Monthly Archives: June 2006

Way Forward for the NSE

The Nairobi Stock Exchange (NSE) will in a few months start electronic stock trading – which is expected to triple the volume of share traded at the exchange daily. Also the current allowed price spread of 10% will be increased to 20%.

NSE Chairman Jimnah Mbaru has over the years made several speeches advocating for the NSE to forge trade partnerships with the Johannesburg Stock Exchange (JSE)including having Kenyan companies’ cross-list on their board. Kenyan companies that can consider cross listing include East African Breweries, which was ranked the 76th largest in Africa, and possibly Kengen.

The JSE which recently went public saw the volume of trading and liquidity increase many times over when it began electronic trading a few years ago.

Minister Appeal

In a full-page paid advertisement in the Sunday Standard, Minister for State in the Office of the President (in charge of provincial administration and internal security), John Michuki appealed to the media to tone down their arrogant, sensational reporting of this government and the country.

He writes that media is serving their own interests, and that the Standard is the worst offender. He also notes that even such interactive media like call-in talk shows (radio & television) and internet blogger forums are increasingly being abused – some of them are full of content that is unmistakably hate-oriented.

Separately: The Artur Commission which will begin public hearings this week has an e-mail address arturcommission@kenya.go.ke.

World Cup financial plan

I love attending sports events, especially major world events. I have been fortunate enough to attend grand prix races, NBA basketball games, football games, the Kenya vs. Sri Lanka (Cricket World Cup 2003) match, local rugby, the ill-fated Kenya vs. Morocco game, and others.

I have been fortunate to see live icons such as Michael Schumacher, Michael Jordan, Tiger Woods and others excel at their sports. And with the euphoria of the world cup, I have to seriously think about attending the next world cup in South Africa in 2010.

This will be as geographically close to Kenya as possible, and perhaps if our soccer bosses had got their act together, FIFA would have assigned some group matches to be played in Nairobi (like the Cricket World Cup in 2003). But our soccer administration remains a mess and SA is as close as Kenya will ever get to a major world event. not counting 2007 Mombasa X-country race

While we are busy waiting to see who the defending champions in 2010 will be, it is also time to make plans for such a trip – which will not be cheap. Air tickets, match tickets, hotel, restaurant, and entertainment, are some of the costs to be incurred. Air tickets are about $400 now – but will cost more because everyone will want to make a buck from the WC. E.g. a grand prix runs for 2 hours on Sunday, but hotels in the host city will typically require guests to book for a four-day weekend stay at an inflated rate.

I could sell cows, my car or all my shares, or throw in my savings to finance the trip. Even better, UAP insurance has put together a savings plan to enable Kenyan to meet the costs of such a trip. Even if I sign up with UAP but don’t go to SA, I will have still saved a huge chunk of money over the four years.

It is always fun to travel to such events in a group, so it is important to identify pals who can seriously plan and save to go for the event with me. I do have friends who I sit around and watch the world cup with every evening, and who say we will all be in SA in four years. But are they serious? Only time will tell.

Mid-week Business

Fuel racket
The post budget 3 -4 shilling hike which has taken the price of a lire of fuel from about 73 to above 82 shillings per litre is the second such increase in just over a month.

Kengen
Refund cheques and physical share certificate are now ready for all Kengen shareholders and can be collected from stockbrokers. I already got and spent my refund last month.

Uchumi lifeline
Trade & Industry Mukhisa Kituyi says Uchumi could resume operations in just under a month under a governemnt approved plan. No word yet on the fate of (us) shareholders.

Naku Crash
– Uchumi’s main rival Nakumatt are having a sale this week at their ‘Mega’ branch (Nyayo Stadium) which is driving housewives, techies, and electronics shopkeepers, crazy. For the last week there’s been a mad rush each morning for flat screen TV’s, fridges, cookers, microwaves, radio’s and other electronic items which are have all been discounted by 50%.

– Meanwhile the company’s directors have failed to heed a lesson that the corporate world has learnt – which is that you don’t mess around with Government ministers. From Michuki (Standard & KTN), Tuju (CCK, KWS, KICC), Ngilu (Narc-K), Munyao (KMC), Kirwa (Kenya Seed) Maitha (city councils) and now Kituyi who has turned his fury at Nakumatt for interfering with his revival plan for Uchumi and retaliated on two fronts against the company – one is the non-inspection of their goods and the other is on the low taxes they pay (1/10th of Uchumi’s VAT).

New Bank
Family Finance Building Society will be licensed as a commercial bank at the end of this month and add on 5 new branches by the end of the year.

New University
Following the launch of Gretsa (U) in Thika last month, Kenya Methodist University in Meru will receive accreditation papers later this month.

Housing
New houses are on sale at the under-construction Balozi Estate off Muthaiga road. The 4 bedroom houses are going for 6.5 million.

Buy a minibus
Easy coach is disposing of 14 buses (10 38-seat Mitsubishi’s and 4 25-seat Isuzu’s). More details from easycoash@wananchi.com

Sleeping giants want you back
Telkom is waiving charges in a bid to get customers to reconnect their disconnected/out of service telephone lines. Reconnection and other charges from when the line was disconnected have been waived and the company will arrange repayment plans to settle the old bills.
Posta reminds Kenyans that it has over 80,000 mail boxes available at post offices around the country at an annual cost of 1,300 shillings for individuals and 4,000 for corporations.

Tagged

So I have been tagged by Kipepeo

Rules:
1. Post six weird facts/habits about yourself.
2. These cannot be used against you later on.
3. At the bottom name the six people you will tag next. Leave them a comment to let them know they’ve been tagged and to read your blog.

1. My family thinks I was a Muslim mostly because I don’t eat pork. This all comes from the fact that I have good friends from West Africa from College who were devout Muslims and I even went to the million-man march.

2. Despite this, I eat with my left hand. I am right-handed, but I have always eaten with my left hand. This is awkward when I sit with friends to eat Ethiopian food, coastal, nyama choma or other communal meals from the same dish. So I sometimes wig out by ordering food that requires an individual plate & spoon or don’t eat at all.

3. I hate chewing gum. Can’t stand it – and the sight of gum put on/under furniture makes me nauseous to the point of changing seats or tables. If someone at the table is chewing gum I will edge away from them the way people with allergies shy away from cigarette smokers. I support Singapore, which has banned this vice in the country.

4. I read everywhere and always carry a book/web article or newspaper to read – bank queues, in a matatu, in a bar. But I stopped reading while walking in town after a close call, when my bag was almost snatched by a parking boy. I looked up just in time, stared him down, and he walked past me and went and snatched a window cover from a parked car instead.

5 I am a plane spotter and airport junkie, I know all large commercial aircraft (non-Russian) and get a rush from being at JKIA and identifying all the aircraft and airlines as they come in to land or taxi to take off. I will escort anyone to the airport if they put Tusker on the table.

6. I can’t count to six.

Am a bit late to the tag and can’t think of anyone. So if I have met you or you have commented here in the last week, please consider yourself tagged.