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Wednesday 19th of June 2019 |
Morning Africa |
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If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox as your Browser. 0930-1500 KENYA TIME Normal Board - The Whole shebang Prompt Board Next day settlement Expert Board All you need re an Individual stock.
The Latest Daily PodCast can be found here on the Front Page of the site http://www.rich.co.ke |
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03-JUN-2019 :: Bond Yields in "Tilt" Mode Africa |
Classical Economic Theory predicted that if lashings and lashings of freshly printed money were injected intravenously into the Patient, then the value of money should devalue and in- flation run off the charts. Clearly this has not happened. In fact Inflation Gauges are slumping and Inflation is ‘’Like a patient etherized upon a table’’
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12-SEP-2016 :: Mirrors on the ceiling, The pink champagne on ice Africa |
If volatility spikes, positions are going to be reduced en masse. Or to put it another way and to borrow the lyrics from the Eagles Hotel California:
Mirrors on the ceiling, The pink champagne on ice And she said “We are all just prisoners here, of our own device” Last thing I remember, I was Running for the door I had to find the passage back To the place I was before
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Africa |
Using the archeological record and recent advances in human genetics, my aim was to retrace, as closely as twenty-first-century borders and wars allowed, the pathways blazed by the first Homo sapiens, who left Africa to discover the world about sixty thousand years ago. In six-and-a-half years, I’ve covered nearly eleven thousand miles between my starting point, at an Ethiopian fossil site called Herto Bouri, and my current location, in the jungle hills of northeastern India. Along the way, I have followed old Haj trails grooved into solid rock in Saudi Arabia, slept under canvas with Syrian refugees, been detained nearly a hundred times by police of various nations, and yo-yoed through a peaceful, alpine corner of Afghanistan that is rarely seen by most Afghans themselves. My onward routing—and it should be pointed out that I don’t know exactly where I’ll be walking next Tuesday, much less in a year—involves traversing China and Russia, hitching a ride on a cargo ship across the Bering Strait, to Alaska, and hiking down the Americas to the final continental horizon of our species: the Beagle Channel, in Argentina. Along the way, I’m pausing to record modern encounters along the ancestors’ trail. I try to use the mirror of history to understand current events. I get lost a lot. We’ve been footloose nomads for more than ninety per cent of our species’s existence. We’re nature’s ultimate walking machines. Scientists have given G.P.S. devices to the Hadza people of Tanzania—hunters and gatherers whose life style is similar to that of the ancient pioneers I’m following—and found that ordinary Hadza women and men walk, on average, about three and a half and seven miles a day, respectively. Even the lower figure almost adds up to a stroll between New York and Kansas City every single year. Pacing off continents is normal. Sitting down for a lifetime is the extreme activity. And then there’s the question of storytelling. Before stepping off on this journey, I worked for years as a motorized foreign correspondent, covering wars from the Congo to Iraq. It often struck me, as I pinballed among assignments in planes, that much of what I produced seemed impaired, artificially truncated, arbitrarily constrained. Tug hard enough on any story and you will find it connected to another story, and then another, ad infinitum, across the palimpsest of the world. Moving through headlines at three miles an hour reveals this intimate warp and weft. It’s not just about the rewards of immersion to be gained by living for years at boot-level with the ordinary farmers, artists, soldiers, students, and unemployed factory hands who inhabit global events; walking exposes the integument that binds our narratives together. Absorbing this requires surrendering speed.
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Law & Politics |
Xi’s speech 2017 “Any attempt to endanger China’s sovereignty & security, challenge the power of the central government… or use Hong Kong to carry out infiltration and sabotage activities against the mainland is an act that crosses the red line and is absolutely impermissible.”
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.@facebook Wants Its Cryptocurrency to One Day Rival the Greenback @technology World Currencies |
Facebook Inc. unveiled plans for a new, global financial system with a broad group of partners from Visa Inc. to Uber Technologies Inc. on board to create a cryptocurrency it expects will one day trade much like the U.S. dollar and inject a new source of revenue. Called Libra, the new currency will launch as soon as next year and be what's known as a stablecoin–a digital currency that's supported by established government-backed currencies and securities. The goal is to avoid massive fluctuations in value so Libra can be used for everyday transactions across Facebook in a way that more volatile cryptocurrencies, like Bitcoin, haven’t been. The project is the culmination of a year-long effort as Facebook seeks to spur growth on its various platforms that already count more than 2 billion users. But it will also likely face skepticism–from regulators who already think Facebook has too much power and plays loose with digital privacy, and from those that are dubious of cryptocurrencies, which are known more for speculative investments and blackmarket commerce than for legitimate financial transactions. If successful, Libra could make Facebook a much bigger player in financial services. Cryptocurrency firms have been trying to build cross-border, digital currencies on the blockchain to disrupt traditional banking and payments for a decade, but nothing has caught on at the scale of traditional money yet. Facebook, which announced the project with 27 partners, is already under wide-ranging regulatory scrutiny over how it handles users’ private data. Growth of its main platform has plateaued in some major markets and crypto payments would be a way to turn messaging – across WhatsApp, Facebook and Instagram -- into a business that complements its advertising operation, which generates almost all of its revenue. Facebook shares gained early Tuesday as analysts saw the move as a potentially major new profit stream. “We view Facebook’s introduction of the Libra currency as a potential watershed moment for the company and global adoption of crypto,” wrote Mark Mahaney, an analyst at RBC Capital Markets who has an outperform rating and $250 price target on Facebook shares. “In terms of scale and importance, we believe this new financial infrastructure could be viewed similar to Apple’s introduction of iOS to developers over a decade ago.” Still, the announcement was met immediately with political opposition in Europe, with calls for tighter regulation of the company. French Finance Minister Bruno Le Maire said Libra shouldn’t be seen as a replacement for traditional currencies and called on the Group of Seven central bank governors to prepare a report on the project for their July meeting. “It is out of question’’ that Libra “become a sovereign currency,’’ LeMaire said in an interview on Europe 1 radio. “It can’t and it must not happen.” To come anywhere close to matching the U.S. dollar for utility and acceptance, Libra will need to be widely trusted. So Facebook and its partners are mimicking how other currencies have been introduced in the past. “To help instill trust in a new currency and gain widespread adoption during its infancy, it was guaranteed that a country’s notes could be traded in for real assets, such as gold,” the companies wrote in a white paper. “Instead of backing Libra with gold, though, it will be backed by a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks." The total number of Libra can change, and new digital coins can be issued whenever someone wants to exchange their Libra for an existing fiat currency, so the price shouldn’t fluctuate any more than other stable currencies, according to David Marcus, head of the Facebook blockchain team that’s spearheading the project. “It would make a scenario where there’s a run on the bank completely impossible, because we are backed one-for-one,” he said. Libra will also be audited, he added, an important step in an industry with limited transparency. Facebook has closely guarded its crypto plans for more than a year, though many of the details have already been reported by Bloomberg News and other outlets. Marcus, who used to run Facebook Messenger, said Facebook plans to build a new digital wallet that will exist inside Messenger and its other standalone messaging service, WhatsApp. Once Libra is up and running, the currency and the digital wallet should make it easier for people to send money to friends, family and businesses through the apps. Libra will run on the so-called blockchain, a database that can use millions of computers to verify transactions, eliminating risks that come with information being held centrally by a single entity. Facebook created a new subsidiary, called Calibra, to build the new wallet and focus on the company’s blockchain efforts. Facebook's track record in payments and commerce has been spotty. A few years ago, it began letting people buy flowers or hail an Uber through its Messenger service. Those features have not been huge hits. In 2010, it began offering Facebook Credits, a way to buy virtual goods inside Facebook games. But in 2012 it scrapped Credits, and in 2013 it started working with third-party services like PayPal process some payments. Facebook's revenue from "payments and other service" was less than 2% of total sales in 2018. When it finally arrives, Libra will be late to a party that’s been going on so long, many of the party-goers have either left or collapsed. Some past attempts to make coins usable for commerce, such as Bitcoin, haven’t widely caught on yet because price volatility mainly attracted traders and speculators. Predecessor stablecoins, like Tether, have been used by some traders to park funds in during times of high volatility, but have not been broadly adopted for commerce. U.S. regulations may represent another hurdle for Facebook. Creating a digital currency doesn’t just require buy-in from financial institutions who need to accept it, and consumers who need to trust it, but it requires approval from regulators, too. The Securities and Exchange Commission has shut down about a dozen businesses issuing their own tokens for violations of securities law. Marcus said Facebook has been in contact with regulators and central banks, but added that the company hasn’t received a “no-action” letter from the SEC yet. That would have safeguarded the project from regulatory action by the agency. One way Facebook hopes to appease regulators is through the Libra Association, a governing body tasked with making decisions about Libra. Firms including Visa and PayPal Holdings Inc. are part of the group. Marcus described these members as “co-founders,” and said they will have an equal say in how the cryptocurrency is managed. “Facebook will not have any special privilege or special voting rights at the association level,” said Marcus, the former president of PayPal. “We will have competitors and other players on top of this platform that will build competing wallets and services.” All Libra Association members are putting a minimum of $10 million into a reserve to help support the cryptocurrency’s value. This buy-in comes with voting privileges. However, the association’s governance structure is still in flux, and most of the group’s crucial decisions, including the creation of its charter, have not yet been decided, according to several members of the group. They asked not to be identified discussing private details. Libra’s timing could also pose challenges. Facebook is being investigated by the Federal Trade Commission over the company’s privacy practices. Some have called for the company to be broken up, including Senator Elizabeth Warren and Facebook co-founder Chris Hughes. Asking consumers to put more trust in the social media giant, and giving Facebook a strong entry into the world of digital payments and banking, will likely draw further criticism. The company plans to keep financial data gathered from Libra users separate from Facebook user data. That’s why Facebook’s digital wallet will exist under the Calibra subsidiary, which will house user transaction data on separate servers, Marcus said. If a WhatsApp user uses her Calibra wallet to send money to a friend or pay a retailer, those interactions won’t be stored alongside her social-media profile. “There’s a clear distinction between Calibra and what Calibra has access to, and what Facebook Inc. has access to,” Marcus said. “It’s very clear that people don’t want their financial data from an account to be comingled with social data or to be used for other purposes.”
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The world's best-performing precious-metals stock is up almost 90% this year, and there are signs the rally could run even further. Impala Platinum Holdings Ltd. has outpaced 87 global peers Commodities |
Impala Platinum Holdings Ltd. has outpaced 87 global peers with a market value of at least $1 billion in 2019, data compiled by Bloomberg show. The South African miner has benefited from surging palladium and rhodium prices, along with any weakness in the local currency, which bolsters its income from sales of dollar-based metals.
“The rally in palladium has been a big contributor,” coupled with a weaker rand, said Henre Herselman, a derivatives trader at Johannesburg-based Anchor Private Clients. Palladium, up 60% since August, makes a 30% contribution to Impala’s earnings, he said. The rand has dropped 6% against the dollar in 12 months.
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Africa |
ENTEBBE, Uganda—The government of Venezuelan President Nicolás Maduro is selling off his country’s gold reserves. Some of it has passed through a secretive operation in East Africa, a gambit that evades U.S. sanctions. On two early-March flights, at least 7.4 tons of gold with a market value over $300 million moved from Venezuela to a refinery in Uganda, say officials in Venezuela and Uganda, a foreign diplomat and Venezuelan opposition lawmakers, who have concluded Mr. Maduro’s government exported the ingots. The gold arrived on a Russian charter jetliner in two shipments at the international airport in Entebbe, says Ugandan national-police spokesman Fred Enanga. The accompanying paperwork identified the ingots, some with stamped labels partially scratched off, as Venezuelan central-bank property, says a senior Ugandan police officer who saw the bars and documents. Flight records show the trips originated in Caracas, Venezuela. The shipments expose one link in a global underground economy many suspect is helping Mr. Maduro cling to power by bypassing the U.S.-dominated international finance system. Washington has recognized opposition leader Juan Guaidó as Venezuela’s legitimate president, slapped financial and other sanctions on Venezuelan officials and institutions, and threatened penalties for others doing business with the regime.
Gold sales, U.S. and other officials say, are one of the government’s final financial lifelines.
The gold that arrived in Entebbe passed through African Gold Refinery Ltd., or AGR, in a compound about 500 yards from the old runway before being exported to the Middle East, Ugandan police say. The refinery started operations in 2015. Some of the gold it processed was allegedly smuggled from conflict-torn eastern Congo and other African nations, according to officials with Ugandan police, the country’s Financial Intelligence Authority and regional smugglers. Gold from AGR has made its way into supply chains at U.S. companies including General Motors Co. , General Electric Co. and Starbucks Corp. , the firms’ filings for 2018 with the Securities and Exchange Commission show, despite U.S. measures to discourage use of so-called conflict minerals from Congo. GM prohibits suppliers from using forced or involuntary labor or engage in corrupt business practices, a spokesman says. GE declined to comment. Starbucks didn’t respond to requests for comment.
AGR General Manager Cherry Anne Dacdac says the company hasn’t processed smuggled or conflict gold and declines to comment on the March shipments. She says all AGR’s business is legal and that in a March 26 management meeting it agreed it won’t accept transactions related to Venezuela. AGR has processed and exported more than 38 tons of gold since it started operations, Ms. Dacdac says. The scale of its operation helped drive gold in 2018 to overtake coffee as the leading export from Uganda, which mines little of it.
The refinery appears to act with support from Ugandan President Yoweri Museveni, court and other documents reviewed by the Journal suggest. A spokesman for Mr. Museveni says the president “backs the plant just as he does all other investors” in his quest to transform Uganda’s economy. The Maduro government’s prior gold sales have been an open point of contention. Between late 2017 and Feb. 1, 2019, the central bank sold at least 73.3 tons of gold, with a market value of around $3 billion, to companies in the United Arab Emirates and Turkey, the National Assembly’s finance commission announced in February. The White House on Nov. 1 announced sanctions intended to stop Venezuelan gold sales. Since then, several dozen more tons have been removed from the central bank and secretly exported, say opposition lawmakers and a person familiar with the bank’s reserves. The bank for weeks was left without power and water. “It’s a fire sale,” says one of the lawmakers, Ángel Alvarado, who is on the finance commission. “The regime is scraping the barrel, selling off anything of value to keep itself afloat.” A U.S. Treasury Department official says: “Treasury is committed to holding accountable those operating corruptly in Venezuela’s gold sector.” Spokesmen for Venezuela’s central bank and Information Ministry didn’t respond to requests for comment. The Maduro government has said little publicly about its gold sales and routinely dismisses sanctions and accusations of wrongdoing as part of an international campaign to besmirch Caracas. AGR was founded in 2014 by Alain Goetz, 54, a Belgian businessman who has worked more than three decades in the African gold trade. Gold is almost impossible to trace to its origin once refined. The United Nations says gold is the primary mineral financing militias and parts of the military in eastern Congo, funding a conflict that has killed millions.
Even before the Venezuelan shipments, AGR had drawn the scrutiny of Ugandan authorities for processing gold allegedly smuggled from conflict zones in Congo, as well as from South Sudan and Zimbabwe, much of which later leaves the country as Ugandan gold, according to Ugandan police, the country’s Financial Intelligence Authority, regional smugglers and Congolese mining officials. Sydney Asubo, executive director of the Financial Intelligence Authority, Uganda’s government body in charge of combating money laundering, says the agency reported the smuggling activities to authorities and requested prosecution. No charges have been filed, he says, pending the conclusion of an investigation of AGR by Uganda’s Inspectorate of Government over suspicions of tax evasion, smuggling and money laundering. Ali Munira, a spokeswoman for the Inspectorate, which is charged with investigating corruption and other abuses, confirms there is an investigation but declined to comment on details.
Mr. Goetz and AGR’s Ms. Dacdac say they have complied with Ugandan and other laws. Mr. Goetz denies there are probes. Ms. Dacdac says she isn’t aware of any investigations by the Financial Intelligence Authority or Inspectorate.
America’s 2010 Dodd-Frank Act included provisions to discourage companies from using raw materials that finance the Congolese conflict by tracing what they buy. The act doesn’t make buying these materials illegal. AGR appeared in supply chains of 237 publicly traded U.S. companies in their filings for 2018.
Mr. Goetz says he has sold AGR and retains control of Goetz Gold LLC, a Dubai trading company. Goetz Gold still handles the gold coming from AGR, he says. AGR’s Ms. Dacdac didn’t respond to requests to comment on whether Goetz Gold handles the company’s gold. Uganda’s company registry shows Mr. Goetz’s AGR shares were transferred in February 2018 to Seychelles-based AGR International Ltd. Ms. Dacdac says that company is owned by individuals and companies originating from the Middle East. On March 2, the red-tailed body of a Boeing 777 owned by a Russian charter company, Nordwind Airlines, touched down at Entebbe at 6:35 a.m. after taking off more than 13 hours earlier from Caracas, plane-tracking website Flightradar24 shows. Nordwind didn’t respond to requests for comment. Police and private security gathered on the tarmac to receive the cargo from the jetliner, which carried no passengers, says a person who witnessed its arrival. Airport handlers removed heavy parcels wrapped in brown cardboard, which didn’t pass through the airport’s regular customs procedures, says Mr. Enanga, the Ugandan police spokesman. Less than an hour after landing, the packages under a private-security escort reached the AGR compound just across the airport access road, he says.
Inside the cardboard were 3.8 tons of Venezuelan gold. Another 3.6 tons on the same airliner from Caracas arrived at the refinery two days later, Mr. Enanga says. By the time the police’s minerals unit, tipped off over the unusually large consignments, raided AGR on March 7, the first lot was gone, exported to the Middle East with its final destination listed as Turkey, he says. The senior Ugandan police officer and Mr. Goetz say the gold was sent to Goetz Gold in Dubai. AGR’s Ms. Dacdac didn’t respond to requests for comment on whether the company exported the gold to Goetz Gold. Mr. Goetz says Goetz Gold didn’t send it to Turkey.
Ugandan police seized the other 3.6 tons, ingots stamped with labels identifying them as Venezuelan central-bank property, says the senior officer who saw them. Some labels appeared scratched, as if someone had tried to disguise their origin, the officer says. Paperwork with the bars showed they were from the 1940s.
Mr. Goetz and AGR’s Ms. Dacdac say police never raided the refinery and never seized any gold. Ms. Dacdac says: “AGR presented all the necessary documentations as proof that the particular transactions have been declared and captured by the Uganda Revenue Authority.” It wasn’t the first time authorities identified Venezuelan gold handled by Mr. Goetz. Last year, Venezuela’s central bank was selling gold to three trading firms in Turkey and the United Arab Emirates, according to the February announcement by the Venezuelan parliament’s finance commission, including to Goetz Gold, which bought 21.9 tons. Mr. Goetz says some of that particular Venezuelan gold passed through Goetz Gold but that it came from a company outside Venezuela and didn’t break U.S. sanctions because contracts were signed before Nov. 1. After U.S. sanctions, the central bank’s buyers were drying up. In late January, as another Nordwind 777 sat at Caracas airport, Venezuelan opposition lawmaker José Guerra, a former economist at the central bank, alleged in parliament that the plane was there to fly out 20 tons of the bank’s gold.
The U.S. publicly pressured the bank’s buyers in Turkey and the U.A.E. “My advice to bankers, brokers, traders, facilitators, and other businesses,” a tweet from national security adviser John Bolton’s account warned on Jan. 30: “Don’t deal in gold, oil, or other Venezuelan commodities being stolen from the Venezuelan people by the Maduro mafia.”
Two days later, Abu Dhabi-based Noor Capital, which had previously bought 27.4 tons of Venezuelan gold, according to the Venezuelan parliament’s finance commission, announced it was stopping such purchases. Flightradar24 shows the Boeing 777 returned to Moscow.
Noor Capital declined to comment beyond a Feb. 1 statement confirming it had bought 3 tons of gold from Venezuela’s central bank on Jan. 21 and denying engaging in illegal actions.
Two months later in Uganda, as police say that the seized Entebbe gold shipment sat in custody, relief came from President Museveni. In a letter dated March 26, a copy of which the Journal reviewed, Uganda’s attorney general, William Byaruhanga, ordered the police minerals-protection unit to release the gold and withdraw officers from AGR.
Police complied, says Mr. Enanga, the police spokesman.
The order to release the gold, Mr. Byaruhanga wrote in the letter, came from President Museveni, whom he said he had met the day before at State House in Entebbe. “AGR is instructed henceforth,” the letter said, to “cease and desist from any further importation of gold from Venezuela, until further notice,” citing U.S. sanctions.
Pressure on Uganda and AGR was rising from U.S. diplomats who had gotten wind of the shipments, says a person familiar with the pressure.
The spokesman for Mr. Museveni says the president directed the attorney general to release the seized gold after investigators cleared the imports. Mr. Byaruhanga didn’t respond to requests for comment. AGR’s Ms. Dacdac says the company didn’t seek Mr. Museveni’s intervention.
From there, the Venezuelan gold’s trace fades. Some time in March, two tons of gold were put up for sale in Turkey at a steep discount to market prices, say people familiar with the matter. The origin was listed as Uganda, but customs documents showed it came from Venezuela’s central-bank vault, one of them says.
Unable to find a buyer, a second attempt was made to sell the gold at a steeper discount, one of the people says, adding that it isn’t clear if anyone bought it. Mr. Goetz says Goetz Gold didn’t offer the Venezuelan gold for sale in Turkey.
There is a twist in the Venezuelan gold’s tale, says the person familiar with the central bank’s reserves: The bars almost certainly came from America in the 1940s, the person says, in payment to Venezuela for oil supplied during World War II.
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Zimbabwean Stocks Hit Record High as Inflation Soars Near 100% @bpolitics Africa |
Zimbabwe’s stock market has hit a record high, for all the wrong reasons. The southern African nation’s Industrial Index rose 5.6% on Monday to extend its gain this quarter to 80%, the most among any of the primary equity gauges tracked by Bloomberg globally. Stocks are rising because local investors are desperate to hedge against inflation, which accelerated to 98% in May, the statistics agency said on Monday. Prices are rocketing amid a scarcity of foreign exchange, which is causing shortages of fuel, medicine and other imported goods. It’s a similar situation to crisis-ridden Venezuela, where equities are also soaring. In Zimbabwe, investors’ fears about inflation are heightened by a plunging currency. The RTGS$, which the government de-linked from the U.S. dollar in February, has sunk about 57% since March on the black market. On the streets of Harare, the capital, it trades at 9.7 against the greenback, according to marketwatch.co.zw, a website run by financial analysts. That compares with the central bank’s official and much stronger rate of 6.08.
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Seychelles and Benin are the top performing countries, offering visa-free access to all Africans. 2018 Africa @Visa Openness Index Africa |
Benin was the highest performing country since the last edition of the Africa Visa Openness Index. The country increased its score by 200%, moving from 27th place in 2017 to join Seychelles at the top in 2018. Benin is only the second country on the continent to offer visa-free access to all African countries and the first Francophone country to do so. “Inspired by Rwanda’s experience, I have come to the decision that Benin will no longer demand visas for Africans. This South-South cooperation can become a reality.” Patrice Talon President of Benin “Citizens of all countries will get a visa upon arrival without prior application, starting January 1, 2018.” Yves Butera Spokesperson, Directorate-General of Immigration and Emigration, Rwanda Against this backdrop, between 2013-2016, the number of Africans receiving visas on arrival in Rwanda increased by more than 100%. The country attracted higher numbers of visitors, greater investment, and hosted more conferences due to the removal of travel restrictions. Total travel and tourism contributed 12.7% to Rwanda’s GDP in 2017 and is forecast to rise by 6.8% in 2018, according to the World Travel & Tourism Council Economic Impact 2018 report. “The new visa regime opens Rwanda to the world and is good for business. Rwanda believes that the free movement of people fosters trade and tourism and is good for the continent’s integration policy. We are aware of the challenges of open borders, but as a country, we also believe that the benefits of our policy outweigh the potential setbacks.” Louise Mushikiwabo ForeignMinister, Rwanda “For my fellow Africans, the free movement of people on our continent has always been a cornerstone of Pan-African brotherhood and fraternity. Today, I am directing that any African wishing to visit Kenya will be eligible to receive a visa at the port of entry. To underscore Kenya’s commitment, this shall not be done on the basis of reciprocity. The freer we are to travel and live with one another, the more integrated and appreciative of our diversity, we will become.” Uhuru Kenyatta 28
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End of permanent and pensionable State jobs @BD_Africa Kenyan Economy |
The Public Service Commission (PSC) has stopped employing entry-level State workers on permanent and pensionable terms in a radical policy shift aimed at taming the runaway government wage bill. Fresh university graduates, diploma holders and other professionals getting jobs in ministries will now be deployed on renewable three-year contracts based on “satisfactory performance,” PSC chairman Stephen Kirogo said Tuesday.
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