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Wednesday 07th of May 2014 |
Morning Africa |
Register and its all Free.
If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox as your Browser. 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 http://www.rich.co.ke |
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China's new mission in Africa (2:22) @Reuters Video @alykhansatchu Africa |
It's a major break with protocol - China's Premier has brought his wife with him on an official visit to Africa. It's the first appearance of Cheng Hong, a Professor of English at the Capital University of Economics and Business - useful skills when it comes to doing business abroad. But Li Kequiang's latest trip isn't just about securing lucrative contracts for Africa's rich mineral resources. This time China's looking longer term - offering aid and technology. (SOUNDBITE) (Mandarin) CHINESE PREMIER, LI KEQIANG, SAYING: "Financial support is vital for practical co-operation. China has decided to increase its commitment to providing credit lines to African countries by 10 billion U.S dollars to reach a total of 30 billion." Ethiopia is the first of four countries on Li's itinerary. Kenya, Angola and Nigeria are the others. He'll attend Africa's version of the World Economic Forum in Nigeria's capital. And will no doubt be welcomed by many in Africa seeking economic growth. Aly Khan Satchu is an economic analyst in Kenya. (SOUNDBITE) (English) ALY KHAN SATCHU, ECONOMIC ANALYST, SAYING: "The Chinese basically have very deep pockets and are able to put their money to work. So for a leader of a country, China can be a game changer because you could have your projects which were fantasy projects ten years ago but the Chinese can come in and say -- okay we think it's a good idea, let's do it and I think that is what the African leaders appreciate. Plus China has an attitude towards governments that may be western policy -- western governments don't have." Much of Africa's infrastructure has been built with Chinese money $1 billion has been spent in Ethiopia alone - with roads, rail and telecoms the key sectors. Their involvement isn't always welcome. Some say the pursuit of raw materials has held back Africa's economic development. But others see it as a counterbalance to western influence, and expect a more balanced trade relationship to emerge. (SOUNDBITE) (English) ALY KHAN SATCHU, ECONOMIC ANALYST, SAYING: "It hasn't evolved into a grown up relationship, if you look at the stock market, the stock market still today 52, 54 percent of the companies are owned by British companies. There is not a single Chinese stock holder that I know, the Chinese investment arm which is the sovereign investment fund I don't know if they have invested on the continent." This latest visit may mark the start of a change of investment strategy by China. And that could be the real game changer.
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A very Green Warsaw Africa |
I am attending the European Economic Congress in Katowice between May 7-9, 2014.
Europe, which perceives Africa as both an opportunity and a challenge, has to make up for lost time and organise itself. The economies and politicians of the countries of Western Europe also have to overcome the limitations and prejudices related to the colonial past. Admittedly, the countries of Central and Eastern Europe are free from these associations, but they have less potential and "bargaining power" of capital at their disposal. We need a new partnership that would aim at the development of African countries and societies, simultaneously creating new possibilities for the European industry. The framework of the Congress will also encompass the 2nd Africa - Central Europe Forum and the 3rd European Union - China Forum.
We hereby invite You to participate as Guest of Honour in the subsequent European Economic Congress in Katowice, Poland and particularly in the Africa-Central Europe Economic Cooperation Forum. We hope that the assumptions of the Congress are of interest to you and that you will include the above date in your schedule.
I look forward to hosting the "Banking CEO of the Year" for 2014 National Bank Chief Executive Officer Munir Ahmed at #Mindspeak May 17th
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Currency Markets at a Glance WSJ World Currencies |
Euro 1.3928 The euro was at $1.3927 following yesterday's climb to $1.3951, the highest since March 13 Dollar Index 79.13 The Bloomberg Dollar Spot Index, which monitors the greenback against 10 major counterparts, fell 0.5 percent to 1,002.53, as of 5 p.m. New York time, reaching the lowest level since Oct. 29 Japan Yen 101.60 Swiss Franc 0.8742 Pound 1.6978 Aussie 0.9345 Australia's currency advanced 0.8 percent to 93.51 U.S. cents, reaching the biggest gain since April 8. India Rupee 60.07 South Korea Won 1026.90 Brazil Real 2.2297 Egypt Pound 7.0152 South Africa Rand 10.5038
The euro has dropped 0.4 percent this year, according to Bloomberg Correlation-Weighted Indexes that track 10 developed-nation currencies. The dollar weakened 1.9 percent and the yen rose 2 percent. The kiwi is the best performer in the period, climbing 5.2 percent, the indexes show.
Dollar Index 3 Month Chart INO 79.13 http://quotes.ino.com/charting/index.html?s=NYBOT_DX&v=d3&t=c&a=50&w=1
Bloomberg's dollar index has declined 1.3 percent since March 31
Euro versus the Dollar 3 Month Chart 1.3928 [lets see what Mario says when Euro crosses 1.4000] http://quotes.ino.com/charting/index.html?s=FOREX_EURUSD&v=d3&t=c&a=50&w=1
Sterling 1 Year Chart INO 1.6978 [1.7350 Objective] http://quotes.ino.com/charting/index.html?s=FOREX_GBPUSD&v=d12&t=c&a=50&w=1
The pound rose to the highest level against the dollar since August 2009 as a gauge of U.K services output expanded in April more than analysts forecast.
Sterling climbed 0.7 percent to $1.6975, touching the biggest gain since April 8.
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The seizure of Nasir and Bentiu "doesn't mean anything really decisive," insurgent spokesman Garang said earlier by phone from Ethiopia. Africa |
"They're just battles -- the government has not won the war. They're just controlling the towns and we're in the whole countryside."
"The world is no more unipolar; it is now multipolar and we see China has a major role to play globally," Desalegn said. http://www.theafricareport.com/East-Horn-Africa/ethiopia-signs-a-raft-of-agreements-with-china.html
Li and his delegation, on Monday, 16 agreements in areas of diplomatic, cultural cooperation agreement and economic and trade relationship with Ethiopia. They also signed Extradition and Mutual Legal Assistance treaties.
The Chinese Premier announced a $1.3 billion loan for the Addis Ababa-Djibouti railway project.
South Africa All Share Bloomberg +7.30% 2014 http://www.bloomberg.com/quote/JALSH:IND
Dollar versus Rand 3 Month Chart INO 10.5029 http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&t=c&a=50&w=1&v=d3
Egypt Pound versus The Dollar 3 Month Chart INO 7.0146 http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1
Egypt EGX30 Bloomberg +24.87% 2014 http://www.bloomberg.com/quote/CASE:IND
8,370.57 +65.01 +0.78%
Nigeria All Share Bloomberg -3.92% 2014 http://www.bloomberg.com/quote/NGSEINDX:IND
Ghana Stock Exchange Composite Index Bloomberg +5.54% 2014 http://www.bloomberg.com/quote/GGSECI:IND
Actis May Sell Stake in Ugandan Power Company to Foreigners http://www.bloomberg.com/news/2014-05-06/actis-may-sell-stake-in-ugandan-power-company-to-selected-buyers.html
Umeme Holding Ltd., the parent company, is negotiating with a "strong group of institutional investors," non-institutional investors and management for the sale, Patrick Mweheire, executive director of SBG Securities, the lead transaction adviser, said today by phone from Kampala. Actis has a 60.1 percent stake in Umeme through Umeme Holdings.
Umeme is Uganda's biggest power distributor and has a 20-year concession, which it won in 2005, to manage the East African nation's electricity network. In November, the company said it secured a $190 million loan from lenders including the International Finance Corp., Standard Chartered Bank Plc and Stanbic Bank Uganda Ltd. as part of its $440 million long-term investment program.
World Economic Forum Recognizes 16 Companies from Africa as Global Growth Companies http://www.weforum.org/news/world-economic-forum-recognizes-16-companies-africa-global-growth-companies
Abuja, Nigeria, 6 May 2014 - The World Economic Forum today announced its selection of Global Growth Companies (GGCs) in Africa, consisting of 16 of the region's most dynamic and high-growth companies. These companies are considered trailblazers, shapers and innovators that are committed to improving the state of the world.
GGCs are fast-growing companies with the clear potential to become global economic leaders. The 16 nominated African GGCs represent a broad cross section of industrial sectors, but share in common a track record in exceeding industry standards in revenue growth, promotion of innovative business practices and demonstration of leadership in corporate citizenship.
The selected companies are: Nation Media Group (Kenya); Bidco Oil Refineries Ltd (Kenya); GML (Mauritius); Nagode Group (Nigeria); UAC of Nigeria Plc (Nigeria); Computer Warehouse Group (Nigeria); Interswitch Limited (Nigeria); Notore Chemical Industries Ltd (Nigeria); Seplat Petroleum Development Company Plc (Nigeria); Growthpoint Properties (South Africa); Capitec Bank Holdings Ltd (South Africa); Webber Wentzel (South Africa); KZN Oils (South Africa); Net1 UEPS Technologies, Inc (South Africa); Tekkie Town (South Africa); and Simba Group (Uganda).
The 24th World Economic Forum on Africa will be held in Abuja, Nigeria, on 7-9 May 2014. The theme of the meeting is Forging Inclusive Growth, Creating Jobs.
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