If you like bears, then you’ll be enjoying this season. The FTSE officially entered Bear territory jana after falling 20% since its peak late last yr. Things are so gloomy, guys are already leaving well paid unsecure jobs (aka in fixed income divisions of investment banks), to lower paid but more secure retail banking areas of the financial industry. Investing in shares is now an extremely money-losing proposition in the UK/US markets unless you are prepared to do the hard graft of research-that or invest in utilities and oil companies. And it'll be for the remainder of 2008 and most of 2009.
What is the difference between a strategic goal and a strategy?
NMG shareholders voted on a spilt at the end of May, yet the giant media group has yet set a date for when this will happen. A case of the famous 1 for 8 bonus shares by Standard group repeating itself perhaps?
Safaricom finally breached the KSh7 psychological barrier yesterday and with supply at almost 6 to 1 against demand, the bottom is not yet been reached so I continue to watch from the sidelines. However, if it does reach below Ksh6, then I must strike come what may.
And so it came to pass, that in the year 2008 of our of Lord Jesus Christ, one Amos Kimunya being of sound errr mind and body, stepped aside and thus lived to see another day. The truth is, our politicians are clowns down to a man and woman. And so are we Kenyans. On the day Amos resigned, everybody seems to have missed a statement from the Libyans which in effect confirmed that they had bought GRH. So the bigger underlying issue has not been resolved-the lack of a transparent sale of a public asset.
So its seems are Americans, I’d put this alongside the “I prefer this bush to Bush” T-shirt.
7 comments:
And investors confidence is shaken bcoz of his resignation, I thot this would be plus on the seriousness of M.Ps in fighting corroption, and our P.M no comments.
@MainaT, The noise around this saga was never about the deal because from facts 2.9B was as good an offer as can be gotten. Compare the value of TPS Serena with a myriad of hotels all over at 7B. Grand Regency as a going concern has been making losses so fetching 2.9B is actually a godsend. The issues here were seizing opportunities to do political back stabbing
The day before he resigned the Minister was interviewed by Jeff Koinange (K24) where he expressed an admiration of Museveni’s style or privatization e.g foreigners ccan buy our loss makers for $1 and turn them around.
I may agree with such sentiments, but Kenyans have seen more bad than good sweet-heart privatization deals. They have since invested greatly in institutions of transparency and privatization, but in this case Kimunya chose to side-step the institutions he had championed.
I'm glad Kimunya has bowed to pressure. The handling of Safaricom IPO and now Grand Regency is shameful if not outright criminal.
Hatua-Tx for passing by. Investors hate the uncertainity.
JK- Kimunya made peeps who never took notice look into his character more and what they saw didn't please them. The political shenanigans are part and parcel of what he should expect. Politics is a dirty game.
Banks-Transparency is a must in Kenya because guys are now opening their eyes. Very slowly...
Ssem: Not sure about Safcom, but GRH was stupidity personified.
Btw, I'm surprised nobody commented on the fact that the libyans now own the hotel. This hasn't changed which does somewhat diminish this story...
@MainaT, that was my point above. The Libyans will own the GR because the deal was as good as they come but the politicians saw a chance to do some political damage in the procedure/process followed
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