THE STAR Monday, November 19, 2012 LOCAL 37

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Renaissance Group splits key units Can YOU outsmart BY SOLOMON KIRIMI Renaissance Credit in Rus- the helm of the "rm, which Tatu city in the outskirts of the expert? sia, to Onexim. now comprises Renaissance . RENAISSANCE Group has The separation of the Asset Managers, and Asset Onexim Group and Ren- split its asset management business units under the Management Company. aissance Group announced unit from investment bank- Renaissance Group umbrel- Others include Rendeav- last week that an agree- ing arm. la leaves the Renaissance our engaged in develop- ment had been reached for The group separated its Group to focus on asset ment in develop African Onexim Group to buy Ren- ALY KHAN’S operations from its invest- management, African urban cities, Renaissance Credit aissance Group’s stakes in ment banking division developments, consumer "- Nigeria, consumer "nance Renaissance Capital Invest- STAR following an announcement nance in Africa, and Russian and Renaissance Real Estate ments, Renaissance Capital, by Renaissance Group and real estate funds. in Russia. and Renaissance Capital PORTFOLIO Onexim Group of the sale Chief executive Stephen Renaissance capital is International Services for an of Renaissance Capital and Jennings will remains at involved in development of undisclosed amount.

BARAGOI: BLACK SWAN Minister calls for Sh1bn OR NEW NORMAL? WHEN I was young and the heat was at its most intense in the afternoon in and only the sound of crows would occasionally pierce that heavy hot stillness and my mother was having her siesta, I would read and state rescue for Jetlink I consumed books because they were my lifeline to the world. Today, the world is flat and my laptop [nicknamed my ‘lovetop’ by my better half] connects me but then it was a different time, a world when we were all disconnected. The one author I always wrestled with was James Joyce whom I later learnt was the inventor of the ‘stream of conciousness’ style of storytelling and my piece today might be characterised as a little James Joycean, I admit. I start with Nassim Taleb who has written a number of very prescient books. Taleb is the author of The Black Swan [fooled by randomness] which caught the atten- tion of folks who live and breathe the financial markets. “What we call here a Black Swan is an event that is an outlier, as it lies outside the realm of regular expecta- tions, because nothing in the past can convincingly point to its possibility and it carries an extreme ‘impact’.’’ And I refer to the randomness of the fact that 41 people have died in the Gaza Strip and 48 police officers were killed in Baragoi, Samburu. Let’s set aside for a moment the share of voice that the events in the Gaza Strip are receiving which simply dwarfs the share of voice the massacre in the Samburu received by comparison. I pray that the souls of all the departed [and I include the three Israelis as well as the police officers as well as those in the Gaza Strip] rest in eternal peace. I am left wondering what on earth is going on? When did we start ranking worse than the Gaza Strip? Are these spikes and paroxysms of violence Black Swan events or are we entering a new normal? Everything starts with security and without it, we are in very deep trouble and these spikes have been GROUNDED: Jetlink Express said on Thursday it has suspended operations for lack of cash flow. increasing in frequency, in intensity and spreading geographically. The Swahili coast remains a potential tin- BY JUSTUS OCHIENG The airline heavily depends billion from the Treasury toum. derbox and the Rift Valley is hardly a demilitarised zone. on foreign exchange to buy can save the Jetlink. Equity Bank has Somehow, the genie was put back in its bottle in 2008 IMMIGRATION minister fuel, aircraft lease rentals, “The Sh1 billion can be reportedly been advancing but when you keep stepping close to the precipice, Otieno Kajwang’ has peti- importation of spare parts given as a loan to the com- them dollar payments based there is a high chance that you misjudge distance and tioned President Kibaki to and landing fee. pany to enable it continue on Jetlink’s deposits in Eq- you fall over the edge. direct the Treasury to release Kajwang’ said the cash its operations since when uity pending Can the system regain control? stimulant funds to rescue the !ow crunch that has hit the one business venture col- resumption of normal for- Will lashings of blunt force trauma be enough? airline Jetlink Express. company is likely to affect lapses, Kenyans lose several eign exchange trade in South What happens if it all kicks off all at once and to- Operations at the local the country’s revenue. jobs and families suffer,” Ka- Sudan. gether? airline have been grounded The minister who was jwang’ said. Jetlink, which has operat- Is the system responding with enough sophistication? for lack of cash blamed on speaking in on Sat- The airline said with for- ed for over four years, runs Or do we only have one tool in the tool box? failure to convert into dol- urday said that a swift move eign exchange shortage in scheduled domestic !ights to lars revenue from its ticket by the head of state will save South Sudan, banks are un- Kisumu, Mombasa, and El- sales in South Sudan. the company. der instruction from the gov- doret and regionally to Managing director Cap- “Treasury under the direc- ernment to give priority to and Mwanza with a strate- Everything starts with security tain Elly Aluvale last week tive of the President has of- essential services like food, gic plan to spread its wings and without it, we are in said the airline is unable fered aid to Kenya Co-oper- medicine and fuel imports to Zanzibar and Dar-es-Sa- to access more than Sh170 ative Creameries, coffee and in their foreign exchange al- laam in Tanzania, Kigali in very deep trouble and these million ($2 million) held pyrethrum industries and location. Rwanda, Asmara in Eritrea in Equity Bank and Kenya it will not cost the country The currency shortage and Khartoum in Sudan. spikes have been increasing Commercial Bank accounts much to come to the aid of arises from the stand-off It has a jet !eet of eight in Juba. Jetlink,” the minister said. between Sudan and South aircrafts including seven in frequency, in intensity and Subsequently, its 350 staff He said just like Kenya Sudan over oil export tran- CRJ aircrafts (50-seater) have been sent home pend- Airways has received state sit fees forcing the South to and one Fokker-28 aircraft spreading geographically ing further communication. assistance in the past, Sh1 stop re"ning its oil in Khar- (79-seater).