Still making financial plans for 2009? Here’s a free gift forward from Oprah’s site: You can download a new free e-book by personal finance guru, Suze Orman’s i.e her new 2009 Action Plan book out this week.
The author gives some background on the books which can be downloaded here.
I’m looking for a new transactional bank account for the year. Generally need to low cost, quick, pleasant service, forex, standing orders, cheque book, ATM network, probably an introduction credit card etc?
My top choices are Equity, Stanchart or Barclays. Indicate appropriate tariffs and put your comments/reasons below.
Thanks
(Download and read the KCA Bill 2008 (PDF) here)
Regarding the Kenya communication (amendment) bill 2008: Like with the last controversial media bill, getting a copy of the bill that has the media up in arms has not been easy.
I’ve seen one PDF version of the bill, and these are some other aspects of the bill brought forward by now cowed permanent secretary Bitange Ndemo and hapless Minister Samuel Pogishio which was on January 3 2009 signed by President Kibaki who hailed at as a milestone bill for e-commerce
What’s in it?
Content government which produces the most content gets to decide what’s in the in the public interest? Who knows what’s in demand e.g. all TV stations play music videos targeted at youth – and does that meet the requirement to of Kenyan programs that serve children – also set what time programs can be shown – does the CCK have time for this really?
Controversial topics: coverage must be balanced and where a complaint is lodged e.g. on a news story, must take action
E-mail (electronic record) now recognized as official communication. E.g. companies with tens of thousands of shareholders, legal correspondence
Electronic contracts are now recognized in law e.g. by e-mail – they can also can include security features like an e-signature, and can be for official government transactions
Electronic signatures now recognized except for wills, and title deeds
Electronic fraud/forgery now outlawed, but the maximum fine is just 200,000 (~$2,500) or two years in jail
Electronic files now admissible in court if it meets criteria specified e.g. the requirement of banks to provide physical statement and letters in court, can now be substituted by printouts. In addition tasks performed over several computer networks can be deemed t have been on one computer and qualify
Kenya gazette electronic version of the Kenya gazette now recognized as authority
Fair play new restriction include monopoly of programming and unfair competitors may be fined up to 10% of revenue (ii) but also discrimination of some kind is banned – this could be outdated as mobile companies in Tanzania and Uganda have introduced location based discounts – depending on their location at the time of calling and the level of traffic on the network
Hacking now outlawed, but the maximum fine is just 200,000 (~$2,500) or two years in jail. Elsewhere it states a fine of 1 million and jail of 5 years
Infrastructure sharing e.g. mobile phone towers may be shared, where no agreement can be reached between providers minister may mandate this (co-location)
Mobile phone reprogramming outlawed 300,000 or 3 years in jail for those seeking to unlock the I-phone. Elsewhere it has been said even downloading or changing the ring tone on your phone constitute reprogramming
Movie censorship empowers decisions made by the Kenya film censorship board ? to bar/edit films they have reviewed
Pornography outlawed– publication of obscene material online (including forwarding of obscene e-mail) liable to a fine of 200,000 and 2 years jail.
Vernacular radio/TV elevates and restricts vernacular broadcast stations – mandates that members of the community participate in the selection and provision of programs to be broadcast. But also restricts what parts of the country they can be broadcast – what is the interest of one media house to broadcast in several languages?
Summary
– Regulator CCK (communications commission of Kenya) gets powers it does not need nor do the members understand, but they can hold them just in case, or till the day they need them like the next election.
– New tax (i) universal service fund charged on all licenses – mobile phones, television, radio etc. which the minister for information will set. funds raised can be given out as loans or grant for provision of service to rural or under-served areas.
Overall an omnibus bill combines communications and broadcast, good and bad characteristics, it is here to stay and we all have to adapt to it now that it is law
More training needs to be done now, at the judiciary – on the new laws, at banks and companies – on the consequence of e-mail communication since it’s now binding and enforceable, and in offices everywhere – on the sharing of passwords and other secure resources
Banks have a framework for e-commerce; also there’s more government bureaucracy in this bill – a universal service advisory council, and more members to the CCK Board.
2008 was still a great year for the blog except for my low travel schedule – travel is invigorating and is the my life blood of writing and I really hope to do more out-of-town corporate excursions this new year.
Almost a year ago I was fortunate to get a gig at for AllAfrica (thanks Mental) to cover and write about a factory opening in Arusha.
I had read the authoritative conference blogging guide by Ethan Zuckerman and gratefully hit the road with an interesting group of media types, on a brief escape from the post-election machinations going on in Nairobi
Here’s the two-part report of the factory opening (see also the official factory site)
1. Yes it’s Wednesday
2. this is the final post for 2008
3. Happy New Year
4. Welcome first time readers searching online for primary school exam (KCPE) results. This is a blog on finance and investment issues in Kenya mainly
5. stories you may have missed in December 2008
– National Oil Corporation NOCK will borrow $65 million from French Bank PNB Paribas
– Triton Petrol (now under receivership) has left several local and international banks exposed to bad loans. They were also partners of Reliance (India) in the second national Operator contract
– From January 2009 Kenyans can buy government bonds and bills for just Kshs. 100,000 (~$1,300) through the Central bank of Kenya. The next bill auctions are on 5th January for bills while bond are on 26th January. one must open a CDS account with the CBK (currently they hold 4,222 accounts that trade in GoK securities) more details here
– The CBK also released a report on commercial banks readiness and compliances with Basel II requirements
– New branches Banks opening new branches in December were National bank of Kenya (Kakamega, Eldoret airport, Embu, Ongata rongai), Bank of Baroda (Nakuru) and CFC Stanbic (Kisumu, Westlands – Westgate)
– Dyer & Blair Investment Bank will arrange a fund raising plan for TransCentury, one of Kenya’s leading Private Equity firms
– Standard Chartered expected to roll out a mobile banking platform in 2009 in Kenya for funds transfer, utility payments etc. (already operational in Uganda)
– Uchumi made a payment to debenture holders in December, can it re-list at the Nairobi stock exchange in 2009?
– Co-Op Bank shares began trading at the NSE – but mini bounce on day one was not sustainable
from the blogs
– Kshs. 2.5 billion worth of Equity shares trade hands in a surprisingtrade yesterday
– NIC Kenya’s leader in asset finance, but more retail and corporate has ventured into Tanzania acquiring 51% of S&F Bank – more here
– Want to buy goods online, but you don’t have a credit card – read up on Afripay – a local company that offers that service in Nairobi
– Why is it so hard for foreign (German) companies to invest in Tanzania?
– While Pirate terrorize the east African Coastline, what should be Kenya’s flagship navy vessel is rotting away in Europe.