For those who indulge in and enjoy the game of golf, it is not just a sport, it is the greatest of all time, the ultimate pastime if you like, that requires both physical and mental fitness; one that demands a myriad of elements to work in perfect sync to produce even one good shot over a four-to-five-hour round.
Every week, commonly twice or thrice, golfers meet at their clubs, monthly mugs, Saturday club events and corporate golf days. In all of these, they participate as individuals, not teams, and that is why golf is popularly viewed as an individual sport. However, every time it is played as a team sport, the atmosphere gets charged. For example, in Kenya, the Tannahill Shield — hosted by the Royal Nairobi Golf Club over the Easter holidays and that includes nine club teams — is perhaps the most celebrated amateur competition dating back 93 years! Clubs prepare extensively to participate in the Tannahill Shield, they design and import uniform and practice the various competitions formats for months prior to the event. A place in any team is prestigious and highly coveted.
Similarly, even the best golfers in the world, from Tiger Woods to Rory McIlroy, playing for their nations or regions is perhaps as important as winning a major golf tournament. The Ryder Cup, played every two years since 1927, is recognised as the epitome of professional golf team competition, pitting Team USA vs Team Europe. In the early days of the Ryder Cup, Team USA competed against Team Great Britain but in 1979, the rest of Europe was included to mitigate against the dominance of Team USA. In the last decade, however, Team Europe has proved victorious seven times, asserting its dominance. The winning Team Europe Captain at the 2018 Ryder Cup, played in France, was Thomas Bjorn who accepted the invitation of the Kenya Open to play at the 2019 Magical Kenya Open.
By the way, being named a Ryder Cup Captain is also a big deal, the list of past captains is illustrious and it is a great privilege and honour to lead either team. The list of past captains includes Jose Maria Olazabal, Colin Montgomerie, Nick Faldo, Ian Woosnam, Bernhard Langer and Seve Ballesteros for Team Europe and greats such as Jack Nicklaus, Lee Trevino, Tom Watson and Jim Furyk for Team USA. This year, indeed next week at the Royal Melbourne Golf Club, Australia, Tiger Woods will lead Team USA at the Presidents Cup as both a captain and player. The Presidents Cup, Team USA vs Rest of the World (minus Europe) has been played since 1994 and each event has an honorary chairman. Past chairmen include former Presidents George HW Bush, Bill Clinton, Thabo Mbeki, Barack Obama and Donald Trump in 2017. And whilst both the Ryder and Presidents Cups don’t include prize money for the players, they have both raised millions of dollars for charities around the world. In the last decade, the Presidents Cup has raised over $32 million for charities.
In the amateur ranks, the Junior Ryder Cup and the Walker Cup are ‘must-play’ events for the top amateurs in the world. And whilst the main Ryder Cup is a men-only affair, the Junior version includes teams of six boys and six girls. Royal Nairobi also introduced a Junior Tannahill Shield a few years ago, a great move by the club – and I expect that in coming years, that junior version will include young girls as well (say a prayer with me).
The Solheim Cup is the women version of the Ryder Cup and it is as charged and as emotional as the Ryder Cup. Girls under 18 participate in the Junior Solheim Cup.
Golf was re-admitted to the Olympic Games in Rio 2016 and this presented another opportunity for the top players in the world to compete for gold medals, not money, and to compete for their respective national teams. Tiger Woods recently said that he desired to win an Olympic Gold.
“Making the Olympic team is a big goal; I don’t see myself having too many opportunities other than next year,” he said. “Four years from now, at the next Olympic Games, I will be 48-years-old. To be one of the top Americans at that age is going to be tough.”
On his part, Rory McIlroy has declared his intention to lead Ireland to the Olympic Games. “I think it would be a great experience and more likely than not, I will play,” he said. “I had an unbelievable amateur career – and I don’t mean that in terms of results – but I mean that in the experiences I had, the trips that I had, the friendships that I made and the friendships that I still have to this day. That was all because of playing for Ireland and getting close to some of those guys. I’m excited to be going to the Olympics. I’m excited to play for Ireland.”
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.