Tuesday, November 27, 2007

External relations & Diaspora issues

Safaricom IPO
It appears 35% of the shares on offer may be reserved for foreigners, but they may have to pay more per share than local investors or other East African nationals.

IPO please: The necessity of a Safaricom IPO – IMF says Kenya is not paying developemtn debts

No vote
Kenyans abroad always demand the right to vote from any government in power, but without much success. The logistics are not that difficult to manage as other countries are showing;
- About two months ago, a notice appeared in the nation inviting citizens of Botswana wishing to vote in the national elections to come and register at their Nairobi high commission (Gigiri) over a three week period.
- And now the Russia federation has invited its citizens who wish to vote in the state duma elections to come and cast their vote at the Nairobi Russian embassy (Kilimani) all day on December 2 (Sunday) – and all they need are their passports!
– So maybe one day the Electoral Commission of Kenya will be able to assist the Diaspora vote

Diplomatic pass
And just this week the Kenya government has waived entry fees for spouses and children of diplomats working with the US Embassy in Kenya. Hope this is reciprocated by the US.

Strong Shilling
The dollar is the dollar and it has sunk across the board and will continue for the foreseeable future. But the Kenya shilling which is up 12.8% against the dollar is up against almost all major currencies. Using the handy CBK exchange rate tool shows the shilling up 6.6% against the pound 1.2% against the Euro, 12.8 against the (Dubai) Dirham and 6.7% up against the Yen. The shilling is also 5% up against China currency (this year) which was not even tracked by CBK a year ago. In Africa, it is up 10.9% against the SA Rand, and 8.1% & 4.3% against the Ug and Tz shillings respectively.

The impact of a strong shilling can be debated, but is there anything that can be done about it, short of cracking down on the Diaspora, (going back to currency controls) or slowing the economy?

The Central Bank has already taken a beating for the shilling.

most from the daily papers this week

- Africa development bank: portfolio officer, private sector development, chief communication specialist (external relations &comms), ombudsperson, senior investment officer (investments & trading room – treasury), principal (infrastructure, regional integration & trade), principal trade regulation officer (infrastructure, regional integration & trade). Apply to recruit@afdb.org, by 30/11
- Africa online: group head of HR, group head of marketing. Apply to jobs@biz-deas.biz by 7/12
- Consumers insight: associate research director, senior research manager senior research executive, HR manager, front office coordinator jobs@ciafrica.com by 30/11
- Gro FIN – SME finance: business development managers in Kenya Uganda Tanzania. Apply to hr@grofin.com by 3/12
- Hashi empex: supply & planning manager, transport & logistic mgr, sales & marketing mgr, operations mgr. apply to hr@hashiempex.com by 7/12
- Housing finance: service delivery manager, credit risk officer. Apply to esd@deloitte.co.ke
- K-Rep bank: finance manager, regional manger (coast, nyanza, western, eastern, Nairobi provinces), monitoring & evaluation officer, microfinance officer intern. Apply by 7/12 though snail mail
- KTN on-screen talent search. Email screen1@eastandard.net
- Kenya film corporation : Internal auditor, communications officer, legal officer. Apply to info@filmingkenya.com by 30/11
- Business development manager at nation media group apply to bdm@nation.co.ke by 30/11
- NOCK: fuel business cared coordinator, alternative business executive. Apply to hr@nockenya.co.ke by 13/12
- Financial advisors at Winton investment services. Apply to jobs@wintoninvestments.com

- Resellers at Africa online resellers
- Malta Guinness business distributors for east Africa breweries d/l is 20/12- International tender from Kenya Pipeline Company and Kenya petroleum refineries ltd for an LPG import, handling, import, storage bottling facility. d/l is 21/1
- International tender for modernization of number plates by the Kenya Government (Office of the Vice president and Ministry of Home Affairs) d/l is 21/12


MainaT said...

If you read Samuelson, the famous economist, a strengthening currency is one signal that your economy is growing because you start earning more foreign exchange.
Don't forget its an election year, Safaricom's IPO, Tourism is booming, foreigners are running away from the credit crunch woes in US and elsewhere.
India has actually just done some form of capital controls by limiting the amount of foreign inflows so I guess CBK may think about it.
A strong shilling is a problem for exporters and KQ though.

Anonymous said...

The American economy is probably heading towards a recession kick started by the sub-prime junk bonds with writeoffs in some finacial institutions approximated at more than the shareholder wealth (Merryl Lynch). Imagine a tens of Enrons at a larger scale because of the amount of money involved. This may not be the cause of recession, but since the US economy was already slowing down anyway... it may be the start. That could be the significant reason behind the decline besides Safaricom, Helios etc


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