Gun Sales Will Be Tracked With Credit Cards

President William Ruto was inaugurated in Nairobi on Tuesday — and won’t enjoy much of a honeymoon. An underdog candidate whose electoral victory survived a challenge in Kenya’s Supreme Court, Ruto now faces a steep national debt and rising inflation. According to research by IC Intelligence, a U.K.-based strategic advisory firm, these pressures may force him to raise taxes and reduce public spending, despite his promise of a “bottom-up” economic program that would support small and even micro-sized businesses.

Ruto is an unusual figure in Kenyan politics. He did not attend elite schools but grew up barefoot, and sold chickens on the side of the road as a young adult. Today, he’s a wealthy businessman who owns a poultry processing plant and has spent decades in Kenya’s government.

On the campaign trail, Ruto pledged not only to support entrepreneurs but to promote domestic agriculture by cutting imports while also prioritizing housing, healthcare and the environment.

“His pledges — especially those related to universal health, education and social security — will boost productivity over time if effectively implemented, but they will be expensive,” said an analysis by IC Intelligence. The firm noted that tax increases to pay debts and fund new programs would run counter to Ruto’s goals and would “antagonize” his supporters. This puts the new president in a delicate position.

Kenyan economist Aly-Khan Satchu said President Ruto could look to the international community for assistance.

“Kenya is a key pivot state in an increasingly unstable and volatile region,” Satchu told OZY by email. “In that context, I expect the new administration to be able to call on international and bilateral support.”

Amid pressure from anti-gun violence activists to enlist financial firms in the prevention of mass shootings, the three largest credit card companies are set to add a new merchant category code (MCC) for firearms vendors. American Express, Mastercard and Visa are the leading card payment firms in the U.S. and worldwide, and The Wall Street Journal has reported that they will implement a newly approved MCC for retailers specializing in firearms; such retailers were previously categorized as “specialty” or “durable goods” vendors. (Firearms purchases from general retailers, such as Walmart, will not be tracked under the new MCC.) Democratic lawmakers say credit cards were used to purchase firearms that were later discharged in recent mass shootings. However, it’s not yet clear how the new MCC will assist law enforcement. (Source: The Wall Street Journal)

More than one in 10 Canadians are planning to leave their jobs within the next year, according to Canada’s national statistics department, which reported last week that employment had declined by 40,000 workers in August. The age group driving the retirement push is the 55-to-64 demographic — those who are somewhat younger than Canada’s current median retirement age. Workers are retiring in response to the current economic conditions as well as for personal reasons, such as spending more time with family and traveling amid the easing of COVID-19 restrictions. (Source: Reuters)