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Turkish manufacturers court traders in expo : The Standard

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Turkish manufacturers will convene in Kenya as they seek to gain market from the local real estate and property developers.


The manufactures, mostly of industrial and domestic industries, will starting Wednesday hold a two-day expo in Nairobi’s Intercontinental Hotel.

At least 16 firms making products in the Heating, Ventilation, Air-Conditioning and Refrigeration (HVAC-R) industry will be gracing the function, which has been hailed as the beginning of their expansion into the East Africa.

The event is dubbed Turkish HVAC-R B2B (business to business) seminar with its culmination expected to be deepened trade ties with Kenyan firms.

Turkish Air Conditioning Industry Exporters Association chairperson Levent Aydin said the expo seeks to promote trade ties between Kenya and the nation that straddles Eastern Europe and western Asia.

“Most of the companies will be in Kenya for the first time and the options include opening branches and commercial co-operation. The Turkish HVAC-R industry is looking for establishing reliable long term partnerships,” Mr Aydin said.

The firms will display an array of products such as chillers and cold rooms as well as potato and fresh fruit storage facilities. This comes at a time Kenyan farmers continue to grapple with post-harvest losses.

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Products in areas such as medical and pharmaceutical, waste management, commercial property development and industrial products, will also be showcased.

Kenya has been the gateway of many oversees manufacturers seeking expansion into the East African market, something Turkish firms want to replicate.

Mr Aydin disclosed that markets such as Tanzania, Uganda and Rwanda are also in the picture as future destinations for their goods. Among the firms that will be in Nairobi are Ulpatek that manufactures industrial and domestic air filters.

Electrical heaters maker Venco Duyar Group and Tekser that manufactures tiles, will be present as so will be Arcelik which specialises in household appliances. National Construction Authority chief executive Maurice Aketch will grace the forum.

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Nigeria Offers $268 Million to its Entrepreneurs

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The government of Nigeria has committed to give a $268 million monetary support to local agricultural entrepreneurs and innovators, even as the country seeks to diversify its economy, and stop wholly depending on oil.

According to the country’s vice president, Yemi Osinbajo, the support will be birthed in two phases and sectors. The Central Bank of Nigeria will disburse the first $248 million as loans to small-sale businesses in the agricultural sector. Thereafter, they will use the remaining $20 million to fund young innovators.

Apart from being Africa’s biggest crude oil producer, Nigeria’s economy is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. 

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See Also:

Nigeria’s Aella Raises KSh1 Billion to Lend to Underbanked

Nigeria Removes VAT on Food

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Kenya Power reports worst performance in 16 years

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PATRICK ALUSHULA

By PATRICK ALUSHULA
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Kenya Power has reported its worst profit in 16 years, turning the spotlight on the push by the utility firm to raise retail tariffs for homes and businesses.

The firm’s net profit plunged 92 percent from Sh3.26 billion to Sh262 million in the year to June — the lowest profit since it returned to profitability in 2004 after posting Sh2.89 billion loss the previous year.

The cost of buying electricity from power generators like KenGen jumped by Sh18 billion during the period, Kenya Power said, blunting the impact of an increase in sales to customers.

Kenya Power has made an application to the regulator for an increase in electricity prices by up to a fifth, saying it is key in reversing its reducing profitability — which has seen its earnings drop for three years in a row.

Finance costs also went up 46.4 percent to Sh10.3 billion due to higher short-term borrowings, the company said.

“This was mainly attributable to increase in non-fuel power purchase costs by Sh18 billion from Sh52.7 billion to Sh70.8 billion following the commissioning of two power plants with a combined generation capacity of 360 megawatts (MW) during the period,” said Kenya Power.

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The shock results saw the firm’s share at the Nairobi Securities Exchange shed 5.3 percent to close trading at Sh2.52 — a level last seen more than a decade ago. The utility firm also last paid a dividend in 2017.

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The company, the main electricity distributor in Kenya, delayed publication of its results last November due to a vacancy at the Auditor -General’s office, which is responsible for auditing State-controlled firms.

The search for the Auditor-General has been delayed after the initial interviews flopped. The results issued yesterday were not audited.

Executives at Kenya Power look set to use the results to pile pressure on the Energy and Petroleum Regulatory Authority (EPRA) — the electricity sector regulator — for higher tariffs.

Kenya Power wants to increase the consumption charge for those consuming less than 100 kilowatts per month to Sh12.50 a unit, up from the current Sh10.

In August 2018, EPRA reduced the retail prices of electricity after an order from President Uhuru Kenyatta in the wake of widespread complaints from domestic customers and small businesses over a costly tariff introduced last July.

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Financial red flags you must address before you turn 40 : The Standard

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After age 40, you really can’t afford to be financially clueless.

Kenyans have a habit of ignoring red flags.

We ignore the blinking red light when the car fuel is running low, we neglect to pay taxes until the very last minute and we often overlook that our date “forgot” to carry their wallet to a date.
But there’s one red flag that’s non-negotiable.
After age 40, you really can’t afford to be financially clueless; so here are money red flags, big and small, you should attend to before then.

SEE ALSO :How to build an emergency fund

1.   Not funding your nest egg
Before years start running by, a plan should be in place for retirement. You may not have a fortune in your fund but aim to at least have a solid foundation by then so that you can grow it in the next decade.
Besides the statutory scheme, the National Social Security Fund (NSSF), you can set up an individual pension plan.

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.  

“There are also other unorthodox methods like tree planting. Say you have a piece of land somewhere in Embu, if you plant 100 trees at age 40 by age 55 they will have matured and you can sell them around Sh50,000 each. You have a cool Sh5m while still protecting the environment,” says financial trainer, James Maina.
You could also source for information from other plans under the guideline of RBA.

SEE ALSO :How to start a business

2.   Not purchasing a life insurance policy
Shopping and paying for life insurance may not seem very appealing, but if you have people in your life who depend on you financially, or who suffer if you were to pass away unexpectedly, then you absolutely need a life insurance policy.
Choosing term life insurance (one that expires after a number of years) over permanent life insurance (stays in place until one dies) is a good option for many reasons. It is not only a good way to keep premium costs down but also being so young (at 40) you should have a relatively easy time locking in a reasonable premium rate.
3.   Overlooking your personal development
At 40, your papers should be right. Study as far as you can when you are younger so that you are eligible for work promotions. If you want to grow at that job you had all your life, grow your skills.

SEE ALSO :Career blunders we aren’t making in 2020…

“If you use your skills to earn money, you need to advance them to create that trajectory for success. Even in the army, if you are 40 and haven’t been promoted to higher positions, they retire you. This is because you cannot be 50 and your commander is 38,” adds Maina.
4.   Not legitimising your business
Have your business idea clearly outlined. Understand your business, put its growth plan in writing and it should be a registered business with its own account. Create clear strategies to scale it and project that for 10 plus years.
If possible have a professional guide you. This is to avoid legal issues that will bring your business down in future.
Meanwhile, have a fallback plan.

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SEE ALSO :How to raise capital for your start-up

“Don’t fall in love with one business, it can break your heart. For instance, your business is farming and that is where you get your money. But now there is a locust infestation. What is your contingency plan? Try create about five streams of income apart from your day-to-day job,” he adds.
5.    Not Investing
If you already have a fully funded emergency savings account, no high-interest debt and are on track for retirement, then you are free to think about investment. When you invest, your money makes you more money.
Investing doesn’t mean you have to be a landlord, like many Kenyans are prone to thinking. There are many other options like shares, T-bills and unit trusts. These are speculative accounts that could create value in future.
Do your research to understand the trend on which areas people are moving to, then dip your toe into the pool.
6.   Ignoring government initiatives
Whatever the Government is offering, it is prudent to tap into it. Utilise government schools as opposed to private schools, or use NHIF for your healthcare or use the housing initiative to save.
 Maina also recommends that one aligns their business as well, with any government initiatives.
“I know a businessman who tapped into the SGR construction to get a contract to drill boreholes for water used in the construction. He raked in billions and even expanded his business. Pay attention to what the government is doing and place yourself strategically to reap the benefits.”  


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