Stocks, Taxes, Bezos and Branson
It could be time to buy a telescope, because billionaires are taking their fight's to space, and the government might as well just tax them.
The previous week was a challenging one, load up because this week is about to be a lot more interesting.
The Local Front
Of Stocks… The benchmark all share index of the Nairobi Securities Exchange (NASI) was down 0.24% week on week to close the week at 171.21 points, NASI’s year to date performance stands at 12.56%.
Nairobi Business Ventures, our main focus on the previous newsletter seem not to be giving up! The counter extended it’s top position rally, giving a further 44% in shareholder return during the week.
Nation Media Group’s elder brother, Jubilee Holdings was also on the gainers front, after shareholders approved a share buyback on the market. DTB investors shareholders are definitely praying for a corporate action right now.
Well, it’s not only buy-backs that are set to dominate the market this year, TPS Eastern Africa, the company that owns the famous Serena Hotels are set to perform a rights issue this year. This will become the third right’s issue after Crown Paints Plc and the proposed Transcentury Plc right’s issue.
Taxes: During the week as President Uhuru Kenyatta signed into law the Finance Act 2021. The Act came into effect even as the taxman announced that they had surpassed revenue collection by Kes16.08 Billion.
You might have received a text from your network provider or bank telling you that they will impose an extra charge on your airtime and/or loans. Well, governments have this “bad” habit of taxing utilities and the Kenyan government has mastered it the game.
Well, I know we all need space from these taxes, literally.
Global Front
Didi did not just!
On Wednesday, Didi Global Inc’, China’s version of Uber, became the biggest Chinese company since Alibaba to list on US stock markets following an initial public offering that received a relatively strong subscriptions from investors, Didi raised $4.4 Billion from the I.P.O.
Intel Corporation
We just got some “intel” that the world’s largest chip-maker and Apple Inc, the smartphone manufacturer, will be the first companies to use Taiwan Semiconductor Manufacturing Company [TSMC] next-generation chip production technology ahead of its deployment, possibly next year .
Coffee Break - What’s up with Billionaires Anyway?
Well, looks like being "Rich-ard" isn't enough, billionaires are taking the war to space! Few days after Bezos anounced he would board the Blue Origin to space, Virgin Galactic came in and said Richard Branson would do the honors of becoming the first billionaire in space 9 days earlier than Bezos.
While Elon Mars (Musk), “the meme lord” who hopes to be the first of his kind to see Humans visit the red planet, puts his fight onto planets, his Co-Billionaires are rope and knife on being the first billionaires to experience zero gravity, at least not the artificial one. Let’s see who will win this!
Verdict - While Branson is set to fly just above the Krmn line giving him the feel of weightlessness for a few minutes and win the battle, Bezos might as well win the war. Well, Blue Origin said that Bezos will go further from the Krmn line.
What Cowries are we collecting this week?
Didi Global Inc’ - On Sunday, China's cyberspace administration said it had ordered smartphone app stores to stop offering the ride-hailing firm's app after finding that Didi had illegally collected users' personal data. Let’s check on the week how Didi performs in trading tomorrow.
Virgin Galactic Holdings - One more week till we have Richard Branson board the flight to “space”, in the past week, the past week, SPCE has been on the gain on the NYSE and we will be keen to collect cowries of the stock’s performance this week.
The Nairobi Coffee Exchange - The Capital Authority Kenya earlier in the week issued a list of licensed coffee brokerage firms. Let’s see just what changes the regulator (CMA) will bring on the NCE which had been on the usual two month hiatus from trading since April.
TPS Eastern Africa - TPSE becomes the first company in the Agha Khan network to offer a right’s issue in recent times. TPSE had earlier in the year posted their largest loss as a result of the tourism hit sector overall performance. We will camp to see how the right’s issue plays out.
How about you? What are your cowries for the week?
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