CREDIT CRUNCH COSTS A MILLIONAIRE'S LIFE

The City was in shock last night after the apparent suicide of a millionaire financier haunted by the pressures of dealing with the credit crunch.

Kirk Stephenson, who was married with an eight-year-old son, died in the path of a 100mph express train at Taplow railway station, Berkshire.

Mr Stephenson is believed to have taken his own life after succumbing to mounting personal pressures as the world’s financial markets went into meltdown.

New Zealand-born Mr Stephenson, who owned a £3.6million, five-storey house in Chelsea and a retreat in the West Country, was chief operating officer of Olivant Advisers.

Last year, the private equity firm tried to buy a 15 per cent stake worth almost £1billion in Northern Rock before the bank was nationalised, bidding against Virgin boss Sir Richard Branson.

In June, the company secured a 2.5 per cent stake in Swiss banking giant UBS. There has been persistent speculation in the financial world that UBS has written off billions after being exposed to the US mortgage market.

Since June, the bank has dropped in value by about 20 per cent, which means the value of Olivant’s stake in UBS has fallen from £950million to £770million.

Before his death at 9am on Thursday, Mr Stephenson appeared to have everything to live for. 

A glittering 20-year City career had made him a hugely wealthy man and he was said to have been happy in his marriage to Karina Robinson, a successful financial writer.

Sources stressed that neither Mr Stephenson nor his company had financial problems that would have led him to take his own life.

But they said the financier had ‘succumbed’ to the stress and responsibilities of his taxing role, adding that Mr Stephenson had overreacted to the continuing financial turmoil

After eating breakfast on Thursday with his wife and their young son Lucas, Mr Stephenson drove to Taplow station, left his car in the car park and crossed a footbridge over the main First Great Western Plymouth to Paddington line.

Out of view of passengers on the platform, he is then said by witnesses to have leapt in front of a high-speed train.

The driver sounded his horn and slammed on the brakes but was unable to stop in time. The train came to a standstill a mile down the track.

Mr Stephenson left no note, but the incident is being treated by police, train operator First Great Western and his own firm as a suicide.

 In due course a coroner will examine the death and record an official verdict.

Mr Stephenson’s colleagues and family were unable to explain why had he had gone to Taplow.

Last night, his devastated widow released a statement saying: ‘Kirk was a life-enhancer – not with a showy, life-and-soul-of-the-party sort of charisma, but as a planner who quietly ensured everyone around him had a marvellous time.

‘A dedicated father and a devoted husband, he valued his family above all else.

'He had a gift for friendship and was a generous and exceptional host, gathering his wide circle in summer villas all over Europe, as well as for parties, dinners and opera.

‘Any occasion with Kirk was a wonderful experience. He spent many a fine – and less than fine – summer evening listening to opera at Garsington, Glyndebourne and The Grange with friends.

'He also loved board games and tennis, passions he shared with his treasured son, Lucas.

‘He arrived in London in 1983 as an SG Warburg trainee. After his stint in the City he went on to work at several large organisations. Latterly, he was a director for Olivant.

‘Always a keen traveller, in 1999 he married his cherished wife Karina. Together they travelled from Bhutan to Burgundy, Buenos Aires to Tripoli.

‘He will be sorely missed by his wife, his son, his mother Bet Stephenson, and his many friends.’

Until two months ago, former merchant banker Karina was a columnist on The Banker magazine.

One of her former colleagues said: ‘It is shocking news. I know Kirk had been under pressure, but I am not aware that his own money was at stake.

'He was very hard-working. He did a 24-hour-a-day job.’

A family friend added: ‘Kirk was always troubled because of his work. He was always so busy, working late and travelling a lot.

'But he didn’t seem any different on Thursday. He ate breakfast with the family, kissed them and said goodbye. No one can believe what happened.’

Mr Stephenson’s previous jobs include chief operating officer of City lawyers Freshfield Bruckhaus Deringer, group finance director of Coats Viyella and Amersham International and an investment banker at Warburg and Morgan Stanley.

At Olivant Advisers he was paid £333,000 last year, but is thought to have made millions more from the core Olivant business, based in Guernsey

SOURCE: Dailymail

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MGAO WA UMEME SASA MASAA 10,HALI HII MPAKA LINI?

Picha kwa hisani ya  Chesi Mpilipili

Shirika la Umeme Tanzania,TANESCO,limetangaza ratiba mpya ya mgao wa umeme ambao tofauti na yale masaa matano ya awali   sasa tatizo hilo litadumu kwa masaa kumi kwa siku.Ni muhimu kuwa tatizo hili linakuja wakati tatizo jingine la nishati ya mafuta likiwa halijatulia sawasawa.Angalau katika suala la kupanda kwa bei za mafuta liko nje ya uwezo wetu kwa vile linakuwa determined na soko la dunia.Lakini inakuwa vigumu kuingia akilini pale ambapo takriban kila mwaka lazima TANESCO watangaze mgao wa umeme.Na ninaposema kila mwaka najaribu ku-neglect power cuts za mara kwa mara zisizo na ratiba ambazo zimekuwa kama suala la kawaida huko nyumbani.

Kwa mtazamo wangu,tatizo kubwa zaidi linaloikabili TANESCO sio uhaba wa fedha bali namna linavyoendeshwa kisiasa.Pengine unaweza kudhani ufumbuzi wa tatizo hilo ni kulibinafsisha shirika hilo la umma.Lakini pengine kabla hujafikiri hivyo ni vema ukaangalia baadhi ya mashirika ya umma ambayo kubinafsishwa kwake hakujaweza kuyafanya yamudu uendeshwaji wa mafanikio.Mfano mzuri ni Sherika la Reli (TRC) ambapo huduma zake zimeendelea kuwa mbovu licha ya kupatiwa mwekezaji ambaye pengine mafanikio yake makubwa yamekuwa katika kuishawishi serikali impatie fedha za kumkwamua kila linapotokea tishio la mgomo wa wafanyakazi.Sikatai kwamba kuna some few success stories katika ubinafsishaji wa mashirika yetu ya umma,mfano mzuri ukiwa TBL,lakini mafanikio hayo yanaendelea kubaki kuwa mithili ya matone kwenye bahari.

Uendeshwaji wa TANESCO kisiasa ndio uliopelekea shirika hilo kusaini mkataba wa ajabu na kampuni ya IPTL.Mkataba huo umeendelea kuiumiza TANESCO kwa muda mrefu sana na hakuna dalili za kuisha kwa tatizo hilo.Ahadi za kupitia mikataba mibovu zimeendelea kubaki ahadi huko akina IPTL wakiendelea kuikalia kooni,hali inayopelekea maumivu zaidi kwa wananchi wa kawaida.

Kuna hujuma za kiwango kidogo dhidi ya TANESCo zinazofanywa na wezi wa mafuta ya transfoma,mita za luku na hata nyaya za umeme.Hujuma hizi zinazodaiwa kuwashirikisha baadhi ya watumishi wasio waaminifu wa shirika hilo haziwezi kulinganishwa hata kidogo na hujuma kubwa kama hiyo ya IPTL.Hivi inaingia akilini kweli kwa shirika kulilipa shirika jingine hata lisipotoa huduma inayokusudiwa kwenye mkataba?

Kuna Watanzania wenzetu wanaofanya kila liwezekanalo kuona TANESCO haiishi kulingana na matarajio yake na ya wateja wake.Hawa ni pamoja na wale waliotuingiza mkenge kwenye utapeli wa Richmond.Hawa wanaombea ukame ujitokeze tena ili waje na scams nyingine za kuongeza mabilioni ya shilingi kwenye akaunti zao.Ni katika mazingira ya namna hii ndipo tunapojikuta tukipatwa na hisia kwamba hata kuharibika kwa mitambo ya umeme ya Songas (ambapo imepelekea kuwepo kwa mgao huu wa sasa) kunaweza kuwa hujuma ya hao wenzetu ambao kuumia kwa wengi ndio mafanikio yao.

Kabla ya kuangalia chanzo kikubwa cha utendaji wa kiwango cha chini kabisa kwa TANESCO (mbali na uendeshwaji wa kisiasa) ni vema pia kuangalia sera nzima ya nishati nchini.Katika dunia hii ambayo nchi kama zetu za dunia ya tatu (na hivi karibuni hata kwa nchi zilizoendelea) hazina uwezo madhubuti wa kukabiliana na matukio yasiyotarajiwa (eg kupanda kwa bei ya mafuta katika soko la dunia na the current world economy crisis) ni muhimu kujitengenezea mazingira ya kuzuia madhara ya huko mbeleni.Tukiendelea kutegemea mvua zijaze mabwawa ili mitambo ya TANESCO huko Kidatu na kwingineko ifanye kazi sawasawa,tutazidi kuumia.Pasipo kuwa na chombo madhubuti zaidi ya EWURA na TPDC,ni dhahiri wafanyabiashara wa mafuta wataendelea kuuza nishati hiyo kwa bei wapendazo wao.

Lakini ili yote yawezekane ni lazima kila Mtanzania aweke mbele maslahi ya taifa badala ya maslahi binafsi.Maamuzi mengi mabovu ni matokeo ya kukithiri kwa upungufu wa uzalendo na uchungu kwa taifa letu.Wataalam tunao lakini mara nyingi ushauri wao unapuuzwa kwa vile unaonekana kuathiri maslahi binafsi ya mafisadi.Kibaya zaidi,ushauri mzuri kwa maslahi ya taifa unaweza pia kutafsiriwa kuwa ni uchochezi.Siasa inaelekea kutawala kwenye kila nyanja na professionalism inanyang'anywa nafasi yake na hamasa za kisiasa.Nothing good ever comes out of putting emotions (in this case political sentiments) in front of common sense (hapa ni maslahi ya taifa)

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McCAIN FACIAL GESTURES DURING THE DEBATE

Related News: GOP concerned about Sarah Palin (Click the link)

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MDAHALO KATI YA OBAMA NA MCCAIN:NANI KAIBUKA MSHINDI?

Hatimaye mdahalo wa kwanza kati ya wagombea urais wa Marekani kwa vyama vya Democrat na Republican,Barack Obama na John McCain,respectively,umemalizika dakika chache zilizopita,mdahalo huo ulikuwa katika hatihati ya kufanyika kufuatia uamuzi wa McCain kusimamisha kampeni zake na kuomba mdahalo huo usogezwe mbele,kabla ya kubadili uamuzi huo (wa kushiriki mdahalo) mapema jana asubuhi.

Uchambuzi wa haraka haraka unaonyesha mambo kadhaa yaliyojitokeza kwenye mdahalo huo.Baadhi ya wachambuzi wanaona kwamba udhaifu wa Obama ulikuwa kwenye kuunga mkono hoja za McCain takriban mara saba (saying John is right on...) wakati McCain alikazania kuonyesha udhaifu wa Obama akitumia maneno kama "naivety","Obama doesnt seem to undestand",nk takriban mara nane.Kwa kuafikiana na McCain katika mitazamo au hoja zake,Obama anaweza kuonekana kama alikuwa defensive huku mpizani wake akiwa offensive,and that matters in politics.

Hata hivyo,kama ilivyotarajiwa,Obama ameonekana kufanya vizuri kwenye eneo ambalo anaaminika kuwa stronger kuliko McCain:uchumi.Kwa mwenendo wa mdahalo ulivyokuwa,yayumkinika kuhitimisha kuwa Obama alifanya vizuri kwenye nusu ya kwanza (takriban dakika 40 za mwanzo) ambapo hoja kuu ilikuwa uchumi.Kwa upande mwingine,McCain ameonekana kutawala zaidi kwenye nusu ya pili ya mdahalo huo ambayo iliangalia suala la sera za nje za Marekani.Kwa upande mwingine,pamoja na kutoonekana mshindi kwenye eneo hilo la sera za nje (ambalo McCain anachukuliwa kama mwenye uzoefu zaidi) Obama ameonekana kufanya vizuri zaidi kuliko ilivyotarajiwa kwa kusimamia anachokiamini na kutoyumbishwa na kauli za McCain kwamba mgombea huyo wa Republican ni mzoefu zaidi.Wapo wanaoona kwamba Obama ameweza kufanya kile alichotarajiwa kwenye "eneo lake la kujidai" yaani uchumi ilhali McCain ameshindwa kumfunika Obama kwa namna ilivyotarajiwa kwenye eneo la sera za nje.

Kadhalika Obama ameonekana kushindwa kuipigilia msumari ipasavyo hoja kwamba McCain amekuwa mshirika wa Bush katika kipindi cha miaka minane iliyopita.McCain nae kwa upande wake anaonekana ameshindwa kuitumia ipasavyo fursa ya kuonyesha yeye ni mzoefu zaidi katika eneo la sera za nje (kwa mantiki kwamba japo alifanya vizuri,hakufanya vizuri sana kama ilivyotarajiwa).Kwa kigezo cha hali mbaya ya uchumi nchini Marekani,Obama alipaswa kuwa mshindi lakini hilo halijalishi sana kwa vile mada ya mdahalo huo ilikuwa sera za nje,ambalo ni "eneo la kujidai" la McCain ambaye hata hivyo hakupata ushindi mnono kama ilivyotarajiwa.Kwa maana hiyo,kwa kushindwa kutumia vizuri "eneo lake la kujidai" (foreign policy) McCain anajiweka katika nafasi ngumu kwenye mijadala miwili ijayo ambayo inatarajiwa kuwa na mada ambazo ni strong points kwa Obama,kwa mfano uchumi na domestic affairs.

Japo sio hoja ya muhimu,yayumkinika kusema kwamba baadhi ya kauli za McCain kwa Obama zilikuwa kana kwa yuko patronizing.Ni muhimu kuonyesha kwamba wewe ni mjuzi zaidi katika eneo flani kuliko mpinzani wako lakini unapaswa kuwa makini kutoonekana "patronizing."Lakini pengine la muhimu zaidi,and this is my conclusion,Obama ameonekana kuzungumzia zaidi future ya Marekani na hivyo wakala wa mabadiliko (change) wakati McCain,kwa kusisitiza rekodi na uzoefu wake,ameonekana kuwa anapingana na msisitizo wake kwamba nae yuko for change.

BONYEZA HAPA kusikia mdahalo mzima.

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HAPPENING NOW,MOTLANTHE BEING SWORN IN...BUT WHERE IS MBEKI?

While the new South Africa's president is being sworn in (shown live on CNN),his ousted predecessor,Thabo Mbeki, is nowhere to be seen at the ceremony.

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DPP ALISHATOA KIBALI MAFISADI WASHTAKIWE LAKINI...(HABARI NDANI YA GAZETI LA RAIA MWEMA)

Kwa mujibu wa habari katika toleo la wiki hii la gazeti mahiri la Raia Mwema,Mkurugenzi wa Mashtaka (DPP) huko nyumbani alishatoa kibali cha kuwafungulia mashataka mafisadi lakini hadi sasa hakuna kinachoendelea.Kwa habari hiyo pamoja na nyingine na makala motomoto GONGA HAPA kusoma gazeti hilo mwanana.

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MGAO WA UMEME KURUDI TENA TANZANIA

Kwa mujibu wa The Citizen,Tanzania itakumbwa na mgao wa umeme wa masaa matano kwa siku kutokana na kuharibika kwa mitambo ya Songas.Let's hope this won't lead to another Richmond-like scam.Lakini pengine huu ni wakati mwafaka wa kujiuliza ni lini matatizo ya umeme yatakwisha nchini.Katika kipindi nilichokuwa nyumbani hivi karibuni,katika baadhi ya maeneo kama Sinza ilikuwa as if tayari kuna mgao wa umeme.Yayumkinika kuhisi kwamba kuna mafisadi wanaoombea tatizo hilo liwe kubwa zaidi ili watuumize tena.Who know,they might even be the force behind the Songas turbine collapse.

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SOUTH AFRICA ELECTS MOTLANTHE PRESIDENT

Breaking News on CNN

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POLITICAL CRISIS IN SOUTH AFRICA AS 11 CABINET MINISTERS RESIGN

Eleven key cabinet ministers and three deputies have resigned and will leave their posts along with President Thabo Mbeki Thursday. However, as VOA's Delia Robertson reports from our Johannesburg bureau, the Finance Minister says he will be available to the incoming president if he chooses.

Thabo Mbeki, 21 Sep 2008

The news of the resignations came as a great shock to South Africans already anxious following the resignation of Mr. Mbeki and was immediately felt in the market. The currency lost 18 points against the dollar but rallied slightly when it was revealed that Finance Minister Trevor Manuel is willing to continue in his post.

Manuel's spokesperson, Thoraya Pandy, told national radio Minister Manuel has no desire to impose himself on the incoming president.

"It also provides space and opportunity for the new president to choose whichever ministers he wants in cabinet," she said. "And the minister therefore provides that space to say that you are not duty bound to keep me on as your minister of finance, but I am willing to serve if that is what you are asking of me."

Pandy says that the deputy finance minister is also available for re-appointment.

One economist suggested the Manuel may also have been concerned about the economic direction the new administration would take and that by resigning he had put himself in a position to stipulate the conditions of his return to cabinet.

University of Johannesburg political analyst Adam Habib tells VOA that up until yesterday it appeared as though both factions in the ANC had agreed to a smooth transition. Now he says, it seems clear that despite the reassuring statements from the ministers, something serious has happened to upset Mr. Mbeki's supporters.

"Well the big question is this, how come on Saturday afternoon when [Finance Minister Trevor Manuel] was approached and prevailed upon to stay, he had agreed to do that," said Habib. "Clearly something has changed in the last 24 hours, if we sift through the diplomatic speak something has happened that has antagonized such a large lay of people."

Some commentators say that the tone of a press conference addressed by ANC president Jacob Zuma on Monday may have offended some in the cabinet. South Africans were left confused following the press conference in which Zuma failed to offer certainty to the country on a number of issues, and some analysts described his attitude as flippant and lacking in leadership.

Phumzile Mlambo-Ngcuka waves from a doorway, following her resignation, in Cape Town, South Africa, 23 Sep 2008

Among those leaving is Deputy President Phumzile Mlambo-Ngcuka, who spearheaded a turnaround in government HIV/AIDS policies and forged a partnership between government and AIDS organizations to implement it.

Other ministers who have resigned include Defense Minister Mosioua Lekota, Public Service Minister Geraldine Fraser-Moleketi, Sydney Mufamadi, Minister of Provincial and Local Government and Minister of Public Enterprises, Alex Erwin. All are experienced ministers who run key departments in government.

In a hastily arranged press conference in response to the resignations, ANC secretary general Gwede Mantashe said the party did not ask any minister to leave and hoped they would stay on.  

SOURCE: VOA

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OBAMA AZINDUA ALBUM YAKE

BONYEZA HAPA kuhusu habari zaidi za albamu hiyo.

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