Monthly Archives: March 2005

Job Watch

Anon company:
Finance & Administration Manager FKE/ES/09/05
Must have 10 years experience in finance, 5 of which as head of finance & accounts department in a commercial company. Also, applicants must be aged between 35 – 45, have a bachelors of commerce degree, CPA qualification and have a good knowledge of government and donor financial reporting systems.
Apply by 12th April to fke@wananchi.com to the Executive Director, Executive Search and Selection, Federation of Kenya Employers, P. O. Box 48311-00100 Nairobi

A public sector Corporation is looking to fill the following positions:

Economist EC/01
Must have post graduate degree in economics and at least 4 years experience in macro-economic research. Applicants must also have a professional qualification in accounts or finance

Financial Analyst FA/01
Must have post graduate degree in finance, and 4 years experience in financial analysis, with excellent research skills

Internal Auditor IA/01
Must have bachelor’s degree in accounts or finance and also be a fully qualified accountant with 5 years audit experience

Management Information Systems (MIS) Officer IT/01
Must have computer sciences or MIS degree with 5 years experience (2 of which at management level)

Apply by April 15th to eyrecruit@ke.ey.com or Ernst & Young Recruitment Advisory Services, P. O. Box 44286-00100 Nairobi

New UN

Kofi Annan has proposed some radical changes in order for the United Nations to be more relevant in today’s world.

  • He is calling for an expansion of the Security Council, so that it better reflects the global realities of today.
  • The Commission on Human Rights would, he proposes, be replaced by a smaller human-rights council, on which it would be harder for tyrants to get seats.
  • The UN would agree a definition of “terrorism”, which would be incorporated in a new anti-terror treaty.
  • It would also adopt clearer principles on when military force is justified.
  • Mr Annan has also called on the UN to embrace the principle that member countries have a “responsibility to protect” civilians suffering atrocities when their own government is failing to act.
  • Annan asks every developing country (Kenya) to adopt and begin to implement, by next year, a comprehensive national strategy bold enough to achieve the Millennium Development Goals by 2015; and to mobilise all its resources behind that strategy.
  • He also asks developing countries (Kenya) to improve their governance, uphold the rule of law, combat corruption and adopt an inclusive approach to development, making space for civil society and the private sector to play their full part. The challenge of development is too big for governments to face it alone.
  • On reducing world poverty: “There is no longer any excuse for leaving well over a billion of our fellow human beings in abject misery. All that is needed is some clear decisions by the governments of both rich and poor countries.”
  • Asks every developed country to support these strategies, by increasing the amount it spends on development and debt relief, and doing whatever it can to level the playing-field for world trade. Specifically, to commit themselves, this year, to complete the Doha round of trade negotiations no later than 2006, and as a first step to give immediate duty-free and quota-free market access to all exports from the Least Developed Countries.

How will Kenya vote at a Special Summit of the General Assembly in September to approve the reform package? A 2/3 majority will be required to approve the most sweeping reform package in the history of the UN – Of course, any reforms will be dependent on the United States and without Washington’s assistance, Annan is sure to fail.

Corporate Briefs

Kenya Bus trouble: Kenya Bus Services is going through some turbulent times as creditors have tried to sell some of their buses during the busy Easter weekend. General Motors Kenya moved to Court to attach 17 Msafiri buses over a 198 million shilling debt, and last week Kenya Grange Vehicle Industries tried to ‘sell’ 10 of KBS newest vehicles (the double-decker buses?) over a 6 million shilling debt – but both moves were halted by the Courts.

Braeburn (school) buys Hillcrest (school): The Saga of the Hillcrest schools, formerly owned by Kenneth Matiba’s Alliance Investments, took a new turn when the schools were sold to the Braeburn Group to settle a Kshs. 620 million debt owed to Barclays Bank. Earlier this week MP’s and some lobby groups launched a campaign to urge the Government to save the Matiba group  companies from predatory foreign banks.

SMS Banking: National Bank has launched SIM-ple banking which will enable customers to check balances, verify salaries, make utility payments and about 30 other services. This Nation article said that there’s a vast potential for mobile banking that is not being exploited. It’s probably due to the cost as both Prime and Co-operative banks already offer mobile banking at 30 shillings per SMS request, but the service is currently free at Dubai Bank.

No to a Strong Shilling: Central Bank has announced that it will move to weaken the Kenyan Shilling if it gets too strong against the US dollar. The shilling hit a 21-month high of 72.9, and bank forex dealers expect the dollar to fall below the 70-shilling mark soon. However, a strong shilling makes Kenya’s principal exports like coffee, tea and flowers, more expensive

US: No to Africa: The US will not finance recommendations made in the Commission for Africa Report.

Interest Rates inch up: Barclays Bank base lending rate is now 13.75%. In 2003 lending rates at most banks were about10%. The new rates at major banks of 13 – 14% are still far below the 25 – 28% rates that they charged customers in the late 1990’s.