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Tactics effective leaders use to spur teams to success

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Taj Mahal
Taj Mahal symbolises grace and perfection of proportions and grandeur of geometrical patterns. FILE PHOTO | NMG 

The Taj Mahal is an enormous mausoleum complex commissioned in 1632 by the Mughal emperor Shah Jahan to house the remains of his beloved wife.

Built over a 20-year period on the bank of the Yamuna River in Agra, India, the Taj Mahal symbolises grace and perfection of proportions and grandeur of geometrical patterns.

There is a story that one day Shah Jahan wanted to know how the Taj Mahal was progressing.

To do this, he disguised himself as an old man and went to the site. He met a stonecutter and asked: “What are you doing?” The stonecutter was annoyed by the disturbance and said: “Go away old man don’t you see that I am busy?” The stonecutter’s dedication impressed the emperor.

He moved on and went to the next stonecutter, and he asked the same question. The second stonecutter was equally impatient and said: “Cutting stone is a great art, old man, I can’t be answering your questions and practising my art.”

Again, the emperor was impressed with the stonecutter and was proud of his professional skills. Finally, he went to the third stonecutter, to whom he put the same question.

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“I am building the Taj Mahal, old man, and if I keep answering idle questions like yours I will never be able to complete the most beautiful monument on earth.”

The third stonecutter had given him the best answer. The first worker represented dedication to work — an honest day’s work for an honest day’s pay. The second one showed professional excellence. But the third one symbolised the power of a shared vision.

As effective leaders model the way to challenge the status quo, inspire their team and facilitate them to perform; here are four insights they operate on.

When there is teamwork and collaboration, wonderful things can be achieved. An effective leader helps in creating an environment of co-operation where individual skills and strengths contribute towards a common shared goal.

Talent wins games, but teamwork and intelligence wins championships, so said Michael Jordan. It’s one thing to join a team and another to perform in a team.

An effective leader aligns individual goals to team goals and walks them in the path of shared vision. Coming together is a beginning, staying together is progress, and working together is a success, said Henry Ford.

Two heads are better than one. When complementary strengths of teams are blended, and a sense of trust is created, teams engage towards better ownership. Ideas grow better when transplanted into another mind than the one where they sprang up, said Oliver Wendell Holmes. When teams feel the power of the shared vision, they create innovative ways to stay aligned and exchange ideas and knowledge.

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World Bank pushes G-20 to extend debt relief to 2021

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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.

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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.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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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.

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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.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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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.

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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.

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