|Wednesday 11th of December 2013
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0930-1500 KENYA TIME
Normal Board - The Whole shebang
Prompt Board Next day settlement
Expert Board All you need re an Individual stock.
The Latest Daily PodCast can be found here on the Front Page of the site
I look forward to a co-hosted #Mindspeak with @KEPSA_KENYA's
@vimalafrica where our Guest is Christine @lagarde of the @IMFNews in
Twilight in Delhi by Ahmed Ali
And the Book starts with this Quote by Hafiz
The Night is dark the Waves rise Mountains high And such a storm is
raging What do the Pedestrians know of my Plight moving upon the shore
that's safe and dry?
Of Course My Favourite Poem by Hafiz is
A Suspended Blue Ocean
Is a suspended blue ocean.
The stars are the fish
The planets are the white whales
I sometimes hitch a ride on,
And the sun and all light
Have forever fused themselves
Into my heart and upon
There is only one rule
On this Wild Playground,
For every sign Hafiz has ever seen
Reads the same.
They all say,
"Have fun, my dear; my dear, have fun,
In the Beloved's Divine
O, in the Beloved's
@BobCollymore was talking to me about @jnovogratz and a soiree that
Jacqueline had promised him in New York.
And I said You could always read her some Rumi or Hafiz.
You see its a 360 degree Gig over here on the 8th Floor.
Hannah and her Beloved Christmas Tree
The Little One has been simply yearning for a Christmas Tree and I am
so happy her mother @Nishet bought her a Tree and some rather Tip Top
I said to Aysha who helped her Sister light up the Tree..
'Aysha, Aysha, Where is the Mistletoe?'
Aysha saw that my Intention was to finally play catch up in the matter
of Kisses due but not received from my 16 year old Daughter. I feel at
times like I have to court my Teenage Daughters for their Affections
having always considered it a Kind of Parental Right.
Hannah Keeps asking me ''But Dad who am I?''
And I said ''Look Darling, You are the one and only Hannah Satchu,
thats who you are.''
The Funny thing was we were invited to the @Hennessy50 Function at the
And @Nishet has this very short dress on. And My Blood Pressure starts
spiking. And she says to me [and this is on the way to the Function by
which time I am in a Maelstrom]
''But Darling You chose this Dress when we were in London.''
And I calmed down and said;
''Damn Fine Dress.''
And I said to Nishet ''See Darling You are now ahead of the Curve in
the Husband Intercept Business.''
A few years ago, things would have blown up big and before You had
informed me that I was responsible for the Dress.
"Your love should never be offered to the mouth of a Stranger / Only
to someone who has the valor and daring to cut pieces of their soul
off with a knife / Then weave them into a blanket to protect you." --
Mount Kenya Safari Club in Nanyuki (founded 1959) became a mecca for the international jet set. The property sits on the slopes of Mt Kenya
We were not going as far as that; only two days' journey in the
ox-cart to a bit of El Dorado my father had been fortunate enough to
buy in the bar of the Norfolk Hotel from a man wearing an Old Etonian
tie," so says Elspeth Huxley's The Flame Trees of Thika which is a
beautiful and lyrical book. Mount Kenya Safari Club in Nanyuki
(founded 1959) became a mecca for the international jet set. The
property sits on the slopes of Mt Kenya. I have sat at the bar and
half expected William Holden or Adnan Khashoggi to pop in. My most
intense memory is of discovering a complete film studio on the
grounds, and walking around in the evening light alone.
Quotes from leaders, family at Mandela memorial WAPO
Law & Politics
"For the people of South Africa, for those he inspired around the
globe -- Madiba's passing is rightly a time of mourning, and a time to
celebrate a heroic life," said United States President Barack Obama in
his speech at the memorial service, calling Mandela a "a giant of
history ... In the arc of his life, we see a man who earned his place
in history through struggle and shrewdness; through persistence and
faith ... He accepted the consequences of his actions, knowing that
standing up to powerful interests and injustice carries a price ... We
will never see the likes of Nelson Mandela again. But let me say to
the people of Africa, and young people around the world: You can make
his life's work your own."
Mandela family friend Andrew Mlangeni said in his opening remarks
Mandela "created hope where there was none." ''He touched my heart, my
soul, my life and those of the millions of South Africans," he added.
There is no passion to be found playing small - in settling for a life
that is less than the one you are capable of living. Nelson Mandela
A Celebration of Hope a Message from the Feet of @NelsonMandela
In contrast to the wild applause given to Obama, South African
President Jacob Zuma was booed. Huffington Post
"We, too, must act on behalf of justice. We, too, must act on behalf
of peace," said Obama, who like Mandela became the first black
president of his country. Obama said that when he was a student,
Mandela "woke me up to my responsibilities -- to others, and to myself
-- and set me on an improbable journey that finds me here today."
@rshilenje and @marmbithi who watched the Ceremony told me President
Robert Mugabe got the biggest Cheer.
ZIMBABWEAN President Robert Mugabe received a standing ovation at
the funeral of former South African President Nelson Mandela while the
country's president Jacob Zuma was booed.
President and Mrs Mugabe
@BarackObama and @David_Cameron gets Jiggy with a Selfie
President @BarackObama shakes hands with Raul Castro @AFP
Virtually all of China's sea trade flows through choke points whose borders are either controlled by close US allies or nations that are not exactly allied with China.
Law & Politics
So from the point of view of our Chinese naval strategist, what is
deployed is a sort of Reverse Great Wall, an expression, by the way,
immensely popular in circles such as the US Naval War College. It's
like an invisible sea wall from Japan to Australia that can in theory
block China's access to the Pacific.
And if - and that's a major, long-term if - there ever would be a US
blockade, with its sea trade lanes closed, the Chinese economy would
be in tremendous trouble.
They know it in Beijing, and they are wiling to do anything to prevent it.
02-DEC-2013 ::The Pivot to Asia bares its Fangs
The US responded to the declaration of the ADIZ by flying 2 B-52s
directly into it and that message is kind of incontestable.
I see the pivot to Asia as the encirclement of China, then the
shrinking of its operating theatre and then lighting the tinderbox
that is the periphery and Xinjiang might well morph into China's
Afghanistan. You will recall that the architect of Russia's defeat in
Afghanistan was Zbigniew Brzezinski and @zbig remains a foreign policy
eminence grise with the president's ear.
The US probably feels it holds a decisive hard power advantage at this
moment and given that the trajectory is one of gradual erosion of that
decisive advantage leads me to the view that this pivot to Asia has a
logic and momentum of its own. Therefore, I see the US being
increasingly determined to press its advantage. One might even posit
that calming down the Iranian front, allows the US to better
concentrate its energies on the pivot to Asia.
One of the key elements of the Pivot to Asia is the air-sea battle
concept. This concept envisages the battle beginning with a "blinding
attack" against Chinese anti-access facilities and incorporates
"distant blockade" operations. China's dependence on foreign oil is
increasing just as the US' dependency is decreasing. And
interestingly, given my belief that the Eastern seaboard is a fabulous
energy prize, that puts the Indian Ocean in many respects right into
the geopolitical frame. If you are considering ''distant blockade''
operations, one of those areas you will be blockading is this part of
the world, given the amount of energy that is likely to be sold into
Asia, in the future.
China Adopts Board-Game Strategy to Blunt U.S. Pivot to Asia
"China is playing the classic game of weiqi, wherein it slowly expands
influence through steps that are not a threshold to violence and do
not trigger a forcible response," Paal said, referring to the
strategic board game known as Go in English. "Next steps are likely in
the South China Sea, but this will be delayed as China builds out its
radar and intercept infrastructure."
"Things move much faster in the air than they do on the water and it
looks like the kind of cat-and-mouse games really are transferring
from the water now," said Benjamin Charlton, Asia-Pacific analyst at
Oxford Analytica, a strategic consulting firm based in Oxford,
England. "That inherently raises the risk of miscalculation."
Hersh's report blows major holes into the narrative circulated by the
White House and retold by most of the major international news
It strongly suggests that more important revelations are waiting to be
made, both about the circumstances of the August 21 incident and about
the intense diplomacy that followed it.
The 2013 edition of Mergermarket's Deal Drivers Africa reports a total of 115 deals worth US$26.6bn taking place in the first three quarters of 2013 across Africa.
Seven of the ten biggest deals of 2013 have been in the energy, mining
& utilities sector. The largest of these transactions was China
National Petroleum Corporation's acquisition of a 28.57% stake in Eni
East Africa Spa from Eni Spa, with a value of US$4.2bn. "Chinese
interest in the African energy and resources sector has grown apace in
recent years, thanks to China's domestic energy consumption," notes
Kristina Thompson, Editorial Research Analyst at Remark.
* The majority of M&A activity remains driven by African acquirers,
rather than inbound M&A to the region; since 2006, African acquirers
have generally accounted for 50 to 60% of the total deal volume in
* Private equity activity has been slightly muted compared to 2012. In
the first three quarters of 2013 there were 16 private equity-related
transactions worth US$1.2bn, while in the same period in 2012 there
were 26 private equity-related transactions worth US$1.8bn.
* There has been a marked rise in the value of deals originating from
the Asia-Pacific region, increasing from a 13% share in deal value in
2006 to reach 56% by 2013.
South Africa All Share Bloomberg +17.43% 2013
Dollar versus Rand 6 Month Chart INO 10.3497
South Africa's rand strengthened versus all 16 of its major peers
after reports showed manufacturing production unexpectedly expanded
1.5 percent in October from a year earlier, compared with a 2 percent
contraction predicted by 17 economists in a Bloomberg survey and a 3.3
percent decline the previous month.
10.55 is Key.
Egypt Pound versus The Dollar 3 Month Chart INO 6.8853
Egypt EGX30 Bloomberg +21.39% [January 2011 Highs]
Nigeria All Share Bloomberg +43.18% 2013
Ghana Stock Exchange Composite Index Bloomberg +79.03% 2013
Only four shooters at Kenya mall and they may have escaped alive, says NYPD @NBCInvestigates
Only four men may have carried out the attack on a Kenyan mall that
killed more than 60 civilians in September, and they probably escaped
alive, according to an NYPD report made public Tuesday.
The report debunked many of the assertions made by Kenyan authorities,
who claimed that as many as 15 attackers were involved, including some
who might be foreign nationals, and that they were holding hostages.
More than 60 civilians and six soldiers died in the Sept. 21 assault
by terrorists from the al Qaeda-affiliated group al Shabaab on the
Westgate Mall in Nairobi. After a two-day siege and a series of
explosions, Kenyan authorities said they had cleared the mall and
killed four attackers.
At a Manhattan press conference Tuesday morning, New York Police
Commissioner Ray Kelly said investigators didn't know "with certainty"
how many people were involved, "but we believe there were only four
The NYPD report also said the attackers carried only light weapons,
and that there is no evidence any of them tried to take hostages or
remained in the mall after 12:15 a.m. on Sept. 22. It also said the
female British jihadi known as the "White Widow" was probably never in
the mall, despite tabloid rumors, and that the Kenyan military looted
the high-end shopping complex.
Lt. Detective Commander Kevin Yorke, who prepared and presented the
report, also questioned the Kenyan authorities' theory that the
attackers died when explosions collapsed portions of the mall.
"As a cop, I'm very skeptical of claims until I see proof," said
Yorke, and added that there is "a lot of doubt in my mind it is
The NYPD sent several detectives to Nairobi with the New York Joint
Terrorism Task Force to investigate the assault, and Yorke assembled
their findings into the report.
According to the NYPD's reconstruction of events, the four attackers
operated in two-man teams and coordinated their movements by
cellphone. After throwing three grenades and entering the mall, they
used AK-47s in single-fire mode to shoot their victims. More than
one-third of the dead were attending a children's cooking contest that
was being held in tents in the mall's roof parking lot. The attackers
killed them within 15 minutes of arriving at the mall.
The report said the attackers had grenades and several hundred bullets
in eight magazines, but no body armor, handguns or heavy weapons. They
did not try to take hostages, but killed as many victims as they
could, sparing some who could recite Muslim prayers or name the
Prophet Mohammed's mother. A Russian hand grenade was found on the
roof with the pin removed but unexploded.
No women were involved. Rumors had circulated during the siege that
British citizen Samantha Lewthwaite, the widow of a suicide bomber who
attacked the London train system and killed 26 people as part of the
The NYPD report credits private security guards and personnel with
clearing many people from the mall, though some may have fired on each
other since they didn't use badges. Some civilians "played dead" as
the terrorists walked past, while others who tried to hide, many in
small stores, were shot dead.
Kenyan law enforcement initially thought they were responding to an
armed robbery at the mall. The first Kenyan tactical team didn't
arrive until 1:45 p.m., about 90 minutes after the attack began, and
the Kenyan police commissioner arrived at 1:50 p.m.
The police department tactical team entered the mall at 3 p.m.,
without police markings or identifications, and were fired on by
Kenyan soldiers, killing the commander of the unit.
According to the NYPD report, the responding Kenyans "had no idea what
the mall looked like internally," and didn't know they could access
the closed circuit television system.
One terrorist was shot in the leg. The shooters tilted or destroyed
cameras in order to hide their whereabouts. By 6 p.m. they were in a
mall storeroom near the loading docks, and waited there for six hours,
tending their wounded comrade and praying. They can no longer be seen
on closed circuit footage after 12:15 p.m., when the NYPD believes
they slipped away.
The siege continued for two more days. In his presentation, Yorke
dismissed the Kenyan government's claims that 10 to 15 shooters were
involved or that the terrorists had created smoke by setting
mattresses on fire. He said he didn't know what had caused the mall to
collapse, but said the Kenyan military may have used rocket-propelled
grenades and anti-tank missiles on the building, and that heat from
fires caused by the explosions may have weakened the poorly built
Yorke said that while the Kenyan military may not have killed any of
the attackers, there was "significant" physical and video evidence
that they had looted the mall.
Who are you going to / gonna believe, me or your lying eyes?
I still remain of the View that Samantha Lewthwaite was in #Westgate
My Reasoning is entirely based on linguistics
I kept saying to @Nishet All those Al-Shabab Twitter Handles are
written by the same Person. And it was the use of the word 'Sangfroid'
I could not get out of my mind.
And then @Nishet said,
''Aly-Khan I think its a Woman.''
And i thought that's right the Tweets are feminine. And then I thought
if Your Father was a military man You would come across the word
'sangfroid.' That is a Quality highly prized in the Military. And then
I recalled another Tweet where This Song is mentioned.
David Guetta - Titanium ft. Sia YouTube
I'm bulletproof, nothing to lose
Fire away, fire away
Ricochet, you take your aim
Fire away, fire away
You shoot me down but I won't fall
I am titanium
You shoot me down but I won't fall
I am titanium
Now an electorate can have heightened expectations but simply no
leverage with which to pressure its government. Today the pressure
points are growing expo- nentially. For three whole days during the
Westgate crisis, the hashtag #Stepaside- Olelenku was the top trending
hashtag in this region. I feel sorry for the cabinet sec- retary
because I suspect some undiluted old guard elements probably whispered
''Say This'' and ''Say That'' with no regard or even comprehension of
the new normal and little regard for the fact that they were shredding
the cabinet secretary's bona fides. The electorate is breaking out of
World Bank cuts outlook for Kenyan economy
The World Bank cut its growth forecast for Kenya for 2013 and 2014 to
about 5%, citing low levels of government spending and high interest
rates charged by commercial banks.
Gross domestic product (GDP) will rise 5% this year and an estimated
5.1% next year, said the bank, undercutting the government's
In June the bank had predicted the $37bn economy would grow 5.7% in
2013 and 6% in 2014.
"The growth momentum generated ... was lost in the second and third
quarters of 2013, held down by lack of government spending and
inadequate transmission of the monetary policy stance to the real
economy," the World Bank said.
The slower pace of growth reflected a weakening investment climate and
what the World Bank called an unsupportive fiscal environment,
referring to funding demands placed on Treasury by a new devolved
system of government.
Kenya announced earlier this month that it was likely to borrow an
additional 20-billion to 30-billion shillings ($230m-$345m) this
fiscal year to meet those demands.
The World Bank said the high cost of credit was curbing the growth of
small and medium-sized businesses. At an average 11 percentage points,
the spread between commercial bank deposit and lending rates was still
high despite improved economic conditions and lower political risk, it
Kenya's central bank has left its key lending rate at 8.5% since
cutting it in May.
The bank said a drop in the current account deficit from more than 10%
of GDP in 2012 to 7.5% in September had reduced Kenya's vulnerability
to external shocks.
Some economists said the medium term outlook remained satisfactory
after a peaceful election in March, helped by a stabilisation of
inflation, interest rates and the exchange rate in the past 18 months.
"Growth was less than 5% in each of the past two years, so it will
still represent an acceleration," CFC Stanbic Bank macroeconomic
research head Phumelele Mbiyo said.
In its latest forecast, the government projected the economy, of which
agriculture accounts for nearly a quarter, would grow 5.6% in 2013 and
6.1% in 2014.
That would leave it lagging others in the region. Tanzania targets
growth of 7% this year and Rwanda 6.6%.
The Government has been distracted.
"One major factor in the high spreads between lending and deposit
rates is the high volatility in the pricing of government paper," said
Smita Wagh, a financial and private sector development specialist at
the World Bank office in Nairobi.
"If lenders aren't sure of the returns on the risk-free paper, they
often resort to fixing the lending rate higher."
This year alone, Treasury Bill rates have dropped to a low of five per
cent and risen to a high of 12 per cent, reflecting the volatility
that the World Bank is pointing to.
Gunmen killed eight Kenyans including five policemen Tuesday in an
ambush in the troubled northeast border region close to war-torn
Somalia, police said Yahoo
Insurgents sprayed a police patrol with gunfire near the border town
of Liboi, also leaving some officers badly wounded, in the latest in a
string of attacks in the restive region.
A police statement said late Tuesday "National Police Service Officers
... were ambushed nine kms (six miles) after Liboi town at an area
known as Aligabey. "The attack has led to the death of four officers
from the Administration Police Service, one officer from the Kenya
Police Service and three civilians."
One officer from the Kenya Police Service went missing.
Kenyan security forces conduct a search mission in Liboi, Kenya's
border town with Somalia
Carlyle Group may open an office in Kenya as part of its expansion in
sub-Saharan Africa after its first fundraising in the region exceeded
09-DEC-2013 :: BIDDING WARS:The Robinows vs. Centum
THE Nairobi Securities Exchange has seen a spike of de-listings this
year. I refer you to Access Kenya, CMC Motors and now such an attempt
has been launched on Rea Vipingo Plantations Limited.
The signal in the noise is that the Securities Exchange has been
unable to transmit a fair price for these above-captioned shares.
I wish to take a look at Rea Vipingo, where the majority shareholders,
the Robinow brothers issued a Sh40 a share offer on November 14.
Centum, which currently holds 0.4926% of the shares of Rea Vipingo,
topped the offer made by the Robinow brothers by 25% and have offered
Sh50 a share. [Centum rallied to a 52 week high last week as investors
placed a premium on Centum's shares for agility of thought and
execution]. I am sure this is the first occasion that a bidding war
has been seen at the Securities Exchange. The 50/= offer is an 85.185%
premium to the price that was being relayed at the Securities Exchange
before the price was suspended.
I owned 1% of the shares once but out of frustration and high carry
costs , I switched position so allow me try and unpack the numbers for
Rea Vipingo earned Sh7.79 cents a share in 2011 and distributed Sh1.10
that same year. That dividend pay out ratio of 14.12% was described by
myself as follows;
''Either management does not comprehend that a 14.12% dividend pay out
ratio for a mature agricultural business is simply so absurd, it's off
the charts or they are deliberately trying to suppress the price.''
Rea Vipingo earned Sh6.34 a share in 2012 and distributed an unchanged
dividend of Sh1.10. The dividend pay out ratio increased to 17.35% in
2012 not because of an enhanced dividend but because of the marginal
reduction in the earnings per share.
It was at this juncture and because of an egregious dividend pay out
that I surrendered my hand. A back of the hand calculation will
[7.79+6.34]-[1.10x2]= Sh11.93 of cash per share has been created in
just 24 months.
The Sh0.50 a share offer is valuing the business at 7.88 x full year
earnings. 7.88x is hardly expensive.
The other dynamic is the net asset value. Rea Vipingo's estates span
the DWA estate near Kibwezi of 22,205 acres, the Amboni estate south
of Tanga of 36,644 acres and Vipingo estate, north of Mombasa which is
10,569 acres. The Vipingo area of course has become a red-hot
residential market. That is a total of 69,418 acres.
Again let's do a back of the hand calculation 60,000,000 shares x 50 =
3,000,000,000/69,418 = Sh43,216 or $502.00 an acre of land.
I do not know what the value is on a per acre basis but I can bet it
is a multiple of $502.00.
Therefore, what is clear is that this is a land ''smash and grab.''
This situation pertains to every listed agricultural company.
I am grateful to James Mworia of Centum for at least trying to tilt an
In one of my favourite movies scarface, Frank Lopez makes this comment
to the new kid on the block Al Pacino:
''Never underestimate the other guy's greed.'' My question is this,
'why not take the minority shareholders for the ride?'
And this applies to Sasini Tea and Coffee, Limuru Tea, Williamson and
Kapchorua Tea and Kakuzi as well.
Ah! But Frank Lopez answered that for us in scarface.
Rea Vipingo share Price data here
Par Value: 5/-
Closing Price: 27.50
Total Shares Issued: 60000000.00
Market Capitalization: 1,650,000,000
Ghana International Bank has lent KCB Group $30 million (Sh2.5
billion) in a dollar-dominated loan as the foreign bank prepares to
open representative office in Nairobi by end of January.
KCB will use the money for onward lending to small and medium
enterprises (SMEs) engaged in cross-border trade, with the
dollar-dominated facility cushioning them from losses linked to
The Ghana bank said it was awaiting regulatory approval from the
Central Bank of Kenya (CBK) to open shop in Nairobi where it will
scout for financing deals in planned big-ticket projects in Kenya and
the Eastern Africa, especially for infrastructure, oil and gas.
KCB will repay the credit over a period of three years, including a
one-year grace period. The banks declined to reveal the cost of the
Ghana International Bank targets to loan about $250 million next year
to banks and firms across East Africa.
This is the second time in less than three years that KCB has turned
to an international lender to raise funds for onward lending. In 2011,
it received $105 million from IFC for SME lending.
Kenya Commercial Bank @KCBGroup share price data here +55.966% 2013
Par Value: 1/-
Closing Price: 44.50
Total Shares Issued: 2950170000.00
Market Capitalization: 131,282,565,000
An interview with @KCBGroup CEO @JoshuaOigara RICH TV YouTube
Kenya Shilling versus The Dollar Live ForexPros 86.757
Nairobi All Share Bloomberg +41.9144% 2013
Has corrected 5.582% since closing at an All Time High 28th November
Nairobi ^NSE20 Bloomberg +19.598% 2013
Index had closed above 5,000 November 7th through December 5th
has corrected 3.7811% since closing at 5137.91 and a 64 month High on
Every Listed Share can be interrogated here
#MindSpeak @DeloitteEA YouTube
17. The Set Up #Mindspeak with @DeloitteEA @Interconnairobi
#MindSpeak @DeloitteEA YouTube
@SammyOnyango @amuraya @OduorMartinO @Nikhil_Hira @HarveenGadhoke The
#Mindspeak 2013 RICH TV
@LPloumen H.E Lilianne Ploumen, Minister for Foreign, Trade and
Development Cooperation. Government of The Netherlands
Mining, Oil & Gas- Voluntary Principles
@IMFNews Domenico Fanizza, Assistant Director IMF and Ragnar
Gudmundsson, Resident Representative, Kenya
@DReynders: Belgium Deputy Prime Minister and Minister for Foreign Affairs
@HabilOlaka C.E.O Kenya Bankers Association
@PatriciaIthau1- Managing Director L'Oreal East Africa
@JohnGithongo- C.E.O Inuka
@MaggieIreri - Managing Director Ipsos Synovate
#MindSpeak Session: Mining, Oil & Gas - Voluntary Principles
#Mindspeak with Lillian Ploumen Min.Foreign Trade and Development
African Securities Exchanges Association meets amid investment boom
@radiofrance International Audio @Daniel_Finnan
One on One Interviews RICH TV
@JoshuaOigara @KCBGroup CEO
@BobCollymore CEO @Safaricomltd
@Rencapman Renaissance Capital
Prof.Njuguna Ndung'u Governor, Central Bank of Kenya
Ayisi Makatiani-Managing Partner-Fanisi Capital Ltd
Charles Ireland CEO EABL
Dr. Titus Naikuni CEO @KenyaAirways
Change and continuity in Kenya's clubland By Katrina Manson @FT
The Nairobi opening of the first Africa chapter of the Capital Club,
an invitation-only business club with branches in Bahrain and Dubai,
marks a shift from the moneyed old world of inheritance associated
with the colonial past to the prestige associated with success in
"Young, educated, determined, many of these professional elites are
disillusioned with neopatrimonial politics. Many have fought for and
claimed new ground on which to base their social standing and
reputation," she says.
"Whereas the Muthaiga Country Club and the United Kenya Club relied on
loyalty to the crown, it seems that business acumen is the raison
d'être of many new clubs," says Ms Scheibler.
At the century-old Muthaiga Country Club in a leafy Nairobi suburb
populated by former ministers and ambassadors, strictly upheld rules
ban mobile telephones in the main area - as well as, in one bar,
Capital Club is by contrast a new-build on a busy highway recently
nicknamed the Wall Street of Nairobi because international banks and
the country's stock exchange are relocating there.
Like several new champagne and high-end whisky bars opening across the
city, Capital Club's management is keen to spur networking and is as
proud of its dress-down policy as its top-notch cuisine.
"The world has changed; we expect to see members on their phones;
jeans are fine," says Andrew Christon, general manager of the club,
which has nine videoconference rooms for dealmaking and a 180-seat
roof terrace where sultry sunset music beats quicken throughout the
evening to the pace of a night-time disco. "We want it to be young and
fun and vibrant."
The enduring appeal of such clubs - whether old or new - exemplifies
an attachment to elitism in a country whose progress and economic
growth are held back by inequality. Kenya has not undertaken a poverty
survey since 2005, much to the chagrin of the World Bank and others,
but at the time it emerged as one of the most unequal countries in the