We are almost at the end of the month of August which Kenyans consider to be jinxed. So far national tragedies have included the annual floods in Budalangi and a village in Kakamega that was destroyed in mud slides, while Nairobi has had the occasional tremors continue since July.
lessons learnt from FT? The statutory manager of Francis Thuo Stockbrokers will begin paying off its clients (who had filed loss claims) from Monday 27th to September 7 – using money paid by new stockbroker Renaissance Capital.
This should not be the end of Francis Thuo and a comprehensive report and sanctions of the company’s management needs to happen. More so because, illegal selling of shares by brokers without permission of some unfortunate shareholders is still going on. Francis Thuo was not a robot selling shares. It had managers and staff who wilfully robbed shareholders of their investment. Has no investor reported to KACC reported them to KACA (even anonymously)? What’s more shocking is that the NSE wants to reward/gift the collapsed stockbroker with more money!
Kenya Reaffirms the IPO dreams of investors by almost doubling to in price on Day 1 after the IPO. The share price reached 18 shillings before settling at 15 – but the allocation to retail investors was measly 12%
Nairobi Wifi II
One drawback to finding a great hotspot is that you have to lug around a $500 laptop to/from parked cars in an anonymous bag – which you then wrap around your chair leg so it does not disappear. But an even worse situation is to arrive there and find that for some reason the network is offline and they can’t fix it till the next day.
Still it’s better than paying $11 an hour for internet access at a hotel, which is even more expensive than before. Ultimately the goal is to have home internet access which is a whole other story.
Here’s Safaricom ISP – in form of their new Bamba net service. It’s a plug & play USB modem which costs 6,000 shillings to connect and 2,000 ($28) per month for unlimited net usage up to 700MB then 10 per MB thereafter – and is available throughout Kenya
Parliament to scrutinize privatization: the Finance Minister has been ordered to gazette a privatization law passed by parliament. This will bring such measure under scrutiny of parliament like the Safaricom IPO, and (witchin the banking sector) – moves to privatize Consolidated and National bank, or anytime the NSSF wants to divest in shares.
KCB back to UK
KCB to reopen London branch to serve Kenyans living abroad.
KQ soars as Uchumi shrinks
Kenya Airways was ranked 99 among world airlines in terms of operations. And in the first quarter (April to June), the company results showed that with increased capacity (deployment of larger aircraft), they were able to carry 640,128 passengers (9% higher than 2006), but aircraft were less full owing to increased competition.
Meanwhile Uchumi has withdrawn franchise rights to Tesco who have closed their Uchumi branded branches (including the one at railways). from a KTN report
Recent grads can’t be MP’s.
Beacaus the higher education loans board (HELB) wants them to clear their loan dues before they can run for public office including Parliament.
Jobs on Offer
most from the daily papers last week
Anti-illicit trade intelligence analyst at British American Tobacco. D/L is 7/9
Central bank of Kenya: head of procurement, senior economist(s), manager forex bureaus, financial analyst, lawyer(s), executive director – Kenya school of monetary studies. Apply to the director of HR P O Box 60000-00200 Nairobi by 6/9
Constituency development fund: account managers for 41 constituencies including Makadara, Kamukunji, Starehe, Kasarani, Embakasi, Langata, Likoni, Mvita, Limuru, and Eldoret south . women encouraged to apply and the deadline for applications to firstname.lastname@example.org is 21/9
East African Breweries: Buyer, Group Head compliance, indirect tax manager, group tax manager, direct tax manager, finance director, head of supply finance (Uganda) business performance implementation manager financial accountant(inter comp account), head of group procurement, procurement controller cost accountant advertising & promotion analyst service delivery manager
Principal legal officer at the east African development bank. d/l is 7/9
Branch managers at Family Bank. d/l is 5/9
HLB ashvir : audit manager, audit seniors (Mombasa). Apply to email@example.com by7/9
Private sector development specialist at the IFC. d/l is 10/9
Kenya airports authority: auditor operations, auditor finance, auditor information systems. Apply through Hawkins associates
Kenya commercial bank: manager in non-electronic fraud, and investigator – forensic services. Apply to firstname.lastname@example.org by 7/9
Macroeconomic and financial management institute of eastern and southern Africa (Zimbabwe): director debt management program, program officer – external markets & financial markets development, program officer – financial sector supervision. Apply to email@example.com.
Chief executive officer at the Privatization Commission of Kenya to be created. apply through Deloitte at firstname.lastname@example.org by 6/9
Website editor/content coordinator at UNDP Somalia (Westlands office). Apply to email@example.com by 7/9