Category Archives: scholarships

Kutwa Tuesday: Toxic Brokers

Toxic Brokers The US has toxic banks, Kenya has toxic stockbrokers

Discount stockbrokers was yesterday placed under statutory management. It has been technically insolvent since new managers were appointed six months ago, and given the cost and extent of their operations it’s unlikely to ever turn round.

Bob Mathews was also re-admitted at a stockbroker after injecting in new capital, but once labeled at a toxic broker no amount of rescue cash is enough to salvage an institution. Nyaga stockbrokers got a lifeline infusion of Kshs. 100 million rescue loan, which was largely paid to other brokers, but it was not enough and the firm went under too. smart investors should read the signs of a collapsing company

Capital Gains market turnaround

The Nairobi stock exchange had its best week in a long time, with a mini run led by Equity Bank up 31%, CMC up 25%, Kengen 22%, EA Cables 20%, National Bank 16%, EA Breweries 15% and Diamond Trust 12%. With no significant financial results, or economic & political news out last week, the rise remains a mystery; Was it in reaction to US markets having their best week, or realization that there was a new finance minister in charge or investors realizing that they had missed on the infrastructure bond (and the next one was not as lucrative), or was it stockbrokers making a last stand?

Insurance Losses

Pan Africa Life a relatively large company with assets of Kshs. 6 billion ($75 million) returned a pre-tax loss for 2008 of Kshs. 175 million down from a profit of 51 million in 2007, which they attribute to the unrealized loses in capital markets. If a large insurance company is in this state, what about the smaller other Kenyan insurance companies? Already standard assurance has gone under and it was not the main company in public transport sector (matatu’s) whos’ claims are being blamed for its collapse.

Opportunities & Events

TED Global applications have opened for the 2009 TED Global 2009 conference. Deadline is April 3 for fellowship applications

Tujuane Mixer will be held on March 20. More details at Tujuane site and here’s a re-cap of the last mixer I attended. The event will be facilitated by Nyokabi Njuguna, Founder – Entrepreneurship and Leadership Foundation, and with a special appearance by R&B vocalist and Guitarist Harry Kimani.

Nairobi Wine Festival Get stylish and drunk is how Rafiki Kenya describes the event on Friday and Saturday (20/21 March)

New month, new hopes

seeking bloggers: Mediation talks are going on in Nairobi, and we hope for a better month than January. The last post I did was on winners – one of whom was Kenyans online who have been inspired by the political crisis to start blogging. I’d like to add new bloggers to the blog roll (the list on the right, below the advertisements) – an update of the list is long overdue and some blogs there have since become dormant. Regular readers are invited to submit any interesting blogs they have found (and which are likely to be running for the next few months at least) and I may do a write up of them

Other opportunities
most from the daily papers this week

TED Africa registration opens today

Import finance: the Government of Japan has through Kenya’s ministry of finance come forward with a 1.5 billion yen (884 million shillings) facility for Kenyan businesses to import raw materials and finished goods from Japan. Applications are on a first come, first served basis, minimum amount is 5 million shillings, maximum 40 million ($560,000) ; terms are down payment of 10% and finance is up to 90% to be repaid over 1 year and secured by a bank guaranteed. Info is from crown agents (crownagents@ke.crownagents.com)

Ford foundation scholarships: The 7th round of the Ford foundation international fellowships program is up and running. 48 scholarships are available to Kenyans – details online and D/L is 7/3
Jobs
– Credit analysts at Africa trade insurance company
Consolidated bank: branch manager, credit manager, credit admin manager, credit analysts. Apply though snail mail by 15/2
– Regional learning & development coordinator at Deloitte. Apply to hr@deloitte.co.ke
KCB: divisional director HR – apply through hawking associates by 11/2. Also investigators (frauds-forensics) and head of central services. Apply to recruitment@kcb.co.ke by 8/2
– Kenya Airways: Ramp Bus Operator,
Sales & Ticketing Agent, Multilingual In-Flight Attendant, Customer Service Agent, Qualified Pilots
Nimble Africa: industry experts (hospitality, financial, retail). Apply to recruitment@nimbleafrica.com by 10/2
– Safaricom: Area sales representative, M-PESA new business sales officer. D/L is 6/2
– Standard group: financial & commercial services director, group managing editor. Apply through PWC at ess.ke@ke.pwc.com by 15/2.
– USIU; management accountant, financial accountant. Apply to jobs@usiu.ac.ke by 15/2
– Independent financial advisors at Winton investments: Apply to jobs@wintoninvestments.com.

Opportunities – February 3

from the daily papers this week

jobs

Principal consultant – corporate financial services at Deloitte Tanzania. Apply to dloitte@deloitte.co.tz by 16/3

East African Breweries: marketing manager (MM/MD/02.07), brand manager (BM/MD/02.06). apply to hr.recruitment@eabl.com by 14/2

East African Cables: marketing manager (MM/07), group procurement & logistics manager (GPLM/07) and other engineering positions. Apply to hr@eacables.com by 10/2

Family Finance: Apply online for company secretary, works officer, and executive secretary by 16/2

Hilton Hotel: Managers (operations, credit, Food & Beverage, Sales Account), Internal Auditor, Trainees (front office, F&B). send one page CV to nbohitwhrd@hilton.com

Government of Kenya: Account managers (210 positions) at the Constituency Development Fund national management committee secretariat to be based at constituency level. Applicants must be degree holders with accounting or project management experience, good computer skills, and be under 45 years of age. Those selected will undergo 3-month probation after which they will be awarded 3-year contracts. Apply to cdf@wananchi.com by 28/2

IFC (modern lighting program): senior program manager (Kenya or Ghana), program manager Kenya. details online D/L is 24/2

Head of forensics (HF/32/07) at KCB. Apply through KPMG at esd@kpmg.co.ke by 16/2

Simba technology limited: functional consultant – oracle e business suite (3
positions), functional consultants Orion enterprise/advantage (3), functional consultants – banking (2), functional consultants – insurance (3). Apply to jobs@simbanet.co.ke by 10/2 ( REF: 150106)

UNDP Kenya election assistance program: communications & education specialist, finance officer, procurement officer, and administrative associate. Apply to jobs.ke@undp.org by 7/2

scholarships
Aga Khan Foundation: for development -related overseas postgraduate apply by
(50% grant 50% loan payable 5 years after completion that covers tuition & living expenses only) . D/L for applications to the Nairobi office is 15/3

Ford foundation: Details at international fellowship program and D/L is 9/3

Education Briefs

Egerton/Western Michigan (Universities) joint program
Under the (2 plus 2) study arrangement, a student will study for two years at Egerton University (Nakuru, Kenya), and the final two at Western Michigan University in Kalamazoo, Michigan. Eligible programs are B. Business Administration, B. Sc Computer Science, and B. Sc Engineering (16 majors available) and should begin in May 2005. Academic fees range from 45,000 – 65, 000 shillings per semester with an additional US$300 per semester paid when at Michigan. Each program will register 50 participants, who will have attained a minimum C+ in KCSE. Email ssp@egerton.ac.ke for more information

University Bill
When parliament passes an education bill later this year, university students will be able to transfer academic credits from one institution to another. This will reduce the cost of education, as well as enable students to complete studies faster.

US VISA fees up
US Embassy has increased Visa fees yet again.