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Satchu's Rich Wrap-Up
Wednesday 02nd of April 2014

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Mindspeak 2014 RICH TV

Geopolitical Musings

DON DeLillo in his book, Cosmopolis, says: "Everything is barely
weeks. Everything is days. We have minutes to live."

And certainly, the 21st century is a world hurtling at a dizzying velocity.

Macro Thoughts

Home Thoughts

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The 4th EU-Africa Summit will take place in Brussels on 2-3 April 2014. #euafrica
Law & Politics

It will bring together African and EU leaders, as well as the leaders
of EU and African Union institutions. Under the theme "Investing in
People, Prosperity and Peace"

read more

FACTSHEET - EU-Africa relations#euafrica
Law & Politics

In 2007, EU and African Heads of State adopted the Joint Africa-EU
Strategy (JAES) as the overarching political framework defining
cooperation between the two continents based on a shared vision and
common principles. The Africa-EU Partnership, enshrined in the JAES,
represents a new forward-looking vision for relations between Europe
and Africa. Based on the acknowledgement of the solidarity and
commonality of interests between Africa and Europe.. It seeks to
establish a partnership of equals, determined to tackle issues of
common concern together.

Since the adoption of the Joint Africa-EU Strategy in Lisbon in 2007,
both continents have undergone profound economic and political

Africa has experienced impressive economic transformation. Its average
GDP grew by 5.2% p.a. over the period 2003-2011. In 2012, 8 out of the
world's 10 fastest growing economies were African. Demographic trends
have been equally remarkable: Africa has the youngest and fastest
growing population in the world, both a challenge and an opportunity.
African integration advanced, with the adoption of a growing number of
measures taken by the AU and regional organisations to promote closer

Europe has changed as well. In the last 10 years, the EU has grown
from 15 to 28 member states and has taken steps towards greater
integration through the creation of the Euro and adoption of the
Lisbon Treaty. Europe is also just emerging from a serious recession
and needs a period of sustained growth to help reduce unemployment
rates in its states.

The 2014 Brussels Summit: Investing in People, Prosperity and Peace

After previous meetings held in Cairo (2000), Lisbon (2007) and
Tripoli (2010), the 4th EU- Africa Summit will take place in Brussels
on 2-3 April 2014.

Increased mobility between Africa and Europe is creating new
opportunities for improved livelihoods in Africa through remittances,
i.e. money transfers by migrant workers. Between 2007 and 2012 global
remittances to Africa grew by 34.5% and reached a total amount of USD
60.4 billion in 2012. The same year, for the first time, remittances
became the largest external financial source to Africa, ahead of
Foreign Direct Investment (FDI) and Official Development Assistance
(ODA), with 35% of global remittances to Africa originating in the

Trade between the two continents continues to grow. Between 2007 and
2012, EU imports from Africa increased by 46%. In 2012, the EU
imported African goods worth EURO 187 billion (i.e. less than 10% of total
extra-EU imports). African imports from the EU amounted to EURO 152
billion in 2012. Throughout this time the EU remained Africa's prime
source of imports (34% of total African imports) as well as its main
export market (40% of African exports). In total 37% of African trade
took place with the EU in 2012.

Investment exchange between Africa and the EU develops in both
directions. In 2012, the EU accounted for 48% of FDI stocks (EURO 221
billion) and 21% of global FDI flows (EURO 7.8 billion) to Africa. African
investments in Europe have also made strides over the last 10 years:
direct investment stocks held by African investors in the EU have
increased by more than 700% to reach EURO 77 billion in 20122.

Europe remains Africa's biggest development partner. From 2007 and
2013 EU and its member states disbursed around EURO 141 billion in aid to
support Africa's development. In 2012 and despite adverse economic
developments at home, EU member states committed over EURO 18.5 of ODA,
representing 45% of global ODA to Africa.

Through the African Peace Facility (APF), the EU has contributed more
than EURO 1.2 billion since 2004 to help finance many ongoing Africa-led
Peace Support-Operations: more than EURO 575 million have been committed
so far to AMISOM in Somalia, EURO 50 million to MISCA in Central African
Republic (CAR) and EURO 2 million for the Regional Cooperation Initiative
against the Lord's Resistance Army. EURO 443.7 million were provided to
six completed missions in Sudan, the Comoros, CAR and Mali.

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José Manuel Barroso @BarrosoEU Read my speech at the #EUAfrica business forum today:
Law & Politics

There is a great sense of optimism in and around Africa these days.
And rightly so. Africa has over the last decade become one the fastest
growing regions in the world, with 8 out of 10 fastest growing
economies being African in 2012 and with a EURO 1.6 trillion economy
growing at about 6%.

When McKinsey Global Institute, in a study called Africa at Work,
summed up Africa's impressive economic potential and prospects, it
started by noting that the continent 'is poised to reap a demographic

More than half of Africa's population is aged under 25, and in 2050
Africa's population is set to double reaching 2 billion people. In
this decade, Africa will add a further 122 million people to its
workforce. These young men and women, increasingly well-educated with
almost half of all citizens enjoying secondary or tertiary education
by 2020, will be for Africa a strength and a great opportunity. They
will form the basis of consumer-led growth, powered more than ever by
Africa's internal dynamics.

These are not just abstract figures or simple demographic trends but
also real-life business opportunities: to take an example, there are
now more than 1 billion mobile subscriptions throughout the region. It
is expected Africa's rise will create an extra 128 million consumer
households by 2020. In short: the potential is huge.

Our trade relation with Africa is already very strong. Europe is open
for business from and with Africa - contrary to what some critics seem
to think. About one third of Africa's trade already takes place with
the European Union - making the EU the largest overseas market for
African goods - and the trade balance is increasingly in Africa's
favour. Flows have increased by nearly 45% between 2007 and 2012.

Through the Economic Partnership Agreements, we can tighten these
bonds even further.

EPAs are precisely the kind of partnership that promotes a
business-friendly environment in Africa. Beyond tariffs, they
contribute to wider reforms to strengthen the rule of law and to
ensure a stable, predictable and transparent economic climate, which
helps African countries attract much needed investment.

The recently concluded negotiations with West Africa are an important
breakthrough that I would like to welcome. This EPA will generate
growth and investment for all countries in the region. The process has
been encouraging, business opportunities are being created on both
sides, and it pushes forward integration efforts within regions.

Africa can rely upon the European Union to support this huge
transformation process. Africa remains by far the first beneficiary of
European public development aid, which amounts to 40% of the total.
Approximately EURO 20 billion per year was provided to Africa by the
European Union and its Member States collectively over the period
2007-2013. Over the coming 7 years, programs will focus even more on
the countries most in need, and more than EURO 25 billion of European
Union grants will go to Africa. The European Commission has pushed
hard that these levels remain intact until 2020, which was not
self-evident in times of crisis. But we succeeded - ultimately because
this is a matter of strategic intelligence.

Africa today can rely on strengths that may be even more important
than demographics and natural resources.

At the World Economic Forum meeting earlier this year, President John
Mahama of Ghana, who will be attending the Forum tomorrow, said: 'We
are enjoying in Africa a democracy dividend.'

I believe this is increasingly true all across Africa: a serious focus
on stability and good governance - even in a sometimes difficult
context - leading to a renewed and realistic optimism among investors,
large and small.

Europe believes in Africa. We know the potential within Africa and are
eager to unlock it.

Europe believes in Africa's private sector. We see what results it
achieves today and we know what it could achieve in the future.

FULL TRANSCRIPT: Final words from the cockpit of flight #MH370 via @SCMP_News


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No Wreckage of Malaysian Airline Plane Recovered
Law & Politics

The central government will boost defense spending 12.2 percent
this year as the navy extends its reach into neighboring waters at a
time of escalating territorial tensions in both the East and South
China Seas.


To that end, King Abdullah issued Royal Decree 44, which criminalises
"participating in hostilities outside the kingdom" with prison
sentences of between three and 20 years, Human Rights Watch said.


Yet last month further regulations were issued by the Saudi interior
ministry, identifying a broad list of groups which the government
considers to be terrorist organisations - including the Muslim

Article one of the new provisions defines terrorism as "calling for
atheist thought in any form, or calling into question the fundamentals
of the Islamic religion on which this country is based".

The Muslim Brotherhood's new nerve centre: Cricklewood?


The supposed Muslim Brotherhood base on Cricklewood broadway has
been the scene of protests.


a Nato committee drafted plans "for promoting stability in eastern
Europe in the current context" by increasing military co-operation
with Armenia, Azerbaijan, and Moldova


all in Russia's "near abroad" and considered by Moscow as falling
within its sphere of influence.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.3806
Dollar Index 80.07
Japan Yen 103.84 The dollar strengthened 0.1 percent to 103.76 yen as
of 6:50 a.m. in London after touching 103.94, the highest since Jan.
Swiss Franc 0.8827
Pound 1.6628
Aussie 0.9236
India Rupee 59.73 The currency strengthened 0.4 percent from its March
28 close to 59.68 per dollar as of 10:27 a.m. in Mumbai, according to
data compiled by Bloomberg. It touched 59.61, the highest since July.
South Korea Won 1057.11
Brazil Real 2.2610
Egypt Pound 6.9660
South Africa Rand 10.5824

Dollar Index 3 Month Chart INO 80.07


Euro versus the Dollar 3 Month Chart 1.380

Dollar Yen 3 Month Chart INO 103.84


"The correlation between dollar-yen and the Nikkei since Abenomics
came onto the scene is intact until further notice," Callow said,
referring to Japanese Prime Minister Shinzo Abe's economic stimulus


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Commodity Markets at a Glance WSJ

Gold 3 month Chart INO 1282.60 [The 2014 High is in]


Bullion for immediate delivery rose as much as 0.4 percent to
$1,284.12 an ounce and traded at $1,282.53 by 12:01 p.m. in Singapore,
according to Bloomberg generic pricing. Gold sank to $1,277.79
yesterday, the lowest since Feb. 11

Crude Oil 3 Month Chart INO 99.77 [Sell above 100]


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A Little Less Rich: Qatar Gas Dominance Challenged
Emerging Markets

Blazing gas flares 70 meters high brighten the night sky above Qatar's
Ras Laffan Industrial City. The 295-square-kilometer complex houses
the world's largest assemblage of liquefied natural gas plants and the
biggest port for LNG exports on the globe. Ras Laffan chills to a
fluid more gas in a year than Canada consumes and then ships it to run
electric plants and warm homes from Tokyo to Buenos Aires. The gas
facilities within its grounds produce almost a third of the world's
LNG exports, Bloomberg Markets will report in its May issue.

The government takes every precaution against sabotage. Entry to the
Industrial City for those who don't work there is severely restricted;
photography inside the facility is forbidden. Ras Laffan is what makes
Qatar the richest nation in the world, with a per capita income for
its citizens of $101,000 in 2012, according to International Monetary
Fund data.

The greatest threat to Qatar's enormous wealth is competition. Other
nations are challenging its LNG dominance. Australia is constructing
liquefaction plants that will more than triple its annual
LNG-manufacturing capacity to 85 million tons by 2018, surpassing
Qatar, according to data compiled by Bloomberg Industries.

A ship loads up with liquid natural gas, of which Qatar is the
world's biggest exporter. Photography: Courtesy of Qatar Petroleum


Frontier Markets

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Guest Post: East African Community - an investor magnet FT

With five countries, 145m people and an annual GDP of US$110bn, the
East African Community (EAC) makes a tidy bloc. And while the news
flow surrounding better-known African investor narratives - such as
those in South Africa, Nigeria and Ghana - has turned cautious, there
is mounting optimism when it comes to the EAC.

The EAC - which embraces Kenya, Tanzania, Uganda, Rwanda and Burundi -
has been pushing physical integration through investment in
infrastructure and making progress on reforms to legal and
institutional frameworks to improve the business environment.

Both endeavors should help cut the costs and risks involved in doing
business in the region, fostering entrepreneurship and drawing
investment from abroad. Singularly, Kenya stands to gain the most from
this interconnection, but as the nations of Kenya, Tanzania, Uganda,
Rwanda, and Burundi become increasingly intertwined, investors will be
unable to ignore this new emerging market.

EAC integration, although achingly slow since its beginning in 1999,
is finally moving at a meaningful pace in addressing some of the
issues that make African economies such a difficult place to operate.
Strict regulation and the inconvenient realities of geography
contribute to make the movement of goods, services, labor, and capital
incredibly onerous.

EAC countries are reducing regulatory obstacles that have built up
along national borders. Kenya, Rwanda, and Uganda have led the way in
making it easier for people to move and work across borders, having
just initiated passport free travel for citizens of the three
countries and a single tourist visa for visitors.

Rwanda scrapped work permit fees for all EAC citizens last year.
Uganda has recently begun work on doing the same. Freedom for capital
movement is another EAC initiative, with the EAC Payment and
Settlements Project launched in March. Tanzania is due to open its
local government securities market to investment from the other member
states later this year.

Tackling the legal barriers to trade and growth is absolutely
necessary - but how to battle the immense size of the continent, and
colonial-era cartography, that have left the border of Burundi 1,000
miles from the nearest port?

Physical linkages are already in the works: ground should break this
year on a railway that will connect four of the five nations to
Kenya's Mombasa Port. Two international oil pipelines and a new
refinery will soon span the northern EAC, exporting crude resources in
Uganda and Kenya while bringing down the cost of providing Rwanda with
refined fuel. New road networks slated to crisscross the entire region
will help lower the cost of the most common form of goods transport -
lorry truck. Ports in Tanzania and Kenya, currently operating way
beyond capacity, are competing with each other for market share as
they begin large expansions.

As they tear down regulatory walls and lay new rail track, the
countries of East Africa are not starting from a bad position. The
region ranks well on the Fraser Institute's Economic Freedom Index,
led by Rwanda at 48th, a model to its neighbors looking to foster both
African entrepreneurship and foreign investment. East Africa also
boasts comparative advantages in tourism, new discoveries of oil and
gas reserves, and relatively credible institutions. A 2011 bout with
high inflation resulted in an agreement by regional central banks to
move towards inflation targeting, so far quite successful in dropping
annual price growth. As harmonization continues, the diffusion of good
ideas and practices should, too.

Yet it's clear that no EAC member will benefit from this process quite
like Kenya. Already the largest exporter to the rest of the region,
Kenya's relatively diverse economy is best equipped to benefit from
further eradication of trade barriers. Its better trained work force
will prosper under increased labor mobility. Its financial services
sector will take advantage of new opportunities afforded by reduced
regulation. Kenya's ports, and the bold logistical networks being
designed to serve them, will hold the keys to the entire EAC economy.

Kenya's leaders, hoping to move past the post-election violence of
2007/08 by focusing on refueling the economy, have their own domestic
plans. As they seek increased foreign investment, export
competitiveness, with regards not just to the other EAC members, but
also the wider global economy, is a major goal.

Kenya's proximity to Europe and Asia, and its efficient labor market,
suggest it could soon make a bid as a manufacturing center competing
with South Africa for foreign plants, but there is still work to do.
At 11-19 US$ cents per kilowatt hour, 2.75-4.75 times the price for
South African manufacturers, the prohibitive cost of electricity is a
huge obstacle. Frequent blackouts plague the grid, causing delays and
undermining dependability. To tackle this problem, the Kenyatta
administration recently announced a goal of adding 5,000 MW of
generation capacity over 40 months, as well as diversifying sources of
supply through exploration of geothermal, wind, and nuclear

Big plans require big financing. China will play a significant role,
but a major harbinger of the credibility of these investments will be
the ability of the Kenyan government to issue its long-awaited debut
Eurobond. Given investor's recent troubles elsewhere in Africa, good
policies and implementable plans will be a requirement for an
affordable yield. If the Eurobond is successful, access to finance may
become more widely available for Kenyan companies. Market discipline
should also incentivise the government to continue to improve the
business environment and fight corruption.

Kenya stands ready to lead the East African Community nations as they
break down regulatory and logistical obstacles. As the countries
become increasingly interlinked, legally and physically, together they
become more equipped to play on the global economy's stage as a new
emerging market. Investors would do well to peel their eyes from the
challenges posed by other African markets long enough to take notice.

By Sarah Gelinas is Global Fixed Income Analyst at Eaton Vance

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South Africa All Share Bloomberg +5.05% 2014 [Record Highs]

Dollar versus Rand 3 Month Chart INO 10.5816


Egypt Pound versus The Dollar 3 Month Chart INO


The central bank said it covered the entire backlog of dollars owed to
foreign investors seeking to repatriate funds, but did not say how
much money is involved

Egypt EGX30 Bloomberg +17.60% 2014


7,919.72 +114.69 +1.47%

Nigeria All Share Bloomberg -6.05% 2014


38,383.05 -364.96 -0.94%

Ghana Stock Exchange Composite Index Bloomberg +11.93% 2014


Ever wondered how big #Africa is?


Marriott Targets 16 African Nations Following Protea Acquisition


Marriott International Inc., the world's second-largest publicly
traded hotel company, said it will continue expanding its chains in
African markets following the acquisition of South Africa's Protea
Hospitality Holdings.

"We have 25 Marriott brand hotels under construction in seven
countries in Africa that will come on stream over the next four
years," Alex Kyriakidis, the chain's president for the Middle East and
Africa, said in an interview in Cape Town yesterday. The new hotels
"are going to bring us into Benin, Gabon, Ghana, Ethiopia and
Mauritius. With our existing hotels plus those in the pipeline and
those Protea operates today we will be in 16 countries in Africa by

Marriott yesterday concluded a deal announced in January to buy Cape
Town-based Protea for about $200 million. The transaction almost
doubles the Bethesda, Maryland-based company's rooms in Africa to
about 23,000 and will help it expand further in the region, where a
growing middle class and rising travel are fueling the fastest pace of
hotel development in the world.

Protea manages, franchises and leases 79 hotels in South Africa and 37
others in Malawi, Namibia, Nigeria, Tanzania, Uganda and Zambia.
Marriott operates or franchises more than 4,000 hotels in 79
countries, according to an e-mailed statement from the companies.

Protea hotels will be marketed on Marriott's global distribution
platform and exposed to its 42 million loyalty-program members,
Kyriakidis said.

"All the hotels stay as is," he said. "Our mission here is to grow,
grow, grow. Since we announced the deal a number of major investors in
South Africa are already in discussion with us about projects because
they are comfortable we have got real presence in the country to
support them."

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Abubakar Shariff, also known as Makaburi, was killed as he left a court compound about 15 km (10 miles) north of the port city of Mombasa, police chief for Kisauni area Richard Ngtia told journalists
Kenyan Economy

Makaburi had been attending a court hearing.

Makaburi and another man were outside the court waiting to be picked
up when another vehicle approached and the men were sprayed with
bullets, he said. Both were killed.

"Our brother Abubakar Shariff Makaburi has left us. He is dead," a
preacher at a mosque in Kisauni, a Muslim-dominated area near Mombasa,
said through a loudspeaker.

A report by the U.N. monitoring group on Somalia said Makaburi had an
influential role in the Kenyan-based Islamist militant group al Hijra,
suggesting he had called for attacks on a range of targets in Kenya.

The group said al Hijra was working on behalf of al Shabaab.

"He became the central figure in terms of al Hijra, in terms of the
operations, in terms of relations with al Shabaab," one Western
diplomat said of Makaburi.

He said Makaburi had become the most high-profile Islamist activist in
Kenya after the killing of Islamist cleric Aboud Rogo in August 2012.

"I know I will be killed," Makaburi had told Reuters in October,
saying the police would seek ways to justify shooting him. "I'm ready
to die for it. If they want to or if they don't, they will give me

Muslim preacher Abubakar Shariff alias 'Makaburi' speaks to
journalists at the scene of the shooting on October 3, 2013.


read more

Attorney Mbugua Mureithi said Abubakar Shariff Ahmed was shot dead along with another unidentified man near the Shimo la Tewa prison in the coastal town of Mombasa
Kenyan Economy

The killing by unknown gunmen came as the Kenyan government announced
it had begun an operation to stop a wave of attacks in the country as
authorities arrested more than 650 people in Nairobi following a bomb
attack Monday.

Ahmed's death is the latest to hit the Masjid Shuhadaa Mosque, which
officials call an incubator of terrorism. Sheik Aboud Rogo Mohammed --
a friend of Ahmed's -- was assassinated in August 2012. A year later
another mosque leader was killed. There have been no arrests in either

"I'm living on borrowed time. The same guy who ordered Aboud Rogo's
death is going to order mine," Ahmed said.

Ahmed had clear links with al-Shabab, said Matt Bryden, the former
head of the United Nations Monitoring Group on Somalia and Eritrea and
a top expert on al-Shabab. Bryden said Ahmed's death may cause the
militant group to plan retaliatory attacks against Kenya.

Mureithi said Ahmed's last interview with a local TV station in which
he appeared to justify the killings of civilians during the September
terrorist attack on an upscale mall in Nairobi may have contributed to
his death.

The Likoni Ferry crossing Mombasa Island


17-FEB-2014 :: Base Titanium, Ilmenite, Likoni, Security and Senator


As I sat on the Likoni ferry, deep in the milieu of the overwhelming
tide of humanity, I could not help recalling Antonio Gramsci

''The old is dying and the new cannot be born; in this interregnum
there arises a great diversity of morbid symptoms. ''

I suppose post Westgate I notice how often in a day I am at a
standstill and that the density of humanity around me means I am in
fact helpless, whether its the Likoni ferry or crawling at 2mph around
the Likoni environs or stuck in a jam on Waiyaki Way.

These are asymmetric sweet spots as it were. I follow trends [the
trend is your friend] and whether it was the Ibrahim index which

''At the sub-category level, no region in Africa has improved in rule
of law or personal safety since 2000.''

or the WEF Report of September 2013 which ranked us 125th with regard
to the security situation and characterised it as ''worrisome'' or a
report on Bloomberg this week which said that between January and
November 2013, versus a year earlier, violent offenses including
murder, robbery and rape surged between 11 per cent and 22 per cent,
the security indicators are heading in the wrong direction.

Once the security genie escapes the bottle, it will be practically
impossible to bottle him again and call me old-fashioned but I yearn
for the certainty of a John Michuki whom I know could look this dead
straight in the eye and us as well and say I got this covered.

#Westgate from @CNBCAfrica #Nairobi Bureau on the 19th Floor 190 days ago


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The Swahili Coast is a Potential TinderBox from Lamu through Zanzibar and all points in between September 3rd 2012
Kenyan Economy

The week before last, we had driven through Tsavo West, exited the
park deep near the Tanzania border, driven to Diani and thoroughly
enjoyed ourselves. In fact, the phrase 'halcyon days' [ A period of
calm, often nostalgic: "halcyon days of yore", "halcyon days of
youth"] best described that week. We saw elephants in the morning and
in the evening we were walking barefoot on the beach. I met a fellow
named Volcker who told me that If I came back in February, he would
take me swimming with the whale sharks and I thought to myself, this
is a blessed place and if we marketed it right, the whole world would
want to come. Then, last week, on the 27th of August, Aboud Rogo
Mohammed was shot on the always busy Bamburi Road, not far from
Pirates. This proved the spark that ignited a tinderbox and I watched
events unfold with trepidation. We now exist in a 24/7 always on world
and for a moment it looked like Mombasa was morphing into Waziristan
and tsunami of travel advisories would be winging their way through
the air.

My concern remains that what appear like uncorrelated spikes and
paroxysms of violence conflate, become more broad based and amplify.

We need to craft a road map that effects economic trickledown because
whilst all our eyes were turned towards the Rift Valley, The Pwani has
been simmering. It needs our full attention.

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Foul Winds: NTV investigates the radicalization of youth at the Kenyan Coast
Kenyan Economy

Mumias Sugar Company chief executive Peter Kebati has been suspended
to pave the way for investigations into claims of dumping of cheap


Mumias Sugar Company chief executive Peter Kebati has been suspended
to pave the way for investigations into claims of dumping of cheap

The company's board of directors sent Mr Kebati alongside commercial
director Paul Murgor on a two-month leave yesterday to investigate
their conduct.

Board chairman Dan Ameyo told the Nation in an interview that the
decision was taken out of growing concerns over the miller's sugar
sales and distribution.

"The board agreed that the two officials were more directly involved
in sugar sales and distribution so they should step aside," said Mr

Mumias Sugar share price data


Par Value:                  2/-
Closing Price:           3.40
Total Shares Issued:          1530000000.00
Market Capitalization:        5,202,000,000
EPS:             -1.09
PE:                 -3.119

H1 Earnings through December 2013 versus H1 Earnings through December 2012

H1 Net Revenue 7.132846b versus 5.426043b +31%
Fair Value [Loss]/Gain on biological assets -37.952m versus -56.862m
Gross Profit 1.452914b versus 141.957m +923%
Marketing and Distribution Costs -385.963m versus -419.732m
Administrative Expenses -782.613m versus -802.266m
Other Operating Expenses -339.940m versus -409.669m
Finance Income 154.176m versus 231.856m
Finance Costs -315.201m versus -458.408m
Loss before Tax -104.874m versus -1.580581b
H1 Loss after Tax -73.412m versus -1.106407b
H1 EPS -.05 versus -0.72
Cash and Cash Equivalents at at 31st Dec [1.392256b] versus [2.058867b]

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Afreximbank says in second phase of $1.9 bln Kenya Airways financing @theafricareport
Kenyan Economy

The African Export-Import Bank (Afreximbank) said on Tuesday it was in
the second phase of a $1.9 billion financing for Kenya Airways,
providing funding for 10 Boeing aircraft as the national carrier ramps
up its fleet.

Kenya Airways, which is 26.73 percent owned by Air France-KLM, picked
Afreximbank in May 2012 to arrange financing for the purchase of ten
Embraer-190 planes, nine Boeing 787-800 Dreamliners and one Boeing

The first phase of the financing, which consists of pre-delivery
payments to the aircraft manufacturers, was concluded last November
with the delivery of all the Embraer jets.

The first of the Boeing Dreamliners is due to arrive next month, and
the rest by July 2015.

Kenya Airways will deploy the first on its Paris route as part of a
strategy to expand its European routes currently being served by
ageing Boeing 767s.

Among the largest carriers in Africa, Kenya Airways is ramping up its
fleet as part of a 10-year strategic plan premised on ferrying
passengers and cargo into and out of Africa through its Nairobi hub.

Afreximbank co-ordinates the financing which also involves Citigroup
and JP Morgan Bank.

Kenya Airways share price data here


read more

And now the Porsche has open it's doors in Kenya. Along Mombasa Road Sameer Business Plaza. Cc @KenyaCarBazaar
Kenyan Economy

Java, Subway eye middle class cash with new city outlets


Subway opens its second store in Kenya this week on Kenyatta Avenue.

Subway opened its first outlet in September, at Junction mall and has
recorded good business.

"We expect this one to do well. Typically city centre are our busiest
stores with the core client being people looking for a quick meal,"
said Christopher Bak, a director at Liberty Eagle Holdings, the local
Subway franchise holder.

Kenyan Java House is set to increase its footprint with seven new
outlets this year including five in Nairobi, a branch in Kampala and

Kenya Shilling versus The Dollar Live ForexPros


Nairobi All Share Bloomberg +5.203% in 2014 and 0.84% below a record
high from last month


143.76 -0.13 -0.09%

Nairobi ^NSE20 Bloomberg +2.44% 2014


4,959.96 +14.18 +0.29%

Every Listed Share can be interrogated here


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by Aly Khan Satchu (www.rich.co.ke)
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April 2014

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