Latest news with #CBK
Zawya
5 days ago
- Business
- Zawya
Kenya: CBK eyes top local banks for cash in treasury bond market reforms
Kenya's central bank is targeting leading local banks to provide liquidity in the government bonds market as part of a broader shift aimed at ensuring the availability of buyers and sellers and enhancing price transparency in transactions. The reform plan, backed by the International Monetary Fund (IMF) and the World Bank, targets heavily capitalised banks regulated by the Central Bank of Kenya (CBK), which will serve as market makers by consistently providing price quotations for the buying and selling of treasury bondThe CBK has set the minimum two-way quotations by banks at Ksh20 million ($155,038), with incremental lot of Ksh50,000 ($387.59), according to the draft regulations seen by The EastAfrican.'The purpose of the Pilot Market Makers Program is to establish a wholesale secondary market for benchmark Government of Kenya securities by designating top Kenyan banks to serve as market makers and liquidity providers,' the draft guidelines say. 'This will support economic growth through a deeper and more efficient government securities market that will support the National Treasury's efforts to mobilise resources, reduce borrowing costs, and attract foreign investments.'Banks are major players in the treasury bond market, where they control more than 45 percent, equivalent to Ksh2.83 trillion ($21.93 billion) of the government's total domestic debt, followed by pension funds (28.82 percent), insurance companies (7.25 percent) and parastatals (6 percent). CBK and the National Treasury have decided to go for market makers to enhance liquidity and price discovery in government bonds, arguing the move is in line with global trends. A market maker or liquidity provider is a company or individual who stands ready to buy and sell securities at quoted prices thereby providing liquidity to the market. They play a crucial role in ensuring that there are always buyers and sellers available for a particular security, allowing investors to trade quickly and at a fair price.Market makers quote both a buy and a sell price in a tradable asset held, hoping to make a profit on the difference, which is called the bid-ask spread. The introduction of the market makers in the government's bond market is part of a major reorganisation plan aimed at enhancing transparency in trading and making it easier and faster for bondholders to exchange their securities for cash. According to the guidelines, market makers (banks) on the pilot programme will be required to maintain continuous quotes for the benchmark government bonds on the run during specified trading hours.These banks will be under obligation to quote prices for a period of five hours between 9.30am and 2.30pm.According to the draft rules, the parties to the bond transaction should ensure settlement finality and in the event of failure of the transaction due to the unavailability of the security/funds from trading parties, the aggrieved party will be entitled to demand payment of interest. The draft rules stipulate that a market maker must be a duly registered local bank under the Banking Act Cap 488, or any other qualifying institution as prescribed by the Central Bank of Kenya (CBK) from time to time. Additionally, the institution must demonstrate sufficient capital to fulfill market-making responsibilities as determined by the CBK.Its employees must be adequately qualified and experienced to fulfill the obligations set on the market maker and must also obtain an Authorised Securities Dealer licence to support OTC market making obligations as prescribed by the Captial Markets Authority (CMA).The market maker is also expected to comply with the applicable laws of the Republic of Kenya and implement adequate internal procedures and controls in relation to its intended business of being a market maker.The CBK bond trading portal, DhowCSD, went live on August 1, 2023, giving retail investors unprecedented access to attractive returns via mobile phone opening up the Treasury bond market that has hitherto been the preserve of a small club of sophisticated and deep-pocketed investors. CBK is a fiscal agent of the government selling bonds on behalf of the National Treasury earning a commission of 1.5 percent of the amounts raised. CBK controls a registry for government bonds while the Central Depository and Settlement Corporation (CDSC) Ltd provides a registry for corporate bonds traded on the Nairobi Securities Exchange (NSE). © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. ( ]
Daily Mirror
6 days ago
- Entertainment
- Daily Mirror
Matt Keil dead: Comeback Kid bassist dies at 39 after year-long health battle
The former bassist of Canadian punk band Comeback Kid was diagnosed with a neurodegenerative disease last year The former bassist of punk band Comeback Kid, Matt Keil, has died aged 39 following a year-long battle with amyotrophic lateral sclerosis (ALS). Matt, who was part of the Canadian band from 2008 until his departure in 2014, was featured on their albums 'Symptoms + Cures' and 'Die Knowing'. Comeback Kid confirmed the tragic news in a post shared on their official Instagram page. They shared a slew of throwback photos with the band as well as a number of sweet behind the scenes snaps. They wrote: "It's with a heavy heart that we say goodbye to our longtime friend and previous bass player Matt Keil. "Matt played in CBK from 2008 - 2014, a time when we were really starting to tour internationally on a more global scale. He was such an amazing friend and musician. Just the greatest guy to tour with, be around, and explore the world with. "We are sending our love to his wife Maddie and their 2 daughters. We will honour his memory for all our years to come. We love you, Matt K." Matt has two children with his wife Madeline Keil - Ellie, nine, and seven-year-old Zoey. Along with being a musician, he was also a realtor. The star was diagnosed with the degenerative disease, ALS, in May last year. ALS a nervous system disease that affects nerve cells in the brain and spinal cord. ALS causes loss of muscle control. The disease gets worse over time. It is a fatal disease with no known cure. When he was first diagnosed, his wife set up a GoFundMe page describing his condition. "The aggressive progression of this disease within a year of diagnosis has hindered Matt's independence & altered his family's day-to-day lives," she told readers. Madeline announced the devastating news of his death on July 13, writing: "It is with a shattered heart that I share that the love of my life and my very best friend passed away yesterday afternoon after a 19 month long battle with ALS "We shared a harmonious marriage filled with laughter and joy. He was an amazing parent, my own personal comedian, and the very best partner. I will miss you for the rest of my life. I love you forever.' His friends and fans paid tribute to him on Comeback Kid's social media page. One user wrote: "All my love. I'll never forget recording his voicemail message on that Lowtalker / bane / strike anywhere / touché tour. "One of the kindest and funniest people we've ever toured with. Condolences." "He was a good man we shared so many laughs together," one said. "God bless his soul and his family," and another added: "Sending lots of love to all of you and his family. Sorry for your loss."
New York Post
03-07-2025
- Entertainment
- New York Post
Fashionistas are swarming an NYC pharmacy to snatch Carolyn Bessette-Kennedy's coveted, iconic headband
She's still turning heads — and inspiring headbands. Nearly three decades after Carolyn Bessette-Kennedy's life was cut short in a devastating plane crash, her chic, minimalist and unfussy style legacy lives on — and Gen Z can't get enough. A $36, ¾-inch tortoiseshell headband made by French hair accessory brand Charles J. Wahba and famously worn by the style icon in the '90s has become one of the hottest summer accessories — thanks to a recent social-media moment. Advertisement 9 Carolyn Bessette-Kennedy's simple hair accessory is having a moment right now with younger generations. Sygma via Getty Images As a result, fashion mavens are now swarming C.O. Bigelow pharmacy in the West Village — where the exact headband is still sold — to emulate her elegant, effortless look. 'I think the first TikTok video about the headbands [and their association with CBK] was made by somebody from the Netherlands who was visiting New York City in 2023,' owner Ian Ginsberg told The Post. Advertisement While Ginsberg can't pinpoint exactly when the store began selling the French-made headbands, he said they were likely there 'way before' CBK started buying them. 9 Bessette-Kennedy was known for wearing the no-frills headband around NYC. Emmy Park for The resurgence comes amid news of Ryan Murphy's upcoming FX drama, 'American Love Story,' about CBK and John F. Kennedy Jr., a project facing backlash over so-called lackluster costume choices. No matter — fans are skipping the screen and heading to the spot where CBK once shopped, a fact confirmed by Vogue in 2023. Advertisement The tortoiseshell option became a street-style staple years ago, thanks to numerous paparazzi shots showing CBK wearing oval black shades and the no-frills accessory. @lydiarosehawken CAROLYN BESSETTE-KENNEDY'S FAVOURITE HEADBAND SHOP IN NYC 🍎❤️ If you follow me then you'll know I love my headbands so there was no way I wasn't going to pay a visit to CO Bigelow in Greenwich village on my recent trip. The fashion icon Carolyn Besette-Kennedy was one of the shop's most loyal customers and you can still purchase her favourite hair accessories today 🥹 #carolynbessettekennedy #greenwichvillage #nycguide #fashionjournalist ♬ Groovin' – The Young Rascals 9 CBK would often be seen around town sporting the now-famous hair wear. Sygma via Getty Images Ian and his son Alec Ginsberg, the store's COO, said C.O. Bigelow never promoted the pieces, but sales have exploded since TikTok picked up on the connection. Advertisement 'There was never really a resurgence,' Alec said. 'The demand never really died.' Now, thanks to the recent buzz, sales are spiking again — and those in the know say they're a steal, even at 2025 prices. (Store reps weren't certain of the price CBK would have paid decades ago.) 'The headbands are definitely worth the hype,' makeup artist and beauty mogul Olivia Barad told The Post. 'They feel extremely high quality and come in many different widths and colors.' She added, 'They are also very comfortable, which is super important. I'm very particular about the pattern and color of tortoiseshell that I wear, and these headbands get it absolutely correct.' Carolina DelRio, the store's beauty manager, said that when she first started working there a decade ago, the Wahba headbands came in just three colors: tortoiseshell, beige and black. 9 C.O. Bigelow's social media manager, Annika Ford, also opts for the same style and coloring preferred by Bessette-Kennedy. Emmy Park for Now the store offers similar pieces in more vibrant hues like hot pink and coral. Advertisement While many younger fans are just discovering C.O. Bigelow, located at 414 Sixth Ave., the 187-year-old apothecary has long been a family-run landmark drawing shoppers from far beyond Greenwich Village — and remains an NYC retail icon. Since 1838, its mixed personalized remedies and plant-based tinctures have served everyone from Eleanor Roosevelt to Sarah Jessica Parker and Mark Twain. 9 On Sixth Avenue, C.O. Bigelow isn't your average drugstore — it's America's oldest apothecary. Emmy Park for 9 Accessory expert Natalie O'Rourke dishes out free, custom hair tutorials at the store — whether you're channeling Bessette-Kennedy with a headband or going full Parisian with French pins. Emmy Park for Advertisement 'The store has such a classic and timeless charm that is completely in line with Carolyn Bessette-Kennedy's style and aesthetic,' Barad said. Although C.O. Bigelow is nearly two centuries old, Alec said their customer base has been getting younger — most likely thanks to CBK's influence. 'I often help customers find the most flattering accessories for their hair color and always put that beloved tortoiseshell headband out for customers to find easily when I'm creating the displays,' accessories merchandiser Natalie O'Rourke said. 9 The $36 tortoiseshell staple from French brand Charles J. Wahba is flying off the shelves at Greenwich Village's C.O. Bigelow — the very spot CBK used to shop. Emmy Park for Advertisement Apart from C.O. Bigelow, the headbands are also available at Zitomer on Madison Avenue — a nearly 75-year-old Upper East Side pharmacy where CBK reportedly picked up shampoo and scrunchies. Though Wahba's hair accessories are sold in about 80 salons and shops nationwide, the brand has no website or social media — in step with CBK's low-key ethos, as reported by the New York Times. As a Calvin Klein publicist with a razor-sharp eye, the late fashionista favored minimalist power pieces from Prada, Jil Sander and Yohji Yamamoto — but she was also famously frugal. 9 Bessette-Kennedy dressed to impress, but was all about practicality. Sygma via Getty Images Advertisement 'Carolyn represents this chic, quiet luxury style I think many women want to emulate but feel they can't afford. So the headbands provide an affordable and accessible way to participate,' influencer Beverly Hart told The Post. According to the 2023 book 'CBK: Carolyn Bessette Kennedy: A Life in Fashion' by Sunita Kumair Nair, CBK had full access to luxury brands like Manolo Blahnik and could afford anything — but only bought what she needed and insisted on paying, instead of accepting a freebie. CBK stuck to her style playbook — snapping up crisp white shirts, tailored coats, penny loafers and loads of blackout-worthy black, often buying the same staples in every shade. Her streamlined wardrobe supposedly consisted of just 30 to 40 items. 9 Young women of today admire CBK's chic, classic style. Sygma via Getty Images The long-time publicist's sartorial influence is stronger than ever these days. 'I think so many New Yorkers and TikTokkers are inspired by her style because while it's very clean and classic, there is always one element that makes it super unique to her,' Barad said. 'She had that 'It' factor. Even if an outfit looked simple or just thrown together, it was always done in the most perfect way.' Hart agreed: 'A lot of style icons, while gorgeous and fashionable, wear things that aren't practical for, say, a 10-minute walk and 25-minute subway ride to work.' But CBK's looks are still wearable, she said. 'Comfortable shoes, simple silhouettes, dark neutrals. Almost every outfit she wore you could wear to work today — that's what makes her unique.'
Business Insider
03-07-2025
- Business
- Business Insider
UK, US, South Sudan top list as Kenyan banks transport cash across borders
Kenyan commercial banks are increasingly transporting physical cash to foreign destinations, with the United Kingdom, United States, and South Sudan ranking as the top recipients. Kenyan commercial banks transport significant amounts of physical cash to foreign nations, with the UK and US among the top destinations. The UK accounted for 42% of cash shipments due to historical ties and established financial networks with Kenya. Prominent currencies transported include the US dollar, British pound, and euro, underscoring global financial connections. This trend was highlighted in the latest Survey on Cross-Border Movement of Cash, which revealed that 15 commercial banks representing 39.4% of all licensed banks in Kenya are engaged in cross-border cash shipments. The report, compiled by Kenyan financial authorities, underscores the scale and complexity of physical currency movements in and out of the country. According to the Central Bank of Kenya (CBK), the primary reasons Kenyan banks transport physical cash across borders include the repatriation of foreign currency and the need to ensure operational efficiency by meeting the liquidity demands of their foreign subsidiaries. In a report released on Wednesday, July 2, CBK noted that the main source of the transported cash is customer deposits held across local branches. Additional sources include group subsidiaries, currency exchange agencies, and central banks of other countries, highlighting the diverse financial networks involved in cross-border cash movements as per UK leads as top destination for Kenya's cash outflow According to the report, the United Kingdom emerged as the leading destination for physical cash outflows from Kenya, accounting for 42% of the total. The United States followed with 15%, Switzerland with 12%, and Germany with 4%. The UK's central role in hosting foreign accounts for Kenyan banks, businesses, and government institutions is closely tied to the deep and historic ties between the two nations. According to the UK Foreign, Commonwealth and Development Office, the UK was Kenya's fifth-largest export destination in 2022 and remains the largest international investor in the country, accounting for 14% of Kenya's total stock of foreign liabilities. These enduring trade, financial, and diplomatic ties help position the UK as a key hub for Kenyan foreign accounts and currency repatriation. Regionally, South Sudan accounted for 15% of physical cash shipments, while the Democratic Republic of Congo (DRC) received 8%. The most commonly transported currencies were the US dollar, euro, and British pound, reflecting the global nature of Kenya's financial networks and the liquidity needs of its banks abroad. While the United Kingdom topped the list of destinations for Kenya's physical cash exports, the US dollar was the most frequently moved currency. This highlights the dollar's dominance in international finance and the UK's pivotal role as a global financial hub facilitating multi-currency operations. Kenyan regulators have emphasized that all such operations are carried out under strict compliance frameworks, including anti-money laundering (AML) and know-your-customer (KYC) protocols.
Kuwait Times
01-07-2025
- Business
- Kuwait Times
CBK: Broad money supply declines 0.3%
KUWAIT: The Central Bank of Kuwait (CBK) announced on Monday that the broad money supply (M2) recorded a slight monthly decline of 0.3 percent in May, reaching KD 41.7 billion (approximately $137.6 billion). In statistical tables released to Kuwait News Agency (KUNA), the CBK's Economic Research Department indicated that private sector deposits in local banks in Kuwaiti dinars edged down by 0.1 percent to KD 38.3 billion ($126 billion), while foreign currency deposits by the private sector saw a sharper decline of 5.4 percent to KD 1.7 billion ($5.6 billion). The report further noted that local banks' claims on the Central Bank, represented by CBK bonds, decreased by 7.5 percent to KD 1.2 billion ($3.6 billion). Total assets of local banks also dipped marginally by 0.1 percent to KD 95.9 billion ($316 billion), while net foreign assets at local banks dropped by 3.4 percent to KD 14.8 billion ($48.8 billion). Meanwhile, time deposits held at the Central Bank remained stable during the month at KD 750 million ($2.5 billion). In contrast, cash credit facilities, which include loans extended by local banks, rose by 1.3 percent to KD 59 billion ($194.7 billion), reflecting continued credit growth. The data also showed that financing of Kuwaiti imports increased by 2.4 percent to KD 734 million ($2.4 billion) in May. The average exchange rate of the US dollar against the Kuwaiti dinar saw a slight decline of 0.1 percent, settling at 306.8 fils. The CBK clarified that in its narrow definition, the money supply comprises cash in circulation and demand deposits used in everyday transactions. In its broader sense, it includes current money in addition to savings and time deposit accounts. — KUNA
