanga Mixed in Rachuonyo North, Bishop Mugendi in Suba, Atela Mixed, Adega Mixed and Wang’ Apala Boys in Rachuonyo East are among schools where dormitories are yet to be rebuild. Samanga principal Collince Otieno said the 110 boys will sleep in classrooms when they resume today until dormitories are rebuild.

The Star

What is DP Ruto’s game plan in 2017?: Deputy President William Ruto has plunged into a long-term game plan to build and consolidate his countrywide influence in Jubilee post-2017. The Hustler is keeping his eye on the prize: 2022. The assumption is that President Uhuru Kenyatta and Ruto will be reelected next year and Ruto will roar into State House five years later. But not without considerable strategising and sweat. The DP is determined to establish his personal, powerful and far-flung network that will propel him to power without depending on Central Kenya, his allies say. He is hectically cross-crossing the country, wooing leaders, making promises and forging allegiances.

I won’t regret leaving the electoral agency –Hassan: Independent Electoral and Boundaries Commission chairman Issack Hassan has said he will have no regrets leaving the commission. “If the appointing authority decides I leave the IEBC, I have no regrets. I will exit honourably because this country is larger that an individual,” he said. Hassan said when he gets a “good send-off” package, he will go back to his private law farm – Hassan & Warsame Company Advocates – and move on like any other Kenyan. “I served with all my dedication at the helm of the IEBC for close to six years after serving with the Yash Pal Ghai constitution review for five years. I love my country and I will continue doing so because home is home,” he said.

Consult residents before extracting oil, says Biwott: Former minister Nicholas Biwott has urged the government to consult residents before exploring for oil in Turkana and Elgeyo Marakwet counties. He said failure to involve residents in exploration and extraction may lead to conflicts. “We have seen civil wars in Nigeria and Congo because of natural resources. We would not want Kenya to go the same route,” Biwott said. He said the Movement for the Emancipation of the Niger Delta militant group in Nigeria arose due to government failure to improve the lives of communities through oil proceeds. He urged Keiyo professionals to engage the government and Tullow Oil following the discovery of oil in Keiyo South in March.

Business Daily

Top bank owners lose Sh5bn paper wealth after loan caps: Equity Bank chief executive James Mwangi was hardest hit by last week’s two-day free fall in the prices of bank stocks as top 10 investors in the listed lenders took in more than Sh5 billion in paper wealth losses following President Uhuru Kenyatta’s signing of a law that caps the cost of loans. The value of Mr Mwangi’s 4.54 per cent shareholding in Equity Bank shrank by Sh1.1 billion while that of his wife Jane dropped by Sh395 million in two trading days taking the family’s paper loss to Sh1.5 billion. Nervous investors rushed to sell bank stocks in anticipation of a looming fall in earnings due to the capping of interest rates.

Japan starts major push for its firms to get larger pie of Africa: Japan has launched a major push for its companies to have larger share of Africa’s business as it prepares investment and tax treaties with countries on the continent over the next three years. Premier Shinzo Abe told the Tokyo International Conference on African Development (Ticad) — which ended in Nairobi yesterday — that Japanese firms will only seek partnerships that inculcate “quality, resilience and stability” in Africa. Japan has, for decades, defined its presence in countries like Kenya through aid, but is now widening its scope to the private sector — a move that places it in a head-to-head battle with China.

Insurers lobby MPs against 30-day claim settlement plan: Insurers are are on a collision course with the regulator after they started lobbying Parliament to reject a Bill proposing to cut the claim settlement period to 30 days. The underwriting firms, through their umbrella body Association of Kenya Insurers (AKI), have termed the one-month period backed by the Insurance Regulatory Authority (IRA) unrealistic saying they needed time to investigate a claim before payment is made. At present insurance companies have 90 days to pay a claim after all documentation has been filed and a discharge voucher signed. Insurance companies have been accused of dragging their feet in completing the documentation process by making many demands on the insured.

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