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Flying squad discover billions in fake currency at Barclays Bank branch




Police in Nairobi have stormed a bank in the city centre in search of fake currency.

Detectives from Flying Squad stormed into Barclays Bank, Queensway branch, located on Mama Ngina Street at 1pm on Tuesday.

According to the star, flying Squad officers have intercepted billions in fake currency at Barclays Branch.

The Star reports that police sources said the owners were using the money to con people.

“It’s fake and was found inside a safe in the bank,” the sources said adding that they are currently investigating the matter.


Barclays in a Tweet said the fake cash belonged to a customer who has a safe in the bank

A customer who holds a personal safe deposit box at our Queensway branch was this morning intercepted by police at the branch. Police are currently investigating the contents of his safe deposit box. We are assisting the authorities to investigate this matter fully.” 

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Paris catches Asian tigers in most expensive city race



Paris and Hong Kong for the first time joined Singapore as the world’s most expensive cities to live in, a study revealed on Tuesday, with utilities and transport driving up the cost of living.

Zurich, Geneva and Japan’s Osaka trailed closely, with emerging market cities like Istanbul and Moscow plummeting down the ranking due to high inflation and currency depreciation, said the Economist Intelligence Unit’s bi-annual survey of 133 cities.

It was the first time in more than 30 years that three cities shared the top spot, a sign that pricey global cities are growing more alike, said the report’s author, Roxana Slavcheva.

“Converging costs in traditionally more expensive cities … is a testament to globalisation and the similarity of tastes and shopping patterns,” she said in a statement.

“Even in locations where shopping for groceries may be relatively cheaper, utilities or transportation prices drive up overall cost of living,” she said.

Rising costs in cities are often driven by a vibrant job market attracting skilled workers with high wages, said Anthony Breach, an analyst with the British think tank Centre for Cities – which was not involved in the study.

Urban planners need to plan ahead and build more housing to keep prices affordable and overall costs down, Breach told the Thomson Reuters Foundation.

For the EIU survey researchers compared the cost of more than 150 items such as cars, food, rent, transport and clothing in 133 cities.

A woman’s haircut was about $15 in Bangalore, India, compared to $210 in New York, for example, while a bottle of beer was about half a dollar in Lagos, Nigeria, and more than $3 in Zurich.

British cities recovered a few positions a year after reaching the cheapest level in more than two decades due to Brexit uncertainty, with London ranking 22nd and Manchester 51st, up eight and five spots respectively.

Political turmoil in Venezuela plummeted Caracas to the bottom of the ranking, followed by Damascus, Syria, with Karachi, Pakistan, Buenos Aires, Argentina, and New Delhi also featuring among the 10 cheapest cities.

But a city’s drop in the index does not necessarily mean life automatically gets cheaper for people living there, as prices adjust to inflation often quicker than wages, said Gunes Cansiz of the World Resources Institute (WRI), a think tank.

“The cost of living in Istanbul, for example, might seem to have decreased, but since household expenses have increased, this has no positive reflection on the daily life of Istanbulites,” said Cansiz, director at WRI’s Turkey Sustainable Cities programme.


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David Ndii speaks on joining Uhuru cabinet



Renowned economist David Ndii has explained why he cannot accept the position of Treasury Cabinet Secretary, even if it was offered to him by President Uhuru Kenyatta.

Dr Ndii said he had learnt from the predicaments of John Githongo, who was forced into exile in 2004 after attempting to fight corruption in the Narc administration.

His comment was prompted by a Twitter user who recommended that Treasury CS Henry Rotich be sacked and the job given to Dr Ndii.

“Replacing Treasury CS with @DavidNdii can help govt not to continue making mistakes. I strongly believe we need an individual who understands Public Finance at a powerful ministry like Treasury. Treasury and KRA should work closely in budgeting too,” wrote Barongo M. Haron.

But the economist retorted: “Short story. My fren @johngithongo calls in my house one morning in 2003. He’d been asked to become Kibaki’s anti-graft czar. We debate and agree he accept. To cut a long story short, he ends up in exile, a kikuyu traitor, living with bodyguards for years. Not boarding.”

Dr Githongo was appointed the Permanent Secretary for Governance and Ethics in January 2003 by president Kibaki, who had been elected on an anti-corruption platform.

He quit on February 7, 2005, while in the United Kingdom after facing resistance and threats from power government officials implicated in the multi-billing-shilling Anglo-Leasing scandal.

source: Nairobi News

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