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Utalii College in talks with hotels to train more students : The Standard

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Newly appointed Utaliii College Principal and also the chief executive officer Hashim Mohammed (centre) with some of the tourism stakeholders in Mombasa after a breakfast meeting at the Mombasa Beach Hotel, February 02, 2017. At left is operations manager at Severin Sea Lodge Joseph Ndunda and the general manager of Serena Beach Resort Tuva Mwahunga (right). [PHOTO BY GIDEON MAUNDU/STANDARD].

The Kenya Utalii College is in talks with two hotels in Mombasa and Kisumu to offer on-the-job training to its students. 

Principal and Chief Executive Hashim Mohamed (pictured) said the college is in talks with the Sunset Hotel in Kisumu and the Mombasa Beach Hotel to allow its students to train at their facilities. “This will increase our capacity and thus not only strengthen the hospitality industry in the country but also in the region and continent,” said Mohamed in an interview.
He said about 2,000 students are set to graduate from its Nairobi, Kisumu and Mombasa campuses before the end of the year.
“This year alone, the college targets to train over 1,500 employees in different courses countrywide.” The college is banking on its experience in enhanced hotel sector training as it seeks a regional footing in Zambia, Rwanda and Uganda.
The Utalii boss said last week they are in talks with Zambia’s Tourism Ministry, a university college in Rwanda and another institution in Uganda to start training programmes there.
“Kenya is far much advanced in hospitality training and we are opening up our training programmes in the region,” he said during the presentation of certificates to graduands of this year’s Mombasa and Malindi regions refresher course.
Mr Mohamed said the courses were designed to meet the needs of employees of both small, medium and large-scale hotels as well as tour and travel companies. “These annual refresher courses are designed to benefit those who have a minimum of two years industry experience and specific qualifications appended for each of programme on offer,” he said.
Mr Mohamed said they are waiting for the completion of the multi-billion-shilling Ronald Ngala University College at the coast to admit more students as part of the college’s expansion drive.

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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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