Mashada Blogs » November 4, 2008

Kenya Imagine: Text of Obama's Victory Speech

2008-11-04T23:49:00-05:00

Published below is the text of the US 44th President-elect- Barack Obama's speech. Please make your reactions in the comment box below.

If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer.

Read the rest here. And share your reactions to Obama's speech.

You Missed This: Barack Obama Wins Historic 2008 US Presidential Elections

2008-11-04T23:41:00-05:00

Democratic Senator Barack Obama has said in his acceptance speech that "change has come to America", after being elected the first black president of the United States.

It gives me great pleasure at having to pen the first Kumekucha post congratulating the American voters for electing Barack Hussein Obama as the 44th President of the United States of America.

Victory was more than decisive - Obama beating McCain by 338 to 155 electoral votes, CNN reported.

Obama, the first African-American to win the presidency, will take office on January 20, 2009, following an historic election in which an estimated 100 million American citizens voted.

Back home in Kenya, President Mwai Kibaki was not just among the first to send congratulatory message to the new President-elect, but he also declared Thursday November 6th 2008 a public holiday throughout Kenya. Almost everywhere around the country, Kenyans are in celebratory mood as people digest the fact that a man whom they share an ancestry has been elected to the helm of global political and economic power.

More updates later....but here are some images from Kogelo in Nyanza Province, taken about 7am Kenya time.

Kenyan family members of U.S. Democratic Presidential candidate Barack Obama, including his step-grandmother Sarah Obama, second left, and a distant cousin Reyson Obama, right, whose grandfather was the brother of Barack's grandfather, celebrate after his victory in the U.S. election was announced, at the family's homestead in Kogelo village, Kenya, Wednesday, Nov. 5, 2008. The village is where U.S. Democratic Presidential candidate Barack Obama's step-grandmother lives.

Hot DVD Movies delivered to your door to door anywhere in Nairobi. Order online.

bankelele: Co-Operative Bank Listing A to Z

2008-11-04T23:11:00-05:00

Almost halfway through the IPO window which runs from October 30 to November 13 2008 at Kshs. 9.50 each. Minimum application amount is 1,000 for retail investors who will get 66% of the floated 701.3 million shares

Basis for listing funds raised will go toward new banking system, new branches, mortgage finance business, card business etc.

Cost of listing The budgeted cost is Kshs. 249 million ($3.1 million) and includes Placement fees 99m Advertising 68m, CMA fees 20m, Printing 17.5m, Lead Sponsoring Stockbrokers fees 8.4m, Public Relations 8.3m, Co-sponsoring Stockbrokers Fees 5.2m, Lead Transaction Adviser 5m, Legal Fees 5m, Receiving Bank fees 3m NSE listing 1.5m and valuation fees of 0.9m. This compares to Equity listing – 28m, Access Kenya 40m, Kenya Re 280m, Kengen IPO 401m, KCB rights 1.1 billion, and the giant Safaricom IPO at 1.1 billion shillings

Expert advice: See also Nairobist and Ratio perspectives on the Co-Op IPO

Float Retail investors will get 463 million shares and qualified Institutions will get 210 million shares, with employees another 28 million shares. The cooperative societies, which will own 62% of the company, are locked in for 5 years, but the existing individual shareholders are free to sell their (680 million) shares.

National Bank of Kenya a joint-receiving Bank for the IPO and the only bank to step forward and offer 100% loans towards the Co-op Bank IPO. Consolidated Bank has just announced that it is also financing.

Numbers Projected EPS is Kshs. 0.66 for 2008 from a profit of 3.45 billion ($43 million), and estimated assets of 87.6 billion [deposits of 66 billion and loans of 51 billion]. the bank has about 800,000 customers, 50,000 CDS accounts, 53 branches and 152ATM’s

Shareholders top shareholders comprise some of the largest savings and credit societies and also top management of the bank. These include Harambee SACCO 3.7%, Teleposta Sacco 2.97%, Afya SACCO 2.94%, Masaku Teachers SACCO 2.90%, Kipsigis Teachers SACCO 2.46% Kenya Police SACCO 2.33%, Gideon Maina Muriuki 2.32 (the Bank MD), Kiambu Unity Finance Co-operative Union Limited 2.27, Nandi Teachers SACCO 1.78%, Aembu FCS Limited 1.77% Mungania Tea Growers SACCO 1.57%. The top 10 individuals are all senior managers and board members (4%)with about 51,000 other shareholders, but there’s no lock-up period for their shares. Equity listed with 2,800 shareholders

Recapitalize a Subsidiary - Co-op consultancy services (-17m reserves) which builds capacity among SACCO’s is also one of the goals from the listing

Subscription: mid week, little traffic and activity among brokers and at various IPO tents around town. Subdued but significant marketing is taking place. Adverts in the newspapers (even the Weekly Citizen tabloid) and on TV

Timing of Listing IPO euphoria for shares has dampened somewhat since the Safaricom IPO and the downward trend of the market right up to the start of the Co-OP IPO

Transaction advisersLead advisers – PKF added to Dyer & Blair, National Bank added as a receiving bank

Valuation beyond setting the basis for the offer price at 9.50, there’s no comparison to peer banks of this size (KCB, Barclays, Equity) which would be expected.

Verdict slight over-subscription expected. barring Safaricom, past IPO’s generally appreciate after listing long enough for speculators to cash out. The shares are much less than the 10 billion from safariom, but having 1 billion shares floating in the market with a large retail pool will have the shares behave like Mumias Sugar shares [Kenya re 9.50 august 2007 for 240m shares]
Me? bypass for two reasons (i) IPO bypass theory resumes even though a lot of the negatives associated with IPO’s – queues, refunds, hassles seem to be are absent (ii) my portfolio is overweight on financial shares.

The Displaced African: Barrack Husein Obama is President of the USA

2008-11-04T22:23:39-05:00

My goodness! One of the most powerful men on Earth is now an African American: WOW!

All politics aside, that is absolutely amazing….absolutely amazing!

Kenyan Pundit: On Obama

2008-11-04T22:08:38-05:00

Like most of the rest of the world, I’m hoping that I’m waking up to a moment in history. Beyond the sheer glee of an Obama victory, there’s just the awesomeness of having been around during what will be one for the record books. During my student days I remember being wistful at times when hearing about historic leaders and historic times, and now there’s an opportunity to live it. A lot of ink has been spilled over why Obama is popular globally and just how disappointed people will be because of high expectations - I think that’s missing the larger point. Will Obama under-deliver, probably yes. But when was the last time an individual (especially that young people can relate to) inspired THE WORLD to think that things could be different and better, and that there is such a thing as a non-crappy politician?

And for those (Kenyans) who are being derisive about Kenyans trying to “own” Obama. Bah! Yes, it’s unrealistic to think that his election will change U.S. policy practically as far as Kenya goes, but I don’t think there’s anything wrong with Kenyans going overboard with Obama-mania and what he represents for us.

Now if only we can translate our aspirations for him to our aspirations for Kenyan leaders! Would Barack Obama have made it as a Kenyan politican (or even African) - almost certainly not…we excel in trashing intellectual, ethical, different, individuals who want to participate in public service. In Obama’s own words, “…For as long as I live, I will never forget that in no other country on earth is my story even possible.” Lets work to change this people.

Kudos America for doing the right thing and for reminding us that the American dream is still alive and well.

Kenya Imagine: First Time Voter... AmeriKen!

2008-11-04T21:46:00-05:00

I have always looked forward to voting period. I never had the chance to engage in the voting process in Kenya because I left Kenya before I was of age. I stood by in 2007 as millions of Kenyans voted and felt a sadness at being of age to vote and unable to vote in my home country.
Read more.

Kikuyumoja's realm: Obama Superstar

2008-11-04T13:00:58-05:00

An American woman today boarded the commuter train in Frankfurt-Rödelheim and wore an Obama’08 badge. As she kept on talking with her boyfriend about the elections and how things will hopefully change, her seat neighbour from West Africa kindly asked her for that badge and was more than happy when she handed it over to him.

“God bless you, my friend”, he gratefully replied, “God bless you!”.

Obama is much more than a candidate for the 44th presidency in the United States of America.

When we look at today’s web editions of both leading newspapers in Kenya (The Daily Nation, The Standard), we see the following news items (Obama and other US-election related news are marked yellow):

The Daily Nation:

The Standard:

When was the last time you didn’t associate war, terror, fear with the USA?

Kenya Imagine: America Votes

2008-11-04T07:17:00-05:00

It is the fourth of November, the Tuesday after the first Monday of November. America votes today, and the world watches.

We ran a similar programme when Kenya voted at the end of last year, and we can only hope the Americans enjoy a post-election period more peaceful than ours.

Click here to share your US election stories, wherever you might be. Also, join us later in the day in a livechat as results begin to trickle in.

Write to us editor@kenyaimagine.com.

What An African Woman Thinks: Monkey Business

2008-11-04T01:33:00-05:00

Samuel Eto'o, one of Africa's most revered sporting personalities, suffered at the hands of Malaga football club in Spain this weekend when he turned out for his team, Barcelona, and was taunted with monkey chants. You may recall that he suffered similar abuse at the hands of Real Zaragoza fans about one and a half years ago.

All I can think to say in response to this is:

Really?

Seriously?

And all that other speechless stuff.

Which reminds me: I called up the brother who lives in another city on Sunday and he was sounding more upbeat than usual. I asked him why. He said, "Lewis Hamilton today (Sunday), Barack Obama on Tuesday. Lots of reasons to be upbeat."

I remember this conversation now because Lewis Hamilton has suffered his share of racist abuse at the hands of Spanish sports fans. Congratulations, Hamilton, for going on to become the youngest Formula One champion in history.It's my window, but I don't own the view.

The Benin Epilogue Part I: Africa-Ready for Business: Breaking News: Obama Takes Early Lead in US elections

2008-11-04T01:29:00-05:00

Developing story. Updated by the Hour.

DIXVILLE NOTCH, New Hampshire - Democratic presidential candidate Barack Obama emerged victorious in the first election returns of the 2008 presidential race, winning 15 of 21 votes cast in Dixville Notch, New Hampshire.
READ MORE and get updates