Feeds
7208 items (0 unread) in 54 feeds
Welcome to Mashada Blogs! Read all your favourite blogs in one place.
«
Expand/Collapse
57 items tagged "Rant"
-
-
18:43
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
I counseled against a 'combined' EA presidency but seeing as things are in Kenya, I might re-think my position. Many Kenyans & Ugandans are of the opinion that Kagame would win hands down if he went head-to-head against the incumbents esp kibaki & museveni. So what is happening in Kenya to warrant such sentiments? - A bloated cabinet whose obscene expenditures have to be paid for by taxpayers have to foot... and not the MPs who go scot-free...
- A 'coalition' government that leaves little room for dissent...
- MPs who live off the fat of the land but who contribute little...
- Safaricom shares sold at a KES 4bn discount to 'local foreigners'... while Kenyans were denied the shares...
- Anglo-fleecing suspects back in Kenya coz their protectors & godfathers rigged themselves back into parliament...
- Pattni off the hook coz he 'gave up' the Grand Regency Hotel in exchange for an amnesty... though the AG denies it... the KACC is in support of pattni's stand...
- GRH sold though a 'secret sale' for a song... no public bidding... after lies and denials... all is back to normal business... i.e. theft...
- The Kenya Petroleum Refinery sold to the libyans giving them total control over Kenya's oil industry... Libyans will also control the Pipeline and OilLibya (one of Kenya's largest Oil marketers)
Am I the only one who feels betrayed by our 'leaders'?
-
-
23:12
From: Rants, Raves & Reviews
-
-
10:46
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
A friend has been trying to get information on or about the CMA but the website provides little or outdated information. There has been an improvements since I posted a rant about it.
Does this mean someone from the CMA reads my blog?
Anyway... so I checked the website out & whereas it looks better but there are problems with the downloads. The 2007 annual report would not open up & the message was 'a damaged file'.
No e-mails are listed so how does one get in touch with the 'powers-that-be'.
There was a complaints section but the complaints form was damaged & the complaints procedure was blankety-blank. Way to go...
I do hope someone from the CMA reads this & fixes it.
Does anyone have e-mail addresses for the head honchos there?
-
-
4:21
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Saf-Con... and the local foreigners... As I revealed earlier... how SafCon's OFS screwed Kenyans... Alcazar... who owns it? Told you so...
-
3:54
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Pathetic website. www.cma.or.keI could not find links on the site to provide feedback. The enquiries & feedback link was little more than a list of press announcements. Lousy website. Did I say that again? I could not find e-mail addresses for the management... or the Board. Talk of transperancy (or lack thereof). Snail mail contact info... how 1980s... Did I mention... the latest Annual Report they have online is for 2006... it is almost 6 months after their year end... And the CMA is supposed to enforce the requirement to publish results for Listed firms. Shouldn't the CMA be pro-active? Are you surprised why Kenya's financial markets are lethargic... scandals & scams abound... and incompetence is the order of the day? It starts at the top...
-
-
5:08
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Now... don't get all snotty... that Africa is a continent & not a country... Read the article first... linked in the subject header...
For all the racism in USA... there is more (deadlier?) tribalism most slivers of Africa than racism in the entire USA...
The BD article talks of an "Ivorite" - a former Prime Minister of Ivory Coast - being disqualified from running for the presidency coz he was not considered an "Ivorite" even though he was born in Ivory Coast!
Similar to a situation, say in 2012, if Raila is banned from running for prez in Kenya on the grounds he is "Ugandan" even though he was born in Kenya & was its PM at one point!!!
Similarly, examples of vitriol against Kenyan-born Whites & Asians... who are always on the edge during (almost) every election. Of course, during the 2007 election, the 'anger' was towards the Kikuyus (& others) who had moved to Nyanza or Rift Valley. The Whites in Zimbabwe (& increasingly S.Africa) also face similar situations.
Even a prosperous (in African terms) country like S.Africa had their share of xenophobia against fellow BLACK Africans. If not for the Football World Cup in 2010, the SA gov't (esp jacob zuma who thrives on populism) might not have reacted as they did but would have turned a blind eye to the lynching of fellow Africans.
Even the (generally) genteel Tanzanians are prone to (occasional) xenophonia esp against Kenyans.
Africa... where being African is a privilege not a right...
-
-
5:23
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Well....
Safaricom seems to settled at 7/- for now... For additional details go to Bankelele.blogspot.com
So the 'foreigners' got 2bn shares @ a mere 5.50 thus giving them KShs 3bn for doing nothing!
Whereas the 'retail' Kenyan's money was tied up for 7 weeks, the 'foreigners' had to pay on 4 June 2008... essentially paying almost zero in interest.
The 'foreigners' - less than 100 even though they got 2,000,000,000 shares... that is 20,000,000 apiece - and who are thought to be the faceless corrupt in the current government.
As someone asked... "Whose goat have you stolen"?
Who suffered? The poor Kenyan who got a mere 420 shares!!!! And the GoK who lost KSh 3bn by under-pricing the shares.
-
-
13:56
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Morgan Stanley (MS) & their local partner (Dyer & Blair) had sole rights to advertise and promote the SafCon OFS abroad. By bidding 5 cents, D&B became the Transaction Adviser (TA).
A conflict arose since the TA is also a stockbroker and placing agent. D&B advised that MS gets sole rights for foreign applicants. D&B then shares in the profits made by MS. So the 5 cents is elusive i.e. it cost Kenyans far more than 5 cents. it cost them billions!
MS could choose who they wanted to participate in the OFS. They could reject an application for any reason they deemed fit. They also could peek at the applications from other brokers thus allowing their clients (& themselves) to adjust the bids as needed.
Question: So what happened?
Answer: Well, MS picked applicants who were in their good books. This means THEIR clients who provide high-priced MS with business. Some of these applicants were 'connected' to the political establishment so while the ordinary Kenyan gets 30% of the application, MS+DB 'clients' could get 20%-35% unhindered!!!
MS could also buy for their own books meaning they reject valid applicants who offered more than 5.50 to leave the field clear for them.
Question: Why was 20-35% of a firm with 99.9% Kenyan subscribers & revenue being sold to foreigners who contribute little?
Answer: Well, it was a payback for political support. Coldtusker was NOT invited to participate! Many Kenyans would have willingly paid more than 5.50 ( including yours truly) for the 20-35% that was offered to the foreigners. It turns out there were applications/bids at 6.50 but 5.50 was chosen to benefit the so-called 'foreigners'. Therefore, at the MINIMUM, Kenyans lost (2bn shares x 1/-) KShs 2bn. The 1/- is what the real market would have paid above the 5.50 the GoK accepted.
If the allocation to foreigners was 35% then the loss could be KShs 3.5 bn.
Many Kenyans borrowed and had to pay upfront while the 'foreign' (in parentheses coz these foreigners were simply a front. There is NO scrutiny of they are!!!) applicants pay AFTER the allocation!
Equity was lending at 18% pa + 3% commitment fee.
10,000 shares@5 = 50,000. The issue closed on 23 April but refunds will be disbursed at the earliest on 10 Jun & clear 4-5 days later thus 60 days of interest on 50,000.
50,000 x 3% = 1,500
50,000 x 60/360 = 1,500 (Most banks use 360 days per year when charging interest)
allocation of 30% = 3,000 shares
Cost of 3,000 shares = 15,000 (for the shares) + 1,500 (Commitment Fee) + 1,500 (Interest) = 18,000
Cost per share = 18,000/3,000 = 6/-
The losses will run even higher than what I have shown above if the price of SafCon exceeds 6.50 per share - which is likely.
A pity but Kenyans continue getting screwed... royally screwed...
-
-
10:53
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Hear it here first!
Kenyans were taken for a ride by dyer & blair, morgan stanley, GoK crooks...
The foreigners - favoured by the idiots who set up the OFS- will pay KShs 5.50 for their shares!!! Yes, a mere 50 cents more than what wanjiku paid!
If I could get all the shares I wanted, I would have paid 6/-, let alone 5.50!!!!! So would have 1,000,000 other Kenyans.
I am pissed that the Kenyan government either got taken for a ride OR there was oddles of CORRUPTION.
Anybody interested in knowing how we got taken in?
-
-
3:26
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
After the greedy, selfish & irresponsible actions by the politicians - PNU, ODM , ODM-K, NARC, etc - Kenyans are agitating for 'more'. The problem is that ALL the 'agitators' are government employees. So not only do we have the BLOATED cabinet, we have to pay more to civil servants. So who suffers? The private sector who face tough trading conditions, poor infrastructure, insecurity & now have to contend with higher taxes. Nobody is paying attention to the vital industrial & agriculture sector on whom we rely on for real wealth creation. Why are we surpirsed when many manufacturers relocate their factories to other countries, farmer abandon their crops, businesses default on loans and horticulture exporters move to Ethiopia? Nurses give ultimatum to government
Teachers want higher salariesIncreased violent crime affecting businesspeople in NairobiPrison wardens strike for higher salaries and better conditionsEven the prisoners are on strike for higher pay!Mungiki threat is killing the rural economy
-
-
22:11
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Since Kenyans MPs earn huge salaries & perks ($180,000+) they do little but bicker in parliament while important economic matters are ignored. Amos Kimunya plans to raise KShs 27bn (US$48mn) to fund extra expenditures. 70% of the funds will go for recurrent expenditure including OPERATING EXPENSES of the new ministries! Not for 'development'. KPA needs $320mn to expand the port at Mombasa. The Japanese will loan them the money IF the GoK acts as a guarantor. The doubled capacity would enhance Mombasa's reputation as THE port in E & C Africa. It would create 1000s of jobs for Kenyans and earn Kenya additional forex. Well, the parliament needs to approve the guarantee but, hey, they don't give two hoots. Why? They care more about a position in the bloated government rather than the country. I think Kenyans are fools for electing these fools... We need to get some serious lawmakers in parliament. Why do we have thugs, fossils, thieves and conmen as MPs? Because Kenyans elected most of them except those who rigged themselves in. I am ashamed that Kenya is being held back by the MPs we have. We do have some bright sparks e.g. Martha Karua (I might not like her politics but she is a go-getter), James Orengo, Anyang Nyongo, Raila Odinga (when he stops politicking), Amos Kimunya (please STOP politicking!), etc. We need leadership from them. Now.
-
8:12
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Yes, it turns out that the GoK issued a 'revised' prospectus that most investors were unaware of. Does anyone know what the full extent of the 'changes' were?
The Safaricom OFS has been controversial from the beginning starting with the 35% allocation to foreigners to the Mobitelea's 'hidden' shareholders & stake.
-
-
12:45
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Zimbabwe was a jewel in Africa but for the disregard of (just) law, bad politics and worse economics! Minister for Agriculture Mechanization, Joseph Made, to a White farmer in recent times: "Why do you white people always hide behind the law" Then he goes on "We made the law we can change it" Huh? JM, you idiot... it's the law! You made it and if you do not like it, change it! You are the government! BTW, like Kenya there are superfluous ministries in Zimbabwe as well. There is a Minister for Agriculture as well, rugare gumbo. No wonder Africa is rich in resources but poor as hell in "wealth". What next a Minister of Toilets - in charge of wiping mugabe's arse? BTW, the Z$ is at Z$241mn vs US$1 (and the US$ has been tumbling of late).
-
2:18
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Sigh... Africa doesn't have much luck with Ms... exception being Nelson Mandela... (dan) moi - thief, murderer, turncoat, cheat... mwai (kibaki) - well, google the Kenyan blogosphere... 42 member cabinet... muamar (gadafi) - nutcase but believes he is entitled to be Africa's king... (bob) mugabe - where do I start with him? Virtually destroyed Zimbabwe.... museveni - once seen as progressive but... he is after anyone he perceives as a political opponent or critic. Sad... Will Africa see deliverance any time soon?
-
-
15:52
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
I don't want to sound like an apologist for Kenya Airways but the Kenya Airports Authority has not helped KQ's cause. Corruption and poor management at KAA has led to a roof collapsing at Mombasa Airport. Last year the runway lights were not working leading to flight delays and cancellation of night flights. KAA has not repaired or replaced the underground cables for months. They rigged up a jua-kali system which was bound to fail. KAA needs to be privatized. Immediately! KQ is not off the hook either. Though larger and better run than most African airlines, it remains a poor competitor to the Middle Eastern and European carriers.
-
-
10:09
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
It seems there are 2 sets of rules in Kenya. One for the politically connected & then the other... I am pissed that 35% of shares were 'reserved' for foreigners. This has denied "Wanjiku" who contributed mightily to SafCon's huge profits shares while giving them to foreigners - chosen by morgan stanley - who may have vested interests with the government folks. The foreigners get MORE shares than "Wanjiku". The Retail Pool includes ALL East Africans. Here is another stinker. dyer & blair which does NOT fully comply with the CMA rules is allowed to buy as a QII but other investment banks are not. Of course, we know jimnah mbaru is close to the government. Is the CMA merely incompetent or is it playing favourites by i ssuing a 'clarification' 3 days prior to the close of the Safacon IPO? Yes, Kenya is back to normal.
-
-
21:57
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
paul pattni is back in the news. He 'surrendered' the Grand Regency Hotel to the CBK last week. KACC's wildly over-paid - & lousy performer - head honcho claimed 'victory' after spending tens of millions... Anyway, turns out that the hotel was 'sold' without any competitive bidding... I am sure the authorities will make funny noises about how the buyers bought it legally... Yep, Kenya is back to normal. kibz & cronies have 4.5 more years... and they have started not one second too soon...
-
-
15:25
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Why is it that the gov't can't stop Mungiki? Since PNU (& its 'owners') has control of the gov't with george saitoti as the minister for internal security... why is it that no-one does anything about the mungiki? The chaps in Kisumu & RV were killed by the police. The police spokeman called a news clip a 'rambo-like movie'. Why can't they use live bullets against the mungiki? Or is it the police cannot touch the mungiki? 14 deaths - in just one night - and counting... Is there a parallel government? What is saitoti doing, if anything?
-
-
17:51
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Yes, expect higher taxes as Kenya has a cabinet of 46 members. Then there is muthuara & wako. No wonder we remain a 3rd world country. And we will for many more years! Oh, then there are 50 asst ministers! And at least 50 Permanent Secretaries! At this rate, Kenya won't join the ranks of the developed countries until the year 2100... I will be long dead by then! Here is the list... I think they should have left Michuki in Roads. He is a go-getter. What is he going to do in Environment?
-
17:34
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
When will the Business Daily learn? Where are their journalistic ethics? Or does no-one at BD research before they publish? I think Apple should sue BD for misrepresenting their product.
-
-
22:27
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
It's bad enough the idiot won't resign but he just won't shut up!
Chairman Samuel Kivuitu Wednesday said reports that ECK would be appearing before the Kriegler commission as the principal subject of the investigation were “intended to mislead the public and destroy the commission’s credibility.”
What credibility? It was shredded to bits after the 2007 elections!
-
21:15
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
| Written by Steve Mbogo (Business Daily) |
April 10, 2008:
My comments in RED
New rules meant to guide the operation of venture capital firms have introduced high taxation and restrictions on investments that players say may threaten the sector’s survival.
The rules are meant to regulate the venture capitalists — who take stakes in start ups and midsized firms and exit as the businesses near maturity — who have shown unprecedented interest in the Kenyan market over the last two years.
The sector is now raising a red flag over a taxation regime that it says makes resident venture capital funds uncompetitive at the global level. This has seen some firms opt for other countries like Mauritius where the taxation is more favourable.
I have blogged how Mauritius is diversifying its economy using brains... while Kenya... oh, well...
Administration costs are also high as venture capitalists will now be required to have a contracted fund manager to oversee and allocate the investments of the venture capitalist.
How does a small VC fund - managing KShs 100mn - afford a Fund Manager? Many VC funds start off much smaller.
Peter Njoka, a partner at Aureos Kenya Managers which manages a venture capital company known as Acacia Fund, said such a manager is paid a management fee plus value added tax (VAT), yet the funds do not have any “vatable” services to sell.
“The fund absorbs all the VAT of 16 per cent which eats into its resources and increases the cost of doing business here,” said Mr Njoka. He however said the new rules would help the industry grow to international standards faster.
The industry might die or is left to the big boys. Warren Buffet does say that if he was born anywhere but the USA at the time he was born... he might have not been as successful! I can guarantee he would not have succeeded in Kenya with its arcane laws, corrupt judicial system, corrupt & incompetent politicians, the selfish NSE & incompetent CMA!
The new Registered Venture Capital Companies Regulations (2007) define the principal objective of venture funds as provision of risk capital to small and medium size businesses in Kenya.
The regulations however give venture funds flexibility in determining the kind of companies they invest in. They require the fund to have a minimum paid up share capital of Sh100 million shillings and proven history in operating such a fund.
How the hell does a newly established fund have an operating history? The problem is the CMA is full of 'career civil servants' who do nothing better than do nothing! Get serious... Unless you invite foreign VCs how do yo expand the industry since there are only (officially) 9 VC funds. So this means no new local VC funds?
Daniel Muchika of InvesteQ Capital says the regulations automatically lock out start up venture capital funds by demanding that eligible applicants produce audited statements for at least three years.
Go figure... Are these guys born as idiots or did they learn to be idiots?
For a venture capital fund to be registered, it must present the CMA with its preferred mode of divestiture from eligible venture capital enterprises, including details of risk factors that are specific to the chosen investment sectors, or sectors intended to be invested in. The company must also present a bank reference from a commercial bank.
Erm, so if a VC fund is putting its own money into the ventures i.e. not borrowing... why do they need a bank reference? If the bank is lending to the VC then let the bank do its own due diligence!
The regulations restrict venture capital funds from trading in real property; banking and financial services; and retail and wholesale trading services as their primary businesses.
What is this idiocy? Why not let the VC funds do what they like! They are in business to make money! Real property could benefit from VC funds!
“This means that venture funds have narrower options of investments. It means that venture funds have to scout for ideas that promise quite high return on investments, usually of at least 25 per cent per annum to compensate for this,” said Mr Muchika.
So the CMA is raising the cost to the investees. An investee needs to provide 25% p.a. return to get funds from a VC fund. Let the VC fund decide what they want to make. Open the market to VC funds!
Currently, there are nine private equity funds operating in the market, five with a combined capital base of over Sh4.9 billion have targeted SMEs in East Africa. But a 10th fund known as East Africa Development Bank Venture Capital Fund worth Sh2.6 billion will make an entry into the local market later this year.
Others include Business Partners International Limited (BPI) launched in February last year, Grofin East Africa launched in mid-2005, Acumen Fund, InvesteQ Capital Limited and African Agricultural Capital that focuses on agriculture related businesses.
The funds should also preserve transaction records for at least seven years and to verify the sources of their funds as well as investments to ensure they are not used as a conduit for funds sourced from criminal activities including money laundering and corruption. In this respect the regulations are seen as porous. |
-
-
21:28
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
mugabe lost the election in spite of his attempts to rig them, so he hits back at the White farmers to deflect attention from the 'delayed' announcement of the election results. Apparently, most White farmers bought the land post-independence so were not complicit in the land grabbing by the Brits but they make convenient scapegoats. Reminds me of dan 'thieving' moi who blamed the Asians/Indians for all the ills the country faced while it was him & his cronies who were really behind the scams & violence that rocked Kenya. BTW, Zimbabwe now imports maize since the idiotic cronies of mugabe who got/stole the land can't farm it! All major scams in Kenya have political support from kenyatta's land grabbing to goldenberg & now anglo-fleecing. How could such scams take place without kenyatta, moi & kibz knowing of them?
-
17:14
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
We need to think out of the box to prevent crime. I say let's allow KPLC to 'electrify' the transformers so the crooks can get a nasty shock even if its lethal! Currently, KPLC is not allowed to electrify the transformers... which emboldens thieves. I say... we should change the law!
-
-
17:56
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Nyanza province is among Kenya's poorest regions. Yet an American investor who has converted part of the area into a series of financially viable projects is being hounded courtesy of corrupt politicians. What a pity! How will Kenya attract the Capital (FDI & local investments) it needs with this behavior? Kenya should be increasing its ability to feed itself with worldwide grain shortages. We need strong laws & enforcement against corruption. I say we should hang the corrupt councilors. We need to learn from Singapore that metes out severe penalties for corruption. I do not support subsidies but we have to provide incentives e.g. better roads, zero corruption, open markets & lower taxes to encourage production. Where are Kenyan gov't honchos who should be aiding Kenyans do business in Sudan? On the other hand, the Indian gov't is aggressively helping Indian firms establish themselves in Africa. Kenya will waste money on silly cabinet inaugurations. I am disappointed how raila has capitulated to the trappings of power. They should be spending the money selling Kenya to investors & tourists! Instead of supporting the "Grown Under The Sun" campaign that will provide more jobs to our farmers, exporters, KQ & myriad other folks... the Kenya govt is NOT sufficiently funding the campaign but funding the purchase of new cars & crap for the new ministers!
-
2:26
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
(Huge) Sigh... the 40 ministers is NOT a LEAN cabinet... maybe (just painfully laughing myself to sleep) it will be clean... Put in perspective... I estimate KShs 4bn will be needed to fund the lifestyles & salaries of 1 prez, 1 VP, 1 PM, 2 deputy PMs, 40 ministers, 80 asst ministers and all the razzmatazz (chase cars, houses, allowances, travel, security) that goes with their positions... The sale of 25% of Safaricom will raise KShs 50-55bn... If the money was invested in 1 yr T-Bills the interest (8%) would just cover the above costs!!! No wonder there are no more complaints from either party about selling Safaricom's shares! In the meantime, Kenyans pay: - 50%+ in taxes on petrol while the oil companies (8% percent gross margin) are blamed
- relatively high income (25-33%) taxes on low thresholds while MPs pay almost nothing
- 26% in taxes on airtime while MPs get 'free' airtime allowances
- high duties & taxes (approaching 100%) on cars while MPs get cars duty free
- taxes on benefits like housing & car allowances while MPs pay nothing
The MPs, prez & VP, PM & deputies are EXEMPT from many of these taxes! For all the posturing... is there a LEADER among the elected politicians? Sigh... I have said many times, we are cursed. We need a Guy Fawkes. We need a Lee Kuan Yew. We need LEADERS.
-
-
11:16
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Will mugabe "kibaki" the Zimbabweans... Kenya or Zimbabwe? Polls where the opposition was hampered at every point. Opposition claims victory. Electoral Commission goes 'dark' ostensibly to release 'official' results. Riot police in the streets. Opposition wins the majority of parliament seats. Opposition declares presidential victory. Incumbent scoffs at Opposition's claim of victory. Electoral Commission continues leaving Zimbabweans in the dark. Why don't African countries emulate Botswana where elections are not perfect but relatively fair, corruption is very low & human rights are respected. This translates to economic success where the benefits are for all citizens to enjoy. I think Botswana follows the Singapore model. Rwanda is also worth looking at for sustainable development and a clean government.
-
-
20:55
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Why are the Kenyan police tear-gassing peaceful demonstrations?
What is wrong with the government idiots - well, they are idiots... - that they order crackdowns of this nature?
Africa has a disease. It is the Big Man Syndrome. It effects are felt in Zimbabwe & Gabon. In Kenya & Uganda. In Libya & Egypt.
Who do they look upto? Pol Pot?
-
-
14:21
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
KPLC will 'fire' the managers from Manitoba Hydroelectric. They were worth it. Let's take a look at history. KPLC & its sharehodlers suffered immensely when samuel gichuru was MD coz he spent more time negotiating kickbacks, marrying (or not) 3 wives & making political hay instead of running KPLC. Manitoba brought professionalism, reduced corruption, improved infrastructure & increased profits. We can now pay KPLC bills at ATMs, Posta Pay (Post Office), by post & banks (Co-op Bank). The customer service is far better & connections are increasing annually. My fear is that 'political' appointments will be the powers-that be at KPLC and it will be downhill all over again. We saw this happening during dan 'the thief' moi's era. Some of the currently active politicians were 'suppliers' to KPLC. They want back in. Some will argue that we do not need expats, my argument is that the transition should be 'natural' i.e. someone trains under the expats. The expats' mandate should include succession. Firms like KPLC that have significant government control tend to play to the politicians' & not the shareholders' or customers' tune. Paying Manitoba KShs 80-100 million over 2 years is a far better deal than the BILLIONS that KPLC will lose going forward. The need for efficiency, quick decisions & technical knowledge is needed more than ever since Kenya faces an electricity shortfall. Kenya needs to negotiate complex new power agreements immediately & start building interconnections with various countries including Ethiopia. Corrupt or inept managers will not do. Period.
-
-
15:58
From: Rants, Raves & Reviews
-
-
23:15
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
alfie 'goebbels' mutua is at it again... denying the truth to protect his paycheck... So do you trust The Standard or alfie? My money is on The Standard... Confusion reigns in the city as the idiots at City Hall & Ministry of Local Government implemented traffic plans without thinking them through. BTW, the traffic police are at odds with City Hall... Idiots I say... So much for anti-corruption in the new gov't... I am not the only one who knows (ordinary) Kenyans are going to be raped...
-
-
11:45
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Will Kenya ever make it out of its morass? No, not the recent political violence but the constant corruption we see since jomo kenyatta's days as president? Massive land grabbing by those politically connected to jomo "the land grabber" kenyatta was the order of the day. The kenyatta family still 'owns' 1000s of hectares of stolen land at the Coast & Central provinces while needy families have nothing. During kenyatta's reign, paul ngei - kenyatta's friend & lousy businessman - was 'forgiven' - by amending Kenya's constitution - for stealing/diverting goverment supplies for ngei's own use. The theft & corruption during dan "the idiot" moi's days as president is mind-boggling but he is still a free man dispensing unwanted advice. Goldenberg remains a scandal that cost Kenya 10 years of development. We have all read about anglo-fleecing during mwai kibaki's first 5 years. amos wako who was the legal brain behind the approval of these deals is still AG. I am troubled by the following stories barely into kibz' second 5 years. Is there no resolve to stop the vice? Untaxed & illegal sugar imports provide unfair competition to local sugar producers who pay heavy taxes - income taxes, VAT & sugar levies. Definitely corruption. The delayed sale of the refinery seems to be due to some lopsided deal/promise the Kenya government made with the Libyans. This delay will hurt Kenya's economy as Uganda & Sudan will ship their oil elsewhere for refining. Incompetence? Or did the Libyans grease the wheels? Kenyans will die while the top dogs make merry. Corruption means deadly chemicals are dumped in Kenya because corrupt heads at the KPA - & KRA - are not paying attention. Or were bribed. I don't get these idiots at the CMA. Was someone paid off or is it just sheer incompetence? We have 2 brokers down & in each case the situation was allowed to degenerate to horrendous levels. A point to remember is that edward ntalami was in charge of the CMA when the crap started hitting the fan. ntalami was also behind a collapsed broker - Sterling Securities. Hmmm? Just as oil prices hit a new high & our forests are being decimated, government agencies are bickering over a new LPG terminal that is badly needed. The stink of entrenched interests & corruption is definitely here. Or is it mere incompetence? The political clashes are not over. Mt Elgon remains volatile. What are the 1000's of police doing?
-
-
18:11
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
India has 4 of the top 10 billionaires according to Forbes 2008 list. Forbes does not count despots & kings in its list... though inherited wealth is included e.g. the Hariri kids of Lebanon. Here is the link to the Forbes List for 2008.The list is an - somewhat skewed - indictation of what economic reforms can do for a country. Africa has a few billionaires - Dangote of Nigeria & some S.Africans - but the combined wealth of the top 4 Indian billionaires is far greater than most African countries' GDP. Lakshmi Mittal - 57 - $45bn Mukesh Ambani - 50 - $43bn Anil Ambani - 48 - $42bn KP Singh - 76 - $30bn Combined wealth = $160bn Unlike many Kenyans - and Africans - who continue harping about 'colonialism'... India has moved on... look at the list below and you will notice that many of them were born post-1947 (51 years or younger)... I would say the cut-off age should be 56 years since kids start nursery at around 5 years thus anyone born after 1942 in India was a post-independence child. Using the same metric as above, Kenya is far behind the curve. Well, at least officially. There may be one or two. Any suggestions on who? Can the wealth be verified? With the weakening US$ & 8% economic growth in India, I would not be surprised to see the Indian fortunes in US$ rise even higher by end of 2008. I have said that Kenya (and Africa) needs to look at India for development ideas. It remains a model for African countries. It has: - Democracy - albeit often flawed
- Diverse population, cultures & languages
- Wide economic base that was very low 20 years ago
- Agragian based economy until 5 years ago. Agriculture still remains the core mainstay for most Indians
- A former British colony - I don't think this is a handicap. I am just saying that Africans should quit moaning
- Huge educated diasporan in the Western world
- Huge entrepreneurial diasporan in the Western world
- Navigated tough shoals regarding sectarian violence e.g. Khalistan ('seccession' war), Hindu-Muslim riots, Wars with Pakistan, War with China, Caste (Tribal-style divisions) discriminations, etc
I was amazed at the size of the billionaires list in India... BTW, the Indians in the diaspora who are NOT Indian citizens have been excluded e.g Vinod Khosla of Kleiner Perkins at #785 with $1.5bn. I had some problems with including the table here but please check this link out for the Forbes list.
-
-
17:57
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
Now that the international community has moved to other more important issues, the cracks in the so-called 'Grand Coalition' have started... Does anyone have Guy Fawkes' phone number? The good news is that Kenyans are unlikely to return to a despotic presidency. The bad news is that the struggle continues to rid Kenya of one... Kenya has goodwill... let's not lose it... I say we should outsource Kenya's governance to Lee Kuan Yew... or there is always Obama - if he does not win the USA election - or ask Kenya's business leaders to form a junta. Pay for performance.
-
-
6:34
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
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...
-
-
4:35
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
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.
-
-
1:00
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
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.
-
-
22:34
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
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?
-
-
11:21
From: Rants, Raves & Reviews
Read This Entry & More At Rants, Raves & Reviews
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 | |
