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Debt collector aids Kisumu in recovering Sh200 million

Kisumu county has collected Sh200 million in the last three months after it hired a debt collector to help recover Sh20 billion owed by several businesses. Governor Anyang Nyong’o’s administration in May sought the services of Collection Africa, a debt collection firm, to help recover the debt. The debt as accumulated since 2018, an 11 year period. Unpaid land rates form its bulk. Yesterday, County Chief Finance Officer Erick Angwenyi confirmed that the money had been remitted to the county’s coffers. ‘’We have managed to recover Sh200 million. This initiative is bearing fruit and we look forward to improving our revenue proceeds,’’ Mr Angwenyi said. This is the first time the county has hired a debt collector. The hiring comes after a recent Auditor General’s report  raised queries on the county’s declining revenue. According to the report, property owners have been defaulting on land rates and house rents. For more of this story follow this link: https://www.standar...
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Zimbabwe to arrest traders transacting in US dollars

Zimbabwe’s Finance Minister Mthuli Ncube has warned that traders who continue to demand payment in US dollars will face prosecution. In June, the country abandoned the use of the US dollar for its official currency the Zimbabwe dollars; reintroducing a local currency that was scrapped 10 years ago. But a shortage of local currency and its rapid decline in value has resulted in businesses - including grocers and fuel stations - demanding payments in US dollars. Zimbabwe imports most of its goods including fuel and food. Businesses have also been struggling to get allocations of the local currency from the central bank to restock. "It is taking long for Zimbabweans to adjust," Mr Ncube told state-owned Zimpapers TV. "We will be introducing penalties for those who deviate, we recognise we are in transition, we will get there." Mr Ncube acknowledged the shortage of local currency in circulation and said authorities will gradually inject more cash "i...
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This is what you need to know about the sell-off of emerging market currencies

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Over the past few days, the rand has weakened by 10%, the Russian rouble by 9% and the Turkish lira by a massive 26% relative to the US dollar. On a year to date basis the rand is down almost 11%. This broad emerging market contagion has affected equities as well, with the MSCI Emerging Market Index down 17% from its January peak. China’s Shanghai Composite Index entered a bear market in July, having fallen more than 20% from the January peak, a technical definition of a bear market, while Turkey has been in a bear market territory since May. In US dollar terms equity markets in Brazil, Russia, South Africa and Nigeria markets followed the others on Friday. The rand has also broken through the psychologically important R14/US$ level. The three main catalysts for the sudden acceleration of the sell-off in emerging markets have been US President Donald Trump’s tweet attacks on both Turkey and Russia, higher than expected US inflation numbers, as well as additional trade tariffs o...
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