Gathunuku

It couldn’t have been more starkly different. Amos Kimunya was on his way to delivering 6-7% growth as was clearly evident in the confident noises he was making at this forum. And he proved he could walk the walk albeit right into this snare. But the Member from Kipipiri isn’t one of them. He is immensely qualified in his profession, has had an illustrious career in the accounting/finance industry and is a one-time head of the influential Institute of Certified Public Accountants of Kenya.

He is, at 46, an atypical political leader. One who will, as Finance Minister, dare suggest the taxation of the grotesque (no other way of describing it really esp. the fact that most of it is tax free) MPs pay, self awarded in a moment of unadulterated hubris, so as to raise much needed revenue to cushion wananchi from spiralling living costs. He “gets it”.

But this was never about that.

That transaction that saw the Grand exchange hands was quite evidently mishandled. Whatever the value of the one glaring reminder of an era of ridiculously lucrative air export schemes, the ex-minister was caught in a complex web. Struggling to fill a gaping hole in his budget (his best yet, friends and foe agreed) mostly brought on by an ill timed mix of astronomical oil prices and slowed economic growth in the aftermath of the December elections, there was indeed a rush to raise money fast. When fuel retailers have to recalibrate their pumps to accommodate a new pricing paradigm, urgent action has to be taken to contain the inflation fuelled instability that is surely nigh.

There cannot be any doubt that he rightly expected a fight on his MP tax proposals and thus was not expecting extra revenue from that source for at least several months, had already sold off a significant part of the an actually well run and profitable government owned company and was running out of options. He had to sell the Grand fast. So when tales finally emerge that cast doubt on the integrity of the whole transaction, the messenger as opposed to the sender was unfortunately met with a parliament in desperate need to assert itself. The man who had the nerve to question their decadent ways was actually fallible himself! Not an opportunity to be missed.

After losing a confidence motion and MPs refusing to do business in the matters of debating and approving various parts of the budget, the fall guy had to fall.

Damnation or absolution simply cannot be passed yet but alas the brutal ways of democracy have to prevail.

- Musings from Parselelo Kantai in The Africa Report on the state of the nation in the wake of last December’s elections and the tragic ensuing events. His article “Now the Hard Part” opine that the deep chasm between the ruling class and wananchi will continue to be a significant obstacle to progress on every front. Thought provoking.

- Yes those petro-dollar driven SWFs are indeed piling on influence as fast as cash. This article (free registration required) in the transcendent McKinsey Quarterly has a detailed analysis of the scale of how $140 per barrel oil is having effect on world investments. Closer to home, tales of new ventures actualised in a most determined of manner only illustrate the measure of liquidity in the GCC and other oil exporters. A major international bank is also reportedly looking to these funds for salvation.

- Word that another stock brokerage might be having problems has one inevitably wondering if this is more than just teething troubles.

- All the best to this chap, LiveQuotes is true ingenuity.

Michael Orme makes a compelling case for why this is perhaps the most apt time to invest in Zim. The man is by no means immortal and can clearly lose an election. Sooner or later he will leave and when that happens, as Mr. Orme argues, opportunities abound.

Right from a diaspora returning home with US$2-3 billion to the mother of all Marshall Plans that will surely be mounted by the Bretton Woods institutions et al, his article continues to make a strong case for investing in Zim yesterday. A reminder though that charity’s got nothing to do with it is perhaps most aptly indicated in the sentence;

“[...] providing…Zimbabwe’s 12m people with lifestyles beyond subsistence offers even juicer prospects.”

Capital doing what it does, brutally.

Another one that must whet the appetites of the bonus chasing fund managers is the following assertion;

“If ever there was a group mesmerised by money, afflicted with status anxiety and a craving for conspicuous consumption, it is the tens of millions of well-off newly middle class in the black populations of South Africa, Nigeria, Kenya and Ghana.”

Indeed. How else does one explain Hummers?

- Thank God for StumbleUpon, how else would one ever find out about this man who obviously has problems with taking no for an answer. Utterly hilarious and a bit inspiring actually.

- He’s still at it and still creating a buzz, the chap is so good that they had to name him twice. Jay Jay moves back to English football. Who can ever forget that fantastic gold winning team at the Atlanta ‘96 Olympics! Celestine Babayaro, Taribo West, Kanu, Tijani Babangida, Victor Ikpeba. Great days for African football.

-They can run but clearly cannot hide. Tech doing its bit to bring sense (hopefully) to the next lot.

Sense at last .