The greatest golfer of all time, Tiger Woods will be in action this weekend at the TOUR Championship at East Lake Golf Club, Atlanta. Woods will be returning to East Lake for the first time since 2013 and will be in an exclusive and limited 30-man field that will compete to determine the winner of the PGA Tour playoffs, also known as the FedEx Cup.
The Tour Championship has traditionally marked the end of the official PGA Tour season and before 2007 the field that made it to East Lake included the top 30 money leaders. But since 2007, the Tour Championship has been staged as the final event of the four-tournament FedEx Cup playoffs.
The FedEx points awarded to players through the season determine who makes it into the play-offs and competes for the enormous $10 million prize money. Don’t adjust your set, you did read that correctly, the FedEx Cup winner takes home $10 million (Sh1.1 billion)! And the winner of the Tour Championship wins $1.62 million (Sh178.2m) from a total prize purse of $9m (Sh990 million).
Did I confuse you with all the dollar signs? Let me unpack those numbers. The $10m is awarded by the player who wins the FedEx Cup — that is the player who finishes the season with the most FedEx Cup points; and that is not necessarily the player who wins the Tour Championship at East Lake. With me so far? In 2007 for example, Woods won both the Tour Championship and the FedEx Cup but in 2008 Camilo Villegas won the Tour Championship whilst Vijay Singh won the FedEx Cup. In 2009, Phil Mickelson won the Tour Championship whilst Woods took home the FedEx Cup for the second time. In 2017, Justin Thomas won the FedEx Cup whilst Xander Schauffele was the Tour Championship winner.
Since 2007, Woods leads the career list of most money won from the FedEx Cup with a total of $25.275m (Sh2.78 billion), Rory McIlroy is second with $15.625m (Sh1.72 billion) and Jim Furyk third with $15.215m (Sh1.674 billion). It is safe to say that Woods will still lead this career money list after the weekend.
And although the 42-year old Woods has not won a Tour event in five years or a major since the US Open in 2008, he will still be the star attraction. Woods was victorious at East Lake in 2007, he finished second in 2009, eighth in 2012 and twenty-second in 2013. This week, Woods arrived at East Lake ranked 20th in the FedEx Cup standings.
The FedEx Cup is structured such that any of the 30 players at East Lake this weekend can win the FedEx Cup, but for the more lowly ranked players, like Woods, to win, a lot of other scenarios would have to occur. According to GolfDigest. Com Woods would firstly need to win the Tour Championship, that would definitely help; he would then hope that Bryson DeChambeau finishes T15 or worse and that Justin Rose finishes T5th or worse and that Tony Finau finishes T3 or worse and that the pair of Dustin Johnson and Justin Thomas finishes in a three-way tie for second or worse and finally that Keegan Bradley finishes T2 or worse! Put in another way, a Woods victory would be like winning the lottery! Close to impossible.
The FedEx Cup also changed the rules so that if any of the top-five players on the FedEx Cup rankings, going into East Lake, (DeChambeau, Johnson, Finau, Thomas and Rose) wins the Tour Championship, they automatically win the FedEx Cup.
Enjoy your golfing weekend, its Tiger O’clock!
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.