WC to Malindi: Newly crowned F1 champion Fernando Alonso and his Renault team will return visit to Kenya in December. This has become an annual event that involves team building and physical training at the Malindi estate of the team principal Flavio Briatore.
TV debate: The Media Owners Association has convened a debate on the proposed draft constitution which will be broadcast on most of the major television and radio stations on Tuesday, October 18, at 7:30 PM. Members of the Cabinet from both fruit camps will answer questions sent ahead by members of the public via e-mail. In the countdown to the 2002 general elections attempts were made to have a televised debate featuring the presidential candidates, but which didn’t take place since the big two candidates, Uhuru Kenyatta and Mwai Kibaki, never committed.
Good week for investors: Last week saw the completion of a successful rights issue by Uchumi, confirmation of the Kengen IPO for 2006, and partial privatization of the management of the Kenya & Uganda railways by a South African firm after an extensive bidding process. Meanwhile, right issues have emerged as the preferred investment vehicle for privatizing state companies as they enable firms to raise new capital, gain new shareholding & management and reduce government ownership – since the government opts not to take up its allocated rights – this happened at KCB, Uchumi, and next at KPLC.
Paint obsession: The Nairobi City Council wants the City to look good but only in terms of appearance. They have issued a notice to building owners who don’t paint their dilapidated buildings – which the council considers to be a nuisance – or they will be fined 1,500 shillings per day and charged in court under the publish health act. There are so many old buildings crumbling on the inside and with cracked sidewalks on the outside, that paint is the least of their problems. The Council has also taken to painting road markings, while not really bothering with potholes or pavements.
Debt Relief: The Kenya Planters Coffee Union (KPCU) has again extended its debt moratorium window, this time by 3 months to December 31. This is a waiver on all interest above 18% on coffee farmers debts accrued between 1992 and 2001. Enquiries can be made to the firms’ lawyers.