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18:22 Blank
» Farmgal I feel so blank at the minute or is it that I have much to say but not sure I want to say it. I think so! Lately I have discovered that I like being left alone. I have been with people more than I used to (physically) but seems I still have that leave me [...]
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10:24
Reading the Tea Leaves at Stanchart
» bankelele 
The CEO of Standard Chartered Kenya explains in the annual report that their strategy is aligned to that of the UK parent group, and that the (Kenyan) bank has focused on chosen markets, does business with customers they know well and products they fully understand - adding that, so far, the standard chartered group one of the few international banks that has weathered the global crisis.
I’m not sure that makes sense to shareholders since if the (UK) parent also drives the same strategy here in Kenya, being conservative has not been as kind to the bottom line
Bank assets through the years
2005: Barclays Kenya 105 billion, KCB 74, Stanchart 72, Equity 11
2006: Barclays 118 billion, KCB 87, Stanchart 81, equity 20b
2007: Barclays 158 billion KCB 112 Stanchart 91 equity 53 billion
2008: KCB 174 billion, Barclays 168, Stanchart 99, equity 77
The conservative bank has seen its peers that have aggressively expanded, also grow at much faster rates. 4 years ago, Stanchart was almost equal in assets with KCB and today KCB is almost twice as large. Stanchart also maintained the No.2 profit figure behind Barclays each year, but falling further back, until in 2008 both KCB and Equity have passed its pre-tax profit position.
Outlook for the bank
- Change in strategy – should they have gone retail? They have Diva accounts (for ladies) and X account (for yuppies), mortgage, and corporate finance where they have cut some big deals
- New Chairman: There are on-going board changes, both executive & non executive. Chairman David Njoroge (board member since 1996, and chairman since 2006) and director J. Mugo (of federation of Kenya employers) will both retire at the AGM this month
- In 2008, they were the only big Kenyan bank to record a drop in income and profit. |Their loans went up 10% to 43 billion, and deposits were up 4% to 77 billion; also income was up, but costs went up 13% to 5 billion owing to infrastructure, technology, and staff costs. but only added two branches in year). The CEO says they have set aside 3.5 billion for new headquarters, acquire/refurbish branches (likely to be for high net worth clients), new core banking system, electronic banking new staff – all part of the largest group investment in Kenya.
-Their 2008 annual report is one of the biggest I have seen at 105 pages. The chairman's statement takes 6 pages (3 English, 3 Swahili), CEO statement 8 (4/4) , (8 pages on community, environmental & development) - which includes mentions of their being the lead financial arranger for TEAMS sub –cable and Kengen energy expansion), one page on HR (mentions 48% of employees are women, have policies for extended maternity, non-discrimination), One page on tackling financial crime (they trained 300 staff on fraud & also trained 60 Kenya anti-corruption commission (KACC) staff on financial crime risk) - and finally 53 pages of financial statements and notes
- They spent 64 million on corporate social responsibility (CSR). The annual Nairobi international marathon (sponsored by Stanchart) raised 12.5 million in 2008 up from 9.4 million in 07 - and the funds channeled to nine eye hospitals around the country
- Their statement on corporate governance has a policy barring insider trading of the company shares
- Loans to the manufacturing went up from 5 to 12 billion and real estate at 4 billion, transport & communications at 7 billion, and wholesale/retail trade at 10 billion were their main loan categories
- This month shareholders will amend article of the company to allow financial statements be sent by fax, e-mail or be published on their own website/Nairobi stock exchange (site) while notices may be simply advertised in daily newspapers along with abridged financial statements as long as they include an e-mail or postal address from where shareholder can request & obtain full accounts. Shareholders will also vote to allow electronic payment of dividends
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7:39
Art Exhibition: Art Fundraising 3 day Fair @ RAMoMa, 22nd - 24th
» Kenyanpoet Fund RaisingFair & Fun for 3 daysatRaMoMA(Museum of Modern Art)2nd Parklands Avenue22nd 23rd 24th May10am to 4pm
The Little and Large ExhibitionLittle canvases will hang alongside large canvasesby the best artists in Kenya
Your chance to buy “Big name”artist’s works for as little as Kshs 8 000
Art Jamming Live Music Quick Portraits by Tim Brooke Raffle Kids Corner Beautiful Jewelry Light Snacks Dorman’s CoffeeBring the whole family for a fun filled different experienceEntrance Kshs 100/- each – Free for registered artists
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Emcee Africa 2 Kenyan Battle Postphoned to June 6th @ Club Clique
» Kenyanpoet Not sure why this was changed, but it won't be happening this Saturday (23rd May) as earlier advertised, instead it will be on June 6th. The venue has also changed from the WAPI grounds to Club Clique(someone tell me where this is as I have no clue), formerly K2 Club House(now owned by The Home Boyz)
So for all you who felt like they were not yet ready with their freestyles, well, you now have two more weeks to get your act together especially for those used to using Swa and Sheng. Last time, it was just too hillarious, most talented MCs missed it because ' Kuspit kwa Kizungu ilikuwa Ngumu sana'. It might sound unfair but artists need to be diverse.
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3:20
Tribalism II: Perils of Living in Collective Denial
» You Missed This By M-Pesa
Tribalism remains the most emotive subject in any discussion in this blog. But we fail terribly to understand how devastating this cancer it by shamelessly denying its existence. Even worse still we rationalize tribal acts with some cheap red herrings that only succeed in propping the hydra as it mutates.
The truth is tribalism seeds were planted by one Jomo Kenyatta, cultivated by the fake professor of politics Arap Moi and being harvested by Emilio Mwai wa Kibaki who has appointed his fellow tribesmen in the Finance ministry from Uhuru to the janitor.
So you think I'm kidding? Just look at the Treasury, KRA, State House, Ministry of Interior, parastatals like KBC etc. Don't we have over 42 tribes in our country? I may be PANUA damu as everyone knows but when confronted with such facts, I just bow my head in utter shame!
Rot from head
This TRIBALISM seed has mutated into an ugly monster which refuses to go away and the shocking thing is that it's being embraced even by very well enlightened Kenyans who are busy living in DENIAL.
You don't need to go far but to peruse through various blogs like KUMEKUCHA and sites like MASHADA. Decent Kenyans from the LUO and KALENJIN communities are being sacked en' masse in various companies due to "global economic recession" and such silly excuses yet you wonder why it's only them being targeted.
A good Luo buddy of mine recently told me he was sacked from EABL simply because his surname starts with an "O"...What a shame and just where is this country heading to? I would challenge the EABL to publish all the names of over 200 employees fired in a recent purge! Actually if there's a decent MP reading this, why not take this hot potato into parliament? Where are the ODM MP's when their core supporters are being targeted in mindless sackings?
Tribalism may eventually consume this country into it's oblivion. It has happened in other countries so don't think Kenya is so special or has bribed God.
The first thing we need to do as a nation is ADMIT we have one big tribalism problem in this nation. The fact is that it's being perfected by members of various communities and races in Kenya. You only need to look at staff employed by ministers in their various dockets and you will be shocked!
Self-destruction
You can tell which tribe a minister comes from just by walking through the corridors of his or her ministry! If nothing is done, we shall soon have a Rwanda style genocide knocking on our nation's door! It's never too late, my fellow country men and women!
If only Kenyans had the opportunity to turn back the hands of time then they would have reversed the national betrayal following Kibaki’s election in 2002. Add that pain to the 2007 election fiasco and you will see the dark tunnel flooded with blood ahead on 2012.
Living a lie and in serial denial are the worst form of painless suicide your can subject your body to. But again not for Kenyans.Kumekucha
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