stories found this week
Stanchart Bank:
smaller profit is being much maligned for being the first bank to report a profit drop in 2008 of 4% to 4.7 billion shillings. ($59 million) (Increased 29% in 07). The bank which adopted a conservative approach compared to Barclays, KCB and Equity. Stanchart had asset growth of 9% to 99 billion (13% in 07), deposits up 4% to 77 billion and loans up 10% to 43 billion in 2008. Here are some other performance comparisons of the main banks that have so far reported their 2008 results.
goes for smaller customer & investors In a slight about turn, Stanchart has also launched a new low cost transactional account called Hifadhi account, costs 2,000 to open, no ledger fees, or ‘cash handling fees’ with e-statements you only pay for transactions you incur, though its’ not as affordable as other 'cheap' bank accounts for small earners. Going for smaller customer has been a recurrent theme in 2008 with banks, insurance and bonds lowering the minimum subscription amount. – Such as pepea from Barclays, Toboa from Old Mutual and even the Government of Kenya which has lowered the minimum investment for GoK treasury bonds to just Kshs. 50,000 (~$625)
Bank briefs
- Stanchart get back to what they are good at – big corporate deals this one for Kengen
- Gulf African launches a shariah compliant mortgage scheme
- New bank branches: First Community bank now in Malindi, Ecobank in Kisii, while Family Bank re-opened in Githurai
- Another SMS send Equity customers into bank panic withdrawals this time in Machakos
from the blogs
siasa mbaya, maisha mbaya: Global economic slump aside, Nairobi’s Stock Exchange will not see a bull run until the country’s political problems are sorted out according to MainaT
The Sunday Nation broke a story of the old Embakasi airport been handed over to an unlicensed new airline, but airport analysis comes form one Coldtusker
- - following in the success of the infrastructure bond, the Kenya Government is offering another bond to supplement its budget deficit, Treasury bonds, following success of the 18.5 infarsture over-subscribed by 45% this one is for 8.5 billion ($106 million) bond 13%. More details From Conceptadvisoryservices and minimum investment is just 50,000.
Kenya rugby effects: Kenya had a wonderful run at the IRB World Cup in Dubai, and knocked out defending champions Fiji in the quarter finals. Here’s some rugby loss reactionfrom Fiji
Elsewhere
Employees loose & loose: it’s been a bad week for employees as the employment act was set aside and the government shifted the pension burden to civil servants to contribute more towards their own pensions
Madaraka finalized; The Madaraka Estate was finally sold, apparently ending a long long running saga between homeowners, the City Council and the National Housing Corporation who should really update their website
Laptop mania so many offers for laptops these days, new this week were
- Safaricom selling Mac book with broadband modem for 100,000 ($1,250)
- Acer a110 laptop on sale with open office for $230 - great for Kenyan new to mini laptop market
- Even my bank/broker CFC sells Acer Aspire 4710F loan at 5,500 per month ($70)
is grad school a con?:
Half the Sunday Nation advertisements for colleges aimed at the recent high school graduates whose results were announced last week. Also growing are the numbers of universities and master programs, but this going to grad school to avoid the recession author point out that
- Grad school pointlessly delays adulthood.
- PhD programs are pyramid schemes
- Business school is not going to help 90% of the people who go.
- Most jobs are better than they seem: You can learn from any job.
- Graduate school forces you to overinvest: It’s too high risk.
(found at chris blattman)
LPG shocker: when to buy cooking gas last night. Found the cylinder, however it appears that there is now a mandatory valve that will be mandatory from April 2009, it is a universal valve, that will enable consumers to buy LPG /cooking gas from different suppliers e.g. Kenol., Total, NOCK, replacing cylinders from any of them, since they will now have a common head/valve. The move is supposed to break the monopoly of established companies e.g. if you have a Kenol gas cylinder, you could only replace at Kenol when buying new gas, where if you wanted to switch to Shell gas, you’d have to buy a brand new cylinder
Problem was that my Total stations did not have the valve. (Tend three station) and they all sent me to the place that has everything in Kenya - Nakumatt. Nakumatt also say they stock valves for all companies, but they also sell generics, the generics are there in plenty, but the branded are scarce, not that it matters. But it’s scary to use a generic cap, since there are many fires in Kenya caused by exploding/leaking cooking gas cylinders. Hope this turns out ok win April when more consumers realize. The cap’s also cost anywhere from 500 – 900 shillings each – another cost to the burdened urban consumer, though it’s one time only (as long as the cap lasts). It would also be nice if oil companies and/or the government conducted some consumer awareness about this matter, not leaving it to Nakumatt and untrained Petrol attendants.
No comments:
Post a Comment