Global Entrepreneurship Summit Comes to Nairobi

2015 Global Entrepreneurship Summit Comes to Nairobi

Launched by President Obama in 2009, the Global Entrepreneurship Summit (GES) brings together entrepreneurs and investors from across Africa and around the world annually to showcase innovative projects, exchange new ideas, and help spur economic opportunity.  The 2015 GES agenda will focus on generating new investments for entrepreneurs, with a particular focus on women and youth.  The selection of Nairobi as host city for the 2015 GES underscores how Africa — notably Kenya — has become a center for innovation and entrepreneurship.  Kenya is a world leader in mobile money systems, like m-pesa, and a driver of innovation through technology research and incubation labs like “iHub.” and Nairobi Garage.

Since 2009, GES has emerged as a global platform connecting emerging entrepreneurs with leaders from business, international organizations, and governments looking to support them. This is the first time GES will take place in sub-Saharan Africa.

Before the official start of the sixth annual Global Entrepreneurship Summit (GES), nearly 300 young and women entrepreneurs came together today to learn, to get practical advice, to make the connections that will take their enterprises to the next level, and to hear stories and receive guidance from top American and global innovators.

As part of a day-long event, focused exclusively on the challenges and opportunities faced by youth and women, U.S. Secretary of Commerce Penny Pritzker – a business leader in her own right and the Obama Administration’s point-person on entrepreneurship – moderated a panel discussion on “Becoming Investor Ready,” featuring Chef Jose Andres, a culinary innovator and owner of ThinkFood Group; Julie Hanna, Chair of the Board of Kiva, the world’s first and largest crowd lending marketplace for global entrepreneurs; and Daymond John, Founder of FUBU and CEO of Shark Branding.

These iconic U.S.-based entrepreneurs and investors talked about how they raised funds, overcame challenges, and created successful businesses. They encouraged the audience of entrepreneurs to be willing to take risks, and to surround themselves with people who add new ideas and skills to their enterprise. They spoke about how fostering entrepreneurship can spur the development of new products and services, create jobs for workers, and anchor communities and families worldwide.

NSE Amends FIS Trading Rules

Nairobi-Securities-Exchange1

The Nairobi Securities Exchange (NSE) has amended its Fixed Income Securities (FIS) Trading Rules. This follows a formal approval from the regulator; the Capital Markets Authority (CMA).

The FIS Trading Rules cover how NSE Market Intermediaries access the Automated Trading System (ATS) of The Exchange. They also detail the obligations of NSE Market Intermediaries including their order management of trades in Fixed Income Securities executed on the same platform.

The amendments are in Section 5.2.2 (ii) and 5.2.3 of the Trading Rules and include the creation of a Restricted Board where restricted FIS offers shall trade and the trading restrictions on the Restricted Board.

The Restricted Board will be used to trade Fixed Income Securities arising from public offers targeting sophisticated investors who include; high net worth individuals, authorized schemes, collective investment schemes, banks and their subsidiaries, co-operative societies, pension or retirement funds as stipulated in the Capital Markets Act. Trading on the Restricted Board shall be limited to sophisticated investors only.

Commenting on the amendments, Mr. Geoffrey Odundo, the Chief Executive of the NSE noted, “The amendment of the FIS Trading Rules is part of our strategy to broaden and deepen the Bond Market. This is a significant step towards ensuring that our issuers, institutional and individual investors gain access to a more diverse secondary market. With this development, we look forward to listing a more diverse variety of debt securities including Senior Unsecured Fixed Rate Notes and Equity Linked Notes on our Fixed Income Market Segment” said Mr. Odundo.

The amendment of the Fixed Income Securities Trading Rules is a clear indication of the vital role the segment plays in raising long term capital for both the Government of Kenya and Corporates.This year the Government of Kenya has so far raised Kshs. 87.3 Billion through the issuance and listing of Treasury Bonds. Similarly, we have listed a total of Kshs. 21.9 Billion in Corporate Bonds all of which have been oversubscribed.

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