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IKO NINI BWANA SEED

The mystery of the man from Kenya who fell from the sky
In 2019, the body of a man fell from a passenger plane into a garden in south London. Who was he? It was Sunday 30 June 2019, a balmy summer’s afternoon, and Wil, a 31-year-old software engineer, was lounging on an inflatable airbed outside his house in Clapham, south-west London. He wore pyjamas and drank Polish beer. As he chatted to his housemate in the sunshine, planes on their way to Heathrow airport made their final approach overhead. On his phone, Wil showed his housemate an app that tells users the route and model of any passing plane. He tested the app on one plane, and then held his phone up again, shielding his eyes from the sun and squinting into the sky. Then he saw something falling. “At first I thought it was a bag,” he said. “But after a few seconds it turned into quite a large object, and it was falling fast.” Maybe a piece of machinery had fallen from the landing gear, he thought, or a suitcase from the cargo hold. But then he half-remembered an article he had read years before, about people stowing away on planes. He didn’t want to believe it, but as the object got nearer and nearer, it became impossible to deny. “In the last second or two of it falling, I saw limbs,” said Wil. “I was convinced that it was a human body.” Wil took a screenshot of the flight app notification, and his housemate called the police to give them the details: Kenya Airways flight KQ 100, a Boeing 787-8 Dreamliner that had left Nairobi’s Jomo Kenyatta International airport eight hours and six minutes earlier, at 9.35am local time. Wil went out on his motorbike, hoping he would “see a bag lying on the road, praying it was just a bag or a coat or something,” he said. At one point, he found a rucksack lying in the road, and felt a surge of relief. On closer inspection, it was covered in dust. It couldn’t have fallen from the plane.   “As I went around the next road,” recalled Wil, “a police car came screaming past in the opposite direction and very nearly clipped my handlebars. I thought: ‘Oh, my God. It was a human. That’s definitely what this is.’” Wil followed the police car, which led him to Offerton Road, 300 metres away from his home. A whey-faced young man – he looked to be in his 20s or early 30s – stood outside a handsome townhouse, trembling and silent. His name was John Baldock, also a software engineer, and originally from Devon. “He had a million-mile stare,” said Wil. Wil looked through the window, into the garden. The patio was “totally destroyed”. He looked at John. “The first thing I said to him was: ‘That was a human, wasn’t it?’ Because I still wasn’t 100%. And he didn’t say anything, but he just looked at me and nodded. And then it hammered down on me, like a weight of bricks.” He plummeted 3,500ft,…
Raila Family in Vicious Fight to Grab Billions From Fidel’s Widow
Lwam Bekele, who claims Raila family has not been supporting her, says if it’s proved twins were sired by Fidel, she would include them as beneficiaries. Mama Ida Odinga, the wife of Raila Odinga, is a reserved woman who avoids publicity, especially the controversial kind. She cuts the image of a caring mother not just for her family but the nation which is the playground of her husband’s politics. But she has thrown herself into the limelight in the succession case of her son Fidel in which, teaming up with her last born daughter, she is taking on Fidel’s widow in a battle for wealth that’s already turning attention to one of Kenya’s most prominent families. Raila managed to stop the Standard newspaper from running the story in dramatic events that saw the press stopped and top story replaced. But Business Today has managed to see the court documents that offer a peek into how wealth can blur relationships and turn relatives into foes. Ida goes to the extent of accusing Lwam Bekele of masterminding the death of his son. In statements to detectives captured in court documents, Ida says Lwam was behind the mysterious death of Fidel, their firstborn, in January 2015.   These sensational claims have blown the lid off the boiling blood between in-laws in a classic case that could paint the Odinga family in negative light if they lose the suit. Lwam, for her part, says Ida has been making “false and unkind” remarks about her in connection to the sudden death of her husband. Raila family became uncomfortable when Lwam was granted the letter of administration of the Fidel Castro Odhiambo Odinga’s estate, which is believed to be worth billions. This prompted Ida and her daughter, Winnie, to file an objection to that, arguing that Lwam is a suspect in the death. They claim she vanished soon after Fidel was buried and investigations into the death were launched, then cut off communications. The death of Fidel remains a mystery as it was a major blow to Raila’s family as he was seen as heir-apparent of his father’s political dynasty as well as business empire. His body was discovered in his Karen house on a Sunday morning after spending Saturday afternoon and evening with friends before being driven home by a taxi. At around 6.30am, Lwam said she went to check on her husband only to discover his lifeless body. She then called her mother-in-law, Ida. “It remains unclear why she hastily ran away and kept off the family,” Ida and Winnie say in their submission. Fidel Odinga’s Treasures Fidel and Lwam lived in Tipuana Park in Karen Nairobi. Family records show Fidel had 10 properties and seven bank accounts. The properties include the Tipuana Park house, two parcels of land in Kisumu and one in Kajiado, shares in two companies – Axum Investments Ltd and Ambesa Investments Ltd. It has also emerged that Fidel held one account each at Diamond Trust Bank, Stanchart, Stanbic, ABC Bank and three accounts at Gulf Bank. Fidel also owned…
China Invented Paper Money, Now It’s World’s 1st Country With Digital Currency
China, which is regarded as one of the largest economies in the world has announced that it will be launching its own digital form of currency for its citizens. Reported first by Wall Street Journal, this novel digital currency called ‘digital yuan’ will be controlled entirely by the nation’s central bank. However, it showcases stark differences from Bitcoins and other forms of cryptocurrencies. Unlike Bitcoins, it will lack the anonymity and non-traceable nature. Instead, it’ll offer a transparent perspective of the economy to the nation. According to a report by TOI, China’s digital currency has been in development since 2014, right after bitcoin started to gain popularity in the nation. Is China the only one with digital currency? China isn’t the only nation working on a digital currency — central banks across the world have been developing their own form of digital currencies. The US is working with the researchers from the Massachusetts Institute of Technology to develop its own form of a digital dollar, Sweden too has developed and even conducted real-world trials of a digital krona. The Bahamas also has the ‘Sand Dollar’. But China is the first massive economy to have shown a functioning digital currency that’s already rolling in several parts of the nation, which gives it a massive head start. It works just like a wallet-based payment system Bitcoins are not as easy to use as a credit card or hard cash. However, China’s digital yuan would work similar to the existing payments app-based system that are common in the nation with apps like AliPay or WeChat Pay. Users will be able to download and store their funds in wallets and use QR codes to transact with people or vendors. The idea behind the digital yuan is to eliminate the movement of cash — something that’s already reduced drastically in the nation. This, however, doesn’t affect the physical money that’s invested for a long term in banks. The amount will be distributed via commercial banks around the nation. To avail the digital currency, the banks will have to deposit specific amounts with the Public Bank of China. Early trials were seen in Shenzhen, and several other major cities in China with food delivery and ride-sharing apps. In the initial stages, transactions with smaller amounts are permitted to be used using digital yuan. The minimum amount however is yet to be determined. How will it help? With digital currency becoming the norm, it will offer the government better visibility on how the money is flowing in the economy, while also allowing them to track the illegal flow of funds. This could also enable them to try out experiments by focussing monetary policies on specific economic classes and regions. China has a broader aim of internationalising its currency (just like the US Dollar) and as its popularity gets wider, more people could be encouraged to use this as a form of currency for making payments globally. Should India have a digital currency? If India were to create a digital currency of its own, it will…
Kenya-UK ‘complicated relatio- nship’ since days of Jomo, Moi and Kibaki
President Daniel arap Moi (centre), Vice-President Mwai Kibaki (right) and Queen Elizabeth the second of Britain are entertained by traditional dancers at the Jomo Kenyatta Airport on November 14, 1983 before she left the country after a visit. Some four years ago, Dr Poppy Cullen, now a lecturer in international history at Loughborough University, published a remarkable book about the post-colonial relationships between Kenya and the UK. The book, Kenya and Britain after Independence: Beyond Neo-Colonialism, looks at the archives of former British High Commissioners in Nairobi, the policy makers in London and how they navigated their relationship with Kenya. For those who are still wondering why the UK decided to put Kenya on the Covid-19 “Red List”, even though our numbers are not anywhere near some rich nations, there is a growing literature and archives that can now help us understand the British “official mind” when dealing with Kenyan matters. Kenya has called the recent move by the UK as “punitive…discriminatory, divisive and exclusive in their character.” What happened, and why is the once solid relationship now complicated? A few years ago, I sat down with Dr Chris Murungaru, the former powerful minister for Internal Security and he explained how the British were incensed by Mwai Kibaki’s Cabinet decision to legalise the Mau Mau movement and, to cap it all, build a monument in honour of Dedan Kimathi, the man they had hanged as a “terrorist”. More so, and hardly 10 days after Kibaki was sworn in, he ordered his Finance minister Daudi Mwiraria and then Central Bank governor Andrew Mullei to cancel a ten-year multibillion-shilling printing tender award that had been given exclusively to British company, De La Rue, to print the Kenyan currency. In a follow-up letter, dated March 13, Mr Mullei confirmed the decision in his letter to Mr Mwiraria: “That De La Rue be informed that a decision has been made to go for open tender for the supply of our notes for the period after December 2004, it being understood that De la Rue will be free to participate in the bidding.”   That is how the previous stock that bore the portrait of Mzee Jomo Kenyatta was released since there were fears of a shortage of notes. Actually, the initial meetings had agreed that new orders bearing Kibaki’s portraits be printed but that appears to have been shelved. The British company’s contract had been signed on December 5, 2002 and had been single-sourced. While previous contract periods were five years, the Moi mandarins had given De la Rue a ten-year contract. “There was no reason for the former government to award the contract as early as they did unless there was something fishy,” Mr Mwiraria told the CBK governor. Cold-shoulder politics That caused bad blood between Harambee House and State House – and while these years are not covered in Dr Cullen’s book, one should look at the current bad blood between Uhuru Kenyatta’s government and the UK as a continuation of this cold-shoulder politics. It is now known that the State…
Nairobi mototrists stranded as police block major roads
Police block major roads in Nairobi to enforce curfew rules Nairobi residents headed home on Saturday evening were met with a rude shock after the police shut down major routes including Thika Road. Citing 8pm curfew rules, security officers were adamant that residents would not be let through until 4am when the curfew ends. Hundreds of Nairobi residents are stuck on busy highways including Waiyaki Way, Lang’ata and Ngong roads. Those stranded have taken to social media to share their predicament. “They have said that we shall spend the night on the road till 4am. The cars are not moving on either side and there’s an ambulance with a patient here, who will also have to wait. This is just before Mountain Mall,” YouTuber Diana Marua shared.   An illustration of the road closures reported by Nairobi residents in transit as at 10pm on April 17, 2021. The temporary roadblocks have also been mounted at Kayole Junction, Wilson Airport, Lang’ata Road, Mwiki, Kasarani, Junction Mall, Coptic Hospital, Arboretum, Ruai, Utawala, Two Rivers and at Kenyatta University Hospital. The move has been criticised by a section of Kenyans who feel it may lead to formation of gatherings that may lead to more Covid-19 infections. “Compliance with necessary#COVID19 public health measures is not about TORTURE as happening on Thika Road but about National DIALOGUE and community ENGAGEMENT on protecting lives,” tweeted Dr Githinji Gitahi, CEO Amref Africa. “Who thinks for this Country? Surely! So they decide to mount a road block in the middle of Thika Road because people couldn’t get home by 8pm?… What nonsense is this?…you want to tell me now Corona won’t be able to pass that roadblock? What the hell is going on?” Posted Xtian Dela. “Thika Road is like a bad movie. Imagine essential workers caught in that traffic; kids and sick people caught in that traffic. Two wrongs don’t make a right,” posted Carol Radull.   Others Kenyans, however, supported the move. Abraham Mutai wrote: “I totally support the blocking of Thika Road. Kenyans NEVER respect CURFEW times or even MOH protocols. We only wait for such times to shout our lungs out. If you can’t respect the 8pm CURFEW, sleep on THIKA ROAD. Thank you Kenya Police for following orders. Follow them all the time!” Police finally allowed motorists along Thika Road to go through. The highway was reported to be clear as at 11.45pm. – nation.co.ke
Worry in Uganda as fuel prices shoot up twice in four days
Attendants refuel a car at a petrol station in Kampala. The current high fuel prices are attributed to the dynamics of the international oil market. Since December 2020, global crude oil prices have risen from $49.99 (about USh181,000) to $65.41 (USh236,000) per barrel as of last month, according to Statista, a German company specialising in market and consumer data. Locally, a litre of petrol is currently trading at USh4,150, up from USh4,050, and diesel costs USh3,710, up from USh3,630.At the moment, the government says it has no control over the prices since they are dictated by the international market. Petroleum Supply and Distribution commissioner, Rev Frank Tukwasibwe, noted that the increase in fuel prices has nothing to do with the government’s taxation policy. “The problem is that the price of crude oil has been rising, affecting [local] prices. We cannot do anything about that because we do not have local production here,” he said. Rev Tukwasibwe added that the government can be faulted for price increases if there are supply shortages, but that this is not the case. Reactions In their reactions to the price changes, industry players said they can have a negative effect on Uganda’s economy by causing inflation. “Every time fuel prices go up, [there is] a negative ripple effect on various sectors of the economy, oftentime to the detriment of the consumer,” Mr Dan Marlone Nabutsabi, the chief executive of Uganda Consumer Action Network (U-CAN), said in a statement. “Food prices are not spared either. Even government agencies such as the Electricity Regulatory Authority [use fuel prices, among other factors] to determine the electricity tariff. All this, if not quickly checked by the government, may result in inflation,” he added. Mr Peter Onasis Ochieng, an industry expert, told Daily Monitor on Thursday that as long as Uganda and other countries in the region continue to rely on imported refined petroleum products, they will have to contend with such changes in prices. “Until a cheaper means of transport is found, the cost of transporting fuel from the port of Mombasa in Kenya or, from the port of Tanga in Tanzania, will continue to influence the cost of pump prices,” he said. Mr Ochieng added that the exchange rate factor also plays a big role in determining the pump price changes. He said that in Uganda’s case, this is always fuelled by the fluctuation of the shilling against the US dollar. He attributed this particular increase to the cost of imported refined products in the international market. Economic impact Mr Daniel Birungi, executive director of the Uganda Manufacturers Association, said the increase in pump prices only complicates the already dire economic situation. “Many of our members transport their raw materials from the port by road. The increase in fuel prices will definitely increase the cost of doing business at a time when the Covid-19 pandemic has drained businesses,” he said. If the trend continues, Mr Birungi said, they expect a buffer from the government in terms of a friendly tax structure as they can no longer pass the…
KCCC-UK GROUP LAUNCH IN UK
KCCC-UK was founded when Kenyan Community chairpersons saw the need of having an umbrella body for Kenyans in the UK. Through consultation many more chairpersons joined and led to this group formed in 2020. KCCC-UK strives to build and strengthen diaspora Kenyans to stay strong, united and be members in the respective Kenyan Communities in their regions. Our aim is to speak with one voice and effectively network with Chairpersons in Commerce, Education, Culture, Health and Wellbeing while upholding our values. This will help in getting rid of isolations and putting support network available when needed. We also find pride to disseminate information from Kenyan Embassy and other statutory organisations in the UK and Kenya. During the COVID 19 pandemic, the chairpersons have seen the need to continue meeting the needs of Kenyans by sharing ideas on how to support Kenyans during hardship. The chairpersons from different areas were able to refer each other and got donations of food and other supplies which they were able to distribute to their members in different areas in England. Together we can make a difference in the communities we live in by sharing leadership skills of the different chairpersons, to continue supporting Kenyans in the diaspora within the regions we serve. Effectively, we will enable our members to celebrate each other’s success and provide a support network when help is needed by our vulnerable members or during bereavement. We have attracted membership from different regions in the United Kingdom. So far regions that have joined KCCC-UK include: Bedford. 2. East London. 3.Hertfordshire. 3. Luton & Dunstable. 5. Milton Keynes. 6.Nottingham. 7. Oxford. 8. Peterborough. 9. Reading. 10. Scotland. 11. South East & Kent. 12. Southampton. 13. Yorkshire. 14. Sheffield.  15. UKC-SE We continue to advocate to Kenyans to join/form associations that would enable all Kenyans in Diaspora to get support in their local areas/regions. We are still growing and would continue to build this organisation hand in hand to have many chairpersons joining so that we can have a true representations of Kenyans in the UK and speak with one voice on their behalf to meet our common goals. We are extremely delighted to invite you to our Launch which will be attended by the Kenyan High Commission on 24th April 2021 via Zoom.  Kindly join our meeting using details below. https://us02web.zoom.us/j/81750293441?pwd=QnE2amFtWVlZOFdnc3UvT1VXV24zQT09
KTDA pays farmers Sh734m dividends from subsidiaries.
A woman plucks tea leaves at a farm. Farmers attached to Kenya Tea Development Agency (KTDA) will receive Sh734 million this week as dividends from the seven subsidiaries of the firm. The dividend payout relating to the financial year ended June 30, 2020, is an increase of 7.4 per cent compared with the previous period when farmers earned Sh683 million. The cash is part of alternative income that KTDA makes from other entities that the agency runs and is usually paid to farmers through their factories. “The tea factories through resolutions of their directors assigned the dividend income directly to the farmers who are the shareholders of the tea factories that own KTDA (H) Ltd,” said the agency in a statement. This is the second year that dividends are being made as a standalone payment directly to farmers. The payment comes at a time when the agency is under pressure from the government over its management of farmers’ affairs, with the Ministry of Agriculture holding the view that growers are not earning enough from what these subsidiaries make. “Contrary to the misconception that dividends have never been paid in the past, KTDA Holdings and its subsidiaries declare their dividends at the end of the respective financial years. KTDA’s annual audited accounts indicate that dividends have consistently been paid to its shareholders who are the factory companies,” KTDA said. Some of the subsidiaries include KTDA Power, which is involved in power generation aimed at reducing the cost of energy for factories; Greenland Fedha, which facilitates credit for farmers, and Ketepa, which is KTDA’s value addition arm that blends and packages tea for local consumption and export. Others are Chai Trading Company Limited whose mandate is warehousing, blending, clearing and forwarding, value addition, export, and general tea trading; Majani Insurance Brokers, which provides insurance brokerage services for tea factories and KTDA Group companies; Tea Machinery and Engineering Company Ltd and KTDA Foundation, which focuses on corporate social investments. – businessdailyafrica.com
How I Started My Land Ownership Journey with Ksh 10,000
<iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/cdpCAVdmvUM” title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe> “I always desired to own genuine land within the Nairobi Metropolitan area. I met Username Investments when they were offering prime land in Kangundo Road area. I did not have enough money at the moment, however, they allowed me to book 2 plots with Ksh. 10,000 each and clear the balance in installments. When COVID-19 hit, I was unable to clear payments and they extended the payment period for me. I now have my 2 title deeds. Thank you Username for making me a landowner within Nairobi Metropolitan area”, Mutua Francis Just like our client Francis, you too can get started on your land investment journey today. Call/What’s App +254 721 44 99 11 Link: https://www.youtube.com/watch?v=cdpCAVdmvUM&t=1s www.usernameproperties.com #UsernameDelivers
William and Harry will not walk side by side at the Duke of Edinburgh’s funeral
The Duke of Cambridge and Duke of Sussex will not walk side by side when they join other senior royals in the Duke of Edinburgh’s funeral procession. Their cousin Peter Phillips will be between Prince William and Prince Harry, whose troubled relationship has been well publicised, when they walk behind their grandfather’s coffin on Saturday. William will move ahead of Harry as the Royal Family arrives in pairs after the coffin is taken into St George’s Chapel at Windsor Castle. Buckingham Palace has also revealed the Queen will sit alone during the ceremony, due to coronavirus precautions. Details of Philip’s funeral have been released ahead of the service on Saturday. The scaled-down ceremony will have just 30 guests due to coronavirus restrictions.   More from Duke Of Edinburgh Prince Philip: The 30 guests attending the Duke of Edinburgh’s funeral have been announced Prince Philip: Bespoke Land Rover hearse designed by Duke of Edinburgh revealed ahead of funeral Prince Philip: Royals expected to wear suits at Duke of Edinburgh’s funeral after U-turn on military uniform Prince Philip: Full military rehearsals under way ahead of Duke of Edinburgh’s funeral Prince Philip: Royal Family releases Kate’s photo of Queen and duke with seven great-grandchildren Prince Philip: ‘We all miss you’, Eugenie says in touching Instagram tribute to Duke of Edinburgh It has been confirmed the Queen – like everyone invited to the service – will wear a facemask. What we know about Duke of Edinburgh’s funeral arrangements – codenamed Operation Forth Bridge What we know about Duke of Edinburgh’s funeral arrangements – codenamed Operation Forth Bridge She will sit alone in the quire of St George’s Chapel, with all mourners following COVID-19 guidelines and remaining socially distanced.   Peter Phillips on The Mall in London where the Queen’s grandson Peter Phillips announced the ticket price and further details about the Patron’s Lunch event he is helping to organise to help celebrate the monarch’s 90th birthday. A military green, custom Land Rover hearse, designed by the duke, will take his coffin in a slow procession from the state entrance of Windsor Castle through the grounds to the west steps of St George’s Chapel. Meanwhile, a selection of military medals, picked by the duke himself, will appear on the altar inside the chapel. Reflecting his life-long association with the Royal Navy, buglers of the Royal Marines will sound Action Stations during the service. It is played on a warship to signal all hands should go to battle stations and is sometimes featured at funerals of naval men. A reduced choir of four singers will feature during the service and the guests will follow coronavirus rules and not sing.   The Duchess of Cornwall visits the Battersea Dogs and Cats Home to open the new kennels and thank the centre’s staff and supporters. Among the guests are the Duchess of Cornwall, all of the duke’s grandchildren and their spouses, the children of the Queen’s sister Princess Margaret, and three of Philip’s German relatives – Bernhard, the Hereditary Prince of Baden; Donatus, Prince and Landgrave of Hesse; and Prince Philipp of Hohenlohe-Langenburg. Also invited is a close…
COVID-19 having ‘catastrophic’ impact on NHS as 4.7 million wait to start hospital treatment
LONDON – SEPTEMBER 26: An elderly gentleman walks past a hospital sign on September 26, 2007 in London, England. In a report to be released September 27, 2007 the Healthcare Commission outlines care by the NHS Trust should provide further dignity in care to the elderly. Charities and health organisations have warned the COVID-19 pandemic is having a “catastrophic” impact on NHS services – as the number of people in England waiting to start hospital treatment hits a new record high. A total of 4.7 million were waiting to begin treatment at the end of February 2021 – the largest figure since records began in August 2007, according to NHS England data. The number of people waiting more than 52 weeks to start treatment was at 387,885 in February, a figure not reached since December 2007. The number of people admitted for routine hospital treatment was down by 47% in February compared with a year earlier – with 152,642 admitted in February 2021 and 285,918 in February 2020, which had an extra day as it was a leap year. In January, the year-on-year decrease was 54% while in December 2020 it dropped by 25%. Sara Bainbridge, head of policy at Macmillan Cancer Support, said the data “further illustrates the catastrophic impact of COVID-19 on cancer diagnosis and treatment”. She added: “Tens of thousands of people are still missing a diagnosis due to disruption caused by the pandemic, which could affect their prognosis.” Boris Johnson has said he has “no doubt” a backlog of 4.7 million people waiting to start NHS treatment in England can be tackled. The prime minister said the issue is “a real priority” now and the government will ensure the NHS has the funds it needs to tackle the build-up in waiting lists. “We do need people to take up their appointments and to get the treatment that they need,” he said.   “We’re going to make sure that we give the NHS all the funding that it needs, as we have done throughout the pandemic, to beat the backlog. “We’re going to do whatever it takes. The NHS has done an incredible job so far, I have no doubt they’ll be able to tackle this as well. He added that the government has pumped an extra £92bn into the NHS this year. Shadow health secretary Jonathan Ashworth said the government’s lack of NHS funding over the past 10 years has meant the service is “weakened when a pandemic hits”. He told Sky News: “It means you have to make a choice between COVID care or cancer care but it shouldn’t be like that. “The result is patients waiting longer than they should, which will impact their health, risks permanent disability, risks loss of livelihood – it’s simply disgraceful, we need the funding in the NHS.” NHS England said staff had delivered nearly two million operations and other elective care this January and February, which was one of the peak hospital periods of the pandemic.   It said about two in five patients who have received hospital…
Coinbase Direct Listing Gets $100B+ Valuation as Share Price Jumps in Nasdaq Debut
Coinbase CEO Brian Armstrong speaks Wednesday on CNBC.(CNBC, modified by CoinDesk) Coinbase, the biggest U.S. cryptocurrency exchange, went live with its direct listing on Nasdaq, on a day when bitcoin rallied to a fresh all-time high. The share fluctuated in the first hours or trading, starting at $381 and initially jumping above $400 but dropping as of press time to about $378. “The price of COIN will be very volatile,” said James Angel, a finance professor at Georgetown University who specializes in financial-market structure. “We can expect it to fluctuate along with the prices of cryptocurrencies. Investors should buckle up their seatbelts and expect a wild ride.” Analysts, traders and economists characterized the share sale as a milestone for cryptocurrencies, with the biggest U.S. exchange now getting exposure to mainstream stock-market investors. The event has also been tabbed as a catalyst that might drive adoption of digital assets. “This is a watershed moment for the digital asset industry, as it signifies a larger moment of credibility for a market that is maturing rapidly,” said Hunter Merghart, head of U.S. for rival cryptocurrency exchange Bitstamp.   Based on the latest trading price, Coinbase would have a market capitalization of $76 billion, based on an outstanding share count of 199.2 million. The figure would be $99 billion using the fully diluted share count of 261.3 million. The initial trading price was 52% above the reference price of $250 a share published late Tuesday by the Nasdaq. But it was well below some of the price targets issued recently by stock analysts, with some estimates ranging as high as $600 a share. A home on the Nasdaq Coinbase, which has no official headquarters, opted to avoid an initial public offering and instead directly list its shares on the Nasdaq stock exchange, without relying on Wall Street investment banks serving as underwriters to set the pricing. “The reason we’re doing a direct listing is that it’s going to get all market participants,” Coinbase CFO Alesia Haas told CoinDesk in an interview. “We’re not allocating shares to just 10 institutions. This is going to be a robust, deep price discovery. And we’re excited to see where that market ends up.” Prices for bitcoin, the biggest cryptocurrency by market value, soared Wednesday to a new all-time high above $64,000, settling back to about $63,500 as of press time. Ether, the native cryptocurrency of the Ethereum blockchain and the second-biggest overall, also rose to a record price of around $2,400. “COIN listing is the validation of an investment thesis that crypto is not a niche market anymore,” said Campbell Harvey, a professor of international business at Duke University. “It is a new mainstream market.”   Even Coinbase’s competitors are getting in on the action: Binance, the world’s largest cryptocurrency exchange, announced Wednesday it will list a digital token backed by Coinbase shares. “Coinbase has enormous scarcity value, as a one-of-a-kind, pure expression of the secular cryptocurrency trend,” Lisa Ellis, an analyst for the brokerage firm MoffettNathanson, wrote Tuesday in a report recommending a “buy” on COIN shares, with a one-year price…
CRYPTO MARKET OVERTAKES WORLD’S MOST VALUABLE COMPANY
Bitcoin alone is now valued at more than $1.2 trillion – more than Mastercard, PayPal and Visa combined The cryptocurrency market is now worth more than the world’s most valuable company. The combined value of all cryptocurrencies overtook the market cap of Apple on Wednesday morning, amid record-breaking price rallies for bitcoin, ethereum (ether) and dogecoin. All three cryptocurrencies experienced new all-time highs over the last 24 hours, with one bitcoin now worth more than $64,000, one ethereum worth $2,350, and one dogecoin worth $0.13 at the time of writing. The combined gains pushed the cryptocurrency market above $2.2 trillion – $10 billion above Apple’s market cap. Bitcoin alone is now valued at more than $1.2 trillion, ranking it above Facebook and Tesla, having risen in price by more than 1,000 per cent since April last year.   Bitcoin’s recent gains mean the world’s first cryptocurrency is also now worth more than the combined market caps of payments giants Mastercard, PayPal and Visa. It still remains a long way off the overall value of gold, though it is catching up quickly on silver. The cryptocurrency market milestone comes on the day that Coinbase goes public on the Nasdaq stock market, making it the first ever company specialising in cryptocurrencies to launch an initial public offering (IPO). The stock market debut for one of the world’s leading cryptocurrency exchanges has been dubbed a coming-of-age moment for the crypto industry, with some estimating valuations in the region of $100 billion.   “The Coinbase IPO could well serve as a gateway drug to crypto,” Asen Kostadinov, a strategy manager at London cryptocurrency custody provider Copper, told The Independent. “Coinbase is a credible, regulated, profitable blue-chip tech stock. The IPO will result in new types of investors entering the crypto space… Institutional adoption of crypto has clearly gone through a major inflection point since the last quarter of 2020, which speaks to the maturity and credibility of the space.” – The Independent
Europeans raise privacy concerns over digital currency
Future European digital currencies need to be unable to track user payments, according to respondents to a survey by the European Central Bank that emphasized the importance of privacy in future financial innovation. Over 40% of over 8,200 respondents Consultation For the digital euro, he said it was their priority that payments remained a “private issue”, reflecting the deep attachment of many Europeans to cash anonymity. This answer called for the ECB to give the digital euro, which the ECB defines as central bank money digitally available to all parties, a cash-like feature that can be used offline without internet access. It was. Consultations with the ECB’s citizens and expert groups are part of the effort to build support for efforts to keep up with the rapidly changing world of digital currencies and payments. By the middle of this year, it will announce whether it will prepare to launch its own digital currency. ECB Board Member Fabio Panetta, Told to MEP On Wednesday, the currency may be ready to launch in about five years. “As electronic payments become more and more popular, the digital euro ensures that sovereign money, a public good that central banks have provided to citizens for centuries, is still available in the digital age. “He said. “The digital euro does not mean the end of cash. It will complement cash, not replace it.” In much of Europe, cash is still used for the majority of payments in stores and cafes, and ECB talks have shown that the digital euro will allow businesses to benefit from people’s payment data and governments to spy on finance. Suspicion has emerged that it may open the door to the euro. activity. The central bank said that “most citizens” in consultation prefer digital currencies restricted to offline transactions, even if the amount of innovative services they can offer is limited. “Privacy-focused offline digital euros, online euros with innovative features and additional services, and the specific choice of a combination of the two, citizen respondents generally focused on privacy. We choose an offline solution, but professional respondents find the hybrid approach more attractive. “ Most respondents prioritized privacy, but Panetta said, “I understand the trade-offs that the introduction of the digital euro will inevitably impose.” In particular, we need to respect laws that prevent illegal activities such as money laundering and terrorist financing. He needs to impose limits on the amount each person can hold “to protect financial stability and banking intermediaries by preventing excessive capital flows and excessive use of the digital euro as a form of investment.” Therefore, he said that the digital euro cannot be made completely anonymous. .. ECB has been test A “bareline sturment” for storing small amounts of digital euros on hardware devices for use in offline transactions without the need for an internet connection or third party involvement. In another experiment, central banks used digital euros via a “distributed ledger,” a blockchain technology behind cryptocurrencies such as Bitcoin, to test a tool that separates an individual’s identity from payments. did. Panetta said: “Preliminary experiments on the digital…
Mortgage, car loan defaults cross KSh100 billion
A construction site in Nairobi Default on mortgages and loans advanced to the transport sector has crossed the Sh100 billion mark in the wake of layoffs, business closures and travel restrictions triggered by the Covid-19 pandemic. The transport and real estate sectors topped loan defaults over the nine months to December last year as the country reeled from an economic crisis due to the pandemic, fresh Central Bank of Kenya (CBK) data shows. Loans secured through title deeds and motor vehicle logbooks posted the fastest default growth rates over the period, coinciding with crippling travel restrictions and scaled down business operations to curb the spread of Covid-19. The CBK data shows that the cumulative value of loans defaulted by the transport and real estate sectors jumped 45.25 percent between March and December to Sh99.5 billion.   The two sectors also accounted for 46.27 percent of Sh67 billion in new bad loans between March and December last year—underlying the huge knocks they suffered due to the pandemic. Defaults in construction jumped 4.6 percent to Sh28.6 billion, pushing defaults in the transport and property market to Sh128.1 billion in December from Sh92.5 billion. Loan defaults in the transport and communication sector rose by 81.43 per cent over the nine-month period to Sh38.1 billion, mainly fuelled by the closure of learning institutions and matatu investors who had acquired vehicles under asset finance arrangements.   Real estate recorded a 29.2 percent jump in bad loans between March and December to Sh61.4 billion, largely due to job losses. A majority of Kenya’s mortgage loans — which stood at 27,993 accounts valued at Sh237.7 billion in December 2019 — were secured on strength of salaries. “It (the jump in bad loans among borrowers in transportation) is purely the result of a macroeconomic shock arising out of that reduced economic activity like reduced movement of persons which impaired their ability to service loans,” NCBA Group’s chief economist, Raphael Agung’, said on Tuesday. “For the mortgage book, servicing ability was largely impaired by job losses. For those who had taken mortgages on account of their salaries and the pay was no longer forthcoming, the loan got impaired.”   The mounting defaults in the property market are a reflection of the struggles that mortgage holders are undergoing in an economy that has witnessed a string of job losses in recent months across nearly all sectors as corporates intensify austerity measures to protect profits. This has seen workers who took mortgages on the strength of their pay slips default. The slowdown in real estate is hurting property developers who are finding it difficult to sell units that were built on loans. Banks have stepped up debt recovery efforts to clean up their loan books, leading to a spike in property and car seizures. Pandemic restrictions Overall, the gross non-performing loans (NPLs) rose from Sh357 billion at the onset of the pandemic restrictions in March to Sh424.1 billion in December 2020 — an equivalent of 14.46 percent of the industry’s Sh2.93 trillion loan book. This grew to Sh432.45 billion by end of February 2021, according to an…
I attract married men. Will I ever get the right man?
In December 2019, about 1,108 people had been to court to file petitions with the hope of dissolving their marriages. What you need to know: Dos and Don’ts of getting into marriage as advised by Prof Bigambo. Ask questions before getting into a relationship Have achievable expectations Have mentors Ensure your relationship is founded on values Leadership in a relationship should be embraced Expose yourself to different sides of life Have integrity Have an open mind Do not get married because someone else in marriage Worrying cracks are creeping into the hitherto strong belief in marriage. Arguably, priorities have morphed. Culture is fading. Intolerance is on a new high.   Mentorship from parents or guardians is on its deathbed. The fast paced world is moving and the trends on marriage are on course, albeit, with nothing good to bring to the table. So bad is the situation that the idea of the proverbial wedding bells in this age is only pleasing to the ear but the happily ever after promised on the D-day is still a fool’s paradise. The surge in the divorce rates is alarming. And so is the disinterest in getting into marriage. In December 2019, about 1,108 people had been to court to file petitions with the hope of dissolving their marriages. The number had risen by 99 compared to 2017. In 2020 before court sessions went virtual due to Covid-19 about 149 cases had been filed by February. When you compare the trends in January alone, 54 people filed a case in 2018, and the number rose to 72 in 2019 and last year in January 95 people sought divorce in court. But, what is going on? Patricia* who just turned 27 says she is yet to bow to the pressure of getting married. It is the least of her concerns. “Marriage is not on my wish list until I am 28,” she says. That means she has this year alone to reconsider her stand. At the time of the interview, a promising suitor was still elusive. In a girls only WhatsApp group she is part of, she posts her worry about the lack of a suitor sparking a debate on marriage. “I think I have a problem. I always attract married men. I cannot remember the last time I met a single man,” reads Patricia’s post on the group. First love Only three of the ladies out of the 22 members in that group are married. The rest are still “sampling” the market. Her friends’ responses to that post start trickling in. “You ooze the vibe married men like, find out which one,” the first person responds. “I think you need some form of soul searching. Personal journey things…” she adds. Others laugh. Another tells her that they are in the same boat. She, too, will be turning 27 this year. Patricia started dating when she was 18. Her first boyfriend was between the age of below 23. She cannot quite remember exactly how old. She still believes that her first love was the best relationship she ever had. Since then, she has been in six unrewarding relationships. “I have not had…