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The Latest Daily PodCast can be found here on the Front Page of the site http://www.rich.co.ke |
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U.S. Signals Putin Not to Move Against New NATO Members Law & Politics |
Jet fighters from the U.K., Denmark, France and Poland will begin flying air patrols over the Baltic states tomorrow "as part of collective defense measures," the North Atlantic Treaty Organization said in a statement today. Canadian jets are deploying to Romania "as part of NATO efforts to reassure allies" in Central and Eastern Europe, the alliance said.
The U.S. will defend its NATO allies "no ifs, ands or buts," U.S. Vice President Joe Biden said today at an Atlantic Council conference in Washington.
Secretary of State John Kerry said at the conference yesterday that unlike Ukraine, which isn't a NATO member and where alliance nations have ruled out war, a move against a treaty ally would have grave consequences.
"We have to make it absolutely clear to the Kremlin that NATO territory is inviolable," Kerry said. "We will defend every single piece of it."
Under Article 5 of the 1949 North Atlantic Treaty, the U.S. and all other members would consider an armed attack on any one of them an attack on all.
Since the fall of the Soviet Union in 1991, NATO has extended its membership to nations once dominated by the Soviet Union, including the Baltics, Poland, Hungary, the Czech Republic, Slovakia, Romania, Bulgaria, Albania and Slovenia. Georgia, a former Soviet republic that fought a five-day war with Russia in 2008 over breakaway regions, is seeking fast-track NATO membership as a result of the Ukraine crisis.
"I think this is also about shattering NATO and potentially shattering the EU, because if he were to do something in the Baltics and we did not respond, that's the end of Article 5, that's the end of NATO," Hadley said, addressing the Atlantic Council, a Washington-based group that promotes trans-Atlantic relations, shortly before Biden spoke.
"Potentially this is not just about reestablishing some kind of Russian empire," Hadley said. "It's also quite frankly an effort to see how far he can go to disrupt NATO and perhaps even disrupt" the European Union.
''We in Europe are very much in agreement that a military resolution of the problems cannot happen," German Chancellor Angela Merkel said today in Aachen, Germany. "It's not on the agenda. War is no solution, and so we have to find other ways."
Conclusions
Its getting very hardball. And evidently a big Piece of Ukraine is set to remain a kind of dystopian Grey Zone.
Ukraine says its government forces are continuing an "anti-terror" operation in the eastern city of Sloviansk. http://www.bbc.com/news/world-europe-27250026
Pro-Russian gunmen have shot down at least two helicopters, reportedly capturing one pilot. http://www.bbc.com/news/world-europe-27250026
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Commodity Markets at a Glance WSJ Commodities |
Gold 1 Year Chart INO 1283.05 [Breakdown risks are elevated] http://quotes.ino.com/charting/index.html?s=FOREX_XAUUSDO&t=c&a=50&w=1&v=d12
Bullion for immediate delivery fell 0.1 percent to $1,283 an ounce at 2:18 p.m. in Singapore, declining a fifth day, according to Bloomberg generic pricing. Prices are set to retreat 1.6 percent this week.
Gold has still rallied 6.7 percent in 2014 on concern earlier this year that the U.S. economy was stalling and as tensions between Ukraine and Russia escalated, boosting demand for a haven.
Conclusions
I think 2014 will be a 2nd down Year for Gold.
Crude Oil 6 Month Chart INO 99.39 [anything above 100.00 is in fact a Sell] http://quotes.ino.com/charting/index.html?s=NYMEX_CL.M14.E&v=d6&t=c&a=50&w=1
WTI for June delivery was at $99.40 a barrel in electronic trading on the New York Mercantile Exchange, down 2 cents, at 3:45 p.m. Seoul time. The contract slid 32 cents to $99.42 yesterday. The volume of all futures traded was less than 1 percent below the 100-day average. Prices have decreased 1.2 percent this week.
Al Mirqab Capital SPC, a company controlled by Qatar's royal family, made a cash offer valuing Heritage Oil Plc (HOIL) at 924 million pounds ($1.55 billion). http://www.bloomberg.com/news/2014-04-30/qatar-s-al-mirqab-agrees-to-buy-heritage-oil-for-1-5-billion.html
The offer of 320 pence a share, recommended by Heritage's board, is a 25 percent premium to yesterday's closing price, Heritage said today in a statement. Heritage today reported a profit of $100.4 million for 2013 on sales of $431.9 million.
Heritage holds stakes in onshore oil fields in Nigeria and exploration rights in Papua New Guinea. Tony Buckingham, the company's founder and chief executive officer, will retain a 20 percent holding and serve as an adviser for at least five years.
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Secretary of State John Kerry starts a five-day visit to Africa today with a focus on security that includes reining in the conflict in South Sudan. Africa |
Kerry at a meeting today in Ethiopia's capital, Addis Ababa, agreed with East African foreign ministers that a peacekeeping force must be swiftly deployed in South Sudan.
"A legitimate force, that has the ability to make peace, needs to be on the ground as soon as possible," Kerry told reporters. The Ethiopian, Ugandan and Kenyan foreign ministers said they must work out the details on the "timing, manner and size" of the force, said Kerry.
A U.S. official, who wasn't authorized to speak on the record, said a list of individual names was being discussed and could include Kiir and Machar.
Kerry, whose trip will also take him to Angola and the Democratic Republic of Congo, will be working to persuade South Sudan's neighbors to apply sanctions as well. Without regional support on sanctions, the official acknowledged that any U.S. move to punish South Sudanese leaders will be less effective.
Throughout, Kerry will be working on arrangements for the first U.S.-Africa leaders' summit, which Obama has planned for August.
Premier Li Keqiang to Visit Ethiopia, the African Union Headquarters, Nigeria, Angola and Kenya http://www.fmprc.gov.cn/mfa_eng/zxxx_662805/t1151542.shtml
Foreign Ministry Spokesperson Qin Gang announces:
At the invitation of Hailemariam Dessalegn, Prime Minister of the Federal Democratic Republic of Ethiopia, Goodluck Jonathan, President of the Federal Republic of Nigeria, José Eduardo dos Santos, President of the Republic of Angola and Uhuru Kenyatta, President of the Republic of Kenya, Premier Li Keqiang of the State Council will pay official visits to the aforementioned four countries from May 4 to 11, 2014.
At the invitation of Mohamed Ould Abdel Aziz, Rotating President of the African Union and President of the Islamic Republic of Mauritania and Nkosazana Dlamini-Zuma,Chairperson of the African Union Commission, Premier Li Keqiang will pay an official visit to the African Union Headquarters on May 5.
At the invitation of Klaus Schwab, Executive Chairman of the World Economic Forum, Premier Li Keqiang will attend the Plenary Session of the 24th World Economic Forum on Africa in Abuja, capital of Nigeria on May 8 during his visit there.
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Beijing reveals strategy shift in Sino-Africa ties ahead of Li Keqiang's four-nation visit Africa |
More than 60 agreements will be signed with Ethiopia, Nigeria, Angola and Kenya during Li's week-long visit - his first tour to Africa since rising to the post in March last year - according to officials from the Chinese Foreign Ministry and Commerce Ministry.
But deputy minister of commerce Zhang Xiangchen said yesterday that China would focus more on the general livelihood of the African public - in addition to its interests in oil and natural resources.
"We are paying more attention to livelihood issues," Zhang told a press briefing on Li's trip. "This is what the African nations need. They believe that economic and livelihood development are equally important. They can boost the economy with enterprises and business activities, but they need government input to boost living standards.
"Over the past years, China focused on building landmark architecture. We will still be doing so in the future, but we will also keep a closer look at issues relating to the public," he said.
Sudan's pound slumped to a record against the dollar in the black market as the war in South Sudan threatens to curb inflows from oil shipments. http://www.bloomberg.com/news/2014-04-29/sudan-pound-sinks-in-black-market-as-rebels-threaten-oil-fields.html
The currency changed hands at 9.1 pounds per dollar yesterday in the capital, Khartoum, according to two money changers who both trade on the streets of the city where most residents buy their foreign exchange. That compares with about 8.2 on March 31, they said by phone. The official rate is about 5.7, according to central bank data.
South Sudan's oil fields have become a key target for insurgents opposed to President Salva Kiir, with rebel leader Riek Machar vowing to seize crude-producing areas to starve the military of revenue. The landlocked nation exports its oil via pipelines that cross Sudan to a port on the Red Sea. Transit fees for the shipments may earn Sudan about $1.4 billion in 2014, or 25 percent of total export earnings, according to the International Monetary Fund.
"Sudan has a severe foreign-currency crisis, our currency inflows are lower than our needs," Ezz al-Din Ibrahim, a Khartoum-based economist and former state minister of finance, said in a phone interview. "Transit fees mitigate this problem and also increase the central bank's ability to support the local currency."
"Throughout April, official exchange offices weren't offering dollars," Abdallah Aly, a black-market trader in Khartoum, said by phone yesterday. "That's why the rate got so high."
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First, appropriate international forces need to be deployed to South Sudan to protect civilians. @EnoughProject R2P Africa |
South Africa All Share Bloomberg +7.15% 2014 http://www.bloomberg.com/quote/JALSH:IND
Anadarko halts South Africa oil spending pending clarity on oil law http://af.reuters.com/article/investingNews/idAFKBN0DG18G20140430?sp=true
"We have suspended our expenditures in South Africa until the petroleum law and fiscal terms are more clear," Tom Fletcher, exploration manager for east Africa at Anadarko, told an energy conference in Nairobi on Wednesday.
Speaking to reporters on the conference sidelines, he said: "We are just looking for a little more clarity - what's going to happen with the fiscal regime down there - before we invest large dollars in South Africa."
Dollar versus Rand 3 Month Chart INO 10.50125 Last [10 before 11] 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 7.0067 http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1
Egypt EGX30 Bloomberg +23.17% [Africa's best in 2014] http://www.bloomberg.com/quote/CASE:IND
8,256.14 106.05 +1.30%
Nigeria All Share Bloomberg -4.20% 2014 http://www.bloomberg.com/quote/NGSEINDX:IND
A bomb explosion near Nigeria's capital, Abuja, left at least nine people dead and 11 others injured yesterday, the country's emergency agencies said @Bloomberg http://www.bloomberg.com/news/2014-05-02/nigerian-blast-near-capital-leaves-kills-nine-injures-11-1-.html
The blast occurred near the location where an April 14 car bomb killed at least 75 people and injured more than 100 others. That attack was claimed by the Boko Haram Islamist militant group, which has been waging a violent campaign in the past five years to impose Shariah, or Islamic law, in Africa's biggest economy.
"There is no change in plans" to hold the World Economic Forum on Africa in Abuja this month, spokesman Alem Tedeneke said in an e-mailed response to questions late yesterday. The meeting is due to be attended by President Goodluck Jonathan, Ghanaian President John Dramani Mahama, Rwandan President Paul Kagame, and Africa's richest man Aliko Dangote.
Witnesses said that moments before the explosion, a man had parked the bomb-laden car and walked away via @AP http://www.bbc.com/news/world-africa-27249097
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Ghana Stock Exchange Composite Index Bloomberg +5.45% 2014 [-7.327% since Feb 19th] Africa |
China's Cnooc 0883.HK -1.08% expects to start first crude output at its Ugandan Kingfisher oil field in late 2018, nearly a year later than expected as the foreign companies developing the country's oil sector struggle with infrastructure bottlenecks, a company executive said Wednesday. http://online.wsj.com/news/articles/SB10001424052702303948104579533223864492250
KAMPALA Uganda--China's Cnooc 0883.HK -1.08% expects to start first crude output at its Ugandan Kingfisher oil field in late 2018, nearly a year later than expected as the foreign companies developing the country's oil sector struggle with infrastructure bottlenecks, a company executive said Wednesday.
First output from the $2 billion oil field isn't expected until late 2018, as the company moves to complete a number of pre-development infrastructure projects, including access roads, pipelines and an airstrip in the remote Lake Abertine rift basin, according to Jin Weigen, Cnooc vice president in charge of finance.
The delay is the latest setback to hit Uganda's nascent oil industry, whose development has been held back since 2009, due to a number of hurdles, ranging from tax disputes between government and oil companies to disagreements over development plans and refining options.
"We expect first crude by the end of 2018, but this will also depend on the completion of a crude pipeline to the refinery" Mr. Jin said.
"Stelios gave me a call. We spent an afternoon Googling Africa, African aviation, African economics," Fastjet Chief Executive Ed Winter told Reuters on Wednesday. http://af.reuters.com/article/topNews/idAFKBN0DG1EN20140430?sp=true
Tensions between two Congos as Brazaville deports 50,000 to DRC http://www.theguardian.com/world/2014/may/02/tensions-between-two-congos-as-brazaville-deports-50000-to-drc
A boat on the Congo river between Brazzaville and Kinshasa, the capitals of the two Congos. Photograph: Jerome Delay/AP http://www.theguardian.com/world/2014/may/02/tensions-between-two-congos-as-brazaville-deports-50000-to-drc
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Treasury will make an announcement on its programme for marketing the bond as early as next week @H_Rotich Kenyan Economy |
In 2006, Seychelles became the first country in sub-Saharan Africa, other than South Africa, to issue bonds @madeitinafrica http://www.howwemadeitinafrica.com/?p=38488
A year later Ghana followed, raising US$750m in Eurobonds. Since then they have been joined by Gabon, Senegal, Côte d'Ivoire, the Democratic Republic of Congo, Nigeria, Namibia and Zambia.
In September 2012, Zambia made a splash on the international private market, launching a 10-year bond at $750m. Rwanda followed suit in 2013 with a $400m Eurobond issued on the Irish Stock Exchange. Zambia is considering issuing a $1bn Eurobond this year to finance its budget deficit. It also plans to spend over $600m on developing power, road and rail infrastructure. Kenya is finalising plans for its debut entry into the Eurobond market, seeking up to $1.5bn to finance infrastructure projects.
Nigeria first entered the markets in 2011 with a 10-year Eurobond. "We look to come [to the market] regularly, every two years," Finance Minister Ngozi Okonjo-Iweala told the Financial Times. In 2012, African countries raised about $8.1bn from issuing bonds, says Moody's, a global credit rating agency. In total, more than 20% of the 48 countries in sub-Saharan Africa have sold Eurobonds, according to the International Monetary Fund (IMF).
And of course, there is our big Wembley stadium moment with the eurobond, which is now imminent 20-JAN-2014 http://www.rich.co.ke/media/docs/038NSX2001.pdf
I incline to the view that the Kenya government should slot the Eurobond market the full $2bn. This eurobond issue will release the pressure cooker that is the domestic bond and interest rate markets--we should see a good rally in interest rates.
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Crown Paints Kenya reports FY PAT 2013 +60.13% Earnings here share price +20.00% 2014 Kenyan Economy |
Par Value: 5/- Closing Price: 90.00 Total Shares Issued: 23727000.00 Market Capitalization: 2,135,430,000 EPS: 9.01 PE: 9.988
Full year Earnings through 31st December 2013 Full Year Revenue 5.158992b versus 4.432877b +16.38% Full Year Other Income 83.738m versus 51.704m +61.956% Full Year Profit before Tax 333.442m versus 224.170m +49.191% Full Year Profit After Tax 213.843m versus 133.543m +60.13% Full Year Earnings Per Share 9.01 versus 5.63 +60.03% FY Dividend 1.75 a share
Conclusions
Compelling results. The share price has rallied +20% in anticipation and its probably fairly priced on a PE of 10.00.
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Liberty Kenya Holdings could buy out Dar es Salaam-based medical insurance firm Strategis as part of an ongoing restructuring of its Tanzanian business @BD_Africa Kenyan Economy |
The insurer raised its stake in Strategis to 43 per cent last year from 39.18 per cent in 2012, investing about Sh10 million to buy the additional 3.86 per cent equity in a transaction that then valued the Tanzanian company at about Sh260 million. Liberty says that it is in talks with its co-investors in the company that could see it take a majority stake or acquire all of Strategis' shares. "We are in talks with the other investors in Strategis, but what exactly will happen in terms in terms of changes in shareholding is not yet clear," said Mike du Toit, Liberty's CEO. Liberty Kenya share price data here +46.179% in 2014 and at a Recordhttp://www.rich.co.ke/rcdata/company.php?i=NTc%3DPar Value: Closing Price: 22.00 Total Shares Issued: 515270364.00 Market Capitalization: 11,335,948,008 EPS: 2.15 PE: 10.233 Liberty Kenya Holdings Ltd, a leading insurer in Kenya, has been operational since 1964. FY Earnings through 31st December 2013 versus 12 months through Dec 2012FY Gross earned premium Revenue 7.397981b versus 6.953842b +6.386% FY Less outward reinsurance [3.330854b] versus [2.971456b] FY Net Insurance premium Revenue 4.067128b versus 3.982386b FY Commissions earned 657.492m versus 660.441m FY Investment Income 2.629519b versus 3.180431b FY Total Income 7.378610b versus 8.049399b FY Net Insurance benefits and claims [3.076841b] versus [3.761475b] -18.2% FY Total expenses and commissions [2.995520b] versus [3.137549b] FY Profit before Tax 1.298862b versus 1.174079b +10.628% FY Profit after Tax 1.105920b versus 857.849m +28.91% FY Earnings Per Share 2.15 versus 1.66 +29.518% Kenya Shilling versus The Dollar Live ForexPros 86.853http://j.mp/5jDOot Nairobi All Share Bloomberg +10.5964% 2014http://www.BLOOMBERG.COM/quote/NSEASI:IND Nairobi ^NSE20 Bloomberg +0.4465% 2014 http://j.mp/ajuMHJ4,948.97 -7.55 -0.15% Every Listed Share can be interrogated herehttp://www.rich.co.ke/rcdata/nsestocks.php villa in Lion in the Sun Resort in Malindi, owned by Italian billionaire Flavio Briatore. Photo/FILEhttp://www.businessdailyafrica.com/Sh304-million-Watamu-villa-goes-on-sale/-/1248928/2300380/-/pkefijz/-/index.html
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N.S.E Today |
The Nairobi All Share ran 0.476% higher and has set a Fresh Record Closing High of 151.85. The Nairobi All Share has been on a hot streak and is +11.12% in 2014. The Nairobi NSE20 Index firmed 10.95 points to close at 4959.91. The Nairobi NSE20 Index is +0.66% in 2014 and has been outpaced by the All Share. Equity Turnover was 916.508m and that follows on from 1.263b the previous session. The High volume action validates the Bullish Move. Kenya Commercial Bank and Equity Bank traded 60.325% of the total Turnover today at the Securities Exchange.
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N.S.E Equities - Agricultural |
Sasini Tea and Coffee improved 2.97% to close at 17.35 and traded 11,000 shares. Sasini is +18.43% this year.
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N.S.E Equities - Commercial & Services |
Safaricom closed unchanged at 13.10 and traded 6.018m shares worth 78.813m. Safaricom is +20.737% in 2014 and 0.75% below a record High set on a number of occasions last month. Full Year Earnings will send the Price through 13.50.
TPS Serena bounced 2.48% higher to close at 41.25
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N.S.E Equities - Finance & Investment |
Kenya Commercial Bank rallied 2.0408% to regain an All Time Closing High of 50.00 [previously reached in 2013] and traded shares at an all time Intra day high of 51.00 +4.081%. Kenya Commercial was the most actively traded share at the Securities Exchange with 5.929m shares worth 296.465m. KCB reported Q1 2014 Earnings after the market closed wednesday which comfortably outpaced consensus estimates. KCB reported a +33.72% Q1 2014 Profit before Tax expansion. Kenya Commercial Bank has rallied +8.108% over the last 4 weeks. CFC Stanbic rallied 3.88% to set a Fresh more than 5 year High at 134.00 and traded 63,100 shares. CFC Stanbic is +54.022% in 2014. Equity Bank firmed 0.6535% to close at 38.50 and was trading at session highs of 39.00 +1.96% at the Finish Line. Equity Bank traded 6.631m shares worth 256.422m. Equity Bank has rallied 21.259% over the last 4 weeks.
Housing Finance firmed 0.7% to close at 36.00 and saw well above the moving average volume of 1.726m shares traded. HFCK is +14.285% in 2014.
CIC Insurance was the biggest gainer at the Exchange and rallied 3.98% to close at a Fresh All Time High of 10.45 and traded 1.177m shares. CIC Insurance has posted a blistering +75.63% Rally in 2014.
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N.S.E Equities - Industrial & Allied |
EABL firmed 1.365% to close at 297.00 and was trading at session highs of 299.00 +2.05% at the Finale. EABL has rallied 12.5% over the last 4 weeks and this is a 2014 closing High. EABL has rallied +34.289% since closing at a 52 week low in the 3rd week of February this Year.
Bamburi Cement closed unchanged at 170 and traded 249,200 shares. Bamburi Cement has retreated 19.0476% so far in 2014 and significantly underperformed the benchmark Indices.
Crown Paints Kenya closed unchanged at 90.00 and remains +20% in 2014. Crown Paints reported good Full Year Earnings where Full Year Revenue increased +16.38% and Full Year Profit After Tax expanded +60.13% to 213.843m.
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