Its not the weather.
There has been a huge increase in positive investor sentiment as evidenced by the various investor conferences all over the world focused on Africa.
When a luminary like Mark Mobius attends one of these... erm, something is cooking...
So I managed to take a snap with MM... I will have to upload it one of these days... then there is Warren Buffet... yep, I will get him to pose with me as well... and perhaps get a stock tip or two?
Africans have a nasty habit of playing down what 'foreigners' can bring to the table. Yes, Africans are the masters of their own destinies BUT take all the help you can get!!! Why do we want to re-invent the wheel?
The potential is huge. We know the problems exist but an open society with less deference to ignorant elders or leaders is a step to overcoming obstacles. Father does not always know best.
I will blog on a firm that has an excellent product that every investor in Africa should use... more later...
RenCap is really piling on the big boys... Terry Davidson, Maina Mwangi, Amish Gupta & now Mutahi Kagwe.
Mauritius is off the starting blocks... will Kenya catch up? Mauritius has got a flat tax rate. Yes, easy to implement. Laffer had it right!!!
Mauritius is small. Yes, small but it attracts more FDI than Kenya does. Why? Smart policies. Kenyan politicians - most of whom care only about themselves & their wives, kids & misstresses - are dithering while other African countries are adopting progressive policies.
Of course, there is the typical government (corrupt or inept or both) bureaucrats... look at the roadblocks in the deal that would have Essar take over the inefficient Kenya Oil Refinery.
Why do African presidents think they are important? I can't believe a terminal is to be reserved for the so-called VVIPs... VVIPs my a**e.
BTW, I plan to visit Rwanda... any tips?
Anyway... Africa is hot... get in before the ship leaves...
Monday, March 10, 2008
Wednesday, March 05, 2008
Nyaga Stockbrokers bites the dust...
As I reported earlier that things were looking dim for Nyaga Stockbrokers... well, they are down & out...
I am not sure what the NSE hoped to achieve by pumping a mere KShs 100mn of investors' money into Nyaga but...
I expect the license to be auctioned but the amount will not be enough to cover Nyaga's losses - estimated at 800mn - and this will be interesting...
Solid Securities has sold 55% (or more) to NIC Bank...
Discount is hunting for a partner...
I am not sure what the NSE hoped to achieve by pumping a mere KShs 100mn of investors' money into Nyaga but...
I expect the license to be auctioned but the amount will not be enough to cover Nyaga's losses - estimated at 800mn - and this will be interesting...
Solid Securities has sold 55% (or more) to NIC Bank...
Discount is hunting for a partner...
Tuesday, March 04, 2008
Raila - please show the way...
Sigh... for a country that is wallowing in poverty... I mean most of the citizens... the first order of business is to provide Raila with limos, palaces & the such...
Shouldn't Raila move to a (nice) house in Kibera that would attract infrastructure, reliable electricity supply, security, etc to an area that needs it?
I think Raila should share the trappings of power & move into the Kibera area. I expect the presence of GSU will deter some criminals around Raila's house. The people power will protect Raila as well.
Sigh... Raila, please do the right thing.
On a positive note, Kisumu is likely to get a boost if the power-sharing agreement runs its course...
Shouldn't Raila move to a (nice) house in Kibera that would attract infrastructure, reliable electricity supply, security, etc to an area that needs it?
I think Raila should share the trappings of power & move into the Kibera area. I expect the presence of GSU will deter some criminals around Raila's house. The people power will protect Raila as well.
Sigh... Raila, please do the right thing.
On a positive note, Kisumu is likely to get a boost if the power-sharing agreement runs its course...
Tuesday, February 26, 2008
Another deal down the crapper...
Do the politicians - esp on PNU ones - understand the cost of their intransigence to Kenya?
Parmalat was in talks to invest in or acquire Spin Knit dairy but they are backing out of the transaction.
New KCC - #1 is government owned & controlled. The top management is often perceived to be close to PNU by virtue of their ethnicity.
Brookside - #2 is owned by the kenyatta family. No prizes to guess where their political loyalties lie.
So these entities have averted - by chance & not design - the entrance of a major player into the market. Parmalat has substantial experience in & developed markets. Of course, the losers - as always - are Kenyans who need competition as well as additional investments in the marketplace.
Parmalat was in talks to invest in or acquire Spin Knit dairy but they are backing out of the transaction.
New KCC - #1 is government owned & controlled. The top management is often perceived to be close to PNU by virtue of their ethnicity.
Brookside - #2 is owned by the kenyatta family. No prizes to guess where their political loyalties lie.
So these entities have averted - by chance & not design - the entrance of a major player into the market. Parmalat has substantial experience in & developed markets. Of course, the losers - as always - are Kenyans who need competition as well as additional investments in the marketplace.
Tuesday, February 19, 2008
Capitalism or Democracy?
China is trying to core points with corrupt, ineffective & idiotic African "rulers" by claiming that western-style democracy is not for Africa.
The best form of government is a benevolent dictator like Lee Kuan Yew of Singapore. He is a leader who has done well for his country. Most African rulers are tribal chiefs who want to line their own pockets.
jomo kenyatta - Growing up all I heard was praise for him. What came out later was his acceptance of corruption by himself (land grabbing ad nauseam), his cronies (paul ngei who diverted government supplies to his wife's shop), his tribesmen (too many examples) & his associates. Died in office after a period of senility.
julius nyerere - No personally corrupt but corruption thrived in Tanzania since there socialism was doomed. I wish Tanzania was an economic success to prove Africa can have national leaders. Retired to a simple country life.
idi amin - The less said the better. buffoon #1 & the Israelis kicked his fat butt. Overthrown by military means and went into exile in Saudi Arabia whose ruling family are not democrats in the remotest sense. amin should have slow-roasted over an open fire.
robert mugabe - Plunged what was one of Africa's shining examples into anarchy. Over 1 million Zimbabweans are refugees in S.Africa. Others have escaped to Tanzania among other neighboring countries. In the meantime, mugabe & his cronies are stealing all they can. 84 years & likely to die (or be killed) while in office. The sooner the better!
Basically it is difficult to find shining examples of "dictators" in Africa. Mandela could have been a dictator but he chose the gentlemanly road & retired after one term. Yes, he was not forced to retire which is practically unheard of in Africa.
Whereas it is easy to prescribe the "benevolent dictatorship" form of government for Africa, the leaders are not there. If the leaders are there, African tribal interests will not allow the "real" leaders to succeed.
Democracy is NOT an easy path but if a large country like India with 1.2 billion people, numerous languages, multiple religions, sectarian divisions, caste system overhang, belligerent neighbors and numerous other issues can make democracy work so should African nations.
The best form of government is a benevolent dictator like Lee Kuan Yew of Singapore. He is a leader who has done well for his country. Most African rulers are tribal chiefs who want to line their own pockets.
jomo kenyatta - Growing up all I heard was praise for him. What came out later was his acceptance of corruption by himself (land grabbing ad nauseam), his cronies (paul ngei who diverted government supplies to his wife's shop), his tribesmen (too many examples) & his associates. Died in office after a period of senility.
julius nyerere - No personally corrupt but corruption thrived in Tanzania since there socialism was doomed. I wish Tanzania was an economic success to prove Africa can have national leaders. Retired to a simple country life.
idi amin - The less said the better. buffoon #1 & the Israelis kicked his fat butt. Overthrown by military means and went into exile in Saudi Arabia whose ruling family are not democrats in the remotest sense. amin should have slow-roasted over an open fire.
robert mugabe - Plunged what was one of Africa's shining examples into anarchy. Over 1 million Zimbabweans are refugees in S.Africa. Others have escaped to Tanzania among other neighboring countries. In the meantime, mugabe & his cronies are stealing all they can. 84 years & likely to die (or be killed) while in office. The sooner the better!
Basically it is difficult to find shining examples of "dictators" in Africa. Mandela could have been a dictator but he chose the gentlemanly road & retired after one term. Yes, he was not forced to retire which is practically unheard of in Africa.
Whereas it is easy to prescribe the "benevolent dictatorship" form of government for Africa, the leaders are not there. If the leaders are there, African tribal interests will not allow the "real" leaders to succeed.
Democracy is NOT an easy path but if a large country like India with 1.2 billion people, numerous languages, multiple religions, sectarian divisions, caste system overhang, belligerent neighbors and numerous other issues can make democracy work so should African nations.
Monday, February 11, 2008
Nyaga (almost) bites the dust....
Rumors about Nyaga Stockbrokers have been making the rounds on MyStocks & Stocks Kenya for a while...
Where there is smoke there is fire...
Since Nyaga is a major player in the retail market, this adds fuel to the fire. It seems many customers want out of Nyaga with the beneficiaries being firms like Ngenye Kariuki & Co.
The NSE is bailing NSB since a thuo-like debacle can only exacerbate the "bearish" situation on the NSE. I expect there will be a run on NSB but it will take longer to sort out compared to thuo coz NSB has a much larger/wider presence in Kenya.
I am sure there is a buyer for the license e.g. CBA but just the license NOT the business. Renaissance & NIC Bank are after high-net worth clients. I think CBA is in the same league. Of course, there is Old Mutual but they face opposition from other brokers. In any case, they would not want the retail business either.
Oh, well... what do you think?
Where there is smoke there is fire...
Since Nyaga is a major player in the retail market, this adds fuel to the fire. It seems many customers want out of Nyaga with the beneficiaries being firms like Ngenye Kariuki & Co.
The NSE is bailing NSB since a thuo-like debacle can only exacerbate the "bearish" situation on the NSE. I expect there will be a run on NSB but it will take longer to sort out compared to thuo coz NSB has a much larger/wider presence in Kenya.
I am sure there is a buyer for the license e.g. CBA but just the license NOT the business. Renaissance & NIC Bank are after high-net worth clients. I think CBA is in the same league. Of course, there is Old Mutual but they face opposition from other brokers. In any case, they would not want the retail business either.
Oh, well... what do you think?
Sunday, February 10, 2008
Who owns Invesco Insurance Company?
So... why is the gov't stepping in to rescue a failed insurance firm?
Who owns Invesco?
What happened to free markets?
Would the gov't step in to save Pan-Africa Insurance or Jubilee Insurance?
Why are taxpayer funds being used to prop up a firm that was mis-managed?
The folks behind Uchumi's collapse (kirubi & cronies) were never brought to book since they are supporters of kibz & cronies... Is this is the same for Invesco?
Who owns Invesco?
What happened to free markets?
Would the gov't step in to save Pan-Africa Insurance or Jubilee Insurance?
Why are taxpayer funds being used to prop up a firm that was mis-managed?
The folks behind Uchumi's collapse (kirubi & cronies) were never brought to book since they are supporters of kibz & cronies... Is this is the same for Invesco?
Kalooser (Kalonzo) getting edgy as Annan talks bear fruit...
I have to give credit to Kenyan bloggers for the (nick)names they give politicians... but the new one is kalonzo = kalooser esp now that ODM & PNU could reach a deal that dissolves the current cabinet.
The VP's post is often considered "ceremonial". The only VP who made it to becoming prez was dan "the idiot" moi when jomo "the landgrabber" kenyatta kicked the bucket. Even then moi barely made it. If not for charlie njonjo's support, there was no chance moi would have been top dog.
Many VPs have been forced out of office. Among these are:
So kalooser is concerned. Speculation is rife that he will be kicked aside to pave way for ODM (read Raila). I would say he deserves being cast aside just as he cast aside Julia Ojiambo. Just desserts!
The VP's post is often considered "ceremonial". The only VP who made it to becoming prez was dan "the idiot" moi when jomo "the landgrabber" kenyatta kicked the bucket. Even then moi barely made it. If not for charlie njonjo's support, there was no chance moi would have been top dog.
Many VPs have been forced out of office. Among these are:
- Raila's daddy... Oginga Odinga
- There was a decent, honest guy... Joseph Murumbi who quit coz he could not stand the shenanigans
- Josephat Karanja... poor guy was hounded out in fashion... though I am not sure what his crime was
- Musalia Mudavadi... VP for a few months then even lost his MP's seat in 2002. Now in ODM. Would have been VP (again) if Raila became prez
- Saitoti, corrupt, corrupt, corrupt. Goldenberg happened under his watch. Was told to shut up in public by dan moi.
So kalooser is concerned. Speculation is rife that he will be kicked aside to pave way for ODM (read Raila). I would say he deserves being cast aside just as he cast aside Julia Ojiambo. Just desserts!
Saturday, February 09, 2008
Kalonzo sweating bullets... ODM-K on its way out?
The "agreement" between ODM & PNU over the formation/composition of a new government is causing kalonzo heartburn. After all what are ODM-K's 25 seats vs ODM's 96 seats? We know that PNU went to ODM-K in desperation & kibz wil dump kalonzo at the first opportunity. After all kibz has to reward uhuru kenyatta for his support.
Many PNU supporters would rather see a peaceful Kenya by ceding the VP's post to Raila rather than support kalaonzo & have Raila (& Ruto) cause problems. As is, kalonzo is a 1-trick pony with only the kamba vote under his belt.
ODM-K is facing problems as kalonzo tries to oust Julia Ojiambo from the party's top echelons.
ODM had 99 seats but the murder of the 2 ODM MPs (by PNU-related folks?) throws into confusion the slim majority held by ODM in the parliament. ODM has lost 3 seats coz Marende's seat - after his elevation to the post of Speaker - is also up for grabs.
I have to say PNU's attempts at using the bribed ODM MPs during the Speaker's election failed miserably. I wonder if ODM can keep its MPs in line as kibz is known to bribe with impunity.
My concern is that the above distractions will delay the resuscitation of the economy. The ray of hope is the cessation of hostilities - if the violence subsides - the business community can start rebuilding the country. I hope that the economy will be bigger than politics by 2012. That remains wishful thinking.
Many PNU supporters would rather see a peaceful Kenya by ceding the VP's post to Raila rather than support kalaonzo & have Raila (& Ruto) cause problems. As is, kalonzo is a 1-trick pony with only the kamba vote under his belt.
ODM-K is facing problems as kalonzo tries to oust Julia Ojiambo from the party's top echelons.
ODM had 99 seats but the murder of the 2 ODM MPs (by PNU-related folks?) throws into confusion the slim majority held by ODM in the parliament. ODM has lost 3 seats coz Marende's seat - after his elevation to the post of Speaker - is also up for grabs.
I have to say PNU's attempts at using the bribed ODM MPs during the Speaker's election failed miserably. I wonder if ODM can keep its MPs in line as kibz is known to bribe with impunity.
My concern is that the above distractions will delay the resuscitation of the economy. The ray of hope is the cessation of hostilities - if the violence subsides - the business community can start rebuilding the country. I hope that the economy will be bigger than politics by 2012. That remains wishful thinking.
Thursday, February 07, 2008
Kenya - Not my Kenya!
I wonder if these folks live in same Kenya most of us do...
Amos Kimunya - Finance Minister (illegitimate government?): Expects economic growth of 7%. Probably his pocket but not most other Kenyans!
Njuguna Ndungu - CBK Governor: Expects 6% economic growth. His own staff (Prof Terry Ryan) was at 4%. Is Alan Greenspan available?
Kiraitu Murungi - Energy Minister: Blames the Oil Marketers for high fuel prices while conveniently ignoring that 50% of the fuel price comprises government TAXES. To add insult to injury, the transport costs are pushed much higher due to Kenya Pipeline Company & Kenya Petroleum Refinery - both government owned/controlled - inefficiencies. Poor roads & insecurities adds to the problem!
Kenya Revenue Authority: Implements new taxes & rules on Kenyans in 2008 while most Kenyans & their businesses suffer. Example: Forms to report property losses can only be gotten from district offices who have to approve the same. Many of the displaced persons whose properties were destroyed/vandalized could be killed if they returned to the districts!
Eric Kiraithe - Police spokesman: "Love triangle" theories & "Rambo-movies" comparisons for police violence & murders. Its a pity none of his family is in harm's way.
Hussein Ali - Police commissioner: Talks of peace being "restored" when people are escorted AWAY from their homes! Same idiot who didn't have the guts to hold the Armenian brothers in Kenyan jails thus had them deported. He couldn't even fire the CID director (joseph kamau) who told ali to go pound sand!
Alfred Mutua - Government Goebbels: He missed his calling as a jester. I can't believe the crap he spews. Claims John Kufuor flew 6 hours for a cup of tea with kibz. Producer of poor-quality TV shows.
Evan Gicheru - Chief Justice: Calls Kenya's legal system "efficient & reliable". Is he joking? It takes YEARS for simple cases to be resolved. Corruption is still a problem. Of course, don't forget the expense! Unless he thinks the receipt of his outrageous salary & perks is "efficient & reliable".
You Know Who - The Serial Slapper: Slap, slap & more slaps. Cameramen, MCs, MPs... Slappity, slap, slap.
In the meantime, the inflation rate is on a tear, job losses continue, properties are being destroyed, lives lost & destroyed, businesses are closing down, exports are down, transport is paralyzed... the woes continue...
Of course, the MPs get paid, the ministers get paid, the government employees get paid. The idiot samuel "my mommy didn't teach me to count" kivuitu gets paid.
Amos Kimunya - Finance Minister (illegitimate government?): Expects economic growth of 7%. Probably his pocket but not most other Kenyans!
Njuguna Ndungu - CBK Governor: Expects 6% economic growth. His own staff (Prof Terry Ryan) was at 4%. Is Alan Greenspan available?
Kiraitu Murungi - Energy Minister: Blames the Oil Marketers for high fuel prices while conveniently ignoring that 50% of the fuel price comprises government TAXES. To add insult to injury, the transport costs are pushed much higher due to Kenya Pipeline Company & Kenya Petroleum Refinery - both government owned/controlled - inefficiencies. Poor roads & insecurities adds to the problem!
Kenya Revenue Authority: Implements new taxes & rules on Kenyans in 2008 while most Kenyans & their businesses suffer. Example: Forms to report property losses can only be gotten from district offices who have to approve the same. Many of the displaced persons whose properties were destroyed/vandalized could be killed if they returned to the districts!
Eric Kiraithe - Police spokesman: "Love triangle" theories & "Rambo-movies" comparisons for police violence & murders. Its a pity none of his family is in harm's way.
Hussein Ali - Police commissioner: Talks of peace being "restored" when people are escorted AWAY from their homes! Same idiot who didn't have the guts to hold the Armenian brothers in Kenyan jails thus had them deported. He couldn't even fire the CID director (joseph kamau) who told ali to go pound sand!
Alfred Mutua - Government Goebbels: He missed his calling as a jester. I can't believe the crap he spews. Claims John Kufuor flew 6 hours for a cup of tea with kibz. Producer of poor-quality TV shows.
Evan Gicheru - Chief Justice: Calls Kenya's legal system "efficient & reliable". Is he joking? It takes YEARS for simple cases to be resolved. Corruption is still a problem. Of course, don't forget the expense! Unless he thinks the receipt of his outrageous salary & perks is "efficient & reliable".
You Know Who - The Serial Slapper: Slap, slap & more slaps. Cameramen, MCs, MPs... Slappity, slap, slap.
In the meantime, the inflation rate is on a tear, job losses continue, properties are being destroyed, lives lost & destroyed, businesses are closing down, exports are down, transport is paralyzed... the woes continue...
Of course, the MPs get paid, the ministers get paid, the government employees get paid. The idiot samuel "my mommy didn't teach me to count" kivuitu gets paid.
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