Ruto's Berlin blot, Mbadi backs Adani and Eurobond win
Good morning! A flamboyant job recruiter under investigation for fraud has raised eyebrows by appearing in Berlin during a government trip. Treasury CS John Mbadi is defending the Adani-JKIA deal, assuring senators it won't proceed until 22 conditions are met. Meanwhile, Kenya's Eurobond yields fell, signalling stability in international debt markets after global rate cuts—all?this and more in today's Daily Briefing.
Jobs scam suspect in Ruto trip abroad
Ceaser 'Shrewd' King'ori, a flamboyant job recruiter, is facing increasing cases of fraud linked to his company, Vintmark Travel Agency. Promised jobs abroad, victims have paid between Sh100,000 and Sh150,000 but the promised opportunities never materialised (read: ‘I quit my job for this’: Heartbreaking stories of 7,000 in Eldoret Qatar jobs scam). Despite mounting complaints, Vintmark continues to operate despite ongoing investigations (read: New tricks by rogue agencies to lure Kenyans with fake overseas jobs). King'ori's recent visit to Berlin, timed to coincide with a government labour deal, raised eyebrows as he mingled with top officials (read: German government contradicts President Ruto on job opportunities for 250,000 Kenyans). Victims, including foreigners, demand refunds for jobs that didn't exist, leaving many in legal and financial turmoil. Investigations continue as pressure mounts for justice. ?
Mbadi defends JKIA deal, cites 22 conditions
National Treasury Cabinet Secretary John Mbadi has defended the Adani Airports Holdings deal, insisting it won't proceed unless 22 conditions are met. Speaking before a Senate committee, Mbadi said that the public-private partnership (PPP) committee is demanding these conditions, which include the hiring of all JKIA workers and the prioritisation of Kenyan hires. He stressed that Adani must also meet strict legal, financial and stakeholder engagement criteria. The deal remains on hold due to a High Court case, but Mbadi assured senators that all conditions will be enforced before final approval is given. ?
Kenya Eurobond yields fall
Kenya's Eurobond yields fell last week as global interest rate cuts, including the US Federal Reserve's first cut in four years, weighed on sovereign yields. The 10-year Eurobond maturing in 2028 saw the biggest drop, falling 0.79 per cent to 9.218 per cent. Five of Kenya's six Eurobonds now trade at single-digit yields, with the exception of the 30-year due 2048. Analysts expect stability in Kenya's Eurobond yields, helped by February's partial buyback, which eased default concerns. This stability coincides with increased use of concessional financing from institutions such as the World Bank and IMF.
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The Daily Nation leads with 'Sh720m jobs fraud suspect who was in Ruto Germany trip'. Business Daily leads with 'Regulator stopped from fixing car insurance prices'. Taifa Leo leads with 'SENETA ANAPIMA MAJI?'.
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