Track your spending

I have Quicken on my PC but I have been on the look out for a web based free tool to track my expenses. I came across this timely post from lifehacker from which I discovered buxfer and clearcheckbook.

Both sites meet my expectations and are great tools for creating and tracking budgets & spending, though so far I prefer clearcheckbook because it is quite similar to quicken, while buxfer is more appropriate for group spending and shared resource tracking.

beauty of 2.0: Both sites added Kenya shillings within 12 hours of my emailing them this request and I am now able to see where most of my weekly money goes.

Another list of budgeting and financial resources.

Local Opportunities

Jobs

from the daily papers this week

Investment officer at Agence française de développement (AFD). Apply through PWC at ess.ke@ke.pwc.com by 9/3 (Ref ESS 409)

Amity software IT professional (.net, SAP, java, oracle DBA, data warehouse, QA) to work in USA. Apply online by 18/2

Financial advisors / financial planning manger at British American Asset Managers. Apply to BAAMHR@baam.co.ke by 28/2

Assistant manager sales & marketing at the carnivore. Apply to carnivore@carnivore.co.ke by 22/2

Associates at Deloitte consulting: (must have 10 years consulting and work experience). Apply to associates@deloitte.co.ke by 5/3

Regional communications officer at IUCN. Apply to earo@iucn.org by 7/3

Kencall: senior account managers, trainee managers, human resource manager, experienced recruiter, telesales representatives, customer care tele agents, and (IT) project coordinators. Apply online.

Kenya Airways: product & in-flight services manager, marketing services & advertising manager, catering & duty free manager, in flight product executive, corporate branding executive, corporate card executive, flying blue service centre manager, CRM product & service manager, customer care manager, corporate communications manager. Apply to the group HRD 19002 Nairobi by 27/2

– CRM & E-commerce data analyst, cargo capacity & revenue executive, systems administrator, project coordinator (civil engineer). Apply to the group HRD 19002 Nairobi by 2/23

Kenya wine agencies limited: Tax accountant, Internal audit assistant. Apply to HRM 40550-00100 by 28/2

lake Victoria regional authorities cooperation: information & communications officer, project assistant. Apply to secretarygeneral@lvrlac.net by 24/2

Business development & marketing specialist at Land O’Lakes. apply to lolkenya@landolakes by 23/2

chief financial officer at Must garment corporation. Apply to jobs.CFO@MustGarment.com

Property Manager at Safaricom. D/L 23/2

Simba colt motors: financial controller, senior accountant, internal auditor. Apply to jobs@simbacolt.com by 2/3

Suntra investment bank: Managers – investment banking, research & development manager. Apply through manpower associates p o box 50736-00200 Nairobi by 26/2

Sales professional at UAP insurance for Uganda Sudan and Kenya. Apply to uapinsurance@uapkenya.com

Unicef: Writers/editors on children’s issues, photographers, artist & illustrators on children’s issues. Apply to kenyahrvacancies@unicef.org by 9/3

Are unit trusts for you?

There was a story in the story in the Standard about unit trusts this week.

At the beginning of the year, I considered stepping away from the NSE, cashing in my gains and putting the money in a unit trust. But a conversation with a custody manager put me off this path. He said that with the management fees at unit trusts were too high for individuals, implying that individual investors not see significant gains unless the trust had exceptional returns.

Certainly any investor familiar with the myriad Kenyan and African investment blogs and sites such as Cold Tusker, First Global Select, Kenya Capital Investments, Mwasjad, Nairobist, Outfoxed, Pesa Tu, Riba Capital, Stockskenya, Odeglenyang, Investing In Africa, Kenyan Entrepreneur, Hisagal, Gathinga – could be more informed as any unit trust investor.

Unit trusts

Approved Collective Investment Schemes in Kenya are:

1. African Alliance Kenya Unit Trust Scheme: Kenya Shilling Fund, Kenya Fixed Income Fund, Kenya Managed Fund
2. Old Mutual Unit Trust Scheme : Equity Fund, Money Market Fund, Balanced Fund
3. British American Unit Trust Scheme : Money Market Fund, Income Fund, Balanced Fund, Managed Retirement Fund, Equity Fund
4. Stanbic Unit Trust Scheme: Money Market Fund, Flexible Income Fund, Managed Prudential Fund
5. Commercial Bank of Africa Unit Trust Scheme: Money Market Fund, Equity Fund

Death of a Stockbroker Part II

See Rogue broker alert and Death Part I

Francis Thuo (FT) stockbrokers have been suspended from the NSE for 14 days. Once this story is over, succession issues are likely to be blamed since the firm’s leader and visionary chairman passed away last year.

need more info: This month the Nairobi Stock Exchange launched a new site that is much improved with more news and features, but their sister regulators’ CMA site appears not to have been updated in a year.

The FT story is one which the CMA should be on the forefront reassuring investors. We have seen reports on TV several times over the last year that insider and suspicious deals would be investigated, but no reports have been released or repercussions seen.

For shareholders, the process of transfering share accounts to other brokers was supposed to be seamless and shares should be safe if verified using CDS statements. It appears some FT clients were aware of FT liquidity problems and opted not to sell shares through the firm (and be issued with cheques which would bounce).

During the 14 day suspension, a deal is likely to be worked out to salvage the company, though after getting such a bad rep, customers are not likely to sign up unless FT relaunches under a new name, brand and service oreintation. One other brokerage was up for sale last year, but it would not attract any investors since its reputation was so poor.

Battle for Africa Online

Telkom (South Africa) looks to emerge the winner in the battle for Africa Online after the African Lakes board (parent company) have accepted Telkom (SA)’s bid of £9.72 million (£25 per share) beating out Africa Telecoms Company (ATC) [which comprised Wananchi Online, Schneider Media and East Africa Capital Partners] who had offered £5.04 million (£18.50 per share)

While ATC had commited to move the company headquarters to Naiorbi, Telkom have not indicated their intentions for Kenya, as the Ethiopian and Malawian operations will be disposed of.

Meanwhile ATC will go ahead with its plans for laying out consumer broadband infrastructure to Kenya and other pan-African markets.

Motoring moment

Chrysler 300 officially here

One prediction (or wishful thinking) from a year ago has come true and there was a Chrysler 300 sitting in the DT Dobie showroom on Sunday. The car which has won numerous awards, and featured in every other rap video since it was introduced, can now be bought by Kenyan motorists (w/right hand drive steering) at a price of 5 – 6 million shillings ($85,000 after our prohibitive taxes are added up) [Chrysler site prices them at $25 to $36,000]

Unfortunately it shares the DT Dobie showroom with its corporate sister – the world beating Mercedes Benz E-class which is just about every other Kenyan’s dream car. Also, as with most American cars, the engine size does not make its fuel consumption pocket friendly at our petrol prices (~$4.3/gallon) even though Chrysler states that the 300’s consumption is better than that of a Subaru Legacy GT (common on Kenyan roads).

Is coolant necessary?
Over the weekend I had to top up a car radiator and found myself having to choose between water and coolant. In my experience coolant (aka anti freeze) is designed primarily for winter weather driving where water (in sub-zero temperatures) will freeze and damage engine systems.

Yet, most cars are imported to Kenya from winter countries (arriving with coolant already in the radiator system) – and while Kenyan drivers have always used water in in their car engines (petrol & diesel), many vehicle owners insist on using coolant since that is what the car is accustomed to.

But is it really necessary? Coolant is sold at petrol stations at prices ranging from 250 shilling to 500 shillings ($7). This is as much as what many drivers pay for fuel at the station. I have always used water, and while have occasionally bought coolant, I have never noticed any difference.

In searching the web, the best answer I could find, implied some benefit to some cars from using coolant instead of water.

Many cars overheat because dirty water is poured in to the radiator (usualy by petrol stations attendant). If car owners were careful about ensuring that onlu clean water is used, they can save some money instead of buying unnecessary coolant.

bullet proof cars
There was a story in the Sunday Nation about a company (Radar Danminar) that would soon be selling bullet-proof Toyota land cruisers for 19 million shillings ($270,000) . Alternately they could make your current car bulletproof in a few weeks time for 10 million shillings.

The article rightly points out armored cars are not the answer/will not prevent car jacking of motorists as their cost is too high and you can only arm huge, powerful cars like Land cruisers, Mercs, or BMW’s, and not smaller 1600cc Toyotas that most Kenyans drive.