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When wisdom lies in being patient and keeping silent

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Stop trying to calm the storm
Stop trying to calm the storm, calm yourself, the storm will pass. FILE PHOTO | NMG 

A man noticed a pretty looking young lady in the grocery store with her sweet looking one-year-old in her cart. As the mother and child duo passed through the aisles of the grocery store, the child asked for cookies. Her mother had a stern look on her face but softly told the kid “No.” Now, the little girl began to cry loudly.

The mother patiently said, “Now, Missy, we’re halfway done. It won’t be too long before we are done with this.”

The same thing happened in the candy aisle. This time the little girl kicked and screamed. The mother said, “There, there, Missy, only two more aisles and then we’ll be done.” Saying this, the mother pushed her cart towards the Checkout counter. At the checkout counter, the child reached for the gum. When her mom said “No” she began to scream louder than ever.

The mother said patiently, “Missy, we’ll be through this checkout stand in five minutes and then we can go home, and then can have a nice nap.”

The man followed them out to the parking lot and complimented the woman. “I couldn’t help noticing how patient you were with little Missy.” The mother replied, “Thank you, but, my little girl is Francine…., I’m Missy.”

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A moment of patience in a moment of anger can save a thousand moments of regret: How many times in our lives do we make those momentary decisions, acting out in the heat of the moment, regretting later for the harm caused to self or to others?

When you are upset or angry, resist the temptation of reacting or responding, you could save yourself a thousand moments of regret.

The hardest test in life is the patience to wait for the right moment: Patience is not about doing nothing, it is about doing everything you can, but being patient about the results. A lot in life is not just about the end but is the process of achieving and waiting for the right moment to see the result.

Sometimes patience and silence are better than expressing how you feel: Most of us feel the urge to express our disappointment by venting it out without really worrying about the consequences. Most often such expression does not work in our favour. Practice restraint and remain silent till the storm clears.

Stop trying to calm the storm, calm yourself, the storm will pass: Focus on what is in your control rather than trying to focus on what is beyond your control. When you calm the storm inside, you can see the sun shining again and you raising again.

When you treat feelings like your visitors, who come and go, you can really focus on yourself: Don’t allow your feelings or emotions take over who you are and never let your emotions overpower your mind.

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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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