Business Daily africa

2023 - 1 - 30

Post cover — Image courtesy of "Business Daily"

Africa's red light on eco-investing (Business Daily)

Dangote Cement, Africa's largest cement maker builds elementary schools free of charge in villages.

[Explainer: What the 's' in ESG means and its application](https://www.businessdailyafrica.com/bd/corporate/explainer-what-the-s-in-esg-means-and-its-application-3931736) Thankfully, governments are stepping up. The challenge now for them – as for governments and businesses everywhere – is to deepen the granularity and measurability of those ESG ecosystems, based on the needs and priorities of African stakeholders. [Importance of ESG and its true fiscal value to business](https://www.businessdailyafrica.com/bd/opinion-analysis/columnists/importance-of-esg-and-its-true-fiscal-value-to-business-3936878) For them, ESG amounts to fuzzy math and wish fulfilment, lacking in rigour and subject to the dictates of social justice bullies. They are part of the great global tide of the environmental, social and governance (ESG) movement pushing businesses to pursue better outcomes for all.

PSs face fines as awards against State hit Sh150 billion (Business Daily)

Principal Secretaries and chief executives of government-owned entities will be punished for breach of legal agreements.

“I believe that the government as a whole is obligated to protect public resources while contracting third parties, be they local or international.” Unlawful decisions by officers have become a major liability to the exchequer, with the awards now a key driver of pending bills for the national and county governments. The analysis indicated the value of the court awards showed signs of easing in the year ended June, falling a marginal 3.28 percent from Sh111.99 billion in the same period a year earlier. The bills have continued to mount despite the Office of the Attorney-General in 2020 advising principal secretaries and chief executives of government agencies to carefully negotiate and vet contracts before signing to minimise lawsuits. The Treasury is struggling to settle the court awards in an economy where payment of debts and civil servants’ salaries are gobbling nearly all taxes. Principal Secretaries and chief executives of government-owned entities will be punished for breach of legal agreements as the State seeks to reverse mounting court awards against it, which have crossed Sh150 billion.

KenGen tightens grip on geothermal wells (Business Daily)

Listed power producer KenGen has secured first-refusal rights on geothermal wells.

“Indeed the relation with GDC in terms of our right of refusal is there and it exists. A report by the Auditor-General covering the year ending June 2021 put the amount invested by GDC in wells and associated infrastructure at the Menengai site at Sh69 billion. Financing issues and a lack of risk guarantees from the National Treasury for the producers have, however, hampered the development plans in the area, leaving the drilling firm unable to generate a return from the investment worth billions of shillings. In the Menengai geothermal field, GDC intended to provide steam for independent power producers, with a first phase target of 105MW from three producers. There is a meeting which has been convened by the Principal Secretary [Alex Wachira] between GDC and ourselves to discuss ways of working together in terms of exploiting some of the steam that GDC has drilled,” said Mr Serem. GDC has been drilling prospecting wells at the Menengai site in Nakuru and Silali in Baringo and has previously developed wells in the Olkaria basin from where it sells steam to KenGen.

Corporate bonds trade rallies on increased supply (Business Daily)

Secondary market trading on corporate bonds picked up in the fourth quarter of last year, reflecting the improved supply of issuances in the market.

[By CHARLES MWANIKI](/bd/corporate/companies/kengen-tightens-grip-on-geothermal-wells--4105230) [By DOMINIC OMONDI](/bd/economy/five-towns-to-get-privatised-sewer-lines-in-world-bank--4105306) [By PATRICK ALUSHULA](/bd/corporate/companies/peter-kenneth-31-investors-to-get-sh5bn-in-mayfair-bank-sale--4105268) [By CONSTANT MUNDA](/bd/economy/pss-face-fines-as-awards-against-state-hit-sh150-billion--4105480) [KMRC sets 12.5pc interest for debut corporate bond](https://www.businessdailyafrica.com/bd/markets/capital-markets/kmrc-to-pay-12-5pc-interest-in-debut-bond-3703300) [KMRC seeks Sh1.4 billion from first corporate bond](https://www.businessdailyafrica.com/bd/markets/capital-markets/kmrc-seeks-sh1-4-billion-from-first-corporate-bond-3680092)

Ex-Kenya Power staff lose in Sh3.4bn claim (Business Daily)

The court has dismissed a Sh3.4 billion claim against Kenya Power by former employees of the electricity distributor.

[By CHARLES MWANIKI](/bd/corporate/companies/kengen-tightens-grip-on-geothermal-wells--4105230) [By PATRICK ALUSHULA](/bd/corporate/companies/peter-kenneth-31-investors-to-get-sh5bn-in-mayfair-bank-sale--4105268) However, the suit only proceeded to a hearing on March 18 last year.

Absa customers access Timiza funds at ATMs (Business Daily)

Absa Bank Kenya has added an automated teller machine (ATM) withdrawal option on its mobile wallet Timiza.

[By CHARLES MWANIKI](/bd/corporate/companies/kengen-tightens-grip-on-geothermal-wells--4105230) [By PATRICK ALUSHULA](/bd/corporate/companies/peter-kenneth-31-investors-to-get-sh5bn-in-mayfair-bank-sale--4105268) “We are continually developing new services and features on the Timiza platform in line with our strategy to enhance the efficiency of our digital services…