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Wednesday 07th of May 2014
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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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