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Satchu's Rich Wrap-Up
 
 
Wednesday 20th of August 2014
 
Morning
Africa

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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
http://www.rich.co.ke

I thank Bharat Thakrar for an outstanding Dinner last night which
Dinner belongs in the Annals of Gastronomy

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I thank @bharatthakrar for an outstanding dinner Annals of Gastronomy
Africa


I am looking forward to being in Mombasa overnight where I am speaking
at the Standard Bank Investor Conference/Dinner

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Dhows Mombasa 1953
Africa


I look forward to hosting @Dennis_Makori CEO ONFON Media at #Mindspeak
on the 30th of August

read more



#Mindspeak 2014 RICH TV
Africa


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.

read more








A masked Islamic State militant holding a knife speaks next to man purported to be U.S. journalist James Foley at an unknown location still image from an undated video posted on a social media website. CREDIT: REUTERS/SOCIAL MEDIA WEBSITE VIA REUTERS TV
Law & Politics


Islamic State insurgents posted a video on Tuesday purportedly showing
the beheading of U.S. journalist James Foley and images of another
U.S. journalist whose life they said depended on how the United States
acts in Iraq.

The video, titled "A Message To America," presented President Barack
Obama with bleak options that could define America’s next phase of
involvement in Iraq and the public reaction to it, potentially
deepening his hand in a conflict he built much of his presidency on
ending.

The words "Obama authorizes military operations against the Islamic
State effectively placing America upon a slippery slope towards a new
war front against Muslims" appeared in English and Arabic on the
screen.

It showed black and white aerial footage of air strikes with text
saying "American aggression against the Islamic State".

A man identified as James Foley, his head shaven and dressed in an
orange outfit similar to uniforms worn by prisoners at the U.S.
military detention camp in Guantánamo, Cuba, is seen kneeling in the
desert next to a man standing, holding a knife and clad head to toe in
black.

Conclusions


We could be entering Jimmy Carter Territory here.

read more


The Iran hostage crisis, referred to within Iran in Persian as تسخیر لانه جاسوسی امریکا (literally "Conquest of the American Spy Den,"), was a diplomatic crisis between Iran and the United States.
Law & Politics


Fifty-two American diplomats and citizens were held hostage for 444
days (November 4, 1979, to January 20, 1981), after a group of Iranian
students, belonging to the Muslim Student Followers of the Imam's
Line, who were supporting the Iranian Revolution, took over the U.S.
Embassy in Tehran.[1] President Jimmy Carter called the hostages
"victims of terrorism and anarchy," adding that "the United States
will not yield to blackmail."[2]

read more




“The cells are being organized by North Africans who have fought and are now returning to their home countries,” a source said
Law & Politics


“Over the last two months or so, the direction has been changing, and
ISIL also wants to establish an infrastructure in North Africa,” the
source said.

Rami told the U.S. Central Command-sponsored Magharebia.com news site
that ISIL has attracted numerous smaller Al Qaida-aligned cells in
North Africa. In addition, ISIL has recruited hundreds of so-called
lone wolves for attacks.

“Therefore, Al Baghdadi can use those at any moment to carry out
terrorist operations and destabilize regional countries,” Rami said.

read more



Palestinian fighters from the Izz el-Deen al-Qassam Brigades, the armed wing of the Hamas movement, stand inside an underground tunnel in Gaza August 18, 2014.
Law & Politics


Hamas fighters, clad in black and armed with assault rifles, navigated
the dimly lit tunnel with ease, saying they felt at home in their
network of underground passages in the Gaza Strip.

A rare tour that Hamas granted to a Reuters reporter, photographer and
cameraman appeared to be an attempt to dispute Israel's claim that it
had demolished all of the Islamist group's border infiltration tunnels
in the Gaza war.

"We are speaking to you today from inside one of those tunnels, which
Israel said it had destroyed. Our men are still operating in those
tunnels prepared for all options," said a masked fighter from Hamas's
Izz el-Deen al-Qassam Brigades.

read more


Currency Markets at a Glance WSJ
World Currencies


Euro 1.3306 Dollar touched $1.3303, the strongest since Nov. 7.
Dollar Index 81.96
Japan Yen 103.14 greenback advanced 0.3 percent to 103.22 yen, the
most since April 7.
Swiss Franc 0.9102
Pound 1.6608 It rose to $1.6605 versus the pound, the highest since April 8
Aussie 0.9293 the risk of a material fall in the Australian dollar is
“underestimated.” said the Central Bank Governor
India Rupee 60.817
South Korea Won 1022.15
Brazil Real 2.2468
Egypt Pound 7.1518
South Africa Rand 10.6770

read more


Dollar Index 3 Month Chart INO 81.96 [is Making that Move as in the song by Shalamar]
Law & Politics


The Bloomberg Dollar Spot Index, which tracks the greenback against 10
major currencies, advanced 0.1 percent to 1,024.89. It earlier touched
1,024.97, the highest since Feb. 10.

read more



Euro versus the Dollar 3 Month Chart 1.3306
World Currencies


The birth of Novo Banco SA and Banco Espirito Santo (BKESY), also known as BES

http://marketrealist.com/2014/08/must-know-the-birth-of-novo-banco-sa/

As a result of the Bank of Portugal’s assistance:

The Bank of Portugal will take control of Banco Espirito Santo’s
assets and deposit-taking operations by transferring them to a new
company, Novo Banco SA. It will inject money from its Resolution Fund
into the new company.

Banco Espirito Santo is going to become the bad bank compared to the
new good bank. It will be left with all the toxic assets.

Shareholders and owners of the bank’s junior debt will be left with
Banco Espirito Santo’s most problematic assets, including loans to
other parts of the Espirito Santo Group and the lender’s stake in BES
Angola.

Deposits and all senior bondholders are fully preserved.

Banco Novo’s managers will search for private investors to buy
significant stakes in an adequate amount of time.

read more


Commodity Markets at a Glance WSJ
Commodities


Gold 1 month Chart INO 1295.35

http://quotes.ino.com/charting/index.html?s=FOREX_XAUUSDO&t=c&a=50&w=1&v=d1

Gold for immediate delivery was at $1,295.51 an ounce at 12:07 p.m. in
Singapore from $1,295.73 yesterday, when the metal capped the
three-session, 1.4 percent decline, according to Bloomberg generic
pricing. Bullion on Aug. 15 dropped to $1,292.63, the lowest level
since Aug. 6.

Crude Oil 1 Month Chart INO 92.86

http://quotes.ino.com/charting/index.html?s=NYMEX_CL.V14.E&v=d1&t=c&a=50&w=1

read more



South Africa All Share Bloomberg +11.040%
Africa


51,363.37 -208.82 -0.40%

Dollar versus Rand 1 Month Chart INO 10.6742

http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&t=c&a=50&w=1&v=d1

Egypt Pound versus The Dollar 3 Month Chart INO 7.1516

http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1

Egypt EGX30 Bloomberg +38.582% 2014 [Multi Year Highs]

http://www.bloomberg.com/quote/CASE:IND

9,395.58 +79.45 +0.85%

Nigeria All Share Bloomberg +1.168% 2014

http://www.bloomberg.com/quote/NGSEINDX:IND

41,812.17 +441.93 +1.07%

read more


Nigeria Arrests Man With Suspected Bombs Near Airport
Africa


The leader of Nigerian Islamist militant group Boko Haram, Abubakar
Shekau, said in a video last month that it was responsible for the
June 25 blast at a fuel depot in Lagos, the first time the insurgent
sect laid claim to an attack on the coastal hub that is home to over
20 million people and sub-Saharan Africa’s most populated city.

read more


Ghana Stock Exchange Composite Index Bloomberg +3.496%
Africa


2,220.44 -1.21 -0.05%

Sub-Saharan Africa’s Middle Class to Balloon, Standard Bank Says

http://www.bloomberg.com/news/2014-08-19/sub-saharan-africa-s-middle-class-to-balloon-standard-bank-says.html

Middle-class households in 11 leading sub-Saharan African economies,
excluding South Africa, are set to balloon to about 40 million by
2030, as the benefits of economic growth are more inclusively
distributed, according to Standard Bank Group Ltd.

About 15 million of the 110 million households in Angola, Ethiopia,
Ghana, Kenya, Mozambique, Nigeria, South Sudan, Sudan, Tanzania,
Uganda and Zambia are lower-middle-class and middle-class, consuming
from $15 to $115 a day, the continent’s largest lender said today.
About 86 percent of households are low-income, consuming less than $15
a day, it said.

“Between 2000 and 2014, we’ve seen a tripling of middle-class
households across these 11 countries,” Simon Freemantle, a political
economist at Standard Bank, said in Johannesburg. “It confirms that
idea that Africa has structurally changed, that there has been real
improvement in the last 10 years. Not just cyclical, it’s been a real
structural change.”

The emergence of a middle class was found to be most profound in
Nigeria, which has Africa’s largest economy. About 4.1 million
households, or 11 percent of the West African nation’s population,
consume $23 to $115 a day. That’s six times more than in 2000.

East Africa lagged other regions in the study, with more than 90
percent of households in Ethiopia, Tanzania, Uganda and Kenya defined
as low-income.

“Africa remains predominantly low-income,” Freemantle said. “A big
part of these households are exceptionally vulnerable, exceptionally
marginalized and very far from being able to allocate any kind of
spending to what would be defined as non-staple. These are people
clinging to survival, and that’s obviously a big socio-economic
challenge that needs to be faced very pragmatically.”

Moody’s downgrades South Africa’s four main banks FT

http://www.ft.com/intl/cms/s/0/7933f1c8-27bd-11e4-ae44-00144feabdc0.html#axzz3AuUiBuoi

Moody’s, the rating agency, on Tuesday downgraded the credit ratings
of South Africa’s four dominant banks as the country’s financial
sector continues to endure the ripple effects of the collapse of
African Bank, the nation’s biggest lender of unsecured loans.

Moody’s said the decision to downgrade Standard Bank, Absa, FirstRand
and Nedbank by one notch reflected its view “of the lower likelihood
of systemic support from South African authorities to fully protect
creditors in the event of need”.

The move comes after the central bank stepped in with a rescue package
to bail out African Bank, known as Abil, that included bondholders and
wholesale depositors taking a 10 per cent haircut.

Ecobank expects South Africa's Nedbank to convert a $285 million loan
to shares in the Lome-based bank before the end of the year.

http://www.thisdaylive.com/articles/nedbank-to-own-20-of-ecobank-after-debt-conversion/186760/

Ecobank's Chief Executive, Albert Essien said he was confident Nedbank
would exercise the conversion option and also top up the conversion
amount with $206 million to give it a 20 per cent stake in Ecobank.

Essien said Ecobank had recently set up operations in Mozambique and
secured a banking licence in Angola.

SAP has takes the wraps off a seven-year plan to invest US$500m (about
R5,3bn) in Africa, hoping to accelerate its growth across five regions
on the continent, including South Africa, Nigeria and Kenya.

http://www.techcentral.co.za/sap-to-pump-billions-into-africa/50426/

SAP Africa CEO Pfungwa Serima says focus areas for growth in the
countries it has identified include energy and natural resources, the
public sector, financial services and telecommunications.

Serima says the company will also focus on small and mid-sized
companies, which contribute 40% to Africa’s GDP. It has selected Kenya
for its “emerging entrepreneur initiative”. This is due to the
strength and potential of the Kenyan market to grow and support a
thriving entrepreneurial ecosystem, SAP says.

Poachers killed an estimated 100,000 elephants across Africa between
2010 and 2012

http://www.cbc.ca/news/world/poachers-kill-100-000-african-elephants-in-3-years-study-says-1.2740317

Some individual elephant death numbers are shocking. The elephant
population in Tanzania's Selous Game Reserve dropped from 40,000 to
13,000 over the last three years.

Tanzania Readies Rules to Open Stock Market to Foreigners

http://www.bloomberg.com/news/2014-08-19/tanzania-readies-rules-to-open-stock-market-to-foreigners.html

Tanzania is studying proposals by the country’s stock market regulator
to scrap limits on foreign share ownership, providing a further spur
to Africa’s best-performing equities gauge.

Plans by the Capital Markets and Securities Authority to change rules
that cap foreign holdings of listed companies to 60 percent are with
Tanzania’s Finance Ministry for approval, Charles Shirima, a spokesman
with the Dar es Salaam-based regulator, said in an e-mailed response
to questions yesterday. The amendments are expected to be implemented
by the end of this year, he said.

The 11-member Tanzania Share Index gained 50 percent in 2014, the most
among 17 African gauges tracked by Bloomberg, with Tanzania Breweries
Ltd., the country’s largest beermaker, National Microfinance Bank
Ltd., the fourth-biggest lender, and Tanzania Cigarette Co., leading
the advance. The country’s $33 billion economy, the largest in East
Africa after Kenya, will expand 7.2 percent this year, according to
World Bank estimates.

“The lifting of the restriction will definitely improve liquidity in
the market, which may see the rally continuing,” Andrew Shultz, head
of Africa strategy at Imara Africa Securities, which has offices in
Angola, Zambia, Zimbabwe, Malawi and Nigeria, said by phone from Cape
Town. Tanzania “is the Africa growth story -- a young and growing
population, rapidly urbanizing.”

Trading this year amounts to 114 billion Tanzanian shillings ($68
million), compared with 252 billion shillings for all of last year,
which was a more than fivefold increase in the average turnover in the
previous five years, Shirima said.



USD KENINT 5⅞   19  103.750-104.500   4.99/4.82   336./319.
USD KENINT 6⅞   24  107.250-108.000   5.89/5.80   350./341.

read more


BAT Kenya closed at a record 799.00 yesterday and is +33.166% 2014
Kenyan Economy


Par Value:                  10/-
Closing Price:           799.00
Total Shares Issued:          100000000.00
Market Capitalization:        79,900,000,000
EPS:             37.24
PE:                 21.455

BAT Reports H1 2014 Earnings here

H1 Turnover 16.848b versus 15.154b +11.2%
Net H1 Revenue 10.308b versus 9.039b +14%
H1 Profit Before Tax 2.658b versus 2.340b +13.6%
H1 Profit after Tax 1.793b versus 1.566b +14.5%
H1 Earnings Per Share 17.93 versus 15.66 +14.5%

read more


20 coast hotels shut on low bookings @BD_Africa
Kenyan Economy


The Kenya Union of Domestic, Hotels, Education Institutions, Hospitals
and Allied Workers (Kudhehia) Tuesday said 15 hotels have closed in
North Coast and five in Kwale as effects of travel warnings issued in
May by Britain, the United States, France and Australia continue to
bite.

The travel warnings were issued following a string of gun and grenade
assaults that have hit Nairobi and the coastal resorts of Mombasa and
Lamu.

This has cut the occupancy level at the coast to below 20 per cent
during the high-season, which starts in July, when hotels operating at
more 90 per cent. The hotels say they need bed occupancy of between 60
and 70 per cent to break even.

Conclusions

read more




M-Pesa users face tariff raise for amounts above Sh1,500
Kenyan Economy

 



Safaricom has signalled a tariff increase for users of the M-Pesa
mobile cash system sending Sh1,501 and above, but reduced by up to 67
per cent the charges for those making transfers of up to Sh1,500.

The telecommunications firm, which is facing new competition from
Equity Bank’s planned mobile money services, said Tuesday it will cost
an average of 0.8 per cent to send amounts above Sh1,500 on M-Pesa.

Though Safaricom did not give a detailed breakdown of the new M-Pesa
tariff structure, the 0.8 per cent average is an indication that it
will cost much more to send higher amounts on the popular platform.

The telco however said nearly two-thirds of M-Pesa users send amounts
below Sh1,500 which will now cost Sh25 to transfer from the previous
Sh33.

Equity Bank has indicated that it will charge customers a maximum of
Sh25 to transfer money on its planned Mobile Virtual Network Operator
(MVNO) service.

“We have spent a considerable amount of time analysing M-Pesa usage
trends and we have established that over 65 per cent of its person to
person transactions are within the Sh10 – Sh1,500 band. It is our
belief that by lowering the cost of these transactions we will provide
an increased number of Kenyans with affordable access to basic
financial services,” said Safaricom Tuesday in a statement.

“While making the tariff revision announcement,  …… we signalled
rationalised tariffs for sending higher amounts exceeding Sh1,501 to
be an average of 0.8 per cent of the transaction value,” said the
Safaricom statement.

Equity Bank’s MVNO licence has however been delayed by a court case
and a complaint letter that Safaricom sent to the telecommunications
regulator petitioning for a review of the intended use of a paper-thin
SIM cards that can be embedded on the conventional SIMs to help users
operate double SIMs.

Bob Collymore, Safaricom’s CEO said the firm had analysed the M-Pesa
transaction trends and found that 65 per cent of most transactions
fall within the lower band

.@safaricomltd share price data here

http://www.rich.co.ke/rcdata/company.php?i=NTU%3D

Par Value:                  0.05/-
Closing Price:           12.75
Total Shares Issued:          40044601000.00
Market Capitalization:        510,568,662,750
EPS:             0.57
PE:                 22.368

FY Revenue 144.67b versus 124.29b +16.4%

FY Voice Revenue 86.3b versus 77.33b +11.6%
FY Messaging Revenue 13.62b versus 10.15b +34.19%
FY Mobile Data Revenue 9.31b versus 6.62b +40.63%
FY Fixed Service Revenue 2.57b versus 2.11b +21.8%
FY M-Pesa Revenue 26.56b versus 21.84b +21.61%
FY Direct Costs [51.96b] versus [[47.17b] +10.15%
FY EBITDA 60.94b versus 49.24b
FY PAT 23.02b versus 17.54b +31.24%
FY EPS 0.57 versus 0.44 +29.55%
FY Dividend 0.47 versus 0.31 +51.61%
Dividend Yield 3.65%
Free Cash Flow 22.69b versus 14.51b

M-Pesa The Jewel in the @Safaricomltd Crown 831 days ago

http://www.twitpic.com/9jcude

Kenya Shilling versus The Dollar Live ForexPros 88.35

http://j.mp/5jDOot

Nairobi All Share Bloomberg +14.262% 2014 [0.344% below a record high
set 6th August 2014]

http://www.BLOOMBERG.COM/quote/NSEASI:IND

156.14 +0.43 +0.28%

Nairobi ^NSE20 Bloomberg +2.923% 2014 [January 28th 2014 highs]

http://j.mp/ajuMHJ

5,070.13 +29.57 +0.59%

Every Listed Share can be interrogated here

http://www.rich.co.ke/rcdata/nsestocks.php

 

read more



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