The Nairobi Stumbling Exchange
Ah Safaricom.
Safaricom, Safaricom, Safaricom.
Bankelele is freaking out because the shares of Safaricom keep a tumbling.
Didn’t we not disclose here (oh..about 2 weeks ago) that Safaricom had failed to reveal a huge debt on it’s books?
But don’t mind me because the funny-mentals fundamentals are always strong and since the shareholders attend annual meetings where they get a free packed lunch of cold chicken legs and a banana, well..heck….the company must then be fine. No? I mean, the CEO is freaking telling you that everything is fine so why wouldn’t you believe him?
We all know the standard line given when it comes to holding onto stumbling stocks. Children, please repeat after me: “I am in it for the long-term and it will eventually go back up.” So, even if the stock tumbles to one cents, you just keep holding on. I don’t get this. Why do people believe that they cannot sell their shares and avoid the tumbling loss. Then come back into the market, if the price starts moving up. This is why they desperately need electronic trading in Kenya. It will give people 24/7 access to a stocks price, it will allow people to execute trades immediately and to buy or sell at any time if the price moves. This idea of having to wait for 3 days to sell a tumbling share is very dangerous. Kenyans need to stop trusting this brokers. The brokers just want their commissions. They don’t care about you.
There’s another listing in the works. This time it’s Mabati Rolling Wheels. According to BD Africa: “Global Credit Rating Company (GCR) of South Africa has given the manufacturer a rating of A1 for its short term debt obligations and A+ for its long term obligations”. Um…seriously. Everyone knows these rating agencies are a bunch of bullshitters. Most of the companies that are now collapsing in this global crisis had triple A ratings!
I’m noticing a dangerous trend here on the NSE. Companies that are just desperate to raise a lot of money (from the foolish public) are using the IPO route to do it, but their business model is not changing.
If you insist on using funny-mentals then aren’t these the basic questions you need to ask?
It looks like Safaricom may have peaked in terms of it’s customer service base and they are going to have to add new products, but will there be demand for these new products and can the consumers afford them?
This is what happens to an economy built on in-breeding. At some point, you run out of people to sell to and when that happens, you need to start exporting, but if you produce nothing, what will you export?
You can attend a thousand annual meetings and you can pull your hair out trying to figure out things like P/E ratios and other bullshit concepts that finance people come up with, but at the end of the day, everything comes down to selling. If these companies do not have products that they can sell, they simply will not make money.
Stop payukaring…
1) Mabati is NOT doing an IPO. They are issuing a bond. Of course, rating agencies get paid for rating a bond issue (conflict of interest, no?). The option is borrowing from banks who are charging relatively high rates at the moment.
2) Hey… I am a Zain fan. Never did like SafCon… but the internet access is pretty good though it was a dog when they launched it.
3) Watch my buddy Warren Buffett… In 3 years, his FUNDAMENTAL based approach will do wonders… as mentioned before… you have to do your own due diligence…
4) Actually the ‘depressed’ market is a boon for serious investors!
PRACTICAL POINT: Unlike WB who is a financial genius (thus the richest guy in the world & in the top 10 for decades) can afford to do a proper assessment of firms & investments. The rest of us schmucks cannot!
The ‘best’ investments tend to be private investments but investing in stocks is a proxy.
All said and done… watch my lips… KCB is at 16.85 or so… BUY… and it could drop to 15/- in the near term but let’s talk 3 years from now! I figure our blogs will be around so feel to pencil it in your calendar!
KE, I admire your expertise on matters financial but if someone listened to you, they would never invest in any Stumbling Exchange, never borrow money (because debt is bad) , never get an MBA (it’s overrated), ….just produce and export. Somehow.
CT
Get your facts right.
MRM are selling a bond but they are also LISTING on the NSE soon.
Infact, I believe they have already SOLD the bond and are now moving on to LISTING.
PKW:
Debt is debilitating and it’s what triggered this financial crisis: Too much borrowing both by consumers and by financial institutions and the bills are now due (all at the same time).
Coldtusker:
You keep quoting Warren Buffett, but let’s be honest here. 99% of the stock buying public will never achieve his success. He is an exception and yes, the world does have exceptional talents, but don’t for one minute think that you’ll achieve Warren Buffett’s succes if you are stuck in Kenya or anywhere in Africa. Those markets are just too small.
You also need to pay attention to what Warren Buffett is currently doing. He is not just buying stocks because they are cheap. It’s not that simple. His company has lots of cash. These institutions are cash strapped and Buffett has negotiated very good terms for himself: Look at the following quote from this article on why buying cheap stocks (like warren buffet may not be the best thing for the vast majority of average joe’s):
“Though I’d be more bullish, too, if I could get the favorable terms that Mr. Buffett did. In exchange for his money and his good name, Goldman Sachs and General Electric each guaranteed him an annual return of at least 10 percent”.)
Link to full article here: http://www.nytimes.com/2008/10.....ref=slogin
KEI O:
So, MRM had a bond and now they want to go public? that means they are clearly looking to raise money, which is fine.
Look, if I had a company and I wanted to raise money, I’d list it on the NSE very quickly. Why? because the regulations are so weak and the lsecurities laws are so non-existent, that even if I pocketed some of the money I raised or even if I tried to manipulate the price for my own economic benefit, chances are, I wouldn’t get caught and I wouldn’t go to jail (or even if I was caught, I wouldn’t wind up in jail).
That’s what the mzungu owners of access kenya are doing. They lived in Europe and they know better than to take a company public in a country with such strict securities laws —one minor mistake and your ass will wind up in jail.
KeiO: Please quote me where my facts are wrong about MRM?
Then show me WHY my facts are wrong.
KE: Erm, why are you repeating what I said…?
“PRACTICAL POINT: Unlike WB who is a financial genius (thus the richest guy in the world & in the top 10 for decades) can afford to do a proper assessment of firms & investments. The rest of us schmucks cannot!”
kei o: MRM is NOT listing on the NSE (not that I have heard of). They are listing the bond. These are very different. Unless you have inside info. I do not.
WB – Of course, he can negotiate better returns. He has bought preferreds & warrants not actual shares in GE & GS. BUT… as regards his investments… he needs to deploy large sums while we can do much smaller sums.
Unfortunately, the opacity of African countries… the corruption & political theft e.g. Kenya’s botched elections & allowances for wives, concubines & cronies… means we will not have a WB anytime soon…
BUT… I have to say… India has lots of corruption but they have 4 of the top 10 billionaires! And many more in the top 100. And these is real wealth generated thru real a real economic base.
KE,
ON a totally different TOPIC, I was reading thru the details of the people implicated in kenya’s post election violence.
I know some time back you’d written that the kibaki gvt was going to take care of the Kalenjin Problem once and for all, Implying that it will not be immediate, it will take some time but it will eventually be done.
As I read thru that report, it was disturbing to read that most of the names mentioned as involved in the violence were dead. Most were reffrred to as ” the late..so and so..”
I just thought it was important to bring this up coz KE It seems you were right. There is definitely a detailed plan to take out these guys one by one and deal with the problem permanently. I think the gvt wants to take out the small fish first, and save the big game for the last.
All those Kalenjin MP’s who have died were all adversely mentioned, from Kipkalia Kones and the lady MP who perished in the airplane with him, the Kimutai dude etc.
Does this reveal a plan by the gvt to specifically target the planners one by one ? obviuosly YES.
Who will be next?
CT
Below is a report from yesterday’s standard. I am sorry I have had to copy and paste the whole report coz I wasn’t sure the link will work. The second last paragraph clearly states that MRM is about to be listed on the NSE. The report also clearly says that the bond is already done.
Satisfied???
If still not stisfied, you can contact MRM directly in Nairobi – just a phone call away and then let us know what they tell you!
By Jackson Okoth
Steel manufacturing firm Mabati Rolling Mills has announced the successful closure of its Sh 2 billion corporate bond, defying a subdued market to record full subscription.
“This response is due to confidence of the market on the firm’s strong fundamentals and a good reputation built over the years,” The company’s Chief Finance Officer, Satish Kawhney told The Standard.
Mabati Rolling Mills, the flagship company of Safal group, a leading manufacturer of flat and long steel products, had gone to the debt market to raise cash for expansion of its production capacity and building of a new new aluminium coating line.
” Investors have been attracted to the firm’s projects hence their willing ness to support it, said Sawhney.
MRM is part of the Mautitius-based SAFAL group companies with a presence in Kenya, Uganda, Tanzania, Ethiopia, South Africa, Zambia, Angola and Malawi.
The Safal Group has galvanising lines in Kenya, Uganda and Tanzania as well as Aluminium-Zinc and Colour Coating lines in Kenya.
Investors holding the MRM corporate bond will realise a return at the rate of one per cent above the prevailing interest on eight-year Treasury Bond, for a fixed rate coupon. While those holding floating rate coupons expect a yield of 1.75 per cent above the prevailing 182-day Treasury Bill rate.
Mabati rolling mills is set to be listed at the NSE at a time when the market is on a decline due to prevailing bearish conditions.
“If you have strong fundamentals and proven track record, there are investors in Kenya who will support the project,” said Kawhney.
kei o: ahhh… I forget, you are a non-resident Kenyan.
LOL… finance reporting in Kenya is so-so at best. Standard’s financial reporting is even worse.
So neither Nation nor Business Daily nor the NSE is aware of the claim by The Standard. I do not buy TS.
The BONDS are being listed NOT the firm. Listing of bonds is different from the listing of a firm. Listing of a firm implies listing of equity, generally ordinary equity.
If you are right… then I am sure you will tell me what price MRM’s shares trade at on Monday.
Sorry to digress:
I cannot believe Ruto has forced Raila to backtrack on the Waki report. Ruto is now effectively the boss of ODM. He makes the decisions and Raila has to abide – apende asipende.
Wonders never cease.
coldtusker:
You are no longer going to be able to hate on non-resident kenyans simply because they have now become kenya’s largest foreign exchange earner. They’re bringing in more money than tourism and horticulture.
Say what you will of them, but their money is having an impact segments of the economy like the stock exchange and like the real estate market (and I haven’t even mentioned more important things that their money does for family members — things like paying for healthcare costs, school fees, food, etc, etc).
You and perhaps others, are going to have to acknowledge this group of people in the same way that other countries did. Countries like India, which cleverly maintained the links with their NRI’s. Mexico is another country that has become dependent on it’s non-resident workers and Israel as well with its links to american jews.
The immigration in Kenya started much later than it did for a country like India, where it began in the 60’s and 70’s. In kenya, it began in the 90’s when the economy collapsed, but the country can no longer ignore this phenomenon.
These NRK’s are going to keep having an important impact on that country’s economy in the same way that the NRI’s in India did. Those links will never be severed.
Who is hating on NRKs?
It’s the silliness that many NRKs exhibit – we are better than you since we live in the West – that irritates many.
BTW, I think the contribution NRKs makes to Kenya is HUGE. Why the gov’t doesn’t recognize this by fast-tracking dual citizenship makes no sense. It’s all talk & no action. Providing dual citizenship will enable easier trips to Kenya by NRKs & their families.
Many NRKs have married Americans/Brits, etc… & these families should feel they have Kenyan ties. Wouldn’t it be wonderful if Obama could also hold a Kenyan passport?
(BTW, I know US Presidents are supposed to be born in the USA & I doubt they can be dual citizens)
Yes, there are many things wrong in Kenya but unlike the NRIndians who have made significant contributions to India, what have NRKs – except build houses for their families – done?
Google ‘Sam Pitroda’ to see what one NRI has done to change India’s telcom industry.
CT
You like to generalize.
KE has just pointed out to you that NRKs are paying school fees, healthcare – including building the houses you talk of. They also provide capital to their relatives to set up small businesses. I know a friend who has lent her sister money to set up a salon business in Nairobi. The business is thriving and has now employed 6 people.
NRKs do not think that they are better than resident Kenyans – it is the resident Kenyans who think and insist that NRKs are better than them!
It is a nightmare for NRKs to visit Kenya. They are sorrounded by hoardes of resident Kenyans expecting to be given gifts and money by the NRKs. This culture of begging by resident Kenyans must stop. Some of the beggars are even mature professionals – perhaps like you CT.
I once had an airport worker (JKIA) beg me to help him to migrate! What a strange experience.
CT is right….KE always acts like she better off, bashing anything kenyan….I liked when MainaT put her in her place a while ago.
CT just exposed her and keio’s ignorance..so she is changing the topic to NRKs.
CT
I take it back then. I had undrestood that article to mean that MRM are going public.
However, that is no reason to condescendingly refer to me as a non-resident Kenyan. For your information, I just returned from Kenya approximately 2 weeks ago. I will be going there again at the end of this month.
I spent lot of money when I was there. I paid school fees, hospital bills, transport money, pocket money etc and like someone has pointed out, I was sorrounded by Kenyans begging for money and favours. A disgusting habit I must say. I had to continously explain that I am just like any of them. I even pointed out that many of them had better opportunities than me to develop and expand their businesses.
I am in contact with Kenya on a daily if not hourly basis because I have interests, assets and investments there. I am also looking to expand my interests.
I must say that I am disappointed by the laid back attitude of resident Kenyans – they still do not keep time and they appear to take important things for granted. I will give you an example. I met an old acquaintance who is now in the business of supplying horticultural products to retail outlets including supermarkets, hotels etc. He has a farm in a place called Tigoni and he wants to grow flowers and go into the export business and he wants me to be his partner. I advised him that he needs to set up a website and register his company so that potential clients in the UK can have confidence in the business. He has since become incommunicado. What he wants is to spend the money he has earned in a pub instead of taking his business seriously.
This is a serious problem. Kenyans do not expand their businesses – wanakunyua profits na capital pia. We went carni, simmers, casino, F2, Golf Club etc I was spending money that I had already budgeted to fritter away; he was spending his profits and capital. In the end I had to give him a long lecture on separating his business money from his party money. I am not sure he understood.
Another one was asking me to buy a pickup truck for him to expand his shop business. I told him to go and get a loan from the bank!
NRKs are actually better at management than resident Kenyans.
CT
Do not even get me started on the mediocrity that passes as normal business practice in Kenya.
Please, please, please do even go there my friend.
1) Punctuality… WTF? Most Kenyans have ZERO concept about being punctual. That is irritating. KeiO… I agree with you but why the tardiness?
2) Beggars… never begged. Hope never to.
3) Laziness… In some instances I agree with you. When I go to the Coast… I find them too laid back. Are they just enjoying life or am I a typical Nairobian?
Coldtusker:
I just told you that the NRK’s are now kenya’s largest foreign currency earner (larger than the exports from horticulture and from tourism) — what more evidence do you need of their important economic impact?
And their money is not just building houses (as you put it). I would argue that the money these NRK’s send back is more important than anything the IMF or worldbank has given to the country simply because the money is going DIRECTLY to their family members without the government having a chance to steal it. This is a very important point that you need to acknowledge. For years, Africa has received foreign aid and nothing has come of it. So, maybe the government needs to recognize that remittances are in fact a much better buffer against poverty than foreign aid.
Anyway, you were right about MRM and their bond flotation. So thank you for that clarification.
When it comes to finance, coldtusker knows his shit (I’ll give you credit there).
Now, let’s get back to the issue of the piece since someone accused me of trying to divert the topic. I don’t know why because if he or she had been reading this blog frequently, they’d know that we occasionally go off topic, but that is hard to control with quite a few people wanting to comment.
Interesting that you think the people in the coast are kind of lazy. Would you say the same thing about the people in Kisumu? You know that’s the stereotype kikuyu’s have of them.
KE: I do not believe in ‘aid’ that is free… coz it is not. I prefer FDI to aid. Period. I think government to government financing is open to corruption on both sides. I think PPPs are the way to go.
NRK’s do make a contribution but when it supports consumption e.g. sneakers, mitumba etc then it does little good for Kenya. I also find Kenyans who insist on buying foreign goods for status – not quality – as being silly.
NRK’s who fund businesses, buy shares (invest in Rights Issues, etc), build shops, etc… that is good.
BUT a guy/gal who pops in… buys a few heinekens for his friends, brings chinese-made sneakers, Indian-made t-shirts… that does not help. Oh, and the irritating twang…
CT
Sneakers, Indian shirts, heinekens etc – those are just souvenirs. And the resident Kenyans really appreciate these gifts. On the flipside my friends in the UK are increasingly asking me to bring them authentic gifts from Kenya – which I oblige. That is a non-issue.
The real issue though is that NRKs are sending money directly to their families. I have rarely seen an NRK in the UK who is not helping their families directly in one way or another.
About the fake tweng – that comes with the territory. It is a bad as resident Kenyans insisting on speaking English when they are in their own country. It sounds ridiculous.
I visited a friend’s salon in the city and the employees insisted on speaking to me in English. I flatly told them I am a Kikuyu and I am perfectly fluent in the lingo (they are Kikuyus). I found it bizarre that they still insisted on speaking in English and I would then respond in Kikuyu!
So in short, it may seem to you that NRKs are just popping in to buy heinekens and floss with their fake twengs – but there is another side to the story if you care to look deeply.
Why do i get the feeling that you are resentful about the NRKs?
Do you want us all to live in squalor in Kenya?
Coldtusker:
What are you talking about? Kenyans are not by nature, big consumer spenders and if the money is being sent to their mothers or to other women in the family, I doubt it’s being wasted on things like sneakers and beers.
I’d actually say that the biggest expense that NRK’s spend money on is healthcare and education (aka school fee’s). The cost of healthcare in Kenya is absolutely insane. Have you seen those hospital bills? even at a place like Kenyatta, it’s crazy.
I’ll give you an example of an expensive illness to treat that is affecting many kenyans and that requires continuous injections of cash: This illness is Diabetes.
My first hand experience has shown me that you don’t want to be broke and have diabetes because it could be fatal. Why?
If you have diabetes, you constantly have to go to the doctor for check-ups and these check ups costs money. Every time you see a doctor in Kenya, you have to pay. There is always a charge.
You need money (continuously) for things like insulin, injections and other medications that you may require. These medications are not cheap.
You also need to eat constantly throughout the day. Food costs money.
Now, I haven’t even added in other diseases like cancer, AIDS, etc, etc…
All these blogs want to talk about shares and the stock exchange and all that other nonsense, but like I’ve said before, I think remittances are underestimated in terms of their REAL impact on people’s lives and especially in a country where you have an inflation rate of 30% and where you have a country of very low productivity. Where are people getting the money from?
India did not grow from ‘remittances’ though I am sure they are substantial BUT from FDI from the “west” & NRIs. The driver was knowledge transfer e.g. BPOs & technology parks. After all how did Dell/GE/Citibank discover India? Through NRIs…
The Philippines is stuck since its NRPs remittances are primarily ‘consumer-like’ rather than investments. They have woken up to BPOs but have a long way to go.
I think Kenyans need to create an ‘investable’ atmosphere that goes beyond remittances for food, medicines, etc. I think dual-citizenship is one of the ways to go. Charge a fee but allow NRKs to feel part of the nation.
Kenya can & should export labour esp if we can produce it BUT there is a need to ‘attract’ these Kenyans’ money back by creating an INVESTABLE environment.
NRKs who support their families (commendable) do not create ‘real’ jobs. Many families think manna falls down from the heavens in the West & wait for handouts.
Countries/families that get ‘aid/handouts’ become lazy. Many NRKs have done just that. Created (unwittingly) a culture of laziness.
If Obama wins… as much as I hate to say it… I think many Luos will flock to the US Embassy demanding to go see their brother/cousin/son/grandson/clan member… Heck, they would demand the US gov’t feeds & clothes them & get them on the welfare program! Coz an American called Barack Obama is president!
The feeding vs teaching to farm concept…
CT
India remains a largely poor country. Travel through that country and you will see that they still have hundreds of millions living in poverty. This is not to say that they are not making progress.
And another thing, India is a sub-continent. It encompasses what would equate to several countries in Africa. It is therefore not a very good comparison with Kenya. Perhaps a better comparison would be then new proposed trading block of COMESA/EAC & SADC.
I agree with you though that there needs to be an “investable climate” in Kenya. This is the work of the government. How do they do this? I suggest by improving the following areas:
- Energy
- Transport/Roads
- Security
- Healthcare
- Reducing bureaucracy and corruption
They should also adopt the slogan that says that charity begins at home by promoting homegrown entrepreneurs.
Less politics, more economy will do the trick.
Coldtusker:
India is not a good example to use against Kenya. I think a better example would be Mexico and I will tell you why.
The NRI’s started leaving India in the 60’s and 70’s when the economy was all but closed, which really meant that it was very difficult to either import or export anything into the country.
As a result of this closed economy, the Indians learnt (or were forced to learn) how to become relatively self-sufficient. They learnt how to build their own cars, they made their own clothes, they built their own factories and they also grew their own food (india, unlike all of Africa, achieved food security in the 1970’s). They essentially continued Nehru’s philosophy of self-sufficiency, which he implemented at independence in 1947.
So, remittances were never really a big issue for India because the people learned to produce what they needed and as long as they could sell it within India, this productivity did create jobs for many Indians. This level of self-sufficiency has never been present in Kenya. We do not produce anything and that is why the remittances are much more important for Kenya than they ever were for India. If you don’t produce, you can’t create jobs and without jobs, people will not have money. This is where remittances come in. They are filling the gap of a low productivity country.
So, yes, India’s economy did not grow from remittances. It grew beginning in 1991 when they opened up the economy and allowed the free flow of imports and exports. However, the millions of Indians who had lived in the west were a very important link for U.S. companies (particularly those in silicon valley) that were seriously beginning to consider the outsourcing of white collar work.
It is the NRI’s who first told the Americans about India’ well educated, English speaking population. So, they were important in terms of educating the American public about their countries potential as an outsourcing hub, which had largely remained unknown in the west.
So, do not compare Kenya to India. Compare it to Mexico, which like Kenya, has a large illiterate population, is full of corruption and has not learnt (like India) to become self-sufficient in terms of it’s productivity. That is why mexico is still heavily dependent on the remittances they get from the USA in a way that India never was.
I also don’t think Mexico ever had the equivalent of the Indian ITT”s, which spurned out all these scientists and engineers. Think about it — in a country of 1 billion if even just 1 % go into engineering, that’s a whole lot of qualified, English speaking scientists.
CT
It is not all NRIs who are into big BPO or IT projects. I know alot of low level NRIs in the UK whose only contribution is remittances to their families. These are people I have worked with, lived with, collaborated with etc. They send money for education, healthcare, building houses etc. They are just average. Be real and forget all this hype about superhuman NRIs.
The one thing I have noticed though among the NRIs is their ability to mobilize and organize themselves into groups. They contribute money to these groups and are in turn able to borrow from the groups incase of emergencies.
I have also noticed that they always endeavour to help their relatives to migrate from India to different countries. Most favourite destinations being UK, Canada, USA, EU, Australia, Malaysia and some African countries e.g. Kenya & South Africa.
Now, if India was doing so well, why are they so DESPERATE to leave?
One thing the NRKs could learn from the NRIs is this ability to organize into groups. I was recently surprised to learn that many corner shops and petrol stations in the UK are now owned by these groups. They then DESIGNATE/EMPLOY one of their own to act as the owner and run the business. Very crafty.
Kenya should invest and invest and invest in education/schools and I am sure that fruits will be seen in 10-15 years time.
Josh:
It’s an interesting point you make about NRI’s. I think the UK has both a larger population of NRI’s and also a poorer population of NRI’s. Is some of that due to the general discrimination they’ face in Britain?
I would say that the NRI’s in America tend to be above average, both in terms of income and in terms of education and a lot of that has to do with America being more immigrant friendly, particularly if you have the skills and are willing to be entrepreneurial — america is less aristocratic than all of Europe. As long as you can make money, nobody really cares were you went to school or whether you even attended a school. Yankee’s are all about the green.
KE
The UK has a big population of average NRIs. It is true that there are success stories but by and large the majority are poor.
Some northern cities are swamped by NRIs e.g. Bradford and Leeds. Others in the south such as slough and some parts of London ae also swamped. These NRIs live in the most deplorable conditions. The odd thing is that they are mostly exploited by their very own more successful NRIs.
It is also true that the UK still has the class system. You may have all the money you want but some doors will still be closed to you if you are not from the right class.
I just laugh when I hear people like CT deifying NRIs. He really does need to travel and experience life outside Kenya.
There will always be poor folk. Even in the most ‘communist’ of countries there were poor folk
BUT look at the successes of the NRIs… (BTW, how did we come to his topic?)
I believe the richest NRI is Lakshmi Mittal… and he is among the top 5 wealthiest guys in the world… and his wealth was thru business savvy… and is opening a new mega-plant somewhere in India…
So the NRKs… how are they helping Kenya except for the consumerism?
I do travel abroad but Kenya is OK for me for now… Unlike you I support Kenyan tourism…
Coldtusker:
Have I not answered your question about how NRK”s are helping Kenya? Let me repeat: THEY ARE HELPING THEIR FAMILIES and that money is addressing the immediate financial needs of these families, something which foreign aid in Africa has never, ever, ever done.
It’s not about shallow consumerism because the money is being spent on important needs like health care and education.
It’s not about being like Lakshmi Mittal (at least not yet. Although I’m sure many are trying).
JOSH,
To support your point,I recently visited Florida for 3 months and I swear every Gas station there above of Miami all the way to the Panhandle of Tellahasse is owned by NRI. Go see for yourself. Even local whites don’t understand the modus operadi of these Indians.I am talking about Thousands of gas stations in the whole state (There is even one CITGO station owned by a KENYAN INDIAN in Gainsville). We met by coincedence when he heard me bongaring Kyuk with my sister. He told me NRI own more convinient stores all over US than you can count.
KE,
Wewe wacha! Have you been to Mexico? Mexico ain’t as poor as you think. Way ahead of Kenya. No comparison. From the economy to infrastructure.Think of vision 2030…thats what Kenya will achieve…to be like Mexico.I think you should use COSTA RICA or any other central American nation NOT Mexico.
KE,
I thought you might like this. To continue my Florida story,I met this white guy at a local pub who seemed to hate NRIs. According to him,NRIs are the worst enemy of the US economy,NOT illegals from Mexico. This was his argument…….
-Illegals do odd jobs and remitt little they have yet their presence ensure low prices for agricultural products (very essential).Those who make it invest their money in the US .
-Those who cry “Illegal alliens”(in Ref. to Mexicans) will then proceed to NRI stores to spend their money which is then shipped to INDIA for investments there. In other words NRIs make more money than illegals yet they rarely give back to America.Not even employment.
I don’t know about that….so what do u think?
Dee: Stop hating on NRIs. When in the USA… these were the only stores open late at night. Is it the culture to work hard? I think the same happens in Kenya.
I remember the days when Nairobi was very safe & the shops on River Road were open 7 days a week.
Also the 7-Elevens seems to be owned/managed by NRIs.
Lakini, even more interesting… the number of NRI doctors wherever you go. I hate going to see doctors but while waiting in ERs… it seems 60% are ‘Asian’ & the NRIs must be 40% of those.
I hope these are the types of NRKs in the USA.
Josh: The Lakshmi Mittals are few. After all how many billionaires can there be? In Zimbabwe, virtually everyone is a billionaire but to be rich you need to be a trillionaire.
BTW, how many legal NRKs are there in the USA & UK?
What about (estimated) illegal NRKs?
CT
I do not know how many illegal NRKs there are in the UK but I can tell you they are not that many. The UK govt is in the middle of granting a quiet amnesty to overstayers and simultaneously tightening entry requirements. Alot of NRKs are getting permanent residence status letters in the post out of the blue. This is not say that there are no illegals.
On the issue of employment, the Kenyan High Commission says that according to its statistics 98% of NRKs are in employment. 78% are employed and the rest are self-employed. This is above average even for an immigrant community.
I personally know alot of NRKs who are in all forms of employment – professional, blue collar, self-employed etc. It is only yesterday i met an NRK working for a Hedge Fund that has a £10billion portfolio.
This was the first NRK I encountered working for a Hedge Fund. We met in a lodge meeting. I am a Freemason, by the way. I don’t know how some of you will perceive me from this revelation – but i urge you to be open minded.
So? What’s the big deal about being a FM? Why should anyone (except some idiots) get upset or look at you differently?
Josh
Its interesting for you to say that you are a Freemason. They have a bad press in Kenya. It is obviously due to ignorance and misconceptions.
How do I join if I want to?
Josh,
I am surprised at the number of young men joining these organisations lately…these groups were almost dead…now you guys are reviving them. What are the benefits beside telling men & women that they will prepare them for greatness?
KeiO,
The reason they have a bad press in kenya is because africans are very suspicious..rightfully so, especially where white magic is involved.
Pursue freedom and hapiness instead.
Koffi
What is white magic?
I have heard this term before but I dont actually know what it means. Is white magic something opposed to happiness and freedom?
Josh:
What do free masons believe in? I googled it and this is what I came up with:
Freemasonry is the oldest and largest world wide fraternity dedicated to the Brotherhood of Man under the Fatherhood of a Supreme Being. Although of a religious nature, Freemasonry is not a religion. It urges its members, however, to be faithful and devoted to their own religious beliefs.
What the hell does the above statement mean?
KE
Freemasonry is not a system of belief. It is not a religion. It is defined as a system of morals veiled in allegory and illustrated by symbols. In simple words it is merely advice on how to live a charitable life in harmony with your fellow man. There is a lot of misinformation about Freemasons on the internet.
I subscribe to English freemasonry and we have a website. It is as follows http://www.ugle.org. It stands for the United Grand Lodge of England. You can find all the information you need about freemasnory on that website. That is the official website.
The greatest joy of being a freemason is the bond of friendship you establish with fellow masons. You basically have true friends in every country of the world. I met a mason from Chicago on Saturday and he has now invited me to visit his lodge in Chicago. I will be welcomed with pomp and ceremony like a long lost brother. That is the greatest joy for me. I do love my masonry.
I will be happy to answer any of your questions.
Sorry the website is http://www.ugle.org.uk
Josh,
Why do u say its not a belief system when one of the requirements is believing in god, use of a bible or quran etc..isn’t that religion ? One of the great masons, Albert Pike says “every lodge is a temple of religion and its teaching instruction in religion” I remember when the Grand master in nairobi lodge said to the Standard paper that “its a society with secrets” and its “not a religion but religion itself”. I think the older guys intentionally mislead the initiates. Am I wrong?
KeiO,
White magic teaches about manifesting the seven spiritual energies, and it could only be performed by those pure of heart,mind and body..anything else is black and selfish hence black magic .
Koffi
Thanks for the clarification on white magic.
I have been on the website given by Josh and it has some interesting information. The website seems to support Josh’s idea that FM is not a religion.
Who is Albert Pike and who is the grandmaster of Nairobi?