Friday, September 21, 2007

Wikileaks: Charterhouse

Charterhouse revealed
Fresh off the kroll reports, Wikileaks moves on to another Kenyan financial saga - uncovering secrets of charterhouse bank .

The bank was placed under statutory management in 2006 after a long battle with the central bank governor, finance minister, amid allegations of money laundering and tax evasion that almost brought down Nakumatt supermarket who banked with them and hosted several Charterhouse branches.

Euro needs more marketing
The US Dollar keeps dipping lower, not just against the shilling, but is all over recording lows against the Euro and now achieveing parity with the Canadian dollar (no more cheap buys from Canada).

I feel bad when I travel to another country with my Dollars and they don't go as far as tehy used to, or as if I had carried Euros instead.

While the dollar is laid low, there is no other currency stepping up to grab its space. The pound is a colonial relic and the yen is too far & exotic.

The Euro needs to step up and lobby to become the currency of choice for hotels, shops, forex bureaus, Kenya airways, Somali & Sudanese businessmen, companies and most important the Kenya government

Family Bank gets cheques
After applying for a waiver (and getting it), Family Bank finally is now fully fledged with cheque books for customers and access to the Central Bank clearing house. This meshes will with their growth plans – as a recent report found they had the highest new account growth among all banks last year.

IPO savings loan
From Transnational Bank, comes the Fanikisha enabling people to save money and buy IPO shares on the NSE – which TNBL will finance up to 2 ½ times what you have saved. The account is aimed at Kenyans abroad – but my question is with the fractional IPO applications yielded (1/4 or 1/3 of shares paid for) what gain is there in taking a loan for an IPO?

Story con or cover up?
KTN had a story this week about the Tesco supermarkets (local chain – not UK-related) who just ended their Uchumi franchise partnership. KTN said they had seen documents showing that Tesco was insolvent with negative share capital, numerous bounced cheques, rent arrears of many months at its stores, and suppliers reclaiming their merchandise. The story ended there with not follow up in the Standard (KTN sister paper) or any other newspaper. So was it hushed up, or was it a case of more mud slinging in the supermarket wars?

10 comments:

MainaT said...

Tx Banks on charterhouse. I think i now understand why US keeps issuing those advisory notices that on the face of it don't seem to make sense until you see stuff like this. Seems Nai is developing a nice sideline in white-collar crime...

E-Nyce said...

The Dollar is gonna go even lower, at least in the short-term, with the interest rate decrease(s). Sure, its value against other currencies gets hit, but our exports then become cheaper. Quick and dirty way to "improve" the US economy.

we~a~do said...

Well, hopefully, the Yankees can now stop their annoying mourns about the Yuan.

Anonymous said...

declining dollar doesnt affect the yuan since it's pegged - though it rediuces the value of chinas bond holdings. btw so the dollar slips agaoinst all major currencise but strengthens aginst the shilling is that strange or what.

Anonymous said...

Banks, the KTN story on Tesco was based on soft-copy, unaudited and unauthenticated accounts. That's why The Standard didn't run it. We don't cover up. But we only publish things we can stand by. (Like Mpesa, Kakuzi, Francis Thuo, Solio Ranch etc) -- Guy Who Spiked the Story

chumviKiasi said...

Can't have the Euro as the preferred reserve currency. It is always better to have a country's currency as the reserve currency not a regions. Also the dollar is popular and well known, easily recognizable and US assets are still highly valued. That will change when drug dealers and dictators start trading in Euros :)
Yes, it will go even lower. On the other hand, multinational companies stateside will record higher profits since their sales abroad will still be based on Euros or Yen or whatever, simplistically, but hey! Their stocks reflect that.

E-Nyce said...

It is always better to have a country's currency as the reserve currency not a regions.

I'm neither an economist nor a finance specialist, yet even I know that this statement makes no sense.

bankelele said...

MainaT; I think the advisories are not necessary (despite past history)

E-Nyce: It's dropping against so many major currencies - Boeing must be happy, while Airbus are ruing the strong Euro

We~a~do: China policy has mucho politics

Anon: Thanks for Tesco clarification

E-Nyce & ChumviKiasi: I don't see why the Euro can't be the govt's foreign currency of choice - but as you said, the dollar is popular and well known

Anonymous said...

"The pound is a colonial relic"

I must admit that the £££ have serious appeal to those earning it - a few pounds go a looooong way ANYWHERE you go...relic or whatever else you want to call it....

Anonymous said...

"The pound is a colonial relic"

That kind of comment makes me laugh out loud....I'm so glad I earn £'s and not $'s right now - I'm a rich man in so many more countries than I used to be.

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