Official Google Blog: Place Search: a faster, easier way to find local information

I love to discover new places, from sandwich shops in my neighborhood to great museums around the globe. When I start looking for something in a new area, like a barbecue restaurant in Austin, I usually do quite a few searches. I might search for a list of restaurants and then search for details about each place, like which one has the best atmosphere and live music.


Today we’re introducing Place Search, a new kind of local search result that organizes the world’s information around places. We’ve clustered search results around specific locations so you can more easily make comparisons and decide where to go. Say you’re looking for that great barbecue restaurant with live music. With Place Search here’s what you’ll get:




The new results are marked with red pins, and each one is a unique restaurant with relevant information and links from across the web. I can see that Stubb’s has live music, and I can click citysearch.com, tripadvisor.com and other sites to read reviews. In the past, the same search would return links with information about Stubb’s in different parts of the results page (here’s a screenshot of what it used to look like). Now information is grouped conveniently to make it easier to digest and compare.

Place Search results will begin appearing automatically on Google when we predict you’re looking for local information. In addition, you’ll find a new link for “Places” in the left-hand panel of the search results page so you can switch to these results whenever you want. For example, when I’m in New York, I love to go out and play foosball, but a search for [foosball] doesn’t automatically show me Place Search results. If I click “Places” I get the new view:

We’ve made results like this possible by developing technology to better understand places. With Place Search, we’re dynamically connecting hundreds of millions of websites with more than 50 million real-world locations. We automatically identify when sites are talking about physical places and cluster links even when they don’t provide addresses and use different names (“stubb’s bbq” is the same as “stubbs bar-b-que”).

One of the great things about our approach is that it makes it easier to find a comprehensive view of each place. In our new layout you’ll find many more relevant links on a single results page—often 30 or 40. Instead of doing eight or 10 searches, often you’ll get to the sites you’re looking for with just one search. In our testing Place Search saves people an average of two seconds on searches for local information.

Place Search is rolling out now and will be available globally in more than 40 languages in the next few days. During the roll-out process you can use this special link to preview the new results. Our goal is to help you feel like a local everywhere you go!

Posted by Jackie Bavaro, Product Manager

KPLC seeks to restructure capital base

The Kenya Power and Lighting Company (KPLC) plans to restructure its capital base through conversion of government owned preference shares into ordinary shares, and also float a share rights issue through which it anticipates to raise between Shs.7 billion and Shs.10 billion.



Addressing the media in Nairobi today, KPLC Managing Director and CEO Eng. Joseph Njoroge said the planned restructuring was aimed at rationalising the measures taken in 2003 to save the Company from financial hardships following power rationing as a result of severe drought and a depressed economy in the period between 1999/2000 to 2002/2003.



Eng. Njoroge said: “During that period, the Company incurred heavy trading losses which cumulatively amounted to Kshs.15.9 billion.”



In order to enable KPLC to remain operational and financially and technically sustainable, the Government and the Kenya Electricity Generating Company (KenGen), which were KPLC’s main creditors, agreed, together with KPLC to convert some of the debts owed to the Government by KenGen into equity, some debts owed to KenGen by KPLC into preference shares, and some debt owed to the government by KPLC into preference shares.



He added: “KPLC is now seeking to convert a large part of these preference shares through a capital base restructuring process because although the measures taken in 2003 had the effect of reversing KPLC’s loss of Ksh4.1 billion in 2002/2003 to a pre-tax profit of Ksh5.6 billion in 2009/2010, the shares have generally been perceived by both lenders and investors as ‘debt’ with a significant fixed payment obligation in form of a fixed dividend payout of 7.85% or KShs.1,250 million annually. As a result, the Company finds it difficult to raise reasonably priced funding for its maintenance and expansion activities.”



Through the capital restructuring programmes KPLC will redeem 794,962,491 Redeemable Non Cumulative Preference Shares held by the Government by issuance of 76,622,891 new ordinary shares as consideration for the redemption.



The company will also be carrying out a share split such that every one ordinary share of Ksh.20 each will be split into eight ordinary shares of Ksh2.50 each. KPLC will also float additional 488,630,245 new ordinary shares through a rights issue in which the government will not take part.



“Whilst the issue of the New Shares will increase Government ordinary shareholding in KPLC to about 69.7% for a short period, the Government has irrevocably undertaken to renounce all its rights under the proposed rights issue of KPLC, such that on successful conclusion of the issue, its ordinary shareholding will become 50.1% of total issued ordinary shares,” he said.



“Consequently, as the Government does not intend to make a take-over offer in accordance with the Take–Over Regulations, it has applied to the Capital Markets Authority for an exemption from the Take-Over Regulations under Regulation 5 of the Take-Over Regulations, as the subscription for the new ordinary shares and the redemption of the redeemable preference shares is part of restructuring of KPLC’s share capital.”



The capital base restructuring measures, when implemented will create an equitable position amongst shareholders, both ordinary and preference. The process will also help improve KPLC’s creditworthiness by reducing its leverage, reduce pressure on the company to pay a fixed preferential dividend on the RPS, strengthen its Balance Sheet to enable the Company raise funds, deepen capacity of the energy sector, and enable KPLC to obtain additional risk equity capital.



Subject to approval by the Capital Market Authority, CMA, the company plans to launch the share rights issue on 22nd November 2010 and commence offer of the shares on 25th November 2010, which will run until 15th December 2010.



“Besides giving the shareholders the opportunity to increase their shareholding by taking up their rights, KPLC anticipates to raise between Ksh.7 and Ksh10 billion capital from the exercise. A more precise figure will be announced once the price of the shares is determined after approvals by shareholders and the CMA,” said Eng. Njoroge.



Funds raised from the rights issue will be invested in the refurbishment and further development of the power delivery system, in the endeavor to meet demands of an expanding economy. Targeted projects will help KPLC reduce losses in the system as well as enhance quality and reliability of power supply to all categories of customers throughout the country, he concluded.

Improved power supply to boost tourism industry

The quality of power supply in the South Coast has improved significantly after the upgrading of Likoni, Diani, Mwabungo and Msambweni sub-stations at cost of Shs.219 million through the Energy Sector Recovery Project (ESRP).



This was revealed by KPLC’s Chief Manager Supplies, Stores and Transport, Eng. John Ombui, during a free medical camp sponsored by KPLC at Jomo Kenyatta Primary School in Msambweni, Coast Province.



The new projects have created room for expansion and improved reliability of power supply and will be a big boost to tourism industry in South Coast. In addition, the upgrade will spur customer growth in the region and reduce incidences of power outages caused by overstretched distribution system.



Eng. Ombui added that KPLC had also recently completed the construction of a 132 kV line from Rabai to Diani at a cost of Shs.1 billion, connecting the South Coast directly to the national grid to further stabilise power supply in the region.



A steady supply of electricity will help develop the economy, creating jobs in manufacturing, tourism and other sectors that will boost incomes in the region.

Bharti Airtel to unleash Broadband Revolution in India – To launch 3G in 2010

Bharti Airtel, which has been at the forefront of the mobile revolution in India,ON oCTOBER 25,2010 said that it will launch its 3G services before the end of 2010, to usher in broadband data revolution in the country.

Airtel, the largest mobile services provider in India, will offer customers the widest 3G network in India. Airtel successfully bid for 3G spectrum in 13 telecom circles across India and is rolling out state-of-the-art networks in these geographies. These 13 telecom circles also constitute 68% of Airtel’s revenue market share. This includes key metros such as Delhi, Mumbai, Bengaluru, Chennai and Hyderabad, which account for 21% of all data traffic in the country and are expected to have the strongest uptake of 3G services.

Airtel is also in advanced discussions with other quality operators to offer 3G services to its customers across the country. This will not only ensure seamless roaming, but also offer 3G broadband to its entire customer base in India.

Mr. Sanjay Kapoor, CEO – India and South Asia, Bharti Airtel said, “3G services will mark the beginning of the next phase of India’s telecom growth story and elevate India’s telecom sector at par with most advanced telecom markets in the world. 3G services have the potential to transform the lives of millions of Indians by taking a variety of life enhancing services on high speed broadband to the remotest corners and bridge the digital divide. In addition, 3G services will have a strong multiplier effect on economic growth and bring in enhanced efficiencies. It will be Airtel’s endeavor to lead India’s journey on the information superhighway with world-class 3G services.”

Bharti will be deploying high speed HSPA networks provided by Ericsson, Nokia Siemens Network and Huawei. The High Speed Packet Access network will be the best in world in terms of technology and will enable high peak user throughputs.

Airtel's 3G services will usher in a new era of unique life style enabling products. Along with meeting the growing demand of high speed surfing and wireless entertainment, Airtel will introduce a suite of products in areas such as mobile commerce and mobile health.

In 2006, Bharti became the first Indian operator to launch 3G services when it started 3G operations in Seychelles. Currently, Bharti Group is successfully running 3G broadband services in four countries - Sri Lanka, Jersey, Guernsey and Seychelles. For India, Bharti will also draw significantly from the expertise of its partner Singtel, who offers one of the world’s most advanced 3G networks in Singapore, Australia, Philippines and Indonesia.

About Bharti Airtel Limited : Bharti Airtel Limited is a leading global telecommunications company with operations in 19 countries across Asia and Africa. The company offers mobile voice & data services, fixed line, high speed broadband, IPTV, DTH, turnkey telecom solutions for enterprises and national & international long distance services to carriers. Bharti Airtel has been ranked among the six best performing technology companies in the world by BusinessWeek. Bharti Airtel had over 191 million customers across its operations at the end of September 2010. To know more visit www.airtel.in

Equity Bank Maintains Profit Run,Posting 53% Profit Before Tax

Equity Bank Group, the leading regional financial services solutions provider has maintained its track record, managing to post a 53% profit before tax in its third quarter financial results.


Riding high on increased customer deposits and a modestly favorable economic climate, Equity Bank Group Profit’s before tax grew to Kshs 6.53Billion during the nine month trading period ended September 30th up from Kshs 4.25Billion posted during the same period last year. Equally the period under review saw the after tax profit grow by 51% from Kshs 3.38 billion to reach Kshs 5.13 Billion.



Within the period under review, the bank also managed to impressively grow its asset base to stand at Kshs 136.5Billion up from Kshs 97.4Billion reflecting a more than 40% growth. The growth in assets has been fueled by growth in customer deposits by 50% from Kshs.65.6Billion in 2009 to Kshs.98.8Billion in 2010. Total operating income within the same period grew by 46% from Kshs 11.2 billion to Kshs 16.5Billion, with the growth mostly coming from interest income which increased by 53 per cent from Kshs 7.84billion in September 2009 to Kshs 11.98 Billion in the period under review.



The Group’s Non interest income grew by 32 per cent from Kshs 4.56 billion to Kshs 6.02 billion, mainly driven by commissions and fees from transactions. Operating
Kshs 7.05 billion to expenses grew by 42 percent from Kshs 10.04 billion.


The Equity Bank Group further managed to reduce its non performing loans portfolio by an impressive 20% to stand at Kshs 3.57 Billion down from Kshs 4.46Billion registered during the same period last year.


Speaking when he released the results, Equity Bank Group Chief Executive Officer Dr. James Mwangi further attributed the positive results to the bank’s ongoing strategy
innovative customer oriented to adopt Information Technology and Communication (ICT) solutions, and a growing loan book which has been buoyed by the increased optimism in the economic outlook.


While addressing a cross section of Equity Group Investors, Dr. Mwangi disclosed that the bank’s M-Kesho product is currently enjoying tremendous success and has already hit the 700,000 customer mark.


Buoyed by such success and as part of the Group’s commitment to bridge the gap between the banked and unbanked masses, Dr. Mwangi pledged to further step up mutually beneficial partnerships with other ICT related solutions providers in coming months. The bank is also growing its loan book by targeting its micro, small and medium clients. Recently Equity signed up a partnership with China Development Bank for a Ksh.4.billion to support small and medium enterprises in the country. The loan facility is available to small and medium enterprises (SME) at the interest rate of between 7 to 9 percent for periods of 3-7 years making it the cheapest source of funding for the sector in the country.



“Our mission is to offer inclusive; customer focused financial services that socially and economically empower our clients and other stakeholders and that’s a cardinal role that we shall continue playing in the medium and long-term,” he assured.


And Added: “as part of our vision to be the champion of the socio-economic prosperity of the people of Africa, we shall continue to embrace ICT solutions and forge close links with like minded partners in our quest to one day bank all of Africa’s unbanked people.”



With regional and local political/economic reforms now underway, Dr Mwangi confirmed that Equity Bank and its subsidiaries will continue playing a keying role in facilitating finance services growth.


Dr James Mwangi who is also the chairman of Kenya’s Vision 2030 Delivery Board was in October 2010 awarded the 2010 African Banker of the Year and cited for pioneering the first mobile banking technology in the world to reach out to the unbanked, and for championing the empowerment of ordinary people through inclusive finance.

Kenya Airways to Operate over 50 flights to Mombasa

Kenya Airways has moved to consolidate its dominance in domestic flights by revamping its Mombasa route.

The National Carrier from November 5th operates 10 daily flights to Mombasa with two dedicated Boeing 737-300 aircraft. As a result Kenya Airways fares will begin from Kshs 7,999 inclusive of all taxes on the route.

Kenya Airways Group Managing Director and CEO, Dr. Titus Naikuni, noted that there has been an increase in passenger traffic on the Mombasa route and the airline was keen on offering capacity to the increased traffic. He added that KQ recently added 2 B737-300 aircraft in line with the airline strategy to increase the level of efficiency on the domestic and regional services by offering passengers more choice of flying times through increased frequencies.

“The low fares we have introduced coupled with the over 50 flights a week to Mombasa is evidence of our commitment on maintaining our market share on this Mombasa route,” said Dr. Naikuni.

This exciting development comes in the wake of Kenya Airways ordering for two Embraer 190 aircraft which are expected to be delivered early next year.
Kenya Airways has embarked on an aggressive network expansion program to cater for the growing passenger traffic and customer needs. The airline has plans to operate to Malindi early December.

Kenya Airways serves over three million passengers a year and flies to 50 destinations worldwide, 41 of them in Africa.

“Our main goal is to interconnect Africa and link the entire continent to the rest of the world,” concludes Dr. Naikuni saying that the airline currently covers over 70 percent of the continent.

How Nunua Na M-Pesa Works

In a milestone that is set to re-define the shopping experience, Kenyans can now pay for their goods at supermarkets using the M-PESA service.

Dubbed Nunua na M-PESA, the new service can be enjoyed by over 12 million M-PESA customers and is initially available at all Uchumi and Naivas Supermarket outlets across the country. This follows the signing of partnership agreements between leading telecommunications firm Safaricom and the Uchumi and Naivas Supermarkets.

While speaking at the launch ceremony held at an Uchumi outlet, Safaricom CEO Michael Joseph said the company was leading the way towards a cash-less society where most payments will be made via the telephone or online, hence reducing the risks involved in carrying cash.

“I am extremely excited to be launching Nunua na M-PESA service allowing cashless payments at-the-till for people without a bank account. It resonates with our company‟s commitment to lead the way in innovations that provide convenience and security to our subscribers,” said Joseph. “Following positive feedback from customers who participated in a pilot, as well as the Central Banks go-ahead to roll-out, we shall now proceed with expanding the merchants that will accept Nanua na M-PESA”.

Joseph said Safaricom will continue partnering with organizations to expand the variety of payments that can be made using M-PESA with the aim of providing increased convenience to Kenyans while at the same time maximizing their mobile phone usage.

“This is yet another effort by Safaricom and partners to deepen online and cash-less payment solution in Kenya. It resonates with our company‟s commitment to lead the way in innovations that improve the living standards of our subscribers, in line with M-PESA‟s „Bigger Than Cash‟ aspirations,” said Mr Joseph.

HOW NUNUA NA M-PESA WORKS:

To enjoy the service, customers will need to show an accepted identification document and follow these simple steps on their M-PESA menu:

1. Select „Buy Goods‟

2. Enter the „Till Number‟ of the organization they are paying (as displayed)

3. Enter the amount they wish to pay (Between Sh100-35,000)

4. Enter the M-PESA PIN number, confirm their entry and then press OK.

Upon payment, both the customer and the supermarket sales assistant will receive a confirmation SMS from M-PESA. The sales assistant will then complete the transaction and issue the customer with his sales receipt as normal – indicating the amount paid by M-PESA.

Currently there is no charge to use the Nunua na M-PESA service; however Safaricom may at a later stage introduce a nominal fee. Payments of between KShs 100 and 35,000 per transaction can be made

Since launch in March 2007, M-PESA has evolved beyond money transfer into a total mobile commerce solution. Towards this end, Safaricom has partnered with various utility providers cutting across various sectors of the economy.

About M-Pesa

The M-PESA service, the first of its kind in the world, was launched in March 2007. As at 30th August, 2010, the service had over 12.6 million customers and 20,000 Agent outlets countrywide. The service does not require users to have a bank account; an important aspect in Kenya, where millions of people do not operate bank accounts. With M-PESA, account holders can buy electronic funds at an M-PESA agent and send the electronic value to any other mobile phone user in the country, who can then redeem it for conventional cash at any M-PESA agent. M-PESA customers can hold up to KShs50,000 in their M-PESA account at any one time, and can do transactions of up to KShs 70,000 in a day. Between KShs100 and KShs35,000 can be deposited, sent or withdrawn per transaction.

Barclays Premier League Weekend Fixtures

Saturday 23rd October 2010
	Tottenham Hotspur	v	Everton		12:45	White Hart Lane
	Birmingham City	v	Blackpool		15:00	St. Andrews Ground
	Chelsea	v	Wolverhampton Wanderers		15:00	Stamford Bridge
	Sunderland	v	Aston Villa		15:00	Stadium of Light
	West Bromwich Albion	v	Fulham		15:00	The Hawthorns
	Wigan Athletic	v	Bolton Wanderers		15:00	DW Stadium
	West Ham United	v	Newcastle United		17:30	Boleyn Ground
Sunday 24th October 2010
	Stoke City	v	Manchester United		13:30	Britannia Stadium
	Liverpool	v	Blackburn Rovers		15:00	Anfield
	Manchester City	v	Arsenal		16:00	City of Mcr. Stadium

The Sixth Sense

'SixthSense' is a wearable gestural interface that augments the physical world around us with digital information and lets us use natural hand gestures to interact with that information.

We've evolved over millions of years to sense the world around us. When we encounter something, someone or some place, we use our five natural senses to perceive information about it; that information helps us make decisions and chose the right actions to take. But arguably the most useful information that can help us make the right decision is not naturally perceivable with our five senses, namely the data, information and knowledge that mankind has accumulated about everything and which is increasingly all available online. Although the miniaturization of computing devices allows us to carry computers in our pockets, keeping us continually connected to the digital world, there is no link between our digital devices and our interactions with the physical world. Information is confined traditionally on paper or digitally on a screen. SixthSense bridges this gap, bringing intangible, digital information out into the tangible world, and allowing us to interact with this information via natural hand gestures. ‘SixthSense’ frees information from its confines by seamlessly integrating it with reality, and thus making the entire world your computer.

The SixthSense prototype is comprised of a pocket projector, a mirror and a camera. The hardware components are coupled in a pendant like mobile wearable device. Both the projector and the camera are connected to the mobile computing device in the user’s pocket. The projector projects visual information enabling surfaces, walls and physical objects around us to be used as interfaces; while the camera recognizes and tracks user's hand gestures and physical objects using computer-vision based techniques. The software program processes the video stream data captured by the camera and tracks the locations of the colored markers (visual tracking fiducials) at the tip of the user’s fingers using simple computer-vision techniques. The movements and arrangements of these fiducials are interpreted into gestures that act as interaction instructions for the projected application interfaces. The maximum number of tracked fingers is only constrained by the number of unique fiducials, thus SixthSense also supports multi-touch and multi-user interaction.

The SixthSense prototype implements several applications that demonstrate the usefulness, viability and flexibility of the system. The map application lets the user navigate a map displayed on a nearby surface using hand gestures, similar to gestures supported by Multi-Touch based systems, letting the user zoom in, zoom out or pan using intuitive hand movements. The drawing application lets the user draw on any surface by tracking the fingertip movements of the user’s index finger. SixthSense also recognizes user’s freehand gestures (postures). For example, the SixthSense system implements a gestural camera that takes photos of the scene the user is looking at by detecting the ‘framing’ gesture. The user can stop by any surface or wall and flick through the photos he/she has taken. SixthSense also lets the user draw icons or symbols in the air using the movement of the index finger and recognizes those symbols as interaction instructions. For example, drawing a magnifying glass symbol takes the user to the map application or drawing an ‘@’ symbol lets the user check his mail. The SixthSense system also augments physical objects the user is interacting with by projecting more information about these objects projected on them. For example, a newspaper can show live video news or dynamic information can be provided on a regular piece of paper. The gesture of drawing a circle on the user’s wrist projects an analog watch.

The current prototype system costs approximate $350 to build.

PICTURES

     

     

     

     




The Link to the Video demo :http://www.ted.com/talks/pattie_maes_demos_the_sixth_sense.html#

 Kenya's most prominent polygamist - has died.

Akuku Danger

Ancentus Akuku "Danger", the towering nonagenarian took his final bow from a life in which his appetite for marriage rivalled the Biblical King Solomon.
At his home, are graves of 12 wives and 46 surviving ones. He once said he had hundreds of children, and that 35 sons and 20 daughters had died.

So many were his children and wives that the family built a church and two primary schools to accommodate them.

According to his eldest son, Dr Tom Akuku, Danger - as he was popularly known - collapsed in the compound of his home.
Father collapsed:"My father collapsed and was rushed to St Camilus Hospital in Karungu, Nyatike District, where his condition deteriorated. He was then transferred to Kisumu. We first took him to Agan Khan Hospital to be admitted in the intensive care unit but unfortunately, the ICU was full, prompting us to take him to New Nyanza.
"After he was certified dead, we took his body back to St Camilus mortuary" said Dr Akuku who runs a clinic in Mbita Town. That was on Saturday night.

Dr Akuku, the chairman of the family welfare association, said that his father brought up a family of diverse professionals including doctors, engineers, teachers and policemen. He cherished education.

In the 1970s, he founded and established two primary schools - Aora Chuodho and Kogore primary schools - to cater for his many children.
Due to his influence in the community, politicians interested in the Ndhiwa parliamentary seat coalesced around him, seeking advice.
Independence politicians like Jaramogi Oginga Odinga and Tom Mboya were some of his closest friends.
He married his first wife, Dinah Akuku, in 1939, while the youngest wife, Josephine Akuku, 35, was married in 1992.

He said he was called Danger because of his good looks which women found hard to resist. His most conservative estimate is that he had 160 children.

He has four villages - Manyuanda, Aora Chuodho, Kogore and Okayo in Karungu in Nyatike District, as well as other sub-homes, as he referred to them.
In a past interview, he said he drew his strength in old age as he was careful about what he ate. He avoided fat and had a particular time to eat.
He said he was responsible for the name choice of his children as a strategy to help him bond with them.
His was an empire built around small-scale business, hard working children and from the dowry paid for his many daughters.

Akuku's family works on large parcels of land where they plant food crops. He was also a cattle dealer and most of his wives are small-scale traders.
Although not formally educated, his business acumen and oratory prowess allowed him to mingle with the high and mighty.
His fame went beyond borders, and his home hosted the international journalists seeking the story of a man who became polygamous at 22.
In addition, within the Homa Bay County, he was one of the most revered leaders who did not shy away from speaking his mind.
As the family grew, the older ones took the responsibility of education and feeding the younger ones, maintaining one of the biggest family trees in the region.

Mike Sonko WANTED?

Makadara MP Gideon Kioko Mbuvi will be arrested if there is a warrant of arrest against him, the director of criminal investigations has said. 

 Responding to questions by the Nation after it emerged that Kibera chief magistrate Ms Catherine Mwangi issued a warrant against a person with the same name, CID boss Ndegwa Muhoro said he would take action.

“Warrants don’t expire unless they are executed or withdrawn by the courts,” he said.

But he said he did not have information that Mr Mbuvi has a criminal record or that there are warrants against him and promised to find out.

Lawyer Paul Muite explained that Mr Mbuvi’s status as MP was not in question as he had not been convicted.

He said an MP could only be disqualified if he or she had served time in jail and not because of an investigation.

“The question one should be asking is why the police, the attorney general and director of public prosecutions have not acted and yet his co-accused was in jail for four years,” he said.

A court issued a warrant of arrest against one Gidion Kioko Mbuvi for jumping bail in a Sh18 million fraud case in 2005, court records show.

Ms Mwangi issued the warrant on August 4, 2005 after a request by the prosecution.

Mr Mbuvi appeared in court charged with forgery and applied for bail. He was freed on a Sh100,000 bond, surety in the same amount and a contact person.

When he failed to appear in court, the prosecution asked for the warrant. But the police did not arrest Mr Mbuvi and the case was closed, although the warrant appears to be still in force.

“The court file is closed but the warrant of arrest will remain in force,” the magistrate ruled after the failure to arrest him.

Mr Mbuvi had been accused, together with others not in court, of obtaining blankets and fabrics using a forged local purchase order allegedly issued by a government ministry.

He denied three charges of forgery, uttering a false document and obtaining goods by pretences. He was freed after Ms Florence Ngenyi Kavoi stood surety and Mr Peter Wambua Kaluki of Prisons as contact person.

KenolKobil replaces East African Cables in the 20-share index constituent

The Nairobi Stock Exchange has revised its benchmark index replacing East African Cables with Kenol Kobil Limited. The index that we estimate is trading on a 15.1x trailing P/E has become increasingly skewed toward the large cap stocks. The yield profile for the index has declined due to the rising market valuations but provides investors with a good opportunity to gauge the viability of the risk premium. The NSE Index dividend yield has dropped from 4.36% in December 2009 to 3.65% by September 2010 while the earnings yield has dropped from 7.51% to 6.62% during the same period. This shows that there is a premium building up as interest rates on short term securities declines. The index has been changed three times over the past three years. In July2008 Safaricom Limited, Equity Bank Group, East African Cables and Athi River Mining were added, while in December 2009 Co-Operative Bank of Kenya was added to the NSE 20 Share Index. We believe the move was motivated by the improved earnings profile and secondary market liquidity for KenolKobil versus its industrials peer. See below the changes in the P/E for Kenya’s benchmark index.

Commentary
The Index is fast approaching a historistic support area of 4,700 – 4,800, together with the decreasing range of the NSE (High-Low). Usnig the week on week on data we can see the support and resistance levels will not be broken through. The apparent strengthening of the trend as experienced in August was not supported by trade volumes and the index has since been trading between 4,450 pts and 4,685 pts since.
While the mid term and long term trends (100 week MAs) point to a continued up trend, momentum has been declining from Mid-August 2010 and we could see the 4,200 mark support level retested as the index oscillates in a range sideways.

Dyer and Blair Investment Bank

Kenyan economy expands 5.4% in Q210

Kenya's economy expanded 5.4 percent in the second quarter from a year earlier, driven by growth in agriculture, construction, manufacturing and the financial sector. The Kenya National Bureau of Statistics (KNBS) said this left first-half growth at 5.2 percent from a year earlier. Seasonally adjusted gross domestic product rose 0.2 percent in the second quarter from the previous three months.  The government has forecast 4.5 percent growth for 2010 as east Africa's largest economy recovers from the fallout from the global economic slowdown, a regional drought and post-election violence in early 2008. KNBS said the construction sector leapt 18 percent in the second quarter from a year earlier, while financial intermediation climbed 16 percent, electricity and water supply was up 14.4 percent and manufacturing expanded 6.8 percent.

www.dyerandblair.com