One of the best, most colourful women events — the annual Nancy Millar golf tournament — will be held this weekend at the Karen Country Club in Nairobi.
The tournament, played in the foursome stableford format, is well known for combining golf and fashion. All participating teams show up in specially designed golf clothes, ordinarily a splash of bright colours.
The prize giving ceremony, on Sunday, will be as elaborate as the golf and dressing. The tournament is worth watching, thank me later.
On the other hand, in case you missed it, England’s Justin Rose is the new world number one for the first time in his illustrious career.
Rose climbed from fourth to first after finishing second at the BMW Championship at the Aronimink Golf Club in Philadelphia, USA.
Rose and Keegan Bradley finished tied at the top after four rounds with excellent scores of 20-under par. In the playoff that followed, Bradley emerged the victor whilst Rose became the top golfer in the world.
Rose becomes the 22nd player in the world to reach the pinnacle of the Official World Golf Ranking since it began in 1986. By the way, Tiger Woods is now ranked 21st on the OWGR; will he ever get back to the top?
Rose, a Major winner, having won the 2013 US Open at Merion Golf Club, and an Olympic Gold medalist at the 2016 Rio games, was born in South Africa to English parents.
When he was five years old they moved to the UK and Rose started playing golf seriously, becoming a plus three-handicap golfer by the age of 14. At the 1998 Open Championship at the Royal Birkdale, Rose finished T4 and received the silver medal, awarded to the low amateur. He was only 17 years old and turned professional immediately after that event.
Rose has not been a prolific winner, he has one major to his name, two World Golf Championships, one FedEx Cup playoff event, five PGA Tour victories and seven European Tour victories.
His record on the Majors in 2018 has been impressive, T12 at the Masters, he was second there in 2017, T10 at the US Open, T2 at the Open Championship and T19 at the PGA Championship. Rose is a member of Team Europe that will participate in the 2018 Ryder Cup at Le Golf National, France.
The European team will face a much stronger Team USA which includes Phil Mickelson, Tiger Woods and Rose and his European colleagues will have to dig deep to mount a good defence at home.
The BMW Championship was itself full of drama; the fourth round could not be played on Sunday due to bad weather and according to the rules of the Tour, if only less than half the field managed to complete their fourth rounds on Monday, the round would be cancelled and the result declared based on the 54-hole results.
Had the Championship been called based on the 54 hole result, Rose would have been declared the winner. As it turns out, they did play the final round on Tuesday and Rose lost the ensuing playoff to Bradley.
Team USA announced Tony Finau as their 12th and final member to the 2018 Ryder Cup. Team USA Captain Jim Furyk picked the long-hitting Finau to join the team that will square off with Team Europe at the 42nd Ryder Cup.
Finau has registered 11 top-10 finishes in the current PGA Tour season and this will be his first Ryder Cup appearance.
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.