I have finally gotten serious about looking for a car. My Budget is low but my goal is to get a trouble free used car, clean with spares readily available, easily serviceable and fuel efficient, to run-around town - for less than 300,000 shillings.
Stats from week one:
Private sellers I called: 4
Dealers I talked to: 1
Cars I looked at: 2
Expenses to date: 2,000 for my mechanic to inspect one promising car
Banks I talked to: 3
Lessons I learnt:
1. Banks usually don’t lend for car buying, unless it’s a new car and expensive or a fleet (that’s what we call asset finance)
2. I may have to get a personal loan, but interest rates are now around 20% for those and you have to have a history (operate and account and process your salary there) with most banks.
3. New cars can be very problematic - because of all the computer and electronic gizmos they have. My mechanic told me about cars in his yard that owners have temporarily abandoned because neither he, nor the authorized local dealers, have been able to diagnose or fix an electronic engine problem. So older–era cars are ok, i.e. pre-Y2K
4. Many good buy cars have problematic logbooks, and dubious ownership histories.
5. Kenya is Toyota country, and half the cars being sold in the newspaper classified are 5- to 10-year-old Toyota's that sell from 500,000- 800,000.
Friday, September 30, 2005
Thursday, September 29, 2005
Drink Beer
While the debate in Kenya is on whether to legalize traditional alcohol, one in Iran is much more potent
Split strategy
Standard Bank of South Africa (Stanbic) which has expressed interest in acquiring a significant stake in the National Bank of Kenya has at the same time entered a partnership with Postbank another giant stumbling bank. It is difficult to picture a Stanbic corporate customer visiting a Postbank lobby.
Pay-per-read
As the New York Times has gone ahead and made the op-ed columns and some daily articles subscriber only, the East African Standard has done the same, making Pulse, the Financial Standard, and other daily magazines as digital editions available to subscribers only. Content is displayed in the exact format as the print version, with searchable text, at a cost of $216 for year – much more than the equivalent of buying the Standard every day for a year ($173)
The Daily Nation also offers digital versions of their paper via NewsStand featuring the exact soft copy and advertisements at about $234 a year. Both the Standard and Nation are offered through NewsStand alongside other papers like the New York Times (8 weeks for $20), USA Today (13 weeks for $32) and the Harvard Business Review ($118).
Uchumi Countdown
Friday is the last day to participate in the Uchumi right issue, which is expected to be quite successful after a slow start.
Patriotic Moment
The Government intends to come up with a 2 - 4 word catchphrase to be featured in an about to be launched international television campaign to market Kenya. It can be in English or Kiswahili, and should sum up what it is that makes it great to be Kenyan. You can e-mail suggested phrases here.
WB Quiz
Here’s another project information document from the World Bank, this time on the education sector. The quiz is to decipher the following acronyms: ABE ACU ASAL CIDA DEB DFID EMIS ERS ERSSC FPE FPESP IDA INSET JFA JRM KESI KESSP LRC LSPMDG M&E MOEST MOF MPER MTEF NER NFE NFEC NFS NSIMP ODL PCR PID PRGF PTTC SACMEQ SAGA SbTD SIDA SIG SPRED SWAP TIVET TLWHA TMU TTC and UPE.
Split strategy
Standard Bank of South Africa (Stanbic) which has expressed interest in acquiring a significant stake in the National Bank of Kenya has at the same time entered a partnership with Postbank another giant stumbling bank. It is difficult to picture a Stanbic corporate customer visiting a Postbank lobby.
Pay-per-read
As the New York Times has gone ahead and made the op-ed columns and some daily articles subscriber only, the East African Standard has done the same, making Pulse, the Financial Standard, and other daily magazines as digital editions available to subscribers only. Content is displayed in the exact format as the print version, with searchable text, at a cost of $216 for year – much more than the equivalent of buying the Standard every day for a year ($173)
The Daily Nation also offers digital versions of their paper via NewsStand featuring the exact soft copy and advertisements at about $234 a year. Both the Standard and Nation are offered through NewsStand alongside other papers like the New York Times (8 weeks for $20), USA Today (13 weeks for $32) and the Harvard Business Review ($118).
Uchumi Countdown
Friday is the last day to participate in the Uchumi right issue, which is expected to be quite successful after a slow start.
Patriotic Moment
The Government intends to come up with a 2 - 4 word catchphrase to be featured in an about to be launched international television campaign to market Kenya. It can be in English or Kiswahili, and should sum up what it is that makes it great to be Kenyan. You can e-mail suggested phrases here.
WB Quiz
Here’s another project information document from the World Bank, this time on the education sector. The quiz is to decipher the following acronyms: ABE ACU ASAL CIDA DEB DFID EMIS ERS ERSSC FPE FPESP IDA INSET JFA JRM KESI KESSP LRC LSPMDG M&E MOEST MOF MPER MTEF NER NFE NFEC NFS NSIMP ODL PCR PID PRGF PTTC SACMEQ SAGA SbTD SIDA SIG SPRED SWAP TIVET TLWHA TMU TTC and UPE.
Kenya seeks Cricket Coach in West Indies
The Kenya Cricket Association is seeking a highly qualified National Coach initially to develop and prepare their National Team , who will be responsible for the overall management of the international program which includes planning, development, implementation and evaluation of specialised cricket training and competition programs, and development of younger talent for the future.
Wednesday, September 28, 2005
KQ fleet expansion
Singapore Aircraft Leasing Enterprise, an affiliate of Singapore Airlines, said it will lease three new Boeing ( BA) 737-800 planes to Kenya Airways. The aircraft are the first of 20 Next Generation 737s recently ordered by SALE from Boeing and the planes will be delivered to KQ in the fourth quarter of 2006 and leased for eight years each, SALE added.
At the Paris Air Show, MD Naikiuni expressed a desire to add more wide-body aircraft - however 737 are narrow-body aircraft and not really suited for long-flights, such as to Mumbai, which should be done using the airlines' 767. It’s no fun to fly a single-aisle aircraft for 7 hours, where economy class passengers share two bathrooms and have little room to manoeuvre around meal carts.
Respect over Time
When Bishop Thomas Dexter (T.D.) Jakes first flew into Nairobi in January, he was largely unknown in Kenya and received a small, dignified reception from his religious and business hosts.
Since then we have come to learn more about him - from his links with President Bush, business acumen, charity work in Africa, large following, and title of “America’s Best Preacher" that Time magazine bestowed on him in September 2001.
For his visit this week, he was deemed worthy of a visit to President Kibaki and was subjected to Kenya's notorious VIP protocol arrangements including frantic security arrangements, a missing host and traffic jams. Bishop Jakes will lead worship services at Nairobi’s Uhuru Park on October 1 and 2 from 2pm to 5pm.
Saturday, September 24, 2005
More Corporate Briefs
Telkom
VoIP: This week Telkom launched VoIP service using their existing and new call cards (branded with the big five animals). Typical per minute rates are 15 shillings for calling the USA, UK, & Canada, and 20 shillings for Uganda, Rwanda & most of Africa.
In a timely article, the Economist reviews the consequences of the recent E-Bay/Skype deal noting that one day all voice calls, including mobile, will be free.
Fibre: Telkom also began laying an optic fibre cable between Nairobi and Mombasa which it hopes to complete by March ’06.
M&A
EA Cables: Seeks to acquire 51% shareholding of Tanzania Daesung Cable Ltd which is currently by Nexans Korea Ltd. The company will seek shareholder approval for the deal at an extraordinary general meeting on October 18 at Holiday Inn, Nairobi.
EA Portland Cement: EAPC intends to acquire 49% of the Kigali Cement Company via a 160 million shilling investment that will raise KCC’s production from 50 to 300 tons a day by the end of the year.
Shell/BP BP oil is pulling out of Kenya – selling all its country operations including 65 fuel stations, a 17% stake in the Mombasa oil refinery and 50% stake in both BP Kenya & Shell Kenya.
Profit
Unga limited has attained a profit for the first time since 1997 – returning a 72.5 million shilling profit for the year ended in June, up from a loss of 102 million in 2004. It is managed by Seaboard Corporation, an American company who retain the right to acquire a majority stake in the company. No dividend will be paid though owing to current debt and modernization costs.
VoIP: This week Telkom launched VoIP service using their existing and new call cards (branded with the big five animals). Typical per minute rates are 15 shillings for calling the USA, UK, & Canada, and 20 shillings for Uganda, Rwanda & most of Africa.
In a timely article, the Economist reviews the consequences of the recent E-Bay/Skype deal noting that one day all voice calls, including mobile, will be free.
Fibre: Telkom also began laying an optic fibre cable between Nairobi and Mombasa which it hopes to complete by March ’06.
M&A
EA Cables: Seeks to acquire 51% shareholding of Tanzania Daesung Cable Ltd which is currently by Nexans Korea Ltd. The company will seek shareholder approval for the deal at an extraordinary general meeting on October 18 at Holiday Inn, Nairobi.
EA Portland Cement: EAPC intends to acquire 49% of the Kigali Cement Company via a 160 million shilling investment that will raise KCC’s production from 50 to 300 tons a day by the end of the year.
Shell/BP BP oil is pulling out of Kenya – selling all its country operations including 65 fuel stations, a 17% stake in the Mombasa oil refinery and 50% stake in both BP Kenya & Shell Kenya.
Profit
Unga limited has attained a profit for the first time since 1997 – returning a 72.5 million shilling profit for the year ended in June, up from a loss of 102 million in 2004. It is managed by Seaboard Corporation, an American company who retain the right to acquire a majority stake in the company. No dividend will be paid though owing to current debt and modernization costs.
Friday, September 23, 2005
The week ended
Strong shilling
Nation writer Jaindi Kisero links the strong Kenya shilling to increased activity at the Nairobi Stock Exchange. Following the on-going Uchumi rights will be new issues from Celtel, Shelter Afrique, Athi River Mining and Kengen.
Kengen IPO
The East African reported that institutional investors may shun the upcoming Kengen IPO, unless the company signs a firm power purchase with the Kenya Power & Lighting Company (KPLC), its only customer, that will guarantee future revenue streams.
New society
Friday 23/9 will see the inaugural lunch of the new Institute of Directors of Kenya (IODK) at the Grand Regency Hotel. Guest speaker will be Mr. Sunny Bindra, consultant, and Sunday Nation writer. Contact: e-mail or 4440003/4443230
Shareholder advice
In a paid advert this week, the Nairobi Stock Exchange listed the simple steps required for a shareholder to take if he/she wished to transfer their share account to a different broker – this followed complaints that some have experienced difficulty with certain brokers.
Nairobi Bypass
The Standard reported that Kenya Airways will start a weekly B777 flight from Heathrow to Mombasa (via Nairobi) enabling tourists to deal with customs and immigration issues in Mombasa.
Jobs for NYS
Vice President Moody Awori sent out an appeal for companies to employ recent graduates of the National Youth Service (NYS) who have excellent technical and engineering skills.
Blogger Handbook
If you ever wanted to start a blog, or have questions about it, Global Voices reported on the “Reporters Without Borders Handbook for Bloggers and Cyber-Dissidents” handbook. PDF available here
Weekend Activities
Classic cars: Celtel East Africa Concours d’Elegance on Sunday 25th at the Nairobi Racecourse.
Book fair: at the Sarit Center from 21st to 25th September.
Weekend Sports
Saturday 24 September
14:15 - 17:00 SS3 FA Premiership:: Birmingham vs Liverpool
17:00 - 19:00 SS7 FA Premiership:: Chelsea vs Aston Villa or West Ham vs Arsenal or Man Utd vs Blackburn
19:00 - 21:30 SS3 FA Premiership:: Bolton vs Portsmouth
19:00 - 20:00 SS2 Formula One: Brazilian Qualifying
22:45 - 01:00 SS7 La Liga:: Betis vs Barcelona
Sunday 25 September
04:00 - 07:00 SS1 IBF Heavyweight Eliminator - Wladimiro Klitschko vs Samuel Peter
17:30 - 20:15 SS3 FA Premiership:: Boro vs Sunderland
17:45 - 20:00 SS7 La Liga:: Alaves vs Real Madrid
19:30 - 22:00 SS2 Formula One: Brazilian Main Race
Nation writer Jaindi Kisero links the strong Kenya shilling to increased activity at the Nairobi Stock Exchange. Following the on-going Uchumi rights will be new issues from Celtel, Shelter Afrique, Athi River Mining and Kengen.
Kengen IPO
The East African reported that institutional investors may shun the upcoming Kengen IPO, unless the company signs a firm power purchase with the Kenya Power & Lighting Company (KPLC), its only customer, that will guarantee future revenue streams.
New society
Friday 23/9 will see the inaugural lunch of the new Institute of Directors of Kenya (IODK) at the Grand Regency Hotel. Guest speaker will be Mr. Sunny Bindra, consultant, and Sunday Nation writer. Contact: e-mail or 4440003/4443230
Shareholder advice
In a paid advert this week, the Nairobi Stock Exchange listed the simple steps required for a shareholder to take if he/she wished to transfer their share account to a different broker – this followed complaints that some have experienced difficulty with certain brokers.
Nairobi Bypass
The Standard reported that Kenya Airways will start a weekly B777 flight from Heathrow to Mombasa (via Nairobi) enabling tourists to deal with customs and immigration issues in Mombasa.
Jobs for NYS
Vice President Moody Awori sent out an appeal for companies to employ recent graduates of the National Youth Service (NYS) who have excellent technical and engineering skills.
Blogger Handbook
If you ever wanted to start a blog, or have questions about it, Global Voices reported on the “Reporters Without Borders Handbook for Bloggers and Cyber-Dissidents” handbook. PDF available here
Weekend Activities
Classic cars: Celtel East Africa Concours d’Elegance on Sunday 25th at the Nairobi Racecourse.
Book fair: at the Sarit Center from 21st to 25th September.
Weekend Sports
Saturday 24 September
14:15 - 17:00 SS3 FA Premiership:: Birmingham vs Liverpool
17:00 - 19:00 SS7 FA Premiership:: Chelsea vs Aston Villa or West Ham vs Arsenal or Man Utd vs Blackburn
19:00 - 21:30 SS3 FA Premiership:: Bolton vs Portsmouth
19:00 - 20:00 SS2 Formula One: Brazilian Qualifying
22:45 - 01:00 SS7 La Liga:: Betis vs Barcelona
Sunday 25 September
04:00 - 07:00 SS1 IBF Heavyweight Eliminator - Wladimiro Klitschko vs Samuel Peter
17:30 - 20:15 SS3 FA Premiership:: Boro vs Sunderland
17:45 - 20:00 SS7 La Liga:: Alaves vs Real Madrid
19:30 - 22:00 SS2 Formula One: Brazilian Main Race
Thursday, September 22, 2005
End of Bankelele? Discovering backwards
Deno at Virtual Insanity recently wrote about Close Calls and I must share mine from the weekend.
Driving down towards Naivasha on Friday afternoon, we had just broken through the fog of Limuru, and got our first view of Mt. Longont and the whole rift valley drop at the edge of the road. We were doing about 100 kph and had just passed about four lorries and buses that were going much slower. We passed a petrol station that sits alone on the edge of the drop, and began the long descent that would take us to the floor of the valley a dozen kilometres later.
Suddenly the back of the car swung out and we found ourselves facing one of the few roadside barriers left in Kenya. We had an excellent driver who still found time to apologise to us, saying “we’re dead” as his hands worked the steering wheel. He didn’t make any sudden turns, but somehow the car turned away from the cliff-drop and spun the other way, toward the rock-edge of the road. This part of the road was quite wide because there's a climbing lane for slow moving lorries to crawl up the hill. Our spin did not end there, and we found ourselves going down the hill backwards as Juan Montoya has preferred to do recently.
The car did another ¾ turn during which we briefly faced forwards and saw a Nissan tourist van which had been coming up hill, but had now stopped, to witness our moment, and avoid tangling with us.
All the spins, must have taken used up a lot of momentum because we ended up, off the road, facing the rocks, but stopped in a shallow grass ditch. We hadn’t hit anything during our spin, but had been re-passed by the slow 4-car train. As we cooled off, we gave small waves to the van driver to show we were ok. The engine had gone off at some point, but it re-started without any trouble, and once we righted ourselves, we continued on our journey.
SUV scare
I later drove the car around Nakuru and discovered that 4X4’s are bit unsteady - in Kenya where one is constantly dodging potholes, an SUV is difficult to manoeuvre around them without losing control – perhaps this is why many drivers (mostly driving GK cars) just plough straight through them at high-speed.
divine intervention
But back to our, earlier spin – which was a completer freak incident as we weren’t going too fast, and driver didn’t hit the brakes or make any turns. I can’t remember if seatbelts (which we were all wearing) became a factor, but the car had no airbags. Maybe it was an oil slick on the road (from the nearby petrol station perhaps), orange peel, or banana peel on the road that caused it - but we'll never know. So as Jules Winnfield famously said, "this was divine intervention."
Driving down towards Naivasha on Friday afternoon, we had just broken through the fog of Limuru, and got our first view of Mt. Longont and the whole rift valley drop at the edge of the road. We were doing about 100 kph and had just passed about four lorries and buses that were going much slower. We passed a petrol station that sits alone on the edge of the drop, and began the long descent that would take us to the floor of the valley a dozen kilometres later.
Suddenly the back of the car swung out and we found ourselves facing one of the few roadside barriers left in Kenya. We had an excellent driver who still found time to apologise to us, saying “we’re dead” as his hands worked the steering wheel. He didn’t make any sudden turns, but somehow the car turned away from the cliff-drop and spun the other way, toward the rock-edge of the road. This part of the road was quite wide because there's a climbing lane for slow moving lorries to crawl up the hill. Our spin did not end there, and we found ourselves going down the hill backwards as Juan Montoya has preferred to do recently.
The car did another ¾ turn during which we briefly faced forwards and saw a Nissan tourist van which had been coming up hill, but had now stopped, to witness our moment, and avoid tangling with us.
All the spins, must have taken used up a lot of momentum because we ended up, off the road, facing the rocks, but stopped in a shallow grass ditch. We hadn’t hit anything during our spin, but had been re-passed by the slow 4-car train. As we cooled off, we gave small waves to the van driver to show we were ok. The engine had gone off at some point, but it re-started without any trouble, and once we righted ourselves, we continued on our journey.
SUV scare
I later drove the car around Nakuru and discovered that 4X4’s are bit unsteady - in Kenya where one is constantly dodging potholes, an SUV is difficult to manoeuvre around them without losing control – perhaps this is why many drivers (mostly driving GK cars) just plough straight through them at high-speed.
divine intervention
But back to our, earlier spin – which was a completer freak incident as we weren’t going too fast, and driver didn’t hit the brakes or make any turns. I can’t remember if seatbelts (which we were all wearing) became a factor, but the car had no airbags. Maybe it was an oil slick on the road (from the nearby petrol station perhaps), orange peel, or banana peel on the road that caused it - but we'll never know. So as Jules Winnfield famously said, "this was divine intervention."
Tag
Have enjoyed reading this one, and now been tagged, by Kipepeo so here goes.
10 years ago:
Enjoying life in DC, just done with college, got my first real job, which came with a company jeep (w/car phone which was a big deal back then)
5 years ago:
Just done with grad school, and life was not as rosy as expected. Companies were laying off people, dot-coms were going bankrupt, tarmacking was very strict, and Osama was still a jeopardy answer
1 year ago:
Nairobi, contemplating parenthood
Yesterday:
Meeting people as I walked around at town lunch time which is what I do when there's a wter shortage in the City – I don’t eat (i.e. what do restaurant kitchens use?)
5 songs bands I know all the words to:
Yeah - Eddie Murphy
No Woman No Cry – Bob Marley
several Jay Z
several Ice Cube
National anthem
5 Snacks:
a beer
ice cream
yoghurt cup
brown bread slice – plain/kavu
coke/sprite
5 Things I'd do with $100 million:
That’s 7.3 billion shillings!
become a Member of Parliament
build several apartment blocks
buy a Mombassa time share
retire
start a non-specific foundation
5 places I would run away to:
Mombasa
Seychelles
DC
Monaco for GP
my local
5 things I would never wear:
tight trousers
jeans
rings/jewellery
sideburns
long Aladdin shoes
5 favorite TV shows:
Sopranos
X-files
Howard Stern show
Bernie Mac show
Seinfeld
5 greatest joys:
F1 racing
the Internet
soccer
P
tusker
5 favourite toys:
Mercedes E200
Boeing 777
my nokia (phone, camera, organizer, alarm, radio, flashlight)
my TV
my microwave
5 people I'm tagging:
Afromusing
Blue poet
Chanuka
Kenyan Pundit
Ms k
10 years ago:
Enjoying life in DC, just done with college, got my first real job, which came with a company jeep (w/car phone which was a big deal back then)
5 years ago:
Just done with grad school, and life was not as rosy as expected. Companies were laying off people, dot-coms were going bankrupt, tarmacking was very strict, and Osama was still a jeopardy answer
1 year ago:
Nairobi, contemplating parenthood
Yesterday:
Meeting people as I walked around at town lunch time which is what I do when there's a wter shortage in the City – I don’t eat (i.e. what do restaurant kitchens use?)
5 songs bands I know all the words to:
Yeah - Eddie Murphy
No Woman No Cry – Bob Marley
several Jay Z
several Ice Cube
National anthem
5 Snacks:
a beer
ice cream
yoghurt cup
brown bread slice – plain/kavu
coke/sprite
5 Things I'd do with $100 million:
That’s 7.3 billion shillings!
become a Member of Parliament
build several apartment blocks
buy a Mombassa time share
retire
start a non-specific foundation
5 places I would run away to:
Mombasa
Seychelles
DC
Monaco for GP
my local
5 things I would never wear:
tight trousers
jeans
rings/jewellery
sideburns
long Aladdin shoes
5 favorite TV shows:
Sopranos
X-files
Howard Stern show
Bernie Mac show
Seinfeld
5 greatest joys:
F1 racing
the Internet
soccer
P
tusker
5 favourite toys:
Mercedes E200
Boeing 777
my nokia (phone, camera, organizer, alarm, radio, flashlight)
my TV
my microwave
5 people I'm tagging:
Afromusing
Blue poet
Chanuka
Kenyan Pundit
Ms k
Tuesday, September 20, 2005
What's the 411
The NY Sun (tabloid) claims that most Kenyan papers have it wrong, and this is how the story goes.
Newsy Kenyans
Noble work = Nobel Prize?
The Christian Science Monitor commends Gen. Lazaro Sumbeiywo for heading the Sudan peace talks
Cash Money Brothers
Two Kenyan brothers could earn in 1.6 billion shillings when they float shares of their 12 year old community service company in the UK
Girl tribes
The Washington Post looks at tribalism/the tribe factor at a girls school in Kenya
Diplo-jack
A few days after the new Danish ambassador was invited to interact with Kenyans, he met the car-jacking type, but was otherwise unharmed
Absa Coming
As the Barclays-Absa merger continues into its next phase, Absa is expected to buy up Barclays operations in Kenya and other African countries over the next two years. Currently, Barclays parent owns 68.5% Barclays Kenya, valued at 33 billion shillings ($450 million).
The Christian Science Monitor commends Gen. Lazaro Sumbeiywo for heading the Sudan peace talks
Cash Money Brothers
Two Kenyan brothers could earn in 1.6 billion shillings when they float shares of their 12 year old community service company in the UK
Girl tribes
The Washington Post looks at tribalism/the tribe factor at a girls school in Kenya
Diplo-jack
A few days after the new Danish ambassador was invited to interact with Kenyans, he met the car-jacking type, but was otherwise unharmed
Absa Coming
As the Barclays-Absa merger continues into its next phase, Absa is expected to buy up Barclays operations in Kenya and other African countries over the next two years. Currently, Barclays parent owns 68.5% Barclays Kenya, valued at 33 billion shillings ($450 million).
Monday, September 19, 2005
Money Transfer within Kenya
I had a situation over the weekend, where I was faced with a choice of having someone send money instantly to me while I was in Eldoret - and this led to a discussion of the cash remittance business in Kenya
Past
Surprisingly, Western Union and Moneygram, which have been recording growing volumes and signing up new banks (like KCB) every month, already represent the past in money remittance. The reason for this is the cost of the transfer, which now puts off savvy consumers. E.g. to send 10,000 shillings to Eldoret, the cost was 1,700 (14.5%) via Western Union and 1,850 (15.6%) via Moneygram.
Transaction time: a few seconds
Cost: about 15% of amount transferred
Convenience: All major towns, available at over 10 bank and dozens of forex bureaus which have extended hours.
Present
With recent investments and advances in IT, banks like Barclays and Standard Chartered are now fully networked, with transactions made instantly reflected in accounts. For cash remittance, I’ll give a friend my Barclays account number, and he’d go to his local Barclays branch, e.g. in Mombasa, or Kisumu, and deposit the money into my account – and I’d be able to withdraw it almost instantly in Eldoret.
Transaction time: a few minutes
Cost: 0 – 500 shillings (depends on withdrawal fees at the bank for over the counter transactions since cash it not always reflected at the ATM)
Convenience: One must have an account with a bank which is networked e.g. Barclays, Standard Chartered, NBK, ABC and the bank should have a branch. But banks have very short working hours usually 9 a.m. – 3 p.m. KCB which has the country's largest branch system has not networked all its branches yet.
Future
The future will be for money transfer via cellphone, as is already taking place in the Philippines and South Africa. Like MTN, Safaricom and Celtel will one day launch cellphone banking systems to capitalize on the millions of cell phone users, who don’t operate bank accounts, especially in rural areas, where banks have been closing unprofitable branches.
Transaction: a few seconds
Cost: transaction fee to be determined
Convenience: Safaricom and Celtel combined have over 5 million subscribers. Also one can expect market leaders like Western Union and Barclays to capitalise on cell phone banking.
Past
Surprisingly, Western Union and Moneygram, which have been recording growing volumes and signing up new banks (like KCB) every month, already represent the past in money remittance. The reason for this is the cost of the transfer, which now puts off savvy consumers. E.g. to send 10,000 shillings to Eldoret, the cost was 1,700 (14.5%) via Western Union and 1,850 (15.6%) via Moneygram.
Transaction time: a few seconds
Cost: about 15% of amount transferred
Convenience: All major towns, available at over 10 bank and dozens of forex bureaus which have extended hours.
Present
With recent investments and advances in IT, banks like Barclays and Standard Chartered are now fully networked, with transactions made instantly reflected in accounts. For cash remittance, I’ll give a friend my Barclays account number, and he’d go to his local Barclays branch, e.g. in Mombasa, or Kisumu, and deposit the money into my account – and I’d be able to withdraw it almost instantly in Eldoret.
Transaction time: a few minutes
Cost: 0 – 500 shillings (depends on withdrawal fees at the bank for over the counter transactions since cash it not always reflected at the ATM)
Convenience: One must have an account with a bank which is networked e.g. Barclays, Standard Chartered, NBK, ABC and the bank should have a branch. But banks have very short working hours usually 9 a.m. – 3 p.m. KCB which has the country's largest branch system has not networked all its branches yet.
Future
The future will be for money transfer via cellphone, as is already taking place in the Philippines and South Africa. Like MTN, Safaricom and Celtel will one day launch cellphone banking systems to capitalize on the millions of cell phone users, who don’t operate bank accounts, especially in rural areas, where banks have been closing unprofitable branches.
Transaction: a few seconds
Cost: transaction fee to be determined
Convenience: Safaricom and Celtel combined have over 5 million subscribers. Also one can expect market leaders like Western Union and Barclays to capitalise on cell phone banking.
Wednesday, September 14, 2005
Aid plan for government Banks
The World Bank has laid out a comprehensive reform plan for Kenya Commercial Bank, National Bank of Kenya, Consolidated Bank, and Industrial Development Bank. The Financial Sector Reform Credit (FINSERC) Project involves $65m in aid, and is staggered to ensure that the governmentprivatises and restructures the banks in a timely manner. (PDF here)
Tuesday, September 13, 2005
Shy no more
During his first two years at the Central Bank, Dr. Andrew Mullei, was a reclusive Governor who rarely ventured out to banking events – and only if President Kibaki was going to be the chief guest, otherwise he was usualy represented by then-deputy Governor, Edward Sambili, or another CBK official.
Today, Governor Mullei has become a familiar figure in the news, attending numerous bank openings and events, and issuing policy directives from as far away as Naivasha. Factors that may have contributed to this are that he has a new deputy, Jacinta Mwatela, who replaced Dr. Sambili, and he now has to fashion a new communication strategy to deal with CBK image and issues such as the controversy over currency printing, rising interest rates, bank charges and now an unexpected CBK loss.
Monday, September 12, 2005
Stanbic confirm their interest in NBK
“We’re small in Kenya and would like to play a much bigger role,” says Kevin Wingfield, director of acquisitions at Stanbic, Standard Bank’s Africa business. “NBK is one that may meet those requirements. If the shareholders were interested in selling, we would look at it,”
Story was first reported by Jaindi Kisero, editor of the East African.
Story was first reported by Jaindi Kisero, editor of the East African.
New Developments
Construction
- Komarock Estate expansion continues with the construction of Phase V comprising 521 middle-income houses.
- Rea Vipingo will build a golf course/resort on a former sisal farm at Vipingo, Kilifi.
- The Lutheran Catholic Church will construct a new headquaerets/5 story office park on Uhuru Park next to the traffic centre.
- Interconsumer Products limited will build a cosmetics factory in Embakasi.
Banking: Former Finance Permanent Secretary, Martin Oduor Otieno, is the new deputy managing director of Kenya Commercial Bank.
Church: A Presbyterian Church in North Carolina, has so many Kenyan worshippers, that they now have a Swahili service
Mining:According to the Kenya Gazette new companies have been issued with new licenses to prospect for metals and non precious minerals in busia/siaya, migori, makueni and kwale
re-union Alumni, teachers and families of Strathmore College, Strathmore University and Kianda are invited to an alumni weekend in October: on Friday 7/10 at the Hilton, and on Saturday 8/10 at the Madaraka Campus.
- Komarock Estate expansion continues with the construction of Phase V comprising 521 middle-income houses.
- Rea Vipingo will build a golf course/resort on a former sisal farm at Vipingo, Kilifi.
- The Lutheran Catholic Church will construct a new headquaerets/5 story office park on Uhuru Park next to the traffic centre.
- Interconsumer Products limited will build a cosmetics factory in Embakasi.
Banking: Former Finance Permanent Secretary, Martin Oduor Otieno, is the new deputy managing director of Kenya Commercial Bank.
Church: A Presbyterian Church in North Carolina, has so many Kenyan worshippers, that they now have a Swahili service
Mining:According to the Kenya Gazette new companies have been issued with new licenses to prospect for metals and non precious minerals in busia/siaya, migori, makueni and kwale
re-union Alumni, teachers and families of Strathmore College, Strathmore University and Kianda are invited to an alumni weekend in October: on Friday 7/10 at the Hilton, and on Saturday 8/10 at the Madaraka Campus.
Friday, September 09, 2005
If the suit fits . . .
I was honoured when I was asked to join the line-up for my friends’ wedding this weekend. I was very happy for him settling down and attended planning meetings and fund-raiser where all details were mapped out for the wedding. For the men’s line-up I went out with him to look for suit shops and I also found a great shop where we all ordered shoes from.
Today’s the day before the wedding, and I took the day off to help out with final preparations and rehearsal. I came to town and proceeded straight to collect my suit. The suit shop is a well-known place next to the City Market, and is run by a young Asian manager dude (MADE), assisted by an older mumbling Asian dude (MOODY). I had been there twice before – when the group selected outfits, and when I returned for my suit fitting. The suit was a beautiful navy blue, which fit perfectly and I had left it to be ironed and to collect later. The store does excellent suits and is highly recommended for impeccable service.
At about 10 a.m. I walked into the store and Made greeted me with a big smile.
I handed him by tag and told him I had come for the suit. We made small talk as he folded it in a bag, and also showed me the cream shirt and polka tie which the couple had selected for the rest of us to wear. Finally he finished, and handed me the carry bag - I said thanks, waved bye and turned to leave.
“Excuse me” he called out, “there’s a bill for the suit!”
I turned back in a bit of shock. The cost of suits had never been an issue in all the meeting and I assumed that the groom’s family had taken care of it, or they would be billed afterwards since they were after all regular customers of the shop.
There must be some misunderstanding about that I told him. I stepped outside and called my friend. The connection was very poor, and I didn’t know if he could hear me clearly “Hello, MADE says that the suits have not been paid for….hello,” – I could hear a lot of banging in the background, perhaps tents and tables being set up. “Hello…” finally I said “let me call you back” and hang up the phone.
I spent a few minutes outside the store doing some thinking. The family was incurring huge expenses already with this wedding. Also my friend probably had a million “to do” last-minute tasks on the day before his wedding, and didn’t need me to add to his list of problems. It appeared I was the only one who has not collected my suit. The suit itself was a great classic two button piece (not the 3 or 4 button fad suits which I generally don’t like). I resolved to take care of the problem right there and not bother him with it.
I walked back in to the store and talked to MADE.
“How much is the bill”
“14,500” damn! “That’s 12,000 for the suit and 2,500 for the shirt and tie”
“Do you take checks?”
“No cash only”
“Okay, I’ll be back”
I walked out, at 10:30 doing the sums in my head. 12,000 shillings ($160) is a lot for a suit, especially since I got one last month for 2,000. It’s an unexpected expense, but manageable since my salary was paid 2 days ago. I’d just have to push some bills back. I had 24 hours to find 15,000 shillings otherwise I’d be the odd one out at the wedding line-up – wearing the wrong suit. Too embarrassing!
First stop was my ATM. I checked the balance and it was just at the minimum 1,000 shillings. I checked again, but the “ledger” and “available” balance were both 1,000.
2nd stop was my office (on my day off). I went straight to the payroll clerk and interrogated her. “Have salaries been paid?” “When?” “Did you send mine to the correct bank” “verify my account number please” etc. she had done her job and was in the clear
3rd stop was my bank branch. I went in with my ATM receipt and explained to a customer service rep. (CSR) that my salary should have been posted the day before. “Nothing’s in my account, it’s urgent, could you check your computer? Maybe it’s in the bank, but hasn’t been posted to the ATM yet, yada, yada, yada.” He explained that salaries are posted electronically, there was no way he could check they system, and could I check back at 3 PM when they settled electronic transfers? 3. P.M. was about 4 hours away and 17 hours to the wedding, but there was nothing more I could do.
So I went out and did a few errands, paid for my wedding shoes, went to the library, went to a cybercafe, ate a chicken & chips lunch – and in between I checked the ATM a few more times. I even called my brother and arranged for one day loan as a backup in case my money did not materialise from the banking system in time.
At 2 p.m. I went back for another ATM check, and this time, there was some heart beat. While the “available balance” was still 1,000, the “ledger balance” had acquired another zero and some change. I dashed into the Bank and met another CSR who took my slip and told me they would try and enable “ledger balance” to equal the “available balance” in a few minutes. They told me to keep checking the ATM, which I did twice. At this point I was feeling a bit relaxed and even had a beer as I while I watched some England-Australia cricket on TV.
3 PM back to the ATM and voila, there was money available. I withdrew 15,000 and dashed back to the suit shop. MADE was talking to a Very Important Customer (VIC) so, I was stuck with MOODY. He put my suit on the table and looked at me (his cash machine for the day) expectantly.
I said “I want a discount” he said “we already gave you a discount”
“No you didn’t” “we gave you a group discount”
“I want a discount” “we already gave you a discount”
“No you didn’t” “we gave you a group discount”
“How much is the shirt” “it’s all inclusive”
“I want a discount” “we already gave you a discount”
“I don’t buy 2,000 shilling shirts” yet “wedding chose it”
“It’s just a white shirt, can’t be 2,000 bob” “it’s cream, silk, something-something shirt, wedding chose it”
“I want a discount” “we already gave you a discount”
“Fine, keep the shirt, I’ll take the suit and tie” “No, we opened shirt, ironed it, can’t be sold to anyone else”
At this point we were making a scene and MADE came over to investigate. I made my point clear and he said “fine, take the suit & tie, I’ll be able to re-sell the shirt, but I already gave the wedding a group discount”
He mumbled something to the MOODY and went back to VIC. I counted out 12,500 as I studied the shirt which MOODY was not pulling out of the suit. My cash quickly disappeared into his pocket and I said bye to MADE and dashed off to other shops to find a shirt similar to the one I had refused to buy from MOODY. “Was it cream or ivory? too many buttons, don’t want cufflinks, that’s too white.” Eventually I got one for 300 shillings, left everything with my brother and dashed off for the wedding rehearsal.
Immediately I met my friend, I even regretted calling him earlier on this busy day when he had so else to do. My suit is beautiful - it’s going to become my number one suit after the wedding – reserved for special occasions. Because it fits and I paid dearly for it.
Today’s the day before the wedding, and I took the day off to help out with final preparations and rehearsal. I came to town and proceeded straight to collect my suit. The suit shop is a well-known place next to the City Market, and is run by a young Asian manager dude (MADE), assisted by an older mumbling Asian dude (MOODY). I had been there twice before – when the group selected outfits, and when I returned for my suit fitting. The suit was a beautiful navy blue, which fit perfectly and I had left it to be ironed and to collect later. The store does excellent suits and is highly recommended for impeccable service.
At about 10 a.m. I walked into the store and Made greeted me with a big smile.
I handed him by tag and told him I had come for the suit. We made small talk as he folded it in a bag, and also showed me the cream shirt and polka tie which the couple had selected for the rest of us to wear. Finally he finished, and handed me the carry bag - I said thanks, waved bye and turned to leave.
“Excuse me” he called out, “there’s a bill for the suit!”
I turned back in a bit of shock. The cost of suits had never been an issue in all the meeting and I assumed that the groom’s family had taken care of it, or they would be billed afterwards since they were after all regular customers of the shop.
There must be some misunderstanding about that I told him. I stepped outside and called my friend. The connection was very poor, and I didn’t know if he could hear me clearly “Hello, MADE says that the suits have not been paid for….hello,” – I could hear a lot of banging in the background, perhaps tents and tables being set up. “Hello…” finally I said “let me call you back” and hang up the phone.
I spent a few minutes outside the store doing some thinking. The family was incurring huge expenses already with this wedding. Also my friend probably had a million “to do” last-minute tasks on the day before his wedding, and didn’t need me to add to his list of problems. It appeared I was the only one who has not collected my suit. The suit itself was a great classic two button piece (not the 3 or 4 button fad suits which I generally don’t like). I resolved to take care of the problem right there and not bother him with it.
I walked back in to the store and talked to MADE.
“How much is the bill”
“14,500” damn! “That’s 12,000 for the suit and 2,500 for the shirt and tie”
“Do you take checks?”
“No cash only”
“Okay, I’ll be back”
I walked out, at 10:30 doing the sums in my head. 12,000 shillings ($160) is a lot for a suit, especially since I got one last month for 2,000. It’s an unexpected expense, but manageable since my salary was paid 2 days ago. I’d just have to push some bills back. I had 24 hours to find 15,000 shillings otherwise I’d be the odd one out at the wedding line-up – wearing the wrong suit. Too embarrassing!
First stop was my ATM. I checked the balance and it was just at the minimum 1,000 shillings. I checked again, but the “ledger” and “available” balance were both 1,000.
2nd stop was my office (on my day off). I went straight to the payroll clerk and interrogated her. “Have salaries been paid?” “When?” “Did you send mine to the correct bank” “verify my account number please” etc. she had done her job and was in the clear
3rd stop was my bank branch. I went in with my ATM receipt and explained to a customer service rep. (CSR) that my salary should have been posted the day before. “Nothing’s in my account, it’s urgent, could you check your computer? Maybe it’s in the bank, but hasn’t been posted to the ATM yet, yada, yada, yada.” He explained that salaries are posted electronically, there was no way he could check they system, and could I check back at 3 PM when they settled electronic transfers? 3. P.M. was about 4 hours away and 17 hours to the wedding, but there was nothing more I could do.
So I went out and did a few errands, paid for my wedding shoes, went to the library, went to a cybercafe, ate a chicken & chips lunch – and in between I checked the ATM a few more times. I even called my brother and arranged for one day loan as a backup in case my money did not materialise from the banking system in time.
At 2 p.m. I went back for another ATM check, and this time, there was some heart beat. While the “available balance” was still 1,000, the “ledger balance” had acquired another zero and some change. I dashed into the Bank and met another CSR who took my slip and told me they would try and enable “ledger balance” to equal the “available balance” in a few minutes. They told me to keep checking the ATM, which I did twice. At this point I was feeling a bit relaxed and even had a beer as I while I watched some England-Australia cricket on TV.
3 PM back to the ATM and voila, there was money available. I withdrew 15,000 and dashed back to the suit shop. MADE was talking to a Very Important Customer (VIC) so, I was stuck with MOODY. He put my suit on the table and looked at me (his cash machine for the day) expectantly.
I said “I want a discount” he said “we already gave you a discount”
“No you didn’t” “we gave you a group discount”
“I want a discount” “we already gave you a discount”
“No you didn’t” “we gave you a group discount”
“How much is the shirt” “it’s all inclusive”
“I want a discount” “we already gave you a discount”
“I don’t buy 2,000 shilling shirts” yet “wedding chose it”
“It’s just a white shirt, can’t be 2,000 bob” “it’s cream, silk, something-something shirt, wedding chose it”
“I want a discount” “we already gave you a discount”
“Fine, keep the shirt, I’ll take the suit and tie” “No, we opened shirt, ironed it, can’t be sold to anyone else”
At this point we were making a scene and MADE came over to investigate. I made my point clear and he said “fine, take the suit & tie, I’ll be able to re-sell the shirt, but I already gave the wedding a group discount”
He mumbled something to the MOODY and went back to VIC. I counted out 12,500 as I studied the shirt which MOODY was not pulling out of the suit. My cash quickly disappeared into his pocket and I said bye to MADE and dashed off to other shops to find a shirt similar to the one I had refused to buy from MOODY. “Was it cream or ivory? too many buttons, don’t want cufflinks, that’s too white.” Eventually I got one for 300 shillings, left everything with my brother and dashed off for the wedding rehearsal.
Immediately I met my friend, I even regretted calling him earlier on this busy day when he had so else to do. My suit is beautiful - it’s going to become my number one suit after the wedding – reserved for special occasions. Because it fits and I paid dearly for it.
Thursday, September 08, 2005
Oil $ense
Fuel prices this month have crossed above the $1 (77 shillings) per liter barrier (approx equivalent is $4.5 per gallon). Amid the threats to de-license fuel companies, hype on new un-leaded or improved fuels, Katrina & falling international oil prices, it is difficult to get a straight answer from anyone responsible in the petroleum sector.
So I refer back to the 2005 AGM of Total Kenya held in April which I attended, and which turned out to be an extraordinarily informative afternoon with Momar Nguer, the Chairman & Executive VP East Africa & Indian Ocean. He took on written questions from all shareholders present on all matters from the company’s performance to the oil costs, taxes, cooking gas, and politics:
Some notable points:
- It is cheaper for Total and oil companies to import petrol and diesel into the country, but they are required to import crude and refine 70% at the government refinery in Mombasa. Unfortunately this also means higher fuel prices for motorists
- The government reneged on a deal to waive all taxes on cooking gas and cylinder’s (as it is with kerosene). Nguer believes that this is the only way to reduce the cost of cooking gas in Kenya.
- Government also reneged on an agreement it signed to mandate the use of low-sulphur diesel and unleaded petrol by 2006. Our Mombasa refinery cannot produce these fuels yet - and this has also prevented willing governments like Rwanda & Uganda (who import though Mombasa) from implementing the same.
- OPEC has proved ineffective in managing the price of oil
- He does not expect oil prices to go down any time soon owing to the great demand of China and Asia
- Oil is a low margin business, and profit come from increasing volumes, not prices
- Network fuel stations only contribute 1/6 of Total’s sales.
So I refer back to the 2005 AGM of Total Kenya held in April which I attended, and which turned out to be an extraordinarily informative afternoon with Momar Nguer, the Chairman & Executive VP East Africa & Indian Ocean. He took on written questions from all shareholders present on all matters from the company’s performance to the oil costs, taxes, cooking gas, and politics:
Some notable points:
- It is cheaper for Total and oil companies to import petrol and diesel into the country, but they are required to import crude and refine 70% at the government refinery in Mombasa. Unfortunately this also means higher fuel prices for motorists
- The government reneged on a deal to waive all taxes on cooking gas and cylinder’s (as it is with kerosene). Nguer believes that this is the only way to reduce the cost of cooking gas in Kenya.
- Government also reneged on an agreement it signed to mandate the use of low-sulphur diesel and unleaded petrol by 2006. Our Mombasa refinery cannot produce these fuels yet - and this has also prevented willing governments like Rwanda & Uganda (who import though Mombasa) from implementing the same.
- OPEC has proved ineffective in managing the price of oil
- He does not expect oil prices to go down any time soon owing to the great demand of China and Asia
- Oil is a low margin business, and profit come from increasing volumes, not prices
- Network fuel stations only contribute 1/6 of Total’s sales.
Bank Brief’s
Stanbic offer to buy NBK
According to the East African, Standard Bank of South Africa has offered to buy the 48% of National Bank of Kenya that is owned by the National Social Security Fund. Stanbic is Kenya’s 13th largest bank with assets of $167 million while NBK is the 6th largest, with assets of $423 million.
Bank liquidation
The Central Bank’s Deposit Protection Fund will sell furniture, computers, office equipment, safes and motor vehicles owned by the former Daima Bank on September 16th. They are currently available for viewing at Utalii house, Nairobi, on weekdays.
Free gift
Anyone who performs a western union money transfer transaction at the Nation Centre branch of Diamond Trust bank between September 9th to 24th will receive a free gift.
Name change season
KCB’s savings and loan arm will now be known as S&L – the mortgage company, “where great investments begin.” Two months ago, National Industrial Credit Bank formally changed its name to NIC Bank.
Hollywood notices Kenya
The Hollywood Reporter, writes about a revival in movie-going in Kenya with the opening of four new cinemas.
According to the East African, Standard Bank of South Africa has offered to buy the 48% of National Bank of Kenya that is owned by the National Social Security Fund. Stanbic is Kenya’s 13th largest bank with assets of $167 million while NBK is the 6th largest, with assets of $423 million.
Bank liquidation
The Central Bank’s Deposit Protection Fund will sell furniture, computers, office equipment, safes and motor vehicles owned by the former Daima Bank on September 16th. They are currently available for viewing at Utalii house, Nairobi, on weekdays.
Free gift
Anyone who performs a western union money transfer transaction at the Nation Centre branch of Diamond Trust bank between September 9th to 24th will receive a free gift.
Name change season
KCB’s savings and loan arm will now be known as S&L – the mortgage company, “where great investments begin.” Two months ago, National Industrial Credit Bank formally changed its name to NIC Bank.
Hollywood notices Kenya
The Hollywood Reporter, writes about a revival in movie-going in Kenya with the opening of four new cinemas.
Tuesday, September 06, 2005
Pot Pourri
SMS Me
You can now send an SMS to the Public Communications Secretary (a.k.a. the Government Spokesman) at number 2888 from either Safaricom or Celtel at a cost of 10/- per message.
Uchumi
The Rights Issue is critical to the survival to the supermarket chain. The prospectus contains a message from the company’s auditors, PriceWaterhouseCoopers, indicating that the rights issue may only raise 850 million shillings, and not the 1.2 billion targeted. The company will also sell its Ngong Hyper (to raise 270 million) Langata (250 m), Langata South (27m) and other properties to also raise funds. Although principal shareholders ICDC and ICDCI announced they would not take up their rights, they have effectively done so, by putting up a 105 million shilling loan to the company in July 2004. Also reported in the Standard today.
Golden handshake reprieve
According to the East African, the Federation of Kenya Employers has asked Finance Minister David Mwiraria to rescind his decision that prevents employees from collecting their pensions before they reach age 55, noting that life expectancy in Kenya is now around 45 years.
Free scratch paper from your bank
According to a UK survey, 60 per cent of people do not regularly read their mortgage, pension or bank statements.
Weather forecast
Yesterday evening, Nairobi had one of its freak rain storms that usually coincide with rush hour. So today I am comparing various forecast tools for their effective forecasting of the rest of the week’s weather.
Yahoo Tuesday: Some sunshine with a thunderstorm or two this afternoon. High 79F. Chance of rain 30%. Night Considerable cloudiness with occasional rain showers. Low 56F. Chance of rain 50%.
Tomorrow: A few showers early with mostly cloudy conditions later in the day. High 78F. Chance of rain 30%. Night: Cloudy. Low 56F. .
Thursday: Partly cloudy with a stray thunderstorm. Highs in the upper 70s and lows in the low 50s.
Friday: Showers. Highs in the mid 70s and lows in the low 50s.
CNN Tuesday partly cloudy 79°F (26°C) | 50°F (10°C)
Wednesday partly cloudy 78°F (26°C) | 52°F (11°C)
Thursday partly cloudy 80°F (27°C) | 50°F (10°C)
Friday partly cloudy 76°F (24°C) | 47°F (8°C)
BBC Tuesday light showers 24°C 14°C 6 good 1014 72
Wednesday sunny 20°C 13°C 5 good 1016 93
Thursday sunny 22°C 12°C 4 very good 1015 67
Friday 22°C 14°C 6 good 1015 69
Accuweather Tuesday Pleasant with a blend of sunshine and clouds High: 26° C Night: Mainly cloudy Low: 10° C
Wednesday Nice with times of sun and clouds High: 25° C Night: Partly cloudy Low: 11° C
Thursday Pleasant with clouds and sunshine High: 26° C Night: Partly cloudy Low:10° C
Friday Nice with times of clouds and sun High: 24° C Night: A shower possible in the evening; otherwise, partly cloudy. Winds will be calm Low: 8° C
Iraq constitution
Some cool things about the new Iraq constitution
1. It's only 26 pages long
2. Article (6): Government should be rotated peacefully through democratic means stipulated in this constitution.
3. Article (26): The country shall guarantee the encouragement of investments in the different sectors.
4. Article (28): Low-income people should be exempted from taxes in a way that guarantees maintaining the minimum level necessary for a living. This shall be regulated by law.
5. Article (30): The state guarantees social and health insurance, the basics for a free and honorable life for the individual and the family -- especially children and women -- and works to protect them from illiteracy, fear and poverty and provides them with housing and the means to rehabilitate and take care of them. This shall be regulated by law.
6. Article (52): Sessions of the Council of Representatives (Parliament) shall be public unless it is necessary to do otherwise.
7. Article (58): Quorum for sessions of the Council of Representatives shall be reached by the attendance of the absolute majority of its members.
8. Article (59): The Council of Representatives may withdraw confidence from a minister by absolute majority, and he/she is considered (resigned) from the date of the withdrawal of confidence.
9. Article (59): The Council of Representatives decides the withdrawal of confidence from the prime minister by absolute majority of its members.
10. Article (59): (c) The Cabinet shall be (considered resigned) in the case that confidence is withdrawn from the prime minister.
11 Article (75): A minister must have a university degree or an equivalent.
You can now send an SMS to the Public Communications Secretary (a.k.a. the Government Spokesman) at number 2888 from either Safaricom or Celtel at a cost of 10/- per message.
Uchumi
The Rights Issue is critical to the survival to the supermarket chain. The prospectus contains a message from the company’s auditors, PriceWaterhouseCoopers, indicating that the rights issue may only raise 850 million shillings, and not the 1.2 billion targeted. The company will also sell its Ngong Hyper (to raise 270 million) Langata (250 m), Langata South (27m) and other properties to also raise funds. Although principal shareholders ICDC and ICDCI announced they would not take up their rights, they have effectively done so, by putting up a 105 million shilling loan to the company in July 2004. Also reported in the Standard today.
Golden handshake reprieve
According to the East African, the Federation of Kenya Employers has asked Finance Minister David Mwiraria to rescind his decision that prevents employees from collecting their pensions before they reach age 55, noting that life expectancy in Kenya is now around 45 years.
Free scratch paper from your bank
According to a UK survey, 60 per cent of people do not regularly read their mortgage, pension or bank statements.
Weather forecast
Yesterday evening, Nairobi had one of its freak rain storms that usually coincide with rush hour. So today I am comparing various forecast tools for their effective forecasting of the rest of the week’s weather.
Yahoo Tuesday: Some sunshine with a thunderstorm or two this afternoon. High 79F. Chance of rain 30%. Night Considerable cloudiness with occasional rain showers. Low 56F. Chance of rain 50%.
Tomorrow: A few showers early with mostly cloudy conditions later in the day. High 78F. Chance of rain 30%. Night: Cloudy. Low 56F. .
Thursday: Partly cloudy with a stray thunderstorm. Highs in the upper 70s and lows in the low 50s.
Friday: Showers. Highs in the mid 70s and lows in the low 50s.
CNN Tuesday partly cloudy 79°F (26°C) | 50°F (10°C)
Wednesday partly cloudy 78°F (26°C) | 52°F (11°C)
Thursday partly cloudy 80°F (27°C) | 50°F (10°C)
Friday partly cloudy 76°F (24°C) | 47°F (8°C)
BBC Tuesday light showers 24°C 14°C 6 good 1014 72
Wednesday sunny 20°C 13°C 5 good 1016 93
Thursday sunny 22°C 12°C 4 very good 1015 67
Friday 22°C 14°C 6 good 1015 69
Accuweather Tuesday Pleasant with a blend of sunshine and clouds High: 26° C Night: Mainly cloudy Low: 10° C
Wednesday Nice with times of sun and clouds High: 25° C Night: Partly cloudy Low: 11° C
Thursday Pleasant with clouds and sunshine High: 26° C Night: Partly cloudy Low:10° C
Friday Nice with times of clouds and sun High: 24° C Night: A shower possible in the evening; otherwise, partly cloudy. Winds will be calm Low: 8° C
Iraq constitution
Some cool things about the new Iraq constitution
1. It's only 26 pages long
2. Article (6): Government should be rotated peacefully through democratic means stipulated in this constitution.
3. Article (26): The country shall guarantee the encouragement of investments in the different sectors.
4. Article (28): Low-income people should be exempted from taxes in a way that guarantees maintaining the minimum level necessary for a living. This shall be regulated by law.
5. Article (30): The state guarantees social and health insurance, the basics for a free and honorable life for the individual and the family -- especially children and women -- and works to protect them from illiteracy, fear and poverty and provides them with housing and the means to rehabilitate and take care of them. This shall be regulated by law.
6. Article (52): Sessions of the Council of Representatives (Parliament) shall be public unless it is necessary to do otherwise.
7. Article (58): Quorum for sessions of the Council of Representatives shall be reached by the attendance of the absolute majority of its members.
8. Article (59): The Council of Representatives may withdraw confidence from a minister by absolute majority, and he/she is considered (resigned) from the date of the withdrawal of confidence.
9. Article (59): The Council of Representatives decides the withdrawal of confidence from the prime minister by absolute majority of its members.
10. Article (59): (c) The Cabinet shall be (considered resigned) in the case that confidence is withdrawn from the prime minister.
11 Article (75): A minister must have a university degree or an equivalent.
Monday, September 05, 2005
Scholarships & Graduate opportunities
Apologies if some are out-dated or closed
Shell Graduate Recruitment Campaign 2005
For recent graduates who meet the following criteria can forward their CV’s to HR@ksl.shell.com
1. A basic degree from a recognised University - minimum of a strong upper second - whilst most of our roles are commercial in nature - HR, Marketing Sales, and Finance - there is no restriction to type of degree.
2. We look for specific underlying personal qualities and attributes that one needs to have the potential to be an effective Shell Graduate Employee. For example:-
- Have they led a team? Been a club/association leader?
- Were they in the upper quartile of their class?
- Have they achieved something extra ordinary compared to their peers?
- Are they innovative /creative and able to challenge status quo?
- Do they have good communication/presentation skills?
American Association of University Women International Fellowships
Master's/Professional Fellowship $18,000
Doctorate Fellowship $20,000
Postdoctoral Fellowship $30,000
Applications available* Aug. 1-Dec. 1, 2005
Application POSTMARK deadline* Dec. 1, 2005
Fellowship year July 1, 2006-June 30, 2007
Website:
International Fellowships are awarded for full-time study or research to women who are not U.S. citizens or permanent residents. Both graduate and postgraduate study at accredited institutions are supported. (For support at the undergraduate level, visit www.isep.org.) The Foundation will award 57 fellowships for the 2006-07 academic year. Six of these awards are available to members of International Federation of University Women affiliate organizations. These fellowship recipients may study in any country other than their own. Contact: info@aauw.org
AFRICA/GLOBAL: Advanced Research Fellowship Program:
The Council for the Development of Social Science Research in Africa (CODESRIA) is pleased to announce its 2005 Advanced Research Fellowship Programme and to invite interested scholars to submit applications for consideration for an award. Further details here or contact: advanced.fellowship@codesria.sn
AFRICA/GLOBAL: CODESRIA Prize for Doctoral Theses:
The Council for the Development of Social Science Research in Africa (CODESRIA) is pleased to announce the 2005 edition of its prize for the best three doctoral theses produced annually in Africa. This programme has been introduced with a view to promoting the research work of African doctoral students and to celebrate the performance of those among them who produce outstanding studies that are worthy of being given greater visibility than would otherwise be possible in the absence of a special initiative designed to bring them to the attention of a critical international audience. Further details here or contact: doctoral.thesis@codesria.sn
HEINZ Company Foundation Fellowship Program
The Fellowship is offered annually and provides for one year of practical, professional, and non-degree educational experiences through the University of Pittsburgh in Pittsburgh, Pennsylvania, USA. For each round, Heinz Fellowships will be granted to two individuals from developing countries who demonstrate potential as future leaders in the government, non-profit, or private sectors. Further details: here
2006 Rolex Awards for Enterprise
These awards provide visionary men and women world-wide with financial support and recognition to carry out innovative projects – often outside the mainstream – to improve out planet and the human condition.
Nomination Deadlines (Asia, Pacific, North, Central and South America): May 31st 2005
Nomination Deadline (Europe, Middle East and Africa): September 30th 2005.
Prize: US$ 100,000
For more information see: here
2005 Tyler Prize for Environmental Achievement
The Tyler Prize for Environmental Achievement is the premier award for environmental science, energy and medicine conferring great benefit upon mankind.
Nomination Deadline: 15th September 2005
Prize: US$ 200,000
See web site
Shell Graduate Recruitment Campaign 2005
For recent graduates who meet the following criteria can forward their CV’s to HR@ksl.shell.com
1. A basic degree from a recognised University - minimum of a strong upper second - whilst most of our roles are commercial in nature - HR, Marketing Sales, and Finance - there is no restriction to type of degree.
2. We look for specific underlying personal qualities and attributes that one needs to have the potential to be an effective Shell Graduate Employee. For example:-
- Have they led a team? Been a club/association leader?
- Were they in the upper quartile of their class?
- Have they achieved something extra ordinary compared to their peers?
- Are they innovative /creative and able to challenge status quo?
- Do they have good communication/presentation skills?
American Association of University Women International Fellowships
Master's/Professional Fellowship $18,000
Doctorate Fellowship $20,000
Postdoctoral Fellowship $30,000
Applications available* Aug. 1-Dec. 1, 2005
Application POSTMARK deadline* Dec. 1, 2005
Fellowship year July 1, 2006-June 30, 2007
Website:
International Fellowships are awarded for full-time study or research to women who are not U.S. citizens or permanent residents. Both graduate and postgraduate study at accredited institutions are supported. (For support at the undergraduate level, visit www.isep.org.) The Foundation will award 57 fellowships for the 2006-07 academic year. Six of these awards are available to members of International Federation of University Women affiliate organizations. These fellowship recipients may study in any country other than their own. Contact: info@aauw.org
AFRICA/GLOBAL: Advanced Research Fellowship Program:
The Council for the Development of Social Science Research in Africa (CODESRIA) is pleased to announce its 2005 Advanced Research Fellowship Programme and to invite interested scholars to submit applications for consideration for an award. Further details here or contact: advanced.fellowship@codesria.sn
AFRICA/GLOBAL: CODESRIA Prize for Doctoral Theses:
The Council for the Development of Social Science Research in Africa (CODESRIA) is pleased to announce the 2005 edition of its prize for the best three doctoral theses produced annually in Africa. This programme has been introduced with a view to promoting the research work of African doctoral students and to celebrate the performance of those among them who produce outstanding studies that are worthy of being given greater visibility than would otherwise be possible in the absence of a special initiative designed to bring them to the attention of a critical international audience. Further details here or contact: doctoral.thesis@codesria.sn
HEINZ Company Foundation Fellowship Program
The Fellowship is offered annually and provides for one year of practical, professional, and non-degree educational experiences through the University of Pittsburgh in Pittsburgh, Pennsylvania, USA. For each round, Heinz Fellowships will be granted to two individuals from developing countries who demonstrate potential as future leaders in the government, non-profit, or private sectors. Further details: here
2006 Rolex Awards for Enterprise
These awards provide visionary men and women world-wide with financial support and recognition to carry out innovative projects – often outside the mainstream – to improve out planet and the human condition.
Nomination Deadlines (Asia, Pacific, North, Central and South America): May 31st 2005
Nomination Deadline (Europe, Middle East and Africa): September 30th 2005.
Prize: US$ 100,000
For more information see: here
2005 Tyler Prize for Environmental Achievement
The Tyler Prize for Environmental Achievement is the premier award for environmental science, energy and medicine conferring great benefit upon mankind.
Nomination Deadline: 15th September 2005
Prize: US$ 200,000
See web site
Friday, September 02, 2005
Motor Show
The 2005 Total Motor show is being held from September 1 to 4th at the Kenyatta International Conference Centre (KICC). It is one of the few enjoyable corporate events that are open to the public. Others include the Air Show (Wilson Airport), Safari Sevens, and Concurs motor show.
This year the entrance fee is up to 300/= shillings ($4) for adults, which is rather pricey, and 50 shillings for unaccompanied children. But the price cushioned by the fact they you get a free autonews magazine (which retails for 150 shillings) and are also entered into a raffle draw with a million shillings cash prize. I had gone there over lunch with 300 shillings in my pocket, hoping to have lunch somewhere, but the event took all my cash.
Who’s there
Represented were auto manufactures including Audi, Chevrolet, Hyundai, Isuzu, Kia, Mazda, Mercedes, Mitsubishi, Nissan, Peugeot, Porsche, Skoda, Subaru, Toyota, Volkswagen, Volvo all with cars, trucks, buses alongside suppliers of spares and accessories.
Fellow bankers
There were many banks represented including Barclays, Diamond Trust, CFC, Southern Credit, NIC and Imperial, all offering a variety of auto loans, hire purchase, insurance finance and credit card products.
Sales teams were in front of each stand handing out brochure and enticing in everyone to leave their phone number and contacts. Whether this energy and enthusiasm will fizzle out over the four day show, we’ll see. One problem with going on the first day is that some stands are not yet staffed, or have no brochures to hand out.
Who’s missing
Dubai vehicle importers: Major motor industry players (especially General Motors & Toyota) always lament each year about duty-free, unroadworthy, 8 year old, 3rd hand “Dubai cars” that are imported from Asia, via Dubai and represent over 70% of the vehicles sold in Kenya every year.
New cars are quiet pricey, which is why a lot of Kenyans are importing or buying “Dubai” cars, and not from local showrooms. E.g. a Chevrolet Aveo was selling at 1.4m ($19,000) while a Nissan Sunny from DT Dobie was going for 1.7 - 1.9 million. But there are people who can write checks and buy cars at the show as someone did last year with the then new Range Rover.
Tax factor
Most of the manufacturer’s two prices for each car; the sale price, as well as the “duty free” price to entice diplomats, donors, churches and other tax-exempt buyers. E.g. While an embassy can buy a BMW 530i for 5.5. million shillings ($73,000), a Kenyan will pay 8.9 million shillings ($119,000) for the same car – 60% more. This disparity is found in all vehicle categories.
The Kenya Revenue Authority was represented at a huge stand and with officers who provided a wealth of information about vehicle importation licensing and tax issues. But they couldn’t tell me why, if I saved enough to buy a car - using my sweat and skills, why I would have to fork over another 60% to them. They were there to collect taxes, not to ask why they collect taxes!
Car Prices
Here’s a sampling of some common 4X4 prices for locals:
BMW X5 9.3 million ($124,000)
Mitsubishi Pajero 4.6 m + VAT ($71,000)
Nissan Patrol 4.6 m to 5.1m ($68,000)
Toyota Prado 4.8 million ($64,000)
Toyota Land Cruiser VX 8.3m ($111,000)
Volvo had the XC90 priced in South African Rand, which was too confusing
Others:
29 seat matatu 2.8m (inclusive of registration & licence)
46 seat luxury bus (9.9 million inclusive of 1 year warranty)
62 seat bus 7.6 million
Lorries:
Mercedes 2628 9.1 million
Mercedes 3340$100k
Star of the Show
Still, there were many of us ogling cars we could not afford; some cars were open for visitors to sit in including a Mercedes CLS350. There were a bunch of people waiting to sit in the front, so I sat in the back, which was rather cramped and listened as a prospective customer told the salesman that he didn’t like the car, because it “resembled a CLK.” The car was locked up soon after and I hope it will be opened up over the weekend. Many of the high-end vehicles from Audi, BMW, Porsche and Land Rover were all locked up
This year the entrance fee is up to 300/= shillings ($4) for adults, which is rather pricey, and 50 shillings for unaccompanied children. But the price cushioned by the fact they you get a free autonews magazine (which retails for 150 shillings) and are also entered into a raffle draw with a million shillings cash prize. I had gone there over lunch with 300 shillings in my pocket, hoping to have lunch somewhere, but the event took all my cash.
Who’s there
Represented were auto manufactures including Audi, Chevrolet, Hyundai, Isuzu, Kia, Mazda, Mercedes, Mitsubishi, Nissan, Peugeot, Porsche, Skoda, Subaru, Toyota, Volkswagen, Volvo all with cars, trucks, buses alongside suppliers of spares and accessories.
Fellow bankers
There were many banks represented including Barclays, Diamond Trust, CFC, Southern Credit, NIC and Imperial, all offering a variety of auto loans, hire purchase, insurance finance and credit card products.
Sales teams were in front of each stand handing out brochure and enticing in everyone to leave their phone number and contacts. Whether this energy and enthusiasm will fizzle out over the four day show, we’ll see. One problem with going on the first day is that some stands are not yet staffed, or have no brochures to hand out.
Who’s missing
Dubai vehicle importers: Major motor industry players (especially General Motors & Toyota) always lament each year about duty-free, unroadworthy, 8 year old, 3rd hand “Dubai cars” that are imported from Asia, via Dubai and represent over 70% of the vehicles sold in Kenya every year.
New cars are quiet pricey, which is why a lot of Kenyans are importing or buying “Dubai” cars, and not from local showrooms. E.g. a Chevrolet Aveo was selling at 1.4m ($19,000) while a Nissan Sunny from DT Dobie was going for 1.7 - 1.9 million. But there are people who can write checks and buy cars at the show as someone did last year with the then new Range Rover.
Tax factor
Most of the manufacturer’s two prices for each car; the sale price, as well as the “duty free” price to entice diplomats, donors, churches and other tax-exempt buyers. E.g. While an embassy can buy a BMW 530i for 5.5. million shillings ($73,000), a Kenyan will pay 8.9 million shillings ($119,000) for the same car – 60% more. This disparity is found in all vehicle categories.
The Kenya Revenue Authority was represented at a huge stand and with officers who provided a wealth of information about vehicle importation licensing and tax issues. But they couldn’t tell me why, if I saved enough to buy a car - using my sweat and skills, why I would have to fork over another 60% to them. They were there to collect taxes, not to ask why they collect taxes!
Car Prices
Here’s a sampling of some common 4X4 prices for locals:
BMW X5 9.3 million ($124,000)
Mitsubishi Pajero 4.6 m + VAT ($71,000)
Nissan Patrol 4.6 m to 5.1m ($68,000)
Toyota Prado 4.8 million ($64,000)
Toyota Land Cruiser VX 8.3m ($111,000)
Volvo had the XC90 priced in South African Rand, which was too confusing
Others:
29 seat matatu 2.8m (inclusive of registration & licence)
46 seat luxury bus (9.9 million inclusive of 1 year warranty)
62 seat bus 7.6 million
Lorries:
Mercedes 2628 9.1 million
Mercedes 3340$100k
Star of the Show
Still, there were many of us ogling cars we could not afford; some cars were open for visitors to sit in including a Mercedes CLS350. There were a bunch of people waiting to sit in the front, so I sat in the back, which was rather cramped and listened as a prospective customer told the salesman that he didn’t like the car, because it “resembled a CLK.” The car was locked up soon after and I hope it will be opened up over the weekend. Many of the high-end vehicles from Audi, BMW, Porsche and Land Rover were all locked up
Thursday, September 01, 2005
Tivo, Catholics and Mayor Dick
Catholic Church Insurance
According to the East African, the Nairobi Catholic Church has been licensed to start an insurance company, which it hopes will save it from paying out $20 million in premiums each year. This struck me as odd because I just learnt that, in Pakistan, drivers carry no car insurance, because one can’t insure “against the will of God” - which is what accidents are.
“TIVO” comes to Kenya
Also in the East African, Multichoice (K) expects to release personal video recorders on the Kenyan market by June 2006, which will allow viewers to record programs while watching others from their DSTV satellite dish packages.
Nairobian’s Revolt
Long before the constitution became a national debate issue, a group of Nairobians had taken on the Nairobi City Council charging that, since the City did not provide services, accountability, transparency, security, or enforcement of zoning laws residents should not pay any rates or taxes to the City and went to court with their fight. They are collectively known as “We Care About Nairobi DO IT!” and can be reached at P O box 66116 Nairobi Tel: 4447737,4448072 Email:wecandoit@wananchi.com Website: www.wecandoit.co.ke Office: Viking house near Pavement Restaurant & Westlands Roundabout. To show instant support of We Can Do It, court action against City Hall. SMS to 2929 on either Celtel or Safaricom plus your name. (SMSs are charged at 5/- above normal rate. A % of the cost goes toward the legal fund.) They are also open to associate membership at a cost; for individual, at an annual fee of Kshs 2. 000 and to institutions for an annual fee of Kshs 50,000
According to the East African, the Nairobi Catholic Church has been licensed to start an insurance company, which it hopes will save it from paying out $20 million in premiums each year. This struck me as odd because I just learnt that, in Pakistan, drivers carry no car insurance, because one can’t insure “against the will of God” - which is what accidents are.
“TIVO” comes to Kenya
Also in the East African, Multichoice (K) expects to release personal video recorders on the Kenyan market by June 2006, which will allow viewers to record programs while watching others from their DSTV satellite dish packages.
Nairobian’s Revolt
Long before the constitution became a national debate issue, a group of Nairobians had taken on the Nairobi City Council charging that, since the City did not provide services, accountability, transparency, security, or enforcement of zoning laws residents should not pay any rates or taxes to the City and went to court with their fight. They are collectively known as “We Care About Nairobi DO IT!” and can be reached at P O box 66116 Nairobi Tel: 4447737,4448072 Email:wecandoit@wananchi.com Website: www.wecandoit.co.ke Office: Viking house near Pavement Restaurant & Westlands Roundabout. To show instant support of We Can Do It, court action against City Hall. SMS to 2929 on either Celtel or Safaricom plus your name. (SMSs are charged at 5/- above normal rate. A % of the cost goes toward the legal fund.) They are also open to associate membership at a cost; for individual, at an annual fee of Kshs 2. 000 and to institutions for an annual fee of Kshs 50,000
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