Monthly Archives: June 2005

TASK Launch

I went for the official launch of The Actuarial Society of Kenya (TASK) at 6 PM at the Hilton on Thursday.

Rare Air
One thing about actuaries is that they are among the brightest people in the world. I only know two people in the profession – one is my (very wealthy) landlord and another is a classmate of mine from primary school who rarely finished below no. 1 in class (tops in all subjects except Kiswahili for 8 years).

There are only 5 qualified practicing actuaries in Kenya, but they expect to have ten by next year. There are also about 600 Kenyan students taking actuarial sciences studies in Kenya and abroad. JKUAT and the University of Nairobi both have programs and some of their students attended the cocktail – and Kenya is the only country in East & Central Africa that offers actuarial study programs. Most of the guests were sharp and well dressed, like some over-grown (or ex) Strathmore boys & girls.

The Hilton
Society officials said that revival of the Society had been planned over a four-month period, but planning for the event had taken only ten days – leading to the selection of the Hilton. This is only the second cocktail event I have attended at the Hilton. After registration, guests lined up for a complementary drink – soda or juice. At other Hotels, the complementary drink could be anything, and many guests use that as an opportunity to order the largest, most potent drink that can think of, as they don’t intend to pay for anything afterwards. Today there was a stocked bar next to the soda/juice table, with a bartender and cash register at the ready. My glass of juice tasted, and smelt of the can it no doubt came from. Still I sipped it all evening, as a second glass would have cost 180 shillings ($2.40). Also notice how there’s no air conditioning in the building, leading to more drink sales to thirsty guests.

The Event
– The Society’s motto is “turning risk into opportunities”
– One task the Society needs to do is update Kenya’s mortality (life expectancy) tables: The country still uses UK tables from the 1940’s
– The Chairman of the Society explained that the Society will seek to create awareness for the profession: actuaries are not just needed at pension and insurance firms, but by all large corporations and especially in the government.
– Will seek to come up with a Kenyan exam for actuaries
– You can e-mail the Society at actuaries@kenya.com

Kenya’s Growth Rate
Minister Nyongo announced that he will lead a statistical briefing session on Thursday next week (June 23) where statisticians will explain how Kenya’s controversial 4.3% growth rate was arrived at.

No Wi Fi
On the internet the Hilton is listed as one of two Wi Fi locations (i.e. with wireless 802.11b Internet access) in Kenya, the other being Jomo Kenyatta Airport. However, Hotel staff say it is not yet available.

WSK?
And why not convert Kenyans Unlimited into the Weblog Society of Kenya.

Kenya Gazette

The Kenya Gazette is an interesting read, if only it was placed online. Here are some bits this week:

People:

  • The Director of the Kenya Wildlife Services has revoked the appointment of Honorary Warden, Tom Cholmondeley.
  • Kenya has awarded the Elder of the Golden Heart (EGH) Second Class to Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of the Kingdom of Saudi Arabia – who last month bought several hotel properties in Kenya.
  • Aviation: Several previous applicants have now been granted air licences in Kenya. Regional Air will move on after their partnership with British Airways ended and have had their license renewed for 3 years for flights to Malindi, Kisumu and Mombasa, and internationally from JKIA. Other licences issued were to 3 airlines for Eldoret – Dubai cargo flights, 2 to operate hot air balloons in Kedong (Naivasha) area, 7 airlines for Tanzania-Kenya routes, and 3 for Europe–Kenya charter flights (from Gatwick, Brussels & Madrid).
  • Communications: Several companies have applied for communication licences. Musimba Investments and Market Edge have applied to be premium rate service providers, Internet Africa have applied for an internet backbone and gateway licence, 3 companies have applied for ISP licences, and Africall Voice & Data has applied to set up a call centre – this will be the third call centre operation in Kenya.
  • Mining: 2 companies have been issued mining licences to search for “base metals” in Kenya. Bwayokar Enterprises will search an 8 sq. km area in Nandi while Sundown Amalgamated will search 800 sq. km in Turkana.

Africa Round-Up

GM Food
Kenyans and Africans are set to benefit from genetically modified maize.

Kofi Out?
Kofi Annan may resign in September as Secretary-General of the United Nations to halt an investigation in the Oil-for-Food scandal – which he has personally been linked to through Kojo, one of two children by his Nigerian first wife.

Nyama Choma is hot!
New Yorkers discover tasty goats while elsewhere, four men are arrested for stealing a goat to trade its meat for crack cocaine (from Drudge Report).

Oprah Zulu
Oprah Zulu has tested her DNA and discovered that she is a South African Zulu. “I’m crazy about the South African accent,” she said. “I wish I had been born here.”

No Respect
Tension is high between Rwanda and Uganda after Rwandan security forces detained and searched Ugandan President Museveni’s motorcade.

Black Pastors Criticize Bush on Aid to Africa

Several influential black pastors who were recently courted by Bush administration officials as potential partners in crafting African relief policies are now questioning the White House commitment to the continent.

They called on the president to give his “ardent” support to a proposal by British Prime Minister Tony Blair under which industrialized nations would double their aid to Africa by 2010. Bush rejected the proposal last week and announced that the United States would release a smaller sum, already appropriated by Congress, for aid to Africa.

(Non) Banking Challenges in Kenya

In an interview with the Financial Post, Kenya Commercial Bank’s Chief Executive Terry Davidson lists the four main challenges facing the banking sector as:

(i) Uncertainty over the Banking Bill: Implementation of the “in-duplum” rule, which, if applied retroactively for several years back will wipe out many local Banks.
(ii) Infrastructure: the expensive and poor conditions power, roads and communications needs to be addressed – this will reduce the cost of banking and eventually lead to banking costs for account holders
(iii) Insecurity: KCB spends Kshs. 15 million a month on security guards, which is not prudent. If the security situation improved, Kenyan banks would not have to pay as much for security.
(iv) Judiciary: It takes years for cases to be heard, and all banks have backlogs of pending cases, while others are postponed endlessly.