Business highlights – September 14 2017

Business highlights – September 14 2017

Interest rate cap worrying foreign investors, says CBK Governor

Foreign investors have expressed concern on Kenya regulating interest rates. Central Bank of Kenya Governor Patrick Njoroge says a majority of investors would rather operate in an economy led by market-based policies instead of having the rates set by law.  The governor was speaking on the sidelines of the third annual East Africa Investor conference in Nairobi.

New Gates Foundation Report highlights remarkable progress in fight against global poverty

The Bill & Melinda Gates Foundation has launched an inaugural annual report showcasing the remarkable progress that has been made in reducing extreme poverty and disease in recent decades, but issuing a stern warning to the world that future progress is in jeopardy. In their introduction, Bill and Melinda Gates express concern that shifting priorities, instability and potential budget cuts could lead the world to turn away from its commitments, jeopardizing the positive trajectory needed to end extreme poverty and wipe out diseases by 2030.

Government gives retailers one more chance to tighten self regulation

The government will give players in the retail sector a chance to come up with self-regulations rules as part of the measures to protect the now vulnerable sector. In a meeting with industry players, Industrialization Cabinet Secretary Adan Mohammed, however, says the government will be forced to intervene and regulate the sector to prevent further losses if stakeholders fail to self-regulate. The sector has seen two major supermarkets, namely Uchumi and Nakumatt significantly scale down operations and close some branches due to corporate governance and management issues.

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