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French authorities have handed tech giant, Google, a $1.3 million fine for displaying misleading rankings for French hotels.

The French government&rsquo;s fraud and competition authority had in 2019 launched investigations into the tech giant&rsquo;s ranking mechanisms after it received complaints from hoteliers about the matter.

The investigation monitored the nature and fairness of the information provided by the platform across 7,500 hotel establishments and found&hellip;

The move has prompted Google to revert to its earlier ranking algorithm which used official sources including Atout France as well as input from other hotel-industry websites to rank hotels from one to five stars.

<a href="https://www.google.com/" style="color: #ff6600;">Google</a> said it has made &quot;necessary changes to only reflect the official French star rating for hotels on Google Maps and Search.&quot; Google agreed to pay the fine.

An acre is the typical measurement of a piece of land, used by buyers and sellers to have an understanding of the size of a piece of property. Much like square footage is used by home buyers to determine the size of a house, acreage gives buyers a&nbsp;sense of the size of the property, which is easier than using the lot measurements, which can vary greatly and are often not symmetrical.

The origin of the word &quot;acre&quot; comes from Old English - &aelig;cer, which denotes the amount of land a yoke of oxen could plow in a day, but is of Germanic origin; Acker for &#39;field&#39;.

Nowadays, most people&nbsp;have no&nbsp;idea how much land a yoke of oxen can plow, and in addition, today the measurement is a little bit more accurate! The official measurement of an acre is 43,560 square feet.

So, exactly how big is an acre?

<ul>
	<li>4,045 square meters</li>
	<li>4,840 square yards</li>
	<li>43,560 square feet</li>
	<li>404686 hectares</li>
	<li>0015625 square miles</li>
</ul>

For the average person, a pretty easy way to understand an acre is that it is about the equivalent of three-quarters of a full-length football field or 16 tennis courts laid out in a four-by-four square.

When looking at large tracts of land, though, it can still be difficult to determine a single acre within tens or hundreds of square miles of land. To give you an idea of what that means with&nbsp;real property, here are a few examples:

State House, Nairobi

The top&nbsp;residence of Kenya&rsquo;s president rests on 740 acres of land. FYI, and strictly not for comparison, The White House in Washington, DC covers 8 acres.

The Two Rivers Mall and Garden City

The biggest mall in East and Central Africa, the one opened on Valentines, sits&nbsp;on a 102 acre piece of land. For Garden city, the mixed-use development measures 32 acres.

Uhuru Park and Nairobi National Park

The recreational park adjacent to the CBD is 31.9 acres. Now Nairobi National park sits on a whole 28,963 acres of the 172,000 acres covered by Nairobi County. But let&rsquo;s come home&hellip;

Buildings and Houses

In commercial buildings, the usable space doesn&rsquo;t depend on the floor area really but for the record,&nbsp;KICC floor area is estimated at&nbsp;56 acres while the average Kenyan house, say a 1-bedroom, requires just about 0.009 acres of space to construct.

Modified from:&nbsp;<a href="http://ezinearticles.com/expert/David_Kreager/2344363">http://EzineArticles.com/expert/David_Kreager/2344363</a>

The Kenya Alliance of Resident Associations (Kara) is the apex <a href="http://www.kara.or.ke/">body</a> representing the voice and pro-active action of resident associations on consumers and taxpayers' rights countrywide – on accelerated access to public service delivery.

KARA 3rd Business Expo 2018

Troubled real estate developer Suraya properties has secured KSh. 1.6 billion financing from five local banks in a bid to make good its promise to property buyers.

The financing which has been the result of over nine months of negotiation according to the group’s CEO Peter Muraya, will be achieved from five lenders including Cooperative Bank, Equity Bank, Diamond Trust Bank (DTB), and National Bank of Kenya (NBK).

The cash injection is a shot in the arm for the developer who has featured in the media in recent weeks for foul play in meeting its obligations to buyers. Hopefully the developer will now make customers whole.

Recent reports have cast real estate developers on the unfavourable cross hairs of poor financial management following a report by the Central Bank of Kenya which showed that apart from buildings, real estate companies have developed a tendency to default on loans for which their lifeline occasionally depends.

Bankers have taken note, even as many believe the rate cap and the slow-moving property market are chiefly to blame since demand for expensive properties has been stifled more or less in equal measure with financing.

Suraya secures KSh. 1.6 billion financing to complete delayed properties

How Big Is An Acre Really?

Buying a house for many Kenyans is a financial commitment comparable to no other because of the burden it imposes on cash flow. For many, it is a lifetime commitment whose obligations they struggle to fulfill monthly. Most people when considering the cost of their mortgage loan, will give weight to the interest payments over the total cost of credit. However, taking into account that banks do not shoulder third-party charges may save you a months or even years in repayment.

In a bid to aid the public in breaking down the credit burdens, the Kenya Bankers Association in partnership with the Central Bank of Kenya, recently launched <a href="http://costofcredit.co.ke/" target="_blank" rel="noopener">costofcredit.co.ke</a>, a website that assists users to estimate the total cost of credit for any loan or mortgage.

The basic tool allows a user to select a bank and check the cost of credit for that bank. The tool further allows users to compare the cost of credit across banks which can help as a basis for decision-making. Take for instance an aspiring home owner working with a budget of KSh. 5m for a home and having a deposit of 10 per cent of the amount. Seeking a mortgage loan for the balance of KSh. 4.5 million, they may come up with the following figures from the portal, giving a comparison between the interest payments and the total cost of credit at monthly instalments of KSh. 55,985 for 240 months:
<table width="0">
<tbody>
<tr>
<td width="143">BANK</td>
<td width="96">LOAN AMOUNT</td>
<td width="126">INTEREST PAYMENTS 

(KSh. '000')</td>
<td width="137">TOTAL COST OF CREDIT 

(KSh. '000')</td>
<td width="101">MONTHLY INSTALMENTS

(KSh.)</td>
</tr>
<tr>
<td width="143">KCB</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,838</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">CBA</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,720</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">NIC Bank</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,653</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">Equity Bank</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,355</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">Housing Finance</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,347</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">Consolidated Bank</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,306</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">Diamond Trust Bank</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,306</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">Stanbic Bank</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,281</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">National Bank</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,281</td>
<td width="101">55,985</td>
</tr>
<tr>
<td width="143">I&amp;M Bank</td>
<td width="96">4.5m</td>
<td width="126">8,930</td>
<td width="137">9,257</td>
<td width="101">55,985</td>
</tr>
</tbody>
</table>
Source: costofcredit.co.ke

From the table, a borrower who takes a mortgage from NIC Bank will pay KSh. 306,000 more or at least 5 more months of repayments. Similarly, a borrower with CBA will continue to repay their loan 10 months after I &amp;M Bank customer has completely secured his home from the mortgage liability.

It should be observed that the interest payments are constant but major variations arise from the total cost of credit for the different banks. Essentially different banks have different third-party costs which include legal fees, valuation, stamp duty and insurance and which gives the variations in the total costs of credit.

Although what <a href="http://costofcredit.co.ke/" target="_blank" rel="noopener">costofcredit.co.ke</a> is an estimation tool developed by the Kenya Bankers Association, prospective borrowers can use it as a planning tool to project the expected cost of a mortgage with little error. Third-party fees vary frequently and so for actual information borrowers are advised to contact the specific banks. The banks should provide a Total Cost of Credit breakdown as well as the Loan Repayment Schedule, as required by the Central Bank.

There are currently 45 institutions offering mortgages in Kenya, and for a mortgage seeker, navigating through all this information manually is definitely costly. But with the internet, now a mortgage seeker has the privilege to appreciate all this information in one place at the press of a button and the slide of a finger. So before you take that mortgage loan, go ahead and check it out on <a href="http://costofcredit.co.ke/" target="_blank" rel="noopener">costofcredit.co.ke</a>.

East Africa has over the past few years maintained steady economic growth, being the fastest growing region in the continent. Economic growth and growing demand for infrastructure services has seen countries in the region undertake mega projects. According to the National Construction Authority quarterly report, the following are the top ten most valuable projects in the region.
<ol>
 	<li>The Grand Renaissance Dam</li>
</ol>
The massive dam on the Blue Nile River has been under construction since 2011 and is on course to become the largest hydroelectric power plant in Africa upon completion. It is estimated the dam will have the capacity to inject 6450 MW into Ethiopia’s electric grid. In addition, the dam will be able to absorb all flood causing run off, irrigate 500,000 acres of land and supply water to the region all adding to its usefulness.
<ol start="2">
 	<li> Lake Turkana Wind Power Project</li>
</ol>
Located in Loyangalani District of Marsabit County, the Lake Turkana Wind Power farm uses 365 wind turbines each with a capacity to generate 850KW bringing the total potential to over 310MW of power when the wind farm becomes operational. The project includes a high voltage substation which will be connected to the national grid.
<ol start="3">
 	<li> Koysha Electric Dam</li>
</ol>
Another one of Ethiopia’s latest infrastructure drive is Koysha Dam, located along the Omo River, which flows out of Lake Turkana in Kenya, near the Southern Ethiopian border. The dam will generate about 2000MW of power besides irrigation water.
<ol start="4">
 	<li> Kigali Innovation City</li>
</ol>
Launched in 2016, Kigali Innovation City is envisioned to provide a conducive ecosystem for local and international technology and innovation companies to thrive. The African focused innovation city aims to drive Africa’s digital transformation agenda, moving from agrarian to knowledge-based economies to boost economic productivity using three platforms; the digital innovation platform, human capital development platform and innovation friendly financing platform. The cost of putting up the city is estimated at $1.9 billion.
<ol start="5">
 	<li> Mtwara Gas Project</li>
</ol>
Commissioned in 2016, the undertaking involved the construction of a 542 Kilometre gas pipeline that connects natural gas reserves in Mtwara, Lindi and Dar-es-Salaam. The country, which has some of the largest natural gas reserves in the region is initiated the project to diversify its energy sources. The project has an installed capacity of 18MW and is the only power source for Mtwara and Lindi regions.
<ol start="6">
 	<li> Central Railway</li>
</ol>
The 202 Kilometre Standard Gauge Railway that runs through he country from the Capital, Dar-es-Salaam to Rwanda and Burundi. When complete, the project is expected to contribute positively to the economy of Tanzania, Rwanda, Burundi, Uganda and DRC Congo.
<ol start="7">
 	<li> Mieso-Dire Dwa-Dewanle Railway Line, Ethiopia</li>
</ol>
Linking Ethiopia’s capital, Addis Ababa to Djibouti’s capital, the project will cover 740 kilometers. The project is part of a network of railway projects extending over 4774 Kilometres and creating a series of trade routes to Kenya, Sudan, South Sudan and the port of Djibouti.
<ol start="8">
 	<li> Karuma Hydro-Power Plant</li>
</ol>
The government of Uganda is undertaking the construction of the largest dam in Uganda, located at Karuma. The $1.7 billion Karuma dam project which is funded and built by the Chinese, has a capacity of producing 600MW of power. Work on the dam is set to be completed before the end of this year.
<ol start="9">
 	<li> Awash-Woldia-Hara Gebeya Rail Project</li>
</ol>
The projects whose main purpose is to connect Northern and Central Ethiopia with the Port of Djibouti serves several cities of the Amhara region directly. The railway line also connects industrial zones with neighbouring countries. The project will connect approximately a third of Ethiopia’s expansive population with mobility, export and import efficiency, and boost economic activity.
<ol start="10">
 	<li> Standard Gauge Railway Project</li>
</ol>
A flagship project under Kenya’s Vision 2030 development agenda, the Standard Gauge Railway was designed to enhance transportation within and across the country’s borders. The first phase of the project which involved the construction of a 472 kilometre long single track standard gauge railway between Mombasa and Nairobi is complete while the second phase from Nairobi to Naivasha is ongoing. The project is expected to open up the country’s trade, manufacturing, tourism and hospitality sectors.

&nbsp;

&nbsp;

&nbsp;

East Africa’s Top 10 Most Valuable Projects

The Kenya National Bureau of Statistics recently released the Economic Survey 2018, highlighting the performance of various sectors of the economy in 2017. The survey shows that the construction sector grew by 8.6 per cent compared to 9.8 per cent growth in 2016.

It also revealed that building activity in Nairobi County increased by 10.2 per cent from KES 77.7 billion in 2016 to KES 85.6 billion in 2017 despite election volatility, based on the number of new private buildings issued with certificate of occupancy.

The total number of those private buildings issued with certificate of occupancy increased by 9.7 per cent from 10,268 in 2016 to 11,202 in 2017 where residential buildings accounted for 85 per cent of the completed private buildings during the review period.

However, the value of new public buildings completed by the State Department for Housing and National Housing Corporation (NHC) shrunk from KES 3.8 billion in 2016 to KES 2.3 billion in 2017 but the number of public buildings completed increased by 9.6 per cent to 1,164 units..

The value of building plans approved by the County also decreased by 23.2 per cent from KES 308.4 billion in 2016 to KES 240.8 billion while cement consumption also decreased by 8.2 per cent to 5,788.9 thousand tonnes during the same period.

Meanwhile, the index of reported private building works completed in Nairobi City County rose from 409.3 in 2016 to 443.1 in 2017, an indicator of increased building activity during the year while the index of reported public building works completed in major towns registered a decrease from 69.2 in 2016 59.4 in 2017.

Increased Costs

Building became a more expensive affair as the cost of materials increased by 3.0 per cent in 2017 compared to a 1.8 per cent the previous year with residential buildings recording the highest growth in the cost of building by 3.8 per cent. However, construction labour costs in the sector registered a slower growth of 6.6 per cent in 2017 compared to 12.3 per cent in 2016.

During the period, the National Housing Corporation advanced a total of 73 loans amounting to KES 91.7 million to individuals for construction and improvement of residential houses in the counties. The highest number loans were issued to residents of Trans Nzoia and Kiambu counties.

With election uncertainties behind, and the government steering it’s development agenda, 2018 could easily outperform 2017.

Estate Cloud

Estate Cloud

Google to Pay $1.3 Million for Misleading French Hotel Rankings

By Estate Cloud - over 2 years ago - International

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