|Friday 19th of October 2018
Register and its all Free.
If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox
as your Browser.
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
20-AUG-2018 :: Currency Puzzles and a Weaponised Dollar. @TheStarKenya
Having watched the FX markets more closely than I have watched any
Woman except my wife, of course, let me deal with one Canard that
Canard being the imminent demise of the US dollar. Ever since I was a
little boy in shorts in Mom- basa reading the back pages of the
Economist, folks have been talking about the hegemony of the Dollar
and how this hegemony was set to be broken into tiny little pieces.
Iraq’s Saddam Hussein was keen to throw the Dollar over and ended up
dead. Libya’s Muammar Gaddafi spoke of a Dinar and ended up dead as
well. The crypto evangelists have been knocking with an evangelical
fervour that reminds me folks who had been out all night at somewhere
like the ministry of sound, tired and strung out a little like Elon is
behaving of late. If you are betting on the collapse of the Dollar,
please note it might take an eternity to pan out and this year it will
have proven extremely expensive.
12-SEP-2016 :: Mirrors on the ceiling, The pink champagne on ice
If volatility spikes, positions are going to be reduced en masse. Or
to put it another way and to borrow the lyrics from the Eagles Hotel
Mirrors on the ceiling,
The pink champagne on ice
And she said “We are all just prisoners here, of our own device” Last
thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
“Relax,” said the night man,
“We are programmed to receive.
You can check-out any time you like,
But you can never leave! “
What is clear is that we are at the fag-end of this party.
The Hungry Stones And Other Stories by Rabindranath Tagore [continued]
I have no power to describe the marvellous incidents that unfolded
themselves, as the gloom of the night deepened. I felt as if in the
curious apartments of that vast edifice the fragments of a beautiful
story, which I could follow for some distance, but of which I could
never see the end, flew about in a sudden gust of the vernal breeze.
And all the same I would wander from room to room in pursuit of them
the whole night long.
Amid the eddy of these dream-fragments, amid the smell of henna and
the twanging of the guitar, amid the waves of air charged with
fragrant spray, I would catch like a flash of lightning the momentary
glimpse of a fair damsel. She it was who had saffron-coloured
paijamas, white ruddy soft feet in gold-embroidered slippers with
curved toes, a close- fitting bodice wrought with gold, a red cap,
from which a golden frill fell on her snowy brow and cheeks. She had
maddened me. In pursuit of her I wandered from room to room, from path
to path among the bewildering maze of alleys in the enchanted
dreamland of the nether world of sleep. Sometimes in the evening,
while arraying myself carefully as a prince of the blood-royal before
a large mirror, with a candle burning on either side, I would see a
sudden reflection of the Persian beauty by the side of my own. A swift
turn of her neck, a quick eager glance of intense passion and pain
glowing in her large dark eyes, just a suspicion of speech on her
dainty red lips, her figure, fair and slim crowned with youth like a
blossoming creeper, quickly uplifted in her graceful tilting gait, a
dazzling flash of pain and craving and ecstasy, a smile and a glance
and a blaze of jewels and silk, and she melted away. A wild glist of
wind, laden with all the fragrance of hills and woods, would put out
my light, and I would fling aside my dress and lie down on my bed, my
eyes closed and my body thrilling with delight, and there around me in
the breeze, amid all the perfume of the woods and hills, floated
through the silent gloom many a caress and many a kiss and many a
tender touch of hands, and gentle murmurs in my ears, and fragrant
breaths on my brow; or a sweetly-perfumed kerchief was wafted again
and again on my cheeks. Then slowly a mysterious serpent would twist
her stupefying coils about me; and heaving a heavy sigh, I would lapse
into insensibility, and then into a profound slumber.
One evening I decided to go out on my horse--I do not know who
implored me to stay-but I would listen to no entreaties that day. My
English hat and coat were resting on a rack, and I was about to take
them down when a sudden whirlwind, crested with the sands of the Susta
and the dead leaves of the Avalli hills, caught them up, and whirled
them round and round, while a loud peal of merry laughter rose higher
and higher, striking all the chords of mirth till it died away in the
land of sunset. I could not go out for my ride, and the next day I
gave up my queer English coat and hat for good. That day again at dead
of night I heard the stifled heart-breaking sobs of some one--as if
below the bed, below the floor, below the stony foundation of that
gigantic palace, from the depths of a dark damp grave, a voice
piteously cried and implored me: "Oh, rescue me! Break through these
doors of hard illusion, deathlike slumber and fruitless dreams, place
by your side on the saddle, press me to your heart, and, riding
through hills and woods and across the river, take me to the warm
radiance of your sunny rooms above!"
Who am I? Oh, how can I rescue thee? What drowning beauty, what
incarnate passion shall I drag to the shore from this wild eddy of
dreams? O lovely ethereal apparition! Where didst thou flourish and
when?" By what cool spring, under the shade of what date-groves, wast
thou born--in the lap of what homeless wanderer in the desert? What
Bedouin snatched thee from thy mother's arms, an opening bud plucked
from a wild creeper, placed thee on a horse swift as lightning,
crossed the burning sands, and took thee to the slave-market of what
royal city? And there, what officer of the Badshah, seeing the glory
of thy bashful blossoming youth, paid for thee in gold, placed thee in
a golden palanquin, and offered thee as a present for the seraglio of
his master? And O, the history of that place! The music of the sareng,
the jingle of anklets, the occasional flash of daggers and the glowing
wine of Shiraz poison, and the piercing flashing glance! What infinite
grandeur, what endless servitude!
The slave-girls to thy right and left waved the chamar as diamonds
flashed from their bracelets; the Badshah, the king of kings, fell on
his knees at thy snowy feet in bejewelled shoes, and outside the
terrible Abyssinian eunuch, looking like a messenger of death, but
clothed like an angel, stood with a naked sword in his hand! Then, O,
thou flower of the desert, swept away by the blood-stained dazzling
ocean of grandeur, with its foam of jealousy, its rocks and shoals of
intrigue, on what shore of cruel death wast thou cast, or in what
other land more splendid and more cruel?
Suddenly at this moment that crazy Meher Ali screamed out: "Stand
back! Stand back!! All is false! All is false!!" I opened my eyes and
saw that it was already light. My chaprasi came and handed me my
letters, and the cook waited with a salam for my orders. I said; "No,
I can stay here no longer." That very day I packed up, and moved to my
office. Old Karim Khan smiled a little as he saw me. I felt nettled,
but said nothing, and fell to my work.
Whatever belonged to the present, whatever was moving and acting and
working for bread seemed trivial, meaningless, and contemptible. I
threw my pen down, closed my ledgers, got into my dog-cart, and drove
away. I noticed that it stopped of itself at the gate of the marble
palace just at the hour of twilight. With quick steps I climbed the
stairs, and entered the room.
I wandered about the dark rooms with a vacant mind. I wished I had a
guitar to which I could sing to the unknown: "O fire, the poor moth
that made a vain effort to fly away has come back to thee! Forgive it
but this once, burn its wings and consume it in thy flame!"
What I gathered from that old man was this: That at one time countless
unrequited passions and unsatisfied longings and lurid flames of wild
blazing pleasure raged within that palace, and that the curse of all
the heart-aches and blasted hopes had made its every stone thirsty and
hungry, eager to swallow up like a famished ogress any living man who
might chance to approach. Not one of those who lived there for three
consecutive nights could escape these cruel jaws, save Meher Ali, who
had escaped at the cost of his reason.
I asked: "Is there no means whatever of my release?" The old man said:
"There is only one means, and that is very difficult. I will tell you
what it is, but first you must hear the history of a young Persian
girl who once lived in that pleasure-dome. A stranger or a more
bitterly heart-rending tragedy was never enacted on this earth."
15-OCT-2018 :: B-52s are buzzing China practically daily.
Law & Politics
The US military is reportedly planning to send US warships, combat
aircraft, and troops through the South China Sea, Taiwan Strait, and
other contested waterways next month in a series of exercises designed
to send a message to Bei- jing in November. The incident with the USS
Decatur where a Chinese warship came within 45 yards of the USS
Decatur in South China Sea is surely a precursor.
Law & Politics
Chinese leaders can be forgiven for seething about this declaration of
economic warfare. [Asia Nikkei] I have said severally that Trump who
remains a linguistic warfare Specialist has proven a skilled coercive
sanction warfare Specialist.
“Trump’s aggressive coercive foreign economic policy is the signature
success of this administration. It is highly effective — look at
Venezuela to see its most extreme output. Iran is in a similar bind.
China is in retreat notwithstanding some bravura talk. Trump can keep
it up. It’s working a treat,” Mr. Satchu told Sputnik. [September
Khashoggi Murder Suspect Dies In "Suspicious Car Accident" @zerohedge
Law & Politics
A 31-year-old lieutenant in the Saudi Royal Air Force said to have
participated in the killing of Saudi writer Jamal Khashoggi died in a
"suspicious car accident" in Riyadh, according to Turkish media.
Mashal Saad al-Bostani was reportedly on a 15-man hit squad dispatched
to Saudi Arabia's Istanbul Consulate in Turkey on October 2 during
Khashoggi's visit, before the team quickly left the country, according
to daily Yeni Şafak.
These are the megacities of the future @wef
Law & Politics
Currently, Tokyo is the world’s most populous city, but Jakarta is
predicted to reach 35.6 million people by 2030 to become the biggest
megacity of all.
African cities will experience the fastest population growth, with Dar
es Salaam and Luanda set to be among the six new megacities predicted
to emerge by 2030.
But while the populations of newer megacities are growing faster, the
biggest cities in the developed world remain far more affluent, a
trend that looks set to continue.
According to Euromonitor, finance centers such as London, New York,
Tokyo and Seoul continue to maintain an economic advantage over their
developing world counterparts.
By 2030, disposable income per household in megacities in developed
nations is forecast to remain five times higher, on average, than in
emerging urban centres.
Average GDP per person will be four times greater in developed nation
megacities, with 33% of households earning a disposable income
exceeding $100,000, compared to just 3.3% in emerging megacities.
Ethiopia PM says soldiers' protest attempt to derail reforms @AP @MailOnline
Ethiopia's reformist prime minister says a meeting with disgruntled
soldiers last week was an attempt to derail dramatic reforms and
"there were some sides who regretted I was not killed."
Prime Minister Abiy Ahmed's comments to lawmakers on Thursday
indicated that the march on his office by dozens of soldiers was the
latest attempt to challenge his rule. Abiy already has faced an
assassination attempt since taking office in April.
The meeting, which caused concern in the capital and prompted the
government to cut internet services for hours, had been described as
being over a "pay issue." Abiy, a former soldier, defused the
situation by joining the troops in push-ups.
"The prime minister has handled the soldiers in a smart way," Seyoum
Teshome, a prominent blogger, told The Associated Press. "But the way
those soldiers managed to march to his office without any hurdles
shows the security apparatus has collapsed. It shows that there was a
sabotage and indeed was also a dangerous move."
Afreximbank: The bank that keeps on giving
Over a decade in which no lender would touch the country with a long
barge-pole, there’s one bank that has become a lender of last resort
The African Export Import Bank’s (Afreximbank) announced this week
that it is to conclude a new US$500 million liquidity facility for
Zimbabwe, adding to a string of facilities that the bank has run for
the country over the past decade.
The bank’s latest facility is a US$500 million facility for Zimbabwe,
a fund meant to shore up the foreign currency accounts (FCAs) that
banks are setting up under a new policy recently announced by Reserve
Bank of Zimbabwe governor John Mangudya. Bank president Benedict
Oramah met Finance Minister Mthuli Ncube and Mangudya in Bali,
Indonesia, on the sidelines of the 2018 International Monetary Fund
and World Bank Group Annual Meetings.
“They discussed the modality of the $500-million Nostro stabilization
facility which Zimbabwe had requested from the Bank and agreed on the
processes toward concluding that transaction by the end of October
2018,” Afreximbank said in a statement.
This US$500 million from Afreximbank, called the Nostro Stabilisation
Guarantee Facility, is meant to provide guarantees to holders of FCAs
that they will be able to get their money when they need it. It is
separate from another US$500 million, a total of various funds, from
which the RBZ announced last week it had started drawing down on.
The latter fund is to pay for imports. It comprises a US$250 million
line of credit from UK emerging market fund Gemcorp, a separate US$150
million from Afreximbank and US$100 million from Afrigrain, a
commodity trading firm.
According to a 2017 report by Afreximbank, “Zimbabwe has remained
among the top three highest beneficiaries of the Bank’s various
products and facilities. For instance, the Bank has supported
infrastructure development, agriculture, trade finance, services and
hospitality and the financial services and banking sectors among
In 2009, with the unity Government in its infancy, Afrex moved in to
shore up the country’s finances, providing a credit line of US$250
million, which Zimbabwe used to support gold and tobacco production,
to provide liquidity for banks and to fund grain imports.
In 2010, Afrex and Zimbabwe launched the Zimbabwe Economic Trade
Revival Facility, meant to support Zimbabwean companies. It later ran
into some trouble, when US$9.7 million of the money was stuck in
failed bank Interfin.
That year, Afrex accounted for the most credit, with facilities in the
first half alone of 2010 amounting to US$268.5 million. By 2014,
Zimbabwe had secured a total of US$3.5 billion from Afreximbank.
. A fist full of zollars Zimbabwe's shops are empty and prices are soaring @TheEconomist
At a supermarket in Harare, Zimbabwe’s capital, the finance minister
is staring aghast at a pack of nappies. “This is absolutely
ridiculous!”, exclaims Mthuli Ncube. “$49!” A manager says it cost $23
two weeks ago, before pointing out other eye-watering items such as
$20 Coco Pops.
The result has been chaos. Over the past two weeks zollars have been
trading at as little as 17 cents to the dollar. --->>> They are worth
Sports-Betting Firm @SportPesa Tied to @Arsenal Weighs Kenyan IPO @business's @bgenga
“It’s one of the few oases right now in what has become quite a desert
when you think about the Nairobi Securities Exchange,” Aly-Khan
Satchu, chief executive officer at Nairobi-based Rich Management Ltd.,
said by phone. “People had dumped the NSE and ran as far away as they
could,” he said.
There have been 21 listings on the stock exchange since 2006,
according to the Capital Markets Authority statistical bulletin.
Thirteen of these companies, including state-owned power producer
Kenya Electricity Generating Co PLC., are trading below their
reference price, while the stock of seven companies are below two
shillings, according to data compiled by Bloomberg.
“The last time investors came to the market was during the Safaricom
Plc. and KenGen initial public offerings,” Satchu said. “The NSE needs
something people can get into and make a profit from.”
Isle of Man-registered SportPesa appointed Nairobi-based Kestrel
Capital East Africa Ltd. as transaction advisers for the IPO, the
people said. Kestrel Executive Director Andre DeSimone declined to
comment when contacted by phone on Wednesday.
“SportPesa is a privately owned company and is constantly exploring
opportunities that will create value for our stakeholders,” the
company said in an emailed response to questions on Wednesday. “As and
when appropriate, we will communicate with each of our stakeholders.”
SportPesa has a three-year, multi-million pound sponsorship deal with
English soccer team Hull City and a five-year sponsorship agreement
with Everton Football club, according to its website. The gaming
company is also Arsenal Football Club’s Africa betting partner, it
Creditor seeks to wind up Kenya's @UchumiKenya Supermarkets over debt @ReutersAfrica
A Kenyan company is seeking the dissolution of retailer Uchumi
Supermarkets over a 44.8 million shilling ($444,000) debt, according
to court documents seen by Reuters on Thursday.
Documents dated Aug. 31 and filed by Githunguri Dairies, a local milk
producer and processor, at the High Court in Nairobi also seek an
order from the court to have Uchumi placed under receivership.
The private Business Daily newspaper reported on Thursday that five
other companies had also joined the suit, seeking to recover a total
of 471 million shillings.
Officials at Uchumi were not immediately available to comment.
The troubles at Uchumi, and the implosion of privately held retailer
Nakumatt, have opened the door to foreign chains such as France’s
Carrefour to operate franchises in the East African nation