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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
I look forward to hosting @Dennis_Makori CEO ONFON Media at #Mindspeak
#Mindspeak 2014 RICH TV
In 2014, #Mindspeak has hosted Christine @Lagarde @IMFNews, Dr. Titus
Naikuni @KenyaAirways, Charles Ireland EABL @TuskerLager, EAC SG Dr.
@rsezibera, Munir Ahmed National Bank Joshua Oigara @KCBGroup.
Eurasia's Reagan Revolutions AUG 17, 2014 6:03 PM EDT By Pankaj Mishra
Law & Politics
Recep Tayyip Erdogan, Turkey's prime minister, brutally cracked down
on protesters in Istanbul's Gezi Park last year, banned Facebook and
YouTube, faced serious allegations of corruption, and, more recently,
was caught on camera slapping a demonstrator. None of this mattered
last week as a majority of Turks made him the country's first
popularly elected president.
A range of 19th-century thinkers from Alexis de Tocqueville to Jacob
Burckhardt warned against putting rabble-rousers exalted by popular
vote into power. The Turkish Teflon leader's electoral triumph is only
the latest instance of degraded democracy.
An indifference to civil rights and aggressive Hindu majoritarianism
did not prevent -- and probably helped -- Narendra Modi's ascent to
India's highest political office this spring. Russia's Vladimir Putin
has enjoyed higher approval ratings this year after annexing Crimea
and threatening eastern Ukraine.
Hungary's Prime Minister Viktor Orban has been impressed enough to
declare that the new "wind blowing from the east" has swept away the
tottering facade of liberal democracy. In an extraordinary turnaround,
Orban, leader of a European Union member state, hopes to emulate the
mini-Caesars of the east as they gratify a widely felt craving among
their peoples for fresh energy and vigor after a period of stagnation.
Perhaps he should also get hold of the rhetorical toolkit of the
original Teflon leader. In his new volume of U.S. social history, "The
Invisible Bridge," Rick Perlstein describes how a has-been movie actor
with Dean Martin looks and some good sound bites successfully lifted
his countrymen out of their 1970s depression and into a new era of
muscular assertiveness. "People want to believe," Perlstein writes,
and "Ronald Reagan was able to make people believe."
Modi's boasts about his 56-inch chest, Putin's judo moves and
Erdogan's tendency to get physical all aim to pull off Reagan's
confidence trick. Modi has revived the fantasy of an Indian Century
after economic setbacks and political dysfunction had punctured it.
Erdogan promised Turks an economically vibrant and internationally
prominent nation after a long period of isolation, chaos and
unrepresentative regimes. Putin, too, found his constituency among a
humiliated and fearful people; Russia suffered a much bigger economic
crisis and loss of political legitimacy in the 1990s than the U.S. had
in the 1970s.
All three leaders possess ideological bases like the one Reagan had
among Christian fundamentalists and neoconservative intellectuals.
Turkey's Neo-Ottomanists, Russia's Eurasianists and India's Hindu
millenarians assert their geopolitical ambition as boldly as the
Reaganites did. Today, though, there is a greater danger in countries
incubating their own version of the Reagan Revolution: Their political
cultures might shift for the long term to the extreme rather than the
Perhaps economic hurdles -- caused by sanctions in Russia's case and
fundamental weakness in India's and Turkey's -- will impose limits
upon the megalomania of the tub-thumpers. The specific mode of
cultural politics and propaganda promoted by them will be with us for
a long time, though. Indeed, the Reagan Revolution has endured even as
the symptoms of American decline, first visible in the 1970s, have
grown acute again.
But then, rich and powerful nations can afford their illusions for
much longer, and they can shift the harshest consequences of their
blunders -- as in Iraq -- onto other people. This is not an option for
countries still far from true power and wealth. The elemental
struggles of their peoples for food and water, dignity and freedom,
can only be further complicated -- and even thwarted -- by
Local versions of the exasperated query "What's the matter with
Kansas?" are likely now to be posed in Anatolia and Uttar Pradesh. "It
is a denial of the experience of our century to suppose that men will
sacrifice their passions to their interests," Raymond Aron wrote in
the 1950s. The information revolution since then has hardly made for a
more pragmatic attachment to self-interest. In our own century,
elected demagogues can still seduce men into the large-scale
delusions, and occasionally crimes, of passion.
@arisroussinos IS posns burning near Mosul Dam. Constant Pesh
mortar fire, just 1 IS mortar in response. 2 jets circling overhead.
Currency Markets at a Glance WSJ
Dollar Index 81.61
Japan Yen 102.60
Swiss Franc 0.9069
India Rupee 60.76
South Korea Won 1017.50
Brazil Real 2.2583
Egypt Pound 7.1506
South Africa Rand 10.6189
Dollar Index 3 Month Chart INO 81.61
Euro versus the Dollar 3 Month Chart 1.3357
Germany Generic Govt 10Y Yield 1.01%
Pricier lamb and China's increasing thirst for milk signal New
Zealand's dollar may halt the declines since July that turned the
world's best-performing major currency into the worst.
The CHART OF THE DAY shows the kiwi's retreat from within one cent of
a record versus the U.S. dollar last month as a glut of milk supply
drove down dairy prices, while a seasonal lull impacted livestock, as
tracked by Commonwealth Bank of Australia indexes. The lower panel
shows China's consumption of whole-milk powder -- New Zealand's
biggest export -- now exceeds half the world's total, while a shift by
farmers to dairy production has reduced the national sheep flock to a
Even after the 3.2 percent slide since the end of June, the worst
among major peers this quarter, the kiwi remains the best performer
versus the greenback since the end of 2008. The U.S. Federal Reserve
slashed borrowing costs to near zero that year before embarking on
three rounds of quantitative easing that drove some investors to New
Zealand assets in a hunt for yield. The South Pacific nation has the
developed world's highest benchmark interest rate at 3.5 percent.
A 3,300 square-meter (35,500 square-foot) penthouse with a water slide connecting a dance floor to a circular open-air swimming pool for more than 300 million euros ($400 million)
The Tour Odeon, a double-skyscraper being built by Groupe Marzocco SAM
near Monaco's Mediterranean seafront, will contain a 3,300
square-meter (35,500 square-foot) penthouse with a water slide
connecting a dance floor to a circular open-air swimming pool. The
apartment may sell for more than 300 million euros ($400 million) when
it goes on the market next year, French weekly magazine Challenges
Asking prices for luxury homes in Geneva have fallen by an average of
about 30 percent in the last 12 months and values have dropped by as
much as 6 percent, according to Alex Koch de Gooreynd, a partner at
A "flow" of new residents is emigrating from Switzerland, where
financial-secrecy laws are crumbling, said Jean Claude Caputo,
managing director of broker Savills Plc (SVS)'s French Riviera unit.
They're drawn by the principality's "security, sophistication and
climate," he said -- as well as for financial reasons. The Swiss
government signed an accord in May to automatically share bank data
"High net-worth individuals want to be in this part of the world,"
Caputo said as he drove in his Audi Quattro to Monaco to brief Swiss
private bankers on the property market there and help them advise
clients considering a move.
The Ebola Virus is non-linear and Economic Forecasting is now high beta
Viruses exhibit non-linear and exponential characteristics
THE @WHO said on Friday that the death toll from the virus in West
Africa had now risen to 1,145.
@WHO said on its website that "staff at the [Ebola] outbreak sites see
evidence that the numbers of reported cases and deaths vastly
underestimate the magnitude of the outbreak".
That is surely a given. The @WorldBank has written treatises on data
gathering in sub-Saharan Africa and therefore I err on the side of a
massive undercount in the matter of Ebola.
According to Nobel Prize-winning biologist Joshua Lederberg, "The
single biggest threat to man's continued dominance on this planet is
the [Ebola] virus."
Harmit Malik, an evolutionary geneticist, has said that "We have been
in an evolutionary arms race with viruses for at least one hundred
"There is genetic conflict everywhere. That's evolution. It's the
world's definitive game of cat and mouse. Viruses evolve, the host
adapts, proteins change, viruses evade them. It never ends. To even
think about the many million-year processes that caused that sort of
evolution. It's dazzling," Malik said.
Conspiracy theorists, and there are plenty on social media, refer us
back to Fort Detrick which was the centre of US government
chemical/biological warfare research.
"In early 1952, CIA effected an agreement with the Army Chemical Corp
for the performance of certain research and development work by the
Army Chemical Corp at the laboratory facilities of Special Operations
Division, Army Biological Laboratories, Frederick, Maryland."
And here is a key quote about a research project:
"Adaptation and testing of a non-discernible microbioinoculator
(device for clandestine inoculation with BW/CW
[biowarfare/chemicalwarfare] agents) to determine compatibility with
various materials to assure that the microbioinoculator cannot be
identified structurally or easily detected upon a detailed autopsy..."
African Ebola is one of the deadliest of known human viruses. It kills
by clotting the blood of its victims, shutting off the flow of
nutrients to key parts of the body and chewing through connective
tissue, so that the infected literally cough their guts out.
Therefore, economic forecasting across vast swathes of sub-Saharan
Africa now carries a very high component of Beta.
Ebola Drains Budgets as Bills Fund Virus Fight: Africa Credit
The worst-ever Ebola outbreak is straining the finances of affected
governments, with Sierra Leone using Treasury Bills to fund the fight
against the virus as mining companies halt operations to protect
Emergency aid of as much as $260 million is being prepared by the
World Bank and the African Development Bank to limit the economic
fallout of the virus on Sierra Leone, Guinea and Liberia, the lenders
said this month. In the latest outbreak in four West African nations,
Ebola has killed at least 1,145 people, or about 60 percent of those
infected with disease, for which there is no cure, according to the
World Health Organization.
"Governments are almost totally reliant on international aid and
healthcare expertise to coordinate and fund the containment strategy,"
Charles Laurie, head of Africa risk analysis at Bath, England-based
consultancy Maplecroft, said. "The selling of debt remains a poor
option for impoverished West African countries seeking to fund the
Sierra Leone auctioned 87.1 billion leones ($20 million) of T-bills on
July 31, with the 364-day debt selling at 6.64 percent, up from 6.27
percent at a July 24 sale, with Matthew Dingie, head of budget and
research at the finance ministry, saying the proceeds are being used
to battle Ebola.
Liberia issued 144.6 million Liberian dollars ($1.8 million) of 91-day
notes at 3.9 percent last month, up from 2.2 percent at a debut sale
in May. Guinea sold 100 billion francs ($14.5 billion) of 364-day
bills at an average yield of 10.8 percent on Aug. 13, from 9.39
percent at an auction the previous week.
Business and transport disruptions, as well as increased health
expenditure may pressure budgets and jeopardize growth, Matt Robinson,
a London-based senior credit officer at Moody's Investors Service,
said in an Aug. 14 report. British Airways halted flights to Liberia
and Sierra Leone and Kenya Airways will stop flying to the nations,
while Emirates canceled services to Conakry in Guinea.
The three countries have a combined gross domestic product of about
$13 billion, smaller than Afghanistan's $21 billion economy, according
to International Monetary Fund estimates for 2013. Companies including
Kuala Lumpur-based Sime Darby Bhd (SIME), a palm oil producer, and
Luxembourg-based ArcelorMittal (MT), a steelmaker and iron ore miner,
are scaling back operations.
The outbreak, the worst since the virus was first identified in the
Democratic Republic of Congo in 1976, has spread to Nigeria, where
four people have died from the illness. The disease is treated by
keeping patients hydrated, replacing lost blood and using antibiotics
to fight opportunistic infections.
While Nigeria has managed to contain the disease, the consequences for
the West African oil and gas industry "would be considerable" if it
had to spread further, said Moody's Robinson. Nigeria's $500 billion
economy is Africa's largest, while the country is also the continent's
biggest oil producer and with about 170 million people, its most
Ebola may cut economic growth in Sierra Leone, Guinea and Liberia by 1
percentage point, Aliko Dangote, Africa's richest man, said in an Aug.
"The countries most affected have seen people fleeing away from
agricultural areas, which is a significant contributor to GDP," Oyin
Anubi, an analyst at Bank of America Merrill Lynch, said by phone from
London. "Some cities are looking like ghost towns where public
employees have been sent home, nothing much is happening and that of
course is going to have an impact on economic activity."
Ebola is threatening to erase the progress Liberia made since the end
of the country's civil war in 2003, Vice President Joseph Boakai said
in a Aug. 3 interview in Washington. The $2 billion economy relies on
World Bank aid and grants for about a third of its budget.
Appetite for investment in the countries is waning with Sierra Leone
last week saying it suspended the sale of two-year bonds that would
have been the first open to foreigners and that it will probably miss
its growth target of 14 percent.
The governments may be tempted to raise debt levels to combat the
disease, which they can "ill afford," said Maplecroft's Laurie.
Guinea's gross debt is 38 percent of GDP, Liberia's is 30 percent,
while Sierra Leone's is 33 percent, according to IMF estimates for
Rule of law in Africa better than you think, says Sudanese billionaire Mo Ibrahim
Sudanese-born telecoms billionaire and entrepreneur, Mo Ibrahim, says
the rule of law in Africa is not as bad as it is generally perceived
to be by western companies. In fact, he said it is often better than
in most countries within the BRIC (Brazil, Russia, India and China)
"In my own business I sued three [African] governments in the local
courts, and I won every case. I challenge any businessman here to sue
China in a Chinese court," he told an audience of business people at
the US-Africa Leaders Summit, hosted in Washington DC last week.
"If you want to succeed in the long term you have to do clean
business. Otherwise it comes and bites you in the backside... so please
Remittances via money transfers in Sub-Saharan African will grow exponentially to more than a hundred billion dollars by 2017 with Nigeria accounting for more than half of that VISA
VISA research says more than $73 billion was sent via money transfers
in the region in 2012 and it now projects growth at double digit rates
over the next five years BusinessDay has learnt.
Analysts say this offers considerable opportunity for VISA, which
benefits from remittance flows, disbursement flows and prepaid cards
in the market. By 2017, Nigeria would account for $55.8bn in
remittances, Kenya $27.5bn and South Africa $17.6bn according to VISA.
It estimates that remittances sent from outside Africa would be the
fastest-growing market and expected to amount to $38bn by 2017 or 27
per cent of the total remittances market.
according to @UNCTAD Review of Maritime Transport three countries
registering highest growth container throughput 2012 were all in
Africa - Congo (44.6%), Ghana (30%), Kenya (22.7%).
Although Africa has a long history with seafaring (even longer than
much of the developed world today) especially across the Indian Ocean
to the Far East, today the continent's 90 or so ports handle about
just 6% of global traffic, and only six ports, three in Egypt and
three in South Africa, handle over 50% of the whole continent's
container traffic. Though not often commented on, that translates into
a lot of "silent clout" for the two countries.
According to one estimate, half of the world's container traffic is
shipped across the Indian Ocean, so a good chunk of this is hovering
around the African continent at one point or another. The traffic is
increasingly coming from Africa itself--according to the latest UNCTAD
Review of Maritime Transport the three countries registering the
highest growth in container throughput in 2012 were all in Africa -
Congo (44.6%), Ghana (30%), Kenya (22.7%).
According to the African Development Bank, port throughput in Africa
will rise from 265 million tonnes in 2009 to more than 2 billion
tonnes in 2040, while transport volumes will increase six- to
eightfold, with a particularly strong increase of up to 14 times for
some landlocked countries.
South Africa All Share Bloomberg +11.4925% 2014
51,572.19 +314.47 +0.61%
Dollar versus Rand 1 Month Chart INO 10.6167
Egypt Pound versus The Dollar 3 Month Chart INO 7.1503
Egypt EGX30 Bloomberg +37.363% 2014
9,316.13 -127.68 -1.35%
Nigeria All Share Bloomberg +0.099% 2014
41,370.24 -9.25 -0.02%
Ghana Stock Exchange Composite Index Bloomberg +3.543% 2014
2,221.65 +5.13 +0.23%
City Lodge to expand in East Africa
Mr Lotter said City Lodge's Kenyan hotels generated far higher profits
per room compared with its South African hotels.
The company's occupancies were historically closer to 80%, and it was
"expanding in tougher times". He expected City Lodge to reap the
benefits of its expansions as occupancies recovered with a healthy
tourism industry, despite competition in the hotel sector.
City Lodge said in addition to buying the remaining 50% of its Kenyan
joint venture, "we have made significant progress towards growing our
presence in East Africa".
The company had concluded an agreement to buy land in Nairobi for
development of a 170-room City Lodge Hotel at a cost of $23m. It
expected construction to start in the first quarter of 2015 and to
open in mid-2016.
It said it had also concluded a long-term land lease to develop a
147-room City Lodge Hotel in Dar es Salaam, Tanzania, subject to
regulatory approval. The development was expected to cost $22m and was
also expected to start in the first quarter of 2015.
Shoprite Full-Year Profit Miss Analyst Estimates as Costs Climb
Revenue growth at the company's South African supermarket operation
added 8.7 percent, compared with 9.8 percent growth a year earlier,
while furniture division sales grew 12 percent, up from 4.7 percent in
Revenue from outside South Africa, which accounts for almost a fifth
of Shoprite sales, increased by 27 percent.
Kenya: Killings, Disappearances by Anti-Terror Police @HRW
There is strong evidence that Kenya's Anti-Terrorism Police Unit
(ATPU) has carried out a series of extrajudicial killings and enforced
disappearances. Human Rights Watch also found evidence of arbitrary
arrests and mistreatment of terrorism suspects in detention.
Kenyan authorities should urgently investigate alleged killings,
disappearances, and other abuses by the unit and hold those
responsible to account. International donors should suspend support to
the unit and other security forces responsible for human rights
"Kenyan counterterrorism forces appear to be killing and disappearing
people right under the noses of top government officials, major
embassies, and the United Nations," said Leslie Lefkow, deputy Africa
director. "This horrendous conduct does not protect Kenyans from
terrorism - it simply undermines the rule of law."
In research conducted in Kenya between November 2013 and June 2014,
Human Rights Watch documented at least 10 cases of killings, 10 cases
of enforced disappearances, and 11 cases of mistreatment or harassment
of terrorism suspects in which there is strong evidence of the
counterterrorism unit's involvement, mainly in Nairobi since 2011.
Based on 22 interviews with family members, victims, witnesses,
journalists, lawyers, imams, police officers, and terrorism suspects
in Nairobi's Majengo neighborhood, researchers found that suspects
were shot dead in public places, abducted from vehicles and
courtrooms, beaten badly during arrest, detained in isolated blocks,
and denied contact with their families or access to lawyers. In some
cases, members of the anti-riot forces known as the General Service
Unit (GSU), military intelligence, and National Intelligence Service
(NIS) were also implicated in abuses by the counterterrorism unit.
The ATPU was created within the Criminal Investigations Department
(CID) in 2003 in response to the attacks on the US embassy in Nairobi
in 1998 and on an Israeli-owned Mombasa hotel in 2002. Terrorist
attacks have increased in Kenya in recent years, particularly after
Kenya sent its military into neighboring Somalia in October 2011.
There were at least 70 grenade and gun attacks in Nairobi, Mombasa,
and Garissa between 2011 and 2014, with at least 30 attacks in 2012
alone, according to the US embassy. In September 2013, gunmen believed
to be affiliated with the Somalia-based militant Islamist group
Al-Shabaab attacked the affluent Westgate Mall in Nairobi, killing 67
people and injuring hundreds.
The counterterrorism unit has not formally acknowledged responsibility
for the alleged killings, although in December 2013, an anonymous
member of the unit told the BBC: "The justice system in Kenya is not
favorable to the work of the police. So we opt to eliminate them
[suspects]. We identify you, we gun you down in front of your family,
and we begin with the leaders." Human Rights Watch's request to
discuss the findings with the ATPU commandant, Boniface Mwaniki, was
The police spokesman has stated publicly that in at least three
separate cases the suspects died in "fire exchange" with the unit's
officers. But Human Rights Watch findings in each of the three cases
contradict that assertion. In the case of Hassan Omondi Owiti and
Shekha Wanjiru, for example, witnesses said that officers from the
counterterrorism unit and the General Service Unit had surrounded
their apartment block in Nairobi's Githurai Kimbo estate in the
evening of May 18, 2013, then stormed their apartment and shot them
dead without armed resistance.
In another example, Lenox David Swalleh and an unidentified person
were shot on November 13, 2013, as they left a mosque after morning
prayers in Nairobi's Eastleigh neighborhood. While police claimed that
other people were killed while preparing to rob a bank, witnesses and
family said the two were unarmed and were shot without warning. The
men had been accused of involvement in a November 2012 grenade attack
on the Hidaya mosque in Eastleigh that killed 6 and injured 15, but
the two were being held at Industrial Area Remand Prison at the time
of the attack and were only released on April 16, 2013.
Kenyan authorities have not effectively investigated these cases or
any anti-terrorism unit officers for alleged abuses, including the
targeted killings of high-profile clerics such as Sheikh Aboud Rogo in
August 2012; Sheikh Ibrahim Omar, who replaced Rogo at Masjid Musa,
and who was gunned down near the same place in October 2013; and
Sheikh Abubakar Shariff, aka Makaburi, who was killed on April 1,
The Kenyan government had accused the clerics of recruiting youths
from Masjid Musa mosque for Al-Shabaab, and was prosecuting Rogo and
Makaburi on those charges. The government established a task force to
investigate Rogo's killing. The task force in August 2013 reported
that police had mishandled the crime scene and recommended a public
inquest. The public prosecutions director promised to set up an
inquest in August 2013 but has not done so.
The counterterrorism unit receives significant support and training
from the United States and the United Kingdom. A 2013 report by the
Congressional Research Service said that the United States had
provided US$19 million to the unit in 2012 alone. The United States
has not scaled down its assistance to the unit or opened an
investigation into its abuses, despite credible allegations of abuse,
including in the US annual human rights report on Kenya.
"The ATPU has been conducting abusive operations for years, sometimes
very openly, yet the Kenyan authorities have done nothing to
investigate, much less stop these crimes," Lefkow said. "Donors need
to carry out their own investigations of these abuses and suspend
their assistance to abusive forces, or risk being complicit in Kenya's
culture of impunity."
The unit receives funding from the United States and Britain, HRW
added, with Washington providing $19 million (14 million euros) in
Limuru Tea Company Ltd reports H1 PBT 2014 -42.55% Earnings here
Par Value: 20/-
Closing Price: 670.00
Total Shares Issued: 1200000.00
Market Capitalization: 804,000,000
1st Half Earnings through 30th June 2014 versus through 30th June 2013
In the First Half of 2014 Company produced 1,649,380 Kilograms of
green leaf, which in turn manufactured into 378.28 tonnes of Black
Tea. 9% Increase in made Tea Volumes versus H1 2013
First Half Total Revenues 48m versus 58m -18.00%
Tea Prices fell 19% in the period under review.
First Half Pre Tax Profit 10.8m versus 18.8m 2013 -42.55%
No Interim Dividend
Tea Prices have been soft in the reporting period.
The Market Cap is less than $10m - The Net Asset Value is a multiple of that.