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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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Zambia Airways revived after 24 years

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Zambia Airways is to be revived after 24 years thanks to a $30m (£24m) deal with Ethiopian Airlines. Africa’s newest national carrier is to begin flights later this year on 12 aircraft to destinations in Africa, Europe, the Middle East and Asia. By 2018 is it expected to carry 1.9 million passengers. The Zambian government’s main development agency will hold a 55% stake, while Ethiopian Airlines will maintain a 45% stake. It is hoped the investment will help make the country a Southern African hub, to rival Johannesburg in South Africa. Zambia hopes the deal will accelerate the country’s industrialisation and boost tourism. The Ethiopian carrier has several similar deals in the pipeline and has also put in a bid to run Nigeria Air when it is revived. https://www.bbc.com/news/live/world-africa-45245119
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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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