|
Wednesday 04th of October 2017 |
Morning Africa |
Register and its all Free.
If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox as your Browser. 0930-150 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 http://www.rich.co.ke
Macro Thoughts |
read more |
|
Feb 2012 @FairmontMtKenya Mount Kenya Safari Club in Nanyuki (founded 1959) became a mecca for the international jet set Africa |
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.
“this was a moment of magic revealing to us all, for a few moments, a hidden world of grace and wonder beyond the one of which our eyes told us, a world that no words could delineate, as insubstanttial as a cloud, as iridescent as a dragon-fly and as innocent as the heart of a rose.” ― Elspeth Huxley, The Flame Trees of Thika:
“...when the present stung her, she sought her antidote in the future, which was as sure to hold achievement as the dying flower to hold the fruit when its petals wither.” ― Elspeth Huxley, The Flame Trees of Thika: Memories of an African Childhood
|
read more |
|
King Felipe lays down the law in speech to Catalonia Law & Politics |
Catalan leaders have shown "unacceptable disloyalty," King Felipe says
“They have shown an unacceptable disloyalty toward the power of the state,” Felipe said. “Today Catalan society is fractured, set against itself.”
Prime Minister Mariano Rajoy is fighting to maintain control after 2.3 million Catalans defied both the central government and the Constitutional Court to cast ballots in a makeshift referendum on independence. Regional police ignored orders to shut down the vote on Sunday. For Felipe, the crisis may be a defining moment of his three-year reign, like the attempted coup which sought to topple his father’s nascent democracy in 1981.
“Certain officials in Catalonia have repeatedly, consciously and purposefully breached the constitution,” Felipe said, speaking from a desk with a laptop to his side and the Spanish and European Union flags behind him.
Conclusions
|
read more |
|
02-OCT-2017 :: Living in a Populist World Law & Politics |
''Extraordinary Popular Delusions and the Madness of Crowds'' is an early study of crowd psychology by Charles Mackay, first published in 1841.
"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
President Putin is of course the arch Populist but Erdogan, Duterte, Narendra Modi are all Mini-Mes to Vladimir. Populist Policy-Making reminded me of a Passage from T.S Eliot's The Hollow Men
Between the idea And the reality Between the motion And the act Falls the Shadow
The Shadow to which T.S Eliot is referring is this; President Trump's Tax Cut is presented as good for the average American Tax Payer but it patently is skewed in favour of the 1%. Narendra Modi's attempt to cleanse the black-market Economy via the extinguishing of Bank Notes was an abject failure. Duterte's ''red in tooth and claw'' assassination program against Drug Dealing has trampled over any human rights. The King of Saudi Arabia has generously allowed Women to drive themselves around from 2018. 2018 just let that sink in.
President Trump in his mind-boggling speech said this of Venezuela
''The problem in Venezuela is not that socialism has been poorly implemented, but that socialism has been faithfully implemented'' Change the Word ''socialism'' for ''Populism'' and in fact Caracas is the Harbinger of the direction in which the World is headed.
I will leave the last words to Charles Mackay
"Of all the offspring of Time, Error is the most ancient, and is so old and familiar an acquaintance, that Truth, when discovered, comes upon most of us like an intruder, and meets the intruder's welcome."
|
read more |
|
Fight to stay in power threatens Museveni's legacy FT Africa |
Shortly after Yoweri Museveni took power in Uganda in 1986, he published a book titled What is Africa’s Problem? His conclusion was simple.
“The problem of Africa in general and Uganda in particular is not the people but leaders who want to overstay in power.”
Thirty-one years later, the president’s words are returning to haunt him. As fist fights erupted between MPs, Uganda’s parliament last week began the process to remove the presidential age limit — the last constitutional restriction preventing the 73-year-old former rebel remaining in power for life.
The move threatens the legacy of Africa’s fourth-longest-serving ruler who was once feted by the west, but whose reputation has been tarnished by a stumbling economy and the suppression of critics and opponents.
Mr Museveni has remained silent on the debate to remove the ban on anyone older than 75 running for the presidency. But his supporters hail it as the only way to maintain stability and accelerate development in the east African nation.
“Everyone loves President Museveni,” says Evelyn Anite, the investment and privatisation minister. “He’s the one person who has united this country. I cannot anticipate better peace and security than what the country is enjoying right now.”
“Once [the ban] is removed then he becomes a Robert Mugabe and that will spell doom,” says Erias Lukwago, the opposition lord mayor of Kampala, the capital, referring to Zimbabwe’s autocratic 93-year-old leader who has been in power for four decades. “It will be a recipe for disaster and that’s what we want to avert.”
Like many African rulers, Mr Museveni’s tenure began well. The size of the economy more than doubled from 1992 to 1999 in current US dollar terms while the national poverty rate fell from 56.4 per cent to 33.8 per cent in the same period, according to the World Bank.
But as Mr Museveni tightened his grip on power — a two-term presidential limit was scrapped in 2005 — Uganda’s economy began to stumble.
Gross national income per capita only rose from $630 to $660 between 2011 and 2016, while the poverty level increased from 20 per cent in 2013-14 to 27 per cent in 2016-17, according to the national statistics bureau.
Kampala-based diplomats attribute the stagnation to poor economic policies, annual population growth of some 3.2 per cent and an emasculation of institutions as Mr Museveni has concentrated power in the presidency.
Nic Cheeseman, an Africa expert at Birmingham University, says Mr Museveni’s control is tight enough for him to stay in power for as long as he wants. “I don’t think we’re going to get rid of Museveni until he dies,” he says.
He agrees that Mr Museveni is mirroring the “Mugabe route of being more repressive and no new development happening”. “In five to 10 years he’s going to get ill and old,” says Mr Cheeseman. “The country will be miserable and we’ll all be waiting for him to die.”
The greatest fear people have is because he doesn’t want to leave there won’t be a peaceful transition
MPs are expected to amend the constitution to remove the age limit through a private members bill in the next few weeks. The assembly is dominated by Mr Museveni’s National Resistance Movement (NRM), which can secure the two-thirds majority required to make the changes.
The debate comes as Mr Museveni is entrenching power in his family. The president’s wife, Janet, his son, Muhoozi Kainerugaba, his stepbrother, Salim Saleh, and Mr Kainerugaba’s father-in-law, Sam Kutesa, all hold prominent positions in government.
Meanwhile, laws such as the non-governmental organisations act, the public order management act, the antiterrorism act and amendments to the penal code are being increasingly used to stifle dissent and rein in opponents.
“The greatest fear people have is because he doesn’t want to leave there won’t be a peaceful transition,” says Monicah Amoding, an NRM MP, referring to the fact that Uganda has not had a peaceful handover of power since independence in 1962.
“We don’t want him to destroy himself, his legacy and the country as a result. We fear for our country and our future,” she adds. “What we have been able to achieve over his time may be destroyed and go down the drain.”
Civil society is also mobilising against the move, says Arthur Larok, the country director of ActionAid Uganda.
“We have a regime that’s using sheer violence only to be in power,” he says. His office was one of two non-governmental organisations raided two weeks ago in a crackdown on groups campaigning against the age-limit amendment.
“Citizens are beginning to make a connection between their dissatisfaction and the leadership in this country. If you go to any village, you might not find people interested in the specifics of the age-limit debate but the bigger issues are being discussed in a way they never have been.”
In spite of the disgruntlement, Mr Larok believes Mr Museveni’s attempt to stay in power will succeed. “The majority of MPs are going to respond to financial incentives,” he says. “But we have to keep resisting.”
|
read more |
|
Why Uganda's politics are failing its people @TheEconomist Africa |
A militarised police force, weak opposition and power-hungry president are no laughing matter
THE BRAWL that convulsed Uganda’s parliament on September 27th was widely considered the worst parliamentary scrap in the country’s history. Lawmakers threw punches, hurled chairs and brandished microphone stands as weapons. The images were replayed around the world, including on “The Daily Show”, an American comedy programme. “We can go into the reasons they’re fighting,” said the host, Trevor Noah, chuckling at the chaos, “but the truth is you don’t really care.” And yet the reasons are important. Last week’s mêlée was neither a comic interlude, nor an accidental flare-up. Instead, it occurred during a raid on parliament by state security forces, itself a symptom of Uganda’s broken politics. What has gone wrong?
|
read more |
|
@MoodysInvSvc puts Kenya rating on review for downgrade over rising debt @BD_Africa Kenyan Economy |
The agency said it had placed Kenya’s B1 rating on review for downgrade due to persistent deficits as high borrowing costs continue to drive government indebtedness higher, among other factors. Moody’s expects that Kenya’s government debt burden, which has risen to 56.4 per cent of GDP as of June — up from 40.5 per cent five years ago — will continue to rise due to persistently high primary deficits and borrowing costs.
“Pressure on the government’s primary balance, which posted a deficit of 5.3 per cent of GDP in the latest fiscal year ending June 2017, comes from elevated development spending and weak revenue performance.
Unless a decisive policy response is introduced, the upward trajectory in government debt will see debt-to-GDP surpass the 60 per cent mark by June 2018,” the agency said in a statement.
|
read more |
|
|
|
|