|Thursday 12th of February 2015
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0930-1500 KENYA TIME
Normal Board - The Whole shebang
Prompt Board Next day settlement
Expert Board All you need re an Individual stock.
The Latest Daily PodCast can be found here on the Front Page of the site
Boys and their Toys @rmakenya Johannesburg @Jaguar @JLR
The Edge... there is no honest way to explain it because the only
people who really know where it is are the ones who have gone over.
Hunter S. Thompson
I am like a Panther looking for Paul Virilio's ''Escape Velocity''
'The effectiveness of electronic money lies in its mass, which
increase its velocity of circulation.'4 Virilio claims that as the
'last post-industrial resource, acceleration exceeds
accumulation...the escape velocity [vitesse de liberation] becomes the
equivalent of profit.'
Ukraine peace summit overshadowed by surge in fighting
Law & Politics
The leaders of France, Germany, Russia and Ukraine were due to attend
a peace summit on Wednesday, with Ukraine's pro-Moscow separatists
tightening the pressure on Kiev by launching some of the war's worst
fighting in an assault on a government garrison.
The Kiev army said 19 of its soldiers were killed in a day of
pro-Russian separatist assaults at a single location near the railway
hub of Debaltseve, some of the worst losses it has reported in nine
months of war.
Rebels who tore up a five-month-old truce in January are trying to
encircle government forces in Debaltseve, a strategic location that
would let them link up their main strongholds.
Fighting has already killed more than 5,000 people, and Washington is
now openly talking of arming Ukraine to defend itself from "Russian
aggression", raising the prospect of a proxy war in the heart of
Europe between Cold War foes.
The summit is being held in neighbouring Belarus under a Franco-German
proposal to try to halt the fighting. Chancellor Angela Merkel and
President Francois Hollande will meet Ukraine's Petro Poroshenko and
Russia's Vladimir Putin.
Armoured columns of Russian-speaking soldiers with no insignia have
been advancing for days around Debaltseve. Last week they captured the
small town of Vuhlehirsk next to Debaltseve, and a reconnaissance unit
was there on Tuesday salvaging equipment from abandoned Ukrainian
The squad's commander said his men did not want a truce while they had
government forces on the run.
On the Russian side of the border, Moscow announced war games on
Tuesday on the eve of the talks.
Vladimir has taken a fearful hammering from the c21st Oil Warfare
Specialist @BarackObama but on the ground, where hardware counts Putin
is routing the Central Government now.
In fact, I am sure its now a Question of the nature of @Poroshenko's
The Making of an Icon: President Xi Changes China @Bloomberg
Law & Politics
Surrounded by soldiers at a garrison in Macau, Chinese President Xi
Jinping shoulders a laser training rifle during an inspection on Dec.
20 and squeezes the trigger. He hits the target every time in footage
broadcast on state television, prompting applause.
This is Xi the hero, Xi the chief -- more in line with Russia's
Vladimir Putin than the understated image cultivated for China's
collective leadership since paramount leader Deng Xiaoping. Two years
into office and Xi is making his face more ubiquitous even than
Deng's, reviving memories of Mao Zedong, whose smiling portrait still
looks down on Tiananmen Square in Beijing.
As his government remodels the world's second-largest economy and
begins to flex its growing muscles, Red China has become Xi's China.
That's partly by design and partly through his charisma.
"They wanted a strong man: Somebody who could stand up to vested
interests at home and who could stand on the international stage,"
said Andrew Nathan, professor of political science at Columbia
University. "He has that kind of personality and sense of mission."
Xi reflects a leadership style that is gaining in some of the world's
biggest emerging economies -- a powerful and charismatic figurehead
who mixes nationalism and autocracy to court popularity while imposing
an economic and political agenda. Like Putin in Russia, or Recep
Tayyip Erdogan in Turkey, iconic status would give Xi the popular
support to remodel the country while tackling unpopular issues such as
pollution and property speculation.
Delhi gives warning to Premier Modi By M K Bhadrakumar
Law & Politics
The election results of the Delhi poll last week were keenly awaited.
Delhi has a larger-than-life significance in India's national
politics. If a ruling party at the centre cannot win in Delhi, it
somehow gets to be taken as a warning that the national mood disfavors
it. Delhi is a microcosm of India, and the crushing defeat that the
ruling party at the centre, Bharatiya Janata Party [BJP], has suffered
in Delhi - winning just three seats out of 70 - ought to ring alarm
bells in the mind of Prime Minister Narendra Modi.
Modi understood well that the stakes were high and, therefore, unusual
for a prime minister, he took a "hands-on" role in BJP's election
campaign. Did he overreach? Modi even invoked during the campaign the
visit of US President Barack Obama to Delhi just 10 days before the
election. The buck, no doubt, stops at Modi.
The string of BJP electoral successes that Modi masterminded since
winning the general election last May to the Indian parliament has
been punctuated. The aura of invincibility around Modi's political
persona is dissipating. Politics anywhere, especially in India, is a
matter of perceptions and the country took note today that Modi can be
Humayun's Tomb is of course in Delhi by Dhmig Photography
Law & Politics
When Humayun was still a young man, he fell seriously ill. Day by day
his condition grew worse, until death seemed imminent. The most
eminent doctors were called in, but no one was able to cure him. They
all said his days were numbered. Many people prayed to Allah for
Humayun's recovery, but to no avail.
Then a saint came to Babar and said, "If you make a great sacrifice,
if you sacrifice something most precious to you, only then will your
son be cured."
The Emperor Babar asked, "What kind of thing should I sacrifice?"
The saint replied, "Give away the Kohinoor diamond. It is most precious."
But Babar said, "The Kohinoor is my son's possession. What kind of
sacrifice would that be? I have to sacrifice something of my own. I
have so much wealth and such a vast kingdom. But the most precious
Kohinoor diamond is not mine. Therefore, I cannot sacrifice it. And
even if I did own the Kohinoor, it would not be a real sacrifice to
give it away. Even if I were to give away all my wealth and power - my
entire kingdom - I do not think this is the most precious sacrifice
that I could make. My life alone is most precious. There is nothing
dearer to me than my own life. Humayun is my eldest and dearest son. I
am ready to give my life for my son."
After saying this, the Emperor folded his hands and circled his dying
son's bed three times, praying to Allah. He said, "Allah, everybody is
telling me to offer You the most precious thing so that You will
kindly save my son's life. I feel that my life is the most precious
thing I have to offer. Please take my life instead of my son's. Let me
die in his place, and let him live on earth. This is my only prayer
and my most willing sacrifice."
To Babar's wide surprise, after he had completed three rounds, his son
stood up completely well. But immediately Babar fell deathly ill.
Humayun wept with gratitude and love for his father. He said to Allah,
"My father is going to die, but I shall eternally treasure my father's
fondness for me and my father's implicit faith in Your Compassion."
Tullow Oil Plc suspended its final dividend as low oil prices handed the explorer in Africa an annual loss.
The company reported a net loss of $1.56 billion for 2014, following a
profit of $169 million a year before, after writing down assets,
Tullow said in a statement. The loss was above the $1.17 billion
average of 11 analyst estimates compiled by Bloomberg. The final
dividend in 2013 was 8 pence a share.
"We have reset our business and are focusing our capital expenditure
on high-quality, low-cost oil production in West Africa," Chief
Executive Officer Aidan Heavey said.
Heavey shot down the possibility of a takeover of the company, which
has been trailed by such speculation since at least 2006. "The
business is set for growth," he said Wednesday by phone. "We have no
interest in being taken over."
Tullow dropped as much as 4.9 percent and was trading down 2.6 percent
at 403.5 pence by 9 a.m. in London trading.
The company, among the most active explorers in Africa, said in
January it wouldn't drill any offshore exploration wells there this
year. Tullow also cut its exploration budget to $200 million from $1
billion and said it expected to write off $1.2 billion for exploration
in French Guiana, Mauritania and Norway. The company plans to save
$500 million in the next three years.
Tullow will focus exploration on "basin-opening wells" in Kenya,
Norway and Suriname, it said. The Jubilee field off Ghana is expected
to produce about 100,000 barrels of oil a day this year and the TEN
project is set to produce first oil in mid-2016. Operating costs in
West Africa averaged $13 a barrel.
Dollar versus Rand 6 Month Chart INO 11.8337
Egypt Pound versus The Dollar 3 Month Chart INO 7.6298
The International Monetary Fund said on Wednesday that Egypt's
structural and monetary reforms were starting to produce a turnaround
in the economy, which has been hit by persistent turmoil since 2011.
"The measures implemented so far, along with some recovery in
confidence, are starting to produce a turnaround," said the IMF in a
press release at the conclusion of its consultations.
Egypt's finance minister described the report as "very balanced",
adding that it was not currently planning to discuss a new loan deal
with the IMF.
The IMF projected growth to reach 3.8 percent in 2014/15 and to rise
to 5 percent over the medium term.
In its release, the IMF welcomed recent movements in the exchange
rates "as an important step in the right direction".
The Egyptian central bank has taken several measures to curb the black market.
Dealers use unofficial 'circuit-breaker' for first time #Nigeria @Reuters
Nigerian dealers pulled the plug on electronic trading in the naira on
Wednesday after the currency slid past 200 to the dollar on fears the
postponement of this week's election could trigger a constitutional
crisis in Africa's biggest economy.
Deploying for the first time a 'circuit-breaker' agreed among
themselves last month, leading banks in Lagos halted trade after the
naira dropped more than 2 percent.
At its weakest, it was quoted at a record low of 204.25 to the dollar,
a decline of 20 percent since the start of November. It ended the
interrupted session at 202.50, an all-time closing low.
"There is panic because of the postponement of elections. Uncertainty
caused by the delay has been priced in the value of the naira and it
is causing further depreciating of the currency," one dealer said.
Nigerian shares fell for the third straight day on Wednesday and the
index has dropped 16 percent since the start of the year.
Although the currency halt was meant to calm nerves, and dealers said
normal trading would resume on Thursday, it undermined Nigeria's
credibility as a smoothly functioning capital market and could help
trigger its ejection from a key JP Morgan emerging market bond index.
In the year after Nigeria joined the index in October 2012, foreign
holdings of its bonds jumped from $1.2 billion to $5.4 billion, but JP
Morgan said last month Nigeria's inclusion was under review because of
a lack of market liquidity.
Ejection from the index would trigger major capital outflows because
investors who track it would have to sell Nigerian bonds. That would
exacerbate a budget crunch in Abuja by removing an important source of
funding and further hammer the currency.
In another sign of strain on the financial system, the rate banks
charge each other for overnight lending spiked to 100 percent this
week as the central bank sucked up naira to support the currency
rather than continuing to leak foreign reserves.
"The tighter the liquidity to maintain the currency at current levels,
the less likely JP Morgan is to keep them in the index," said
Renaissance Capital analyst Charles Robertson.
"That will make it harder for them to attract budget financing flows,
and at a time when oil is cheap that's not helpful."
Last year the central bank spent an average of $20 million a day
defending the naira, burning through 20 percent of its reserves in an
attempt to offset the halving of the oil price. Crude oil accounts for
more than 90 percent of Nigerian foreign exchange.
Non-deliverable forwards -- contracts used to bet on future exchange
rate moves -- price the naira as much as 30 percent weaker in a year's
President Jonathan's mandate expires on May 29, and the constitution
says an election must be held 30 days before that date.
Lagos-based Femi Falana, one of Nigeria's leading lawyers, has called
the postponement "a coup against the constitution by the security
chiefs" and said the precedent created made it easy to justify further
"Having used (the security forces) to shift the election, what's to
stop them saying there will be no election?" he said.
East African Cables reports FY PAT 2014 -14.327% Earnings and share data here
Par Value: 0.50/-
Closing Price: 15.90
Total Shares Issued: 253130000.00
Market Capitalization: 4,024,767,000
Full Year Earnings through 31st December 2014 versus through 31st December 2013
Full Year Turnover 5.098417b versus 4.502964b +13.22%
Full Year profit before operating activities 577.157m versus 595.944m
FY Net Finance Costs [69.674m] versus [10.544m] +560%
FY Profit Before Tax 507.483m versus 585.400m -13.31%
Full Year Profit After Tax 341.149m versus 398.202 -14.327%
Foreign currency translation differences on foreign Operations
[37.372m] versus [3.568m]
Full Year Earnings Per share 1.16 versus 1.37 -15.32%
Final Dividend of 50cents a share [+50cents Interim]
''Despite a decline in London Metal Exchange prices of 12% our group
revenue grew by 13% attributable to increased volumes driven by new
markets. Earnings decline was due to reduced margins in our new
Interesting Dividend Policy where they are paying out 86.206% of their
EPS out as Dividend.
Clearly chased Turnover growth at the expense of some margin erosion.
22. and 23. Fishing the Lakes of Mount Kenya Lowis and Leakey H/T @NjeruDee
Keen fishermen, inspired by Ninian's fishing tales, our guests were
eager to try fishing the huge trout in the high-altitude lakes of
Mount Kenya. The mountain is just over 17,000 feet high, wild and
The most comfortable way to get there is by Helicopter. Many of the
"blue tarns" are at over 11,000 feet, icy cold and clear, fed by
glacial melt water. These lakes were stocked years ago and some of the
trout there are now enormous.
Only a few people have had the privilege of casting on these waters,
and not all of them have had a prize to show for their efforts.
Through a magical combination of the moon being in the right phase,
luck and skill, our fisherman came back with a record catch including
one fish that weighed in at 5lbs