Stock Trading and Other Things

In with the old out with the new from his election battle bus

Summary: In with the old out with the new from his election battle bus Boris Johnson pledged to revive the Routemaster and boot out the bendy buses London s new Routemaster bus will operate on a scale far wider than expected but the much hyped public competition to design it is a sideshow according to a senior Transport for London manager   As the Mayor Boris Johnson prepares to unveil the results of the competition it has emerged that TfL will order up to 800 of the open platform new Routemasters almost double the expected number They will serve all central London s busiest routes not just bendy routes   The design contest has attracted around 470 entries including one from Norman Foster But David Hampson Ghani TfL s programme manager for new buses said it was seen inside TfL as almost a consultation to the key effort talks with the manufacturers The Standard can also reveal that TfL has been engaged in extensive below the radar discussions with Britain s major bus manufacturers Nairobi Friday 24th October 2008 The high court has ordered the reinstatement of the National Social Security Fund NSSF board which was disbanded last week to pave way for investigations of a Sh1 4 billion scandal Justice Joseph Nyamu quashed labor minister John Munye s decision to dismiss the board of directors Labour minister John Munyes last week said that after consultations with the Prime Minister Raila Odinga it was agreed to dissolve the board to unravel the loss of certificates of shares worth Sh1 4 billion invested with Discount Securities Limited Mr Munyes said that the Capital Markets Authority boss Stella Kilonzo had informed him that it was impossible to recover the shares without the certificates He added that some members of the board also sat in the Finance and Investment committee that was charged with the buying of the shares   The board has been operating like a cartel said Mr Munyes adding that the procurement procedures and recruitment needed to be reviewed urgently He expressed fears that the NSSF portfolio of Sh82 billion could have been misappropriated further He said NSSF had invested with other seven stock brokers in the capital market Investigations into the sale of NSFF land opposite the Laico Regency former Grand Regency was also cited as another reason why the board needed a further probe In a statement released on Wednesday  it admitted that the committee authorised Discount Securities Limited to trade pensioners shares but failed to secure share certificates The statement signed by NSSF board chairperson Jane Mwangi said The board has directed the immediate interdiction of the staff investments committee and an immediate investigation into the matter The minister is expected to give a ministerial statement in the House on Tuesday to explain why the fund engaged a troubled stock broker in investing pensioners cash The judge made the ruling after COTU moved to court to challenge the minister s decision In with the old out with the new from his election battle bus Boris Johnson pledged to revive the Routemaster and boot out the bendy buses London s new Routemaster bus will operate on a scale far wider than expected but the much hyped public competition to design it is a sideshow according to a senior Transport for London manager   As the Mayor Boris Johnson prepares to unveil the results of the competition it has emerged that TfL will order up to 800 of the open platform new Routemasters almost double the expected number They will serve all central London s busiest routes not just bendy routes   The design contest has attracted around 470 entries including one from Norman Foster But David Hampson Ghani TfL s programme manager for new buses said it was seen inside TfL as almost a consultation to the key effort talks with the manufacturers The Standard can also reveal that TfL has been engaged in extensive below the radar discussions with Britain s major bus manufacturers Nairobi Friday 24th October 2008 The high court has ordered the reinstatement of the National Social Security Fund NSSF board which was disbanded last week to pave way for investigations of a Sh1 4 billion scandal Justice Joseph Nyamu quashed labor minister John Munye s decision to dismiss the board of directors Labour minister John Munyes last week said that after consultations with the Prime Minister Raila Odinga it was agreed to dissolve the board to unravel the loss of certificates of shares worth Sh1 4 billion invested with Discount Securities Limited Mr Munyes said that the Capital Markets Authority boss Stella Kilonzo had informed him that it was impossible to recover the shares without the certificates He added that some members of the board also sat in the Finance and Investment committee that was charged with the buying of the shares   The board has been operating like a cartel said Mr Munyes adding that the procurement procedures and recruitment needed to be reviewed urgently He expressed fears that the NSSF portfolio of Sh82 billion could have been misappropriated further He said NSSF had invested with other seven stock brokers in the capital market Investigations into the sale of NSFF land opposite the Laico Regency former Grand Regency was also cited as another reason why the board needed a further probe In a statement released on Wednesday  it admitted that the committee authorised Discount Securities Limited to trade pensioners shares but failed to secure share certificates The statement signed by NSSF board chairperson Jane Mwangi said The board has directed the immediate interdiction of the staff investments committee and an immediate investigation into the matter The minister is expected to give a ministerial statement in the House on Tuesday to explain why the fund engaged a troubled stock broker in investing pensioners cash The judge made the ruling after COTU moved to court to challenge the minister s decision

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