Connect with us

Business

Training on how to tackle oil spills begins

Published

on

Loading...

[ad_1]

Shipping & Logistics

Training on how to tackle oil spills kicks off

marine oil spill response drill
A marine oil spill response drill at the Kenya Ports Authority, Mombasa. FILE PHOTO | NMG 

Kenya has started training players in the maritime sector on oil spill response management.

The move is in line with the International Maritime Organisation (IMO)’s efforts to end greenhouse gas emission and pollution in the ocean by 2020.

Recently, Norwegian Coastal administration through the Oil for Development Programme conducted a three-day training aimed at building human resource capacity for the national oil spill contingent plan that was developed by the Kenya Maritime Authority (KMA) in partnership with other stakeholders.

KMA organised and hosted the IMO Level 3 Oil Spill Response Management Training at Pride Inn Paradise Beach resort and Spa, in Shanzu, Mombasa.

KMA corporation secretary and head of legal services Jane Otieno launched the training on behalf of director- general George Okong’o.

In a speech read on his behalf, Mr Okong’o said KMA appreciates the importance of precautionary measures in avoiding pollution incidents and the need for prompt and effective action to minimise the damage which may result from oil pollution.

Loading...

“KMA carries out continuous oil spill preparedness trainings for its stakeholders to build capacity of competent personnel to effectively respond to oil pollution incidents involving ships, sea ports and oil handling facilities,” he said.

The issue of oil spills into the marine environment has long been a major concern and the focus of international attention throughout the world, he said.

“In the past decades, and still today, environmental performance of oil and shipping industry especially oil spills have come under sharper scrutiny from the public and governments. This has resulted in various measures both internationally and locally to make these industries safe and environmentally sound modes of operation,” he added.

In 1990, IMO came up with the International Convention on Oil Pollution Preparedness, Response and Co-operation, which provides a framework for responding and co-operation during oil spills.

“In Kenya, great strides have been made over the past years through a variety of measures, such as the development of the National Oil Spill Response Contingency Plan, as well as increased advocacy and capacity building, to effectively reduce both the risk and occurrence of marine oil pollution incidents. This gathering today is a testimony of the continued efforts being pursued,’’ Mr Okong’o said.

The national contingency plan for marine spills from shipping and offshore installations is a document that was developed by the government in 2014.

[ad_2]

Source link

Loading...
Continue Reading

Business

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

Published

on

Loading...

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.

Loading...

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

Loading...
Continue Reading

Business

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

Published

on

Loading...

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.

Loading...

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

Loading...
Continue Reading

Business

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

Published

on

Loading...

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.

Loading...

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.

Advertisement. Scroll to continue reading.

Loading...
Continue Reading

Trending