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mulla
#1571 Posted : Saturday, May 26, 2018 9:17:54 AM
Rank: Member

Joined: 6/15/2013
Posts: 301
VituVingiSana wrote:
lochaz-index wrote:
VituVingiSana wrote:
I see so many property developments in Nairobi & Mombasa but are they being sold or leased?
I wonder when those banks which have lent heavily to these (associated) sectors will have to bite the bullet.
Banks may need to fast-track providing (P&L) for these loans.

Plus proposed tax rates will be 5% higher for most banks.
Add the waste & malaise from the scam-a-week government.
Oil is at $78 = inflation

As always the govt is the biggest party pooper. Proposal to raise capital gains tax from 5% to 20% in an illiquid economy is an extremely greedy and desperate move. Would not be surprised if it is raised again next year in an attempt to balance the fiscal end.

Income Tax for firms with PBT over 500mn will increase from 30% to 35% [it may be progressive]
Capital gains from 5% to 20% is another huge hit for firms with significant "for sale" property portfolios.
Proposed VAT on fuel.

Talk about discouraging both local and international investors from growth and profits. Why make Kenya an undesirable investment destination ?
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Angelica _ann
#1572 Posted : Saturday, May 26, 2018 11:17:53 AM
Rank: Elder

Joined: 12/7/2012
Posts: 11,941
mulla wrote:
VituVingiSana wrote:
lochaz-index wrote:
VituVingiSana wrote:
I see so many property developments in Nairobi & Mombasa but are they being sold or leased?
I wonder when those banks which have lent heavily to these (associated) sectors will have to bite the bullet.
Banks may need to fast-track providing (P&L) for these loans.

Plus proposed tax rates will be 5% higher for most banks.
Add the waste & malaise from the scam-a-week government.
Oil is at $78 = inflation

As always the govt is the biggest party pooper. Proposal to raise capital gains tax from 5% to 20% in an illiquid economy is an extremely greedy and desperate move. Would not be surprised if it is raised again next year in an attempt to balance the fiscal end.

Income Tax for firms with PBT over 500mn will increase from 30% to 35% [it may be progressive]
Capital gains from 5% to 20% is another huge hit for firms with significant "for sale" property portfolios.
Proposed VAT on fuel.

Talk about discouraging both local and international investors from growth and profits. Why make Kenya an undesirable investment destination ?


Yet one of the pillars of tano tena is Manufacturingsmile
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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obiero
#1573 Posted : Monday, May 28, 2018 7:05:26 AM
Rank: Elder

Joined: 6/23/2009
Posts: 14,477
Location: nairobi
Angelica _ann wrote:
mulla wrote:
VituVingiSana wrote:
lochaz-index wrote:
VituVingiSana wrote:
I see so many property developments in Nairobi & Mombasa but are they being sold or leased?
I wonder when those banks which have lent heavily to these (associated) sectors will have to bite the bullet.
Banks may need to fast-track providing (P&L) for these loans.

Plus proposed tax rates will be 5% higher for most banks.
Add the waste & malaise from the scam-a-week government.
Oil is at $78 = inflation

As always the govt is the biggest party pooper. Proposal to raise capital gains tax from 5% to 20% in an illiquid economy is an extremely greedy and desperate move. Would not be surprised if it is raised again next year in an attempt to balance the fiscal end.

Income Tax for firms with PBT over 500mn will increase from 30% to 35% [it may be progressive]
Capital gains from 5% to 20% is another huge hit for firms with significant "for sale" property portfolios.
Proposed VAT on fuel.

Talk about discouraging both local and international investors from growth and profits. Why make Kenya an undesirable investment destination ?


Yet one of the pillars of tano tena is Manufacturingsmile

Imagine
COOP 306,100 ABP 31.96, KEGN 112,100 ABP 10.64, MTNU 131,000 ABP 10.21
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innovator
#1574 Posted : Monday, May 28, 2018 11:50:58 AM
Rank: Member

Joined: 7/24/2010
Posts: 239
Location: nairobi
Which banks are they that handled NYS loot.
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obiero
#1575 Posted : Tuesday, May 29, 2018 12:52:04 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,477
Location: nairobi
@pesanane https://www.standardmedi...e-profit-down-to-sh1-84b
COOP 306,100 ABP 31.96, KEGN 112,100 ABP 10.64, MTNU 131,000 ABP 10.21
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  | | Edit by user: Tuesday, May 29, 2018 12:57 PM | Reason: Not specified
obiero
#1576 Posted : Tuesday, May 29, 2018 12:59:13 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,477
Location: nairobi
The Exchange Bar Quarterly Forecast for Q1 2018, PBT figures in KES B:
EQTY 6.4 Actual 8.3
KCB 6.8 Actual 7.4
COOP 4.1 Actual 4.9
SCBK 2.8 Actual 2.7
DTB 2.7 Actual 2.7
BBK 2.3
I&M 1.7
STB 1.5 Actual 2.7
NIC 1.2 Actual 1.3
HFCK 0.18
NBK 0.14
COOP 306,100 ABP 31.96, KEGN 112,100 ABP 10.64, MTNU 131,000 ABP 10.21
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VituVingiSana
#1577 Posted : Tuesday, May 29, 2018 5:13:10 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,439
Location: Nairobi
Will things get hot for some banks?
https://www.businessdail...85478-1mgllm/index.html
Which banks are involved with the NYS scam?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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obiero
#1578 Posted : Tuesday, May 29, 2018 9:28:31 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,477
Location: nairobi
VituVingiSana wrote:
Will things get hot for some banks?
https://www.businessdail...85478-1mgllm/index.html
Which banks are involved with the NYS scam?

Hot how.. It would be difficult for any Kenyan bank to have known of the scam. If payment has been received from IFMIS to the client bank account and the client presents an LPO along with invoice in support of works done.. The banks' work stops there! Hio ingine ni ya DPP na CID
COOP 306,100 ABP 31.96, KEGN 112,100 ABP 10.64, MTNU 131,000 ABP 10.21
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  | | Edit by user: Tuesday, May 29, 2018 9:30 PM | Reason: Not specified
whiteowl
#1579 Posted : Tuesday, May 29, 2018 11:35:28 PM
Rank: Veteran

Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
obiero wrote:
VituVingiSana wrote:
Will things get hot for some banks?
https://www.businessdail...85478-1mgllm/index.html
Which banks are involved with the NYS scam?

Hot how.. It would be difficult for any Kenyan bank to have known of the scam. If payment has been received from IFMIS to the client bank account and the client presents an LPO along with invoice in support of works done.. The banks' work stops there! Hio ingine ni ya DPP na CID


I agree this is not on banks.If you have supporting documents the transaction is supposed to be approved.If the said documents were issued after supplying air that's an issue for the criminal justice system to solve.
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  | | Edit by user: Tuesday, May 29, 2018 11:38 PM | Reason: Not specified
Metch
#1580 Posted : Wednesday, May 30, 2018 6:51:13 AM
Rank: Member

Joined: 12/22/2015
Posts: 224
Location: Mombasa, Kenya
whiteowl wrote:
obiero wrote:
VituVingiSana wrote:
Will things get hot for some banks?
https://www.businessdail...85478-1mgllm/index.html
Which banks are involved with the NYS scam?

Hot how.. It would be difficult for any Kenyan bank to have known of the scam. If payment has been received from IFMIS to the client bank account and the client presents an LPO along with invoice in support of works done.. The banks' work stops there! Hio ingine ni ya DPP na CID


I agree this is not on banks.If you have supporting documents the transaction is supposed to be approved.If the said documents were issued after supplying air that's an issue for the criminal justice system to solve.


Banks are liable. They have a responsibility to report suspect transactions e.g if an account that barely transacts receives 10M from a govt institution and the money is withdrawn in cash within the hour (no large amounts declaration forms were signed).
And this happened repeatedly at the same bank!
We should be asking which banks. Transactions happened at Ridgeway Mall. We have Equity, Coop, Chase and StanChart there
Start!
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