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PARIS — French President Emmanuel Macron took first place, ahead of far-right leader Marine Le Pen, in the first round of France’s presidential election on Sunday, but he is on course for a far closer second-round clash than five years ago.

While polling suggests Macron should retain the presidency in two weeks, first round results show the incumbent can’t rest on his laurels.

Le Pen will be able to count on voters from far-right TV-pundit-turned-politician Eric Zemmour, who called on his supporters to back her on April 24. Meanwhile, leftist firebrand Jean-Luc Mélenchon fared better than expected and brings a heavy dose of uncertainty to the mix as his voters are a diverse bunch. Many are likely to abstain in the second round, while others will divide up between the French president and Le Pen.

Here are five takeaways from the presidential election’s first round:

“Politics is war without bloodshed
while war is politics with bloodshed.”

France’s repeat of the 2017 runoff confirms Macron’s and Le Pen’s own political analysis: That the divide between the left and the right is no longer relevant in France and has been replaced by an opposition between a mainstream bloc that is pro-European and open to the outside world on one side, and nationalists on the other. Both candidates scored higher than five years ago, leaving the traditional right and left in an even more shambolic state than before. Macron went from 24 percent in 2017 in the first round to 27.6 percent Sunday and Le Pen went from 21.3 percent to 23.4 percent.

The gap between them is higher than last time around, showing that Macron has managed to drum up the most votes despite controversies in the campaign’s last mile, including over the state’s overuse of consulting firms. But the far-right bloc — Marine Le Pen, Eric Zemmour and nationalist Nicolas Dupont-Aignan combined — garnered than 30 percent of the total vote.

I describe the “fun” parts of Only Yesterday because they’re wonderful, but also to make a point about the origin story we’ve learned about the mood of the ’20s. Looking back at Allen’s work from the vantage point of 1986, historian David M. Kennedy argued that the biggest failing of the book was its lack of historical depth: “Rarely did Allen forge an explanatory chain whose links ran back more deeply into the past than 1917.” And indeed, Allen seemed to blame World War I for every ash-covered carpet and scarred dining table.

Allen is also really good at describing parties—or, at least, the ones the middle class and upper class attended. The historian wrote about how women taking up smoking had “strewed the dinner table with their ashes, snatched a puff between the acts, invaded the masculine sanctity of the club car, and forced department stores to place ornamental ash-trays between the chairs in their women’s shoe departments.” In what I think may be the best passage in the book, Allen described the way 1920s partygoers stepped all over every previous genteel convention:

Anyway, let’s get to that fun. A very joyful book to read about the decade is Frederick Lewis Allen’s Only Yesterday: An Informal History of the 1920s, which Allen—a blueblood journalist and editor at Harper’s—published in 1931. The book chronicles all of the movement and motion that makes the decade sexy, and doesn’t seem to miss a fad.

The property, complete with a 30-seat screening room, a 100-seat amphitheater and a swimming pond with sandy beach and outdoor shower, was asking about $40 million, but J. Lo managed to make it hers for $28 million. As the Bronx native acquires a new home in California, she is trying to sell a gated compound.

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Perhaps by remembering the twenties merely as an enchanting series of novelties or the crude afterthought of a simpler past, we preserve the illusion of our own simple innocence,” mused historian Paula Fass in the introduction to her book The Damned and the Beautiful: American Youth in the 1920s.

Whether that means there will be a longer-term far-right alliance is an open question. Nicolas Bay and Gilbert Collard — two MEPs who left Le Pen’s party to join Zemmour — didn’t endorse a possible alliance with Le Pen, in case she wins the second round.

Zemmour, a 63-year-old TV pundit-turned-politician, was once tipped to come second behind Macron, back in October. But he plummeted spectacularly in the polls after suffering from a perceived lack of credibility as the Ukraine war started and former comments praising Russian President Vladimir Putin resurfaced. He scored a measly 7 percent. Despite their bitter and unrelenting fighting throughout the campaign, he swiftly endorsed Marine Le Pen.

“I have disagreements with Marine Le Pen,” Zemmour said at his concession speech Sunday, “but there is a man facing Marine Le Pen who has let in 2 million immigrants … who would therefore do worse if he were reelected — it is for this reason that I call on my voters to vote for Marine Le Pen.”

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KPC IPO Guide: Is the KSh 9.00 Share Price Worth it?

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As the February 19, 2026, deadline for the Kenya Pipeline Company (KPC) Initial Public Offering (IPO) approaches, a heated debate has emerged between the government and financial analysts. While National Treasury CS John Mbadi is making a final push to woo local investors, independent analysts are raising red flags over the KSh 9.00 share price.

Here is a comprehensive breakdown of what you need to know before putting your money into KPC.

Why is the government asking you to buy?

The government is offloading a 65% stake in KPC, aiming to raise approximately KSh 106.3 billion. According to CS Mbadi, this move is essential for several reasons:

  • Funding national projects: The proceeds are earmarked for the national infrastructure fund to finance mega-dams, irrigation, health, and education.

  • Reducing debt reliance: With the country’s borrowing at its limit and taxpayers strained, the state is looking to unlock value from mature assets rather than taking more loans.

  • Spreading wealth: The government wants ordinary Kenyans to own a piece of a profitable, debt-free monopoly that earned KSh 8.4 billion in profit last year.

How to buy KPC stocks

While the IPO process is digital-first, here is the general roadmap for interested investors:

  • CDSC Account: You must have a Central Depository and Settlement Corporation (CDSC) account. If you don’t have one, you can open it through a licensed stockbroker or certain banking apps.

  • M-PESA Integration: Recent updates, such as Safaricom’s M-PESA feature for NSE shares, have made it easier to buy and sell stocks directly from your phone.

  • Stockbrokers: You can use Investment agents to place your bid.

Why KPC is attractive

  • Monopoly Status: KPC holds 91% market share in fuel transport in Kenya and serves regional markets such as Uganda and Rwanda.

  • Dividend Payouts: KPC has a policy of paying out 50% of its profits as dividends. It recently remitted KSh 10.5 billion to the Treasury, suggesting a steady income stream for shareholders.

  • Asset-Rich: The company is debt-free with assets (pipelines and storage) valued at KSh 163 billion.

Is KSh 9 too expensive?

This is where the buyer-beware signs are flashing. While the government insists on KSh 9.00, several independent analysts believe the stock is overpriced:

  • Old Mutual Uganda: Value the shares at KSh 4.61, suggesting the government’s price is nearly double what it should be.

  • NCBA & Standard Investment Bank: Their valuations range between KSh 5.61 and KSh 6.35.

Analysts warn that if you buy at KSh 9.00, the share price might drop immediately after it starts trading on the Nairobi Securities Exchange (NSE) as the market corrects to its actual fair value.

Related alternatives

If you are hesitant about the KPC valuation but want to invest your money, consider these options:

  • Infrastructure Bonds: These often offer double-digit interest rates and are tax-free. Analysts note that these bonds currently offer better yields than KPC’s expected dividends.

  • Money Market Funds (MMFs): These provide high liquidity and decent returns with lower risk than individual stocks.

  • Other NSE Utilities: Stocks like KenGen or Safaricom are already trading and have established track records of price discovery, making them potentially safer entries into the equity market.

Bottom line

The KPC IPO is an opportunity to own a national strategic asset, but the price tag is a major point of contention. If you believe in the long-term monopoly power of KPC, it may be worth the entry. However, if you are looking for immediate value, you might want to wait for the post-listing correction or look toward high-yielding government bonds.

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Budgeting for your family in January

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For many families , January feels like a financial reset. Schools reopen, rent and utility bills fall due and everyday expenses continue without pause. After the festive season, cash flow can feel especially tight, creating stress at a time meant for fresh starts.

However, January also presents an opportunity. With the right approach, families can regain control, focus on what truly matters and build healthier financial habits that carry through the rest of the year.

Why budgeting matters

January comes with unique financial pressure. Several major expenses often land at once, making it easy to feel overwhelmed.

School fees, rent, insurance payments and uniforms frequently compete for attention. Utility bills may be higher due to increased usage during the holidays. At the same time, daily needs such as food, transport and child related costs remain unavoidable.

The key is shifting into recovery mode. Instead of trying to do everything at once, January budgeting works best when families prioritise essentials, temporarily reduce non-essential spending and set aside even a small buffer for unexpected costs. This approach helps reduce stress and sets a positive tone for the months ahead.

Get a clear picture of your finances

The first step is understanding where your money is coming from and where it is going.

Start by reviewing recent bank statements, M-Pesa records and receipts. This helps reveal spending patterns that may otherwise go unnoticed.

Next, list all sources of income, including salaries, side businesses/ hustles or irregular earnings.

Then, categorise expenses into fixed costs such as rent, school fees, insurance and  variable costs like food, transport and utilities. Take note of any January-specific payments or upcoming obligations.

You don’t need complicated tools. A notebook, spreadsheet or free budgeting app works well. Some families find the 50/30/20 rule helpful as a starting guide, but it’s important to adjust percentages to fit your real situation.

Build a practical family budget

 

Once you have clarity, create a simple budget focused on essentials first. The goal is to ensure that basic needs are fully covered before allocating money elsewhere.Common categories to include are; housing and rent, utilities such as electricity, water and internet, food and groceries, transport and fuel, school and child related expenses, health and medical needs, debt repayments,  savings and many others

If income feels stretched, this is the month to cut back sharply on non essentials. Even small adjustments can create breathing room and reduce anxiety.

Practical ways to stretch your budget

Small, intentional actions can make a big difference in January. Meal planning helps reduce food waste and impulse purchases. Planning weekly meals around affordable local staples and shopping at markets can lower grocery costs. Batch cooking also saves time and money.

Monitoring energy and water usage is another effective step. Simple habits like switching off unused appliances and using energy-efficient bulbs help keep bills manageable.

Review recurring expenses such as subscriptions, airtime bundles or services you no longer use. Cancelling or downgrading these frees up cash quickly.

Involving the whole family is equally important. A brief conversation helps everyone understand the plan and encourages low-cost activities at home or outdoors instead of paid outings. Even setting aside a small amount for savings builds discipline. Consistency matters more than the amount at this stage.

Turning January into momentum

January budgeting isn’t about restriction. It’s about clarity and control. By focusing early in the year, families can avoid unnecessary debt, reduce financial stress and create room for meaningful family moments.

Track progress weekly, celebrate small wins and adjust the plan as needed. A simple budget created now can bring stability and peace of mind throughout the year. Start today. One clear step at a time can make a lasting difference for your family’s financial wellbeing.

 

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Financial Fights in Marriage: Tools for Money Management

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For many couples building a life together, merging two financial histories, two spending styles, and two sets of priorities is far more challenging than anticipated.

Money arguments aren’t typically about the dollar amount itself, but about the deeper, often unstated issues of trust, security, power, and freedom. A common mistake is treating the symptom without addressing the underlying emotional and psychological issues related to money.

Harmonious money management starts with the mutual recognition that financial decisions reflect core values, making it essential to create a shared financial vision that respects both partners’ unique perspectives.

Adopt the three-pot system

One of the most effective tools for reducing tension is adopting the three-pot system for dividing income. This model acknowledges the need for both shared responsibility and personal autonomy.

Pot one is the joint account for shared fixed expenses, such as the mortgage, utilities, and groceries, funded by proportional contributions from both partners.

Pot two is the shared savings account, where both partners contribute toward major mutual goals, like a down payment or retirement.

Crucially, pot three consists of two separate, individual fun money accounts. This is a personal spending fund, where no questions are asked. It eliminates the tension around discretionary purchases and validates each partner’s need for financial independence.

Monthly money meeting

Consistency and proactive communication are non-negotiable for long-term financial peace. Couples must establish a regular, non-confrontational time dedicated solely to reviewing their finances.

This money meeting should be scheduled like any other important appointment and should not be held when either partner is tired or stressed. The purpose is not to assign blame, but to check in on progress, review the budget, and collaboratively make adjustments.

During this meeting, couples should always discuss future goals first, ensuring that short-term spending decisions remain aligned with their long-term vision for the family’s security and prosperity.

No-blame agreement

To ensure these conversations remain productive, couples need a no-blame agreement. This is a commitment that any financial mistake is treated as a problem for the couple to solve together, not a failure for one person to own alone. By focusing the discussion on what happened and how to prevent it in the future, couples can shift from being adversaries to being teammates.

This fosters psychological safety, making it easier for both partners to be transparent, which is the ultimate tool for achieving true financial harmony.

In conclusion…

Financial tools like the three-pot system and the money meeting are invaluable, but they only function when underpinned by the no-blame agreement. By treating finances as a shared team project rather than a source of individual stress or judgment, couples can successfully navigate their inevitable differences.

Moving forward, the goal is to transform money talks from a dreaded fight into a pillar of trust, allowing the marriage to thrive.

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