|
Tuesday 01st of December 2015 |
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
Macro Thoughts |
read more |
|
IMF Approves Reserve-Currency Status for China's Yuan Africa |
China's currency to have 10.92% weighting, topping yen, pound
Lagarde says China's currency meets `freely usable' standard
The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan.
The International Monetary Fund’s executive board, which represents the fund’s 188 member nations, decided the yuan meets the standard of being “freely usable” and will join the dollar, euro, pound and yen in its Special Drawing Rights basket, the organization said Monday in a statement. Approval was expected after IMF Managing Director Christine Lagarde announced Nov. 13 that her staff recommended inclusion, a position she supported.
It’s the first change in the SDR’s currency composition since 1999, when the euro replaced the deutsche mark and French franc.
|
read more |
|
Elephant Africa |
“I’d like to go out in the front yard and shout something. “None of this is worth it!” That’s what I’d like people to hear.” ― Raymond Carver, Elephant And Other Stories
|
read more |
|
To see China’s evolving foreign policy, look to Africa @Business Law & Politics |
To see China’s evolving foreign policy, look to Africa, where a desire to protect economic investment is leading to a revision of the country’s hands-off approach to the internal affairs of other nations.
Chinese President Xi Jinping begins a five-day African visit on Tuesday that he’ll use to showcase China’s expanding role as a protector of regional security, as well as a provider of infrastructure and consumer of resources. China has pledged $100 million of military aid for the African Union, sent an infantry battalion to support peacekeeping efforts in South Sudan and deployed frigates to fight piracy off the Somali coast, leading the country to consider building its first overseas naval resupply station in Djibouti.
“Such initiatives are a clear departure from Beijing’s aversion to military or security intervention in Africa,” Lyle Morris, a project associate at the RAND Corp., said, citing in particular the military assistance Xi pledged in September. "The announcement suggests a rethinking of Chinese priorities on the continent, and marks a recognition that China’s participation in conflict resolution will be an unavoidable byproduct of increased Chinese engagement."
Xi is expected to cast China’s security role in Africa as limited and within the framework of international organizations. “In the long run, the international community and the United Nations should support African countries in increasing their own capacity in keeping peace and stability so that African issues can be addressed in an African way,” he told the UN General Assembly in September.
While China is Africa’s biggest trading partner, with two-way flows exceeding $220 billion last year, the pace of investment has slowed.
Xi will propose "new thoughts, new policies and new ideas" for developing ties with Africa, Foreign Minister Wang Yi told reporters Thursday. He’s expected to discuss plans to build a high-speed rail network in Nigeria and regional aviation links and highways, according to China’s official Xinhua News Agency.
“China is approaching Africa a little differently than it used to,” Shinn said. “It’s not reached the point yet where you could say they have abandoned the principle of non-interference, but it certainly has reached the point of a redefinition of what non-interference means.”
|
read more |
|
Putin: Turkey shot down jet to protect ISIL oil supply Law & Politics |
"We have every reason to think that the decision to shoot down our plane was dictated by the desire to protect the oil supply lines to Turkish territory," Putin said during a news conference on Monday on the fringes of UN climate talks near Paris.
"We have received additional information which unfortunately confirms that this oil, produced in areas controlled by [ISIL] and other terrorist organisations, is transported on an industrial scale to Turkey."
Conclusions
Putin is correct in this regard.
|
read more |
|
Pope @Pontifex says fundamentalism is 'disease of all religions' Law & Politics |
Pope Francis said fundamentalism is "a disease of all religions", including the Roman Catholic Church, as he returned from a three-nation tour of Africa in which he preached reconciliation and hope.
"Fundamentalism is always a tragedy. It is not religious, it lacks God, it is idolatrous," the Argentine pontiff told journalists on the plane back from the Central African Republic.
"We Catholics, we have a few, even many fundamentalists. They believe they know absolute truth and corrupt others," he said, adding: "I can say this because this is my Church."
In extraordinary scenes before he held a papal mass at the capital's Barthelemy Boganda stadium, a group of Muslim rebels from the PK5 area leapt out of two pickup trucks, all wearing T-shirts bearing the pope's image.
As they pushed through the crowd in an area where Muslims usually do not dare to venture, people cheered and shouted: "It's over".
"We thought the whole world had abandoned us, but not him. He loves us Muslims too," said Idi Bohari, an elderly man.
Conclusions
He is a Star.
|
read more |
|
I doubt if there are 700 active “moderate” foot soldiers in Syria – and I am being very generous Robert Fisk Law & Politics |
At one point last week, one of Cameron’s satraps was even referring to this phantom army as “ground troops”. I doubt if there are 700 active “moderate” foot soldiers in Syria – and I am being very generous, for the figure may be nearer 70 – let alone 70,000. And the Syrian Kurds are not going to conquer Isis for us; they’re too busy trying to survive the assaults of our Turkish allies. Besides, aren’t the “moderates” supposed to be the folk who don’t carry weapons at all? Who’s ever heard before of a “moderate” with a Kalashnikov?
The Syrian regime’s army – who really are ground troops and who never worried about the “moderate” rebels because they always ran away – are the only regular force deployed in Syria. And thanks to Vladimir Putin rather than PR Dave, they’re beginning to win back territory. Yet after losing at least 60,000 soldiers – killed largely by Isis and the al-Nusra Front – the Syrian army would be hard put to fight off an assault on Damascus by Dave Cameron’s 70,000 “moderates”. If this ghost army existed, it would already have captured Damascus and hurled Bashar al-Assad from power.
|
read more |
|
Kabore was the prime minister and speaker of parliament under Compaore. Africa |
The Independent National Electoral Commission said on Tuesday morning that results showed that Kabore, from the Movement of People for Progress party, won 53.5 percent of the vote, just enough to secure a first round victory.
Kabore, 58, will now replace the transitional government put in place after Blaise Compaore, Burkina Faso's longtime leader, was toppled in a popular uprising in October 2014.
|
read more |
|
Standard Bank to pay $32.6m over Tanzania bribery scandal Africa |
The settlement in London relates to the banking division’s work in 2012-13 on a $600m private placement of sovereign debt to finance electricity, water and other infrastructure work in Tanzania, part of the government’s five-year development plan.
The original fee on the capital-raising proposed by the then London office of Standard Bank, and a local sister office in Tanzania, was 1.4%, but plans for the transaction stalled.
Later, the fee was raised to 2.4%, and the former Standard Bank units agreed to pay 1% to a local company in Tanzania, Enterprise Growth Market Advisors Ltd.
The chairman of EGMA, and one of three shareholders, was Harry Kitilya, who was also head of the government tax agency, the Tanzania Revenue Authority.
As a result of the new fee arrangements, $6m was paid to a new bank account in the name of EGMA in March 2013. Within 10 days, the account had been almost entirely emptied after four cash withdrawals of between $1.17m and $1.45m. The proceeds have not been traced.
Standard Bank bosses eventually became concerned and after an internal investigation the case was reported to the SFO.
|
read more |
|
South Africa All Share Bloomberg +3.69% 2015 Africa |
The rand extended losses against the dollar to an all-time low of 14.4600 from 14.3800 after release of the data. http://af.reuters.com/article/investingNews/idAFKBN0TJ1AO20151130
The trade gap for Africa's most industrialised economy was at 21.39 billion rand ($1.5 billion) in October, the South African Revenue Service (SARS) said, up sharply from a revised 1.26 billion rand in September.
Economists polled by Reuters had expected a shortfall of just 4.9 billion rand.
The rand extended losses against the dollar to an all-time low of 14.4600 from 14.3800 after release of the data.
Exports decreased by 6 percent to 86.35 billion rand, while imports jumped by 15.7 percent to 107.74 billion rand on a month-on-month basis, SARS said.
Exports of precious metals and stones, vegetable products, mineral products and vehicle and transport equipment fell significantly during October.
|
read more |
|
Sunil Vaswani's Stallion Group makes waves in Africa Africa |
The stunning mansion in Dubai’s Emirates Hills gated community is crammed with countless frills, some customary, some not. The eastern European shepherd guard dogs, the liveried staff and the line-up of shiny Ferraris, Rolls-Royces, Porsches and Lamborghinis in the indoor lot set the tone. Then there is the exotic-bird-filled aviary, the bowling alley, the nightclub, the automatic car wash, the outdoor singing bar frequented by the likes of Lionel Richie and, for the deepest of pockets, a basement casino. The tables come alive when Sunil Vaswani, chairman of $3.72 billion (revenues) Stallion Group, headquartered nearby, hosts his famed soirees.
Stallion holds considerable sway in Africa’s largest economy, Nigeria. There it has the largest cold-storage facilities, with capacity of 130,000 metric tonnes and full backup power, phenomenal infrastructure in power-and cold-chain-deficient sub-Saharan Africa. It is the largest frozen-fish distributor and a rice market leader in Nigeria and its region, importing in bulk from Asia, bagging and branding for market. Last year Stallion imported a fifth of Nigeria’s rice consumption. It is the sole distributor for global automakers like Nissan in Nigeria and parts of sub-Saharan Africa. In December Nigeria’s government cited Stallion, alongside the sugar and cement operation owned by Africa’s richest man, Aliko Dangote, as the top two conglomerates contributing to its economic development.
|
read more |
|
Water, beer, car prices up as new taxes take effect @BD_Africa Kenyan Economy |
Treasury secretary Henry Rotich has indicated in a gazette notice that the Kenya Revenue Authority (KRA) will start collecting the taxes from Tuesday.
Beer is up Sh30 per litre, kerosene by Sh5.75 a litre, bottled water up by Sh7 a litre, juice is up Sh10 a litre while a charge of Sh10,000 will apply on motorcycles.
“In exercise of the powers conferred by section 1 of the Excise Duty Act, the Cabinet secretary for the National Treasury appoints December 1, 2015 to be the date the Act shall come into operation,” said Mr Rotich in the gazette notice.
The government expects to raise an additional Sh25 billion from the new levies that Mr Rotich introduced in June to help fund his Sh2.1 trillion budget.
|
read more |
|
Panorama found British American Tobacco illegally paid politicians and civil servants in countries in East Africa. Kenyan Economy |
A BBC investigation has uncovered evidence of bribery at one of the UK's biggest companies. Panorama found British American Tobacco illegally paid politicians and civil servants in countries in East Africa. The payments were revealed when a whistleblower shared hundreds of secret documents. BAT told the BBC: "The truth is that we do not and will not tolerate corruption, no matter where it takes place." Paul Hopkins, who worked for BAT, a British company, in Kenya for 13 years, said he had begun paying bribes after being told it was the cost of doing business in Africa. "BAT is bribing people, and I'm facilitating it," he said. "The reality is if... they have to break the rules, they will break the rules."
|
read more |
|
Moses Wetang'ula named in BAT mega bribery scheme The Star Kenyan Economy |
Bungoma Senator Moses Wetangula has been mentioned in a BBC investigation into bribery claims at British American Tobacco.
According to BBC's Panorama programme, Wetang'ula as Trade minister in 2012 was one of the MPs who allegedly received 'favors' from BAT.
In July 2012, Adell-Owino, BAT lobbyist, requested the purchase of a business class ticket to London for Wetang'ula.
The email said he would be "hosted at Globe House" which is BAT's London headquarters.
Adell-Owino asked that the transaction should be "paperless" and there should be "no receipts if any in his (Wetang'ula) name.”
Wetang'ula however, denied knowledge of the emails when contacted by Panorama. Wetangu'la told BBC he was "shocked" and "upset" and would take legal action against anybody circulating "such a crude rumor" against him.
"I did not receive any ticket or any money. I never had dealings with BAT," he said.
Adell-Owino "categorically denied" involvement in bribery and said BAT "mistakenly believed" the payments were bribes.
|
read more |
|
N.S.E Today |
The Volume Meter only clocked 368.745m signalling the onset of the Christmas Season. The Nairobi All Share eked out a 0.01 point gain to close at 143.48. The Nairobi NSE20 which has been yo-yoing above and below the key 4,000 Level lost its grip on that Level to close 38.01 points lower at 3978.17
|
|
N.S.E Equities - Commercial & Services |
A Demand versus Supply Imbalance of 17 Buyers for every 2 Sellers lifted Safaricom's share price 0.64% to close at 15.65 and traded 4.234m shares. Safaricom remains +9.05% since 5th November and has done the heavy-lifting at the Nairobi Securities Exchange in the month of November.
Nation Media which has been on a roll of late firmed a further +2.58% to close at 159.00 and traded 55,900 shares.
TPS Serena Hotels firmed +3.64% to close at 28.5 and traded 8,400 shares.
|
|
N.S.E Equities - Finance & Investment |
Kenya Commercial Bank rebounded +1.89% to close at 40.50 and traded 118,500 shares. There is extreme Buy Side Demand below 40.00. CFC StanBic edged +0.59% higher to close at 84.50 and on good volume of 354,400 shares.
Housing Finance rallied +3.52% to close at 22.00 and traded 39,600 shares.
Kenya Re closed unchanged at 21.75 and traded heavy duty volume of 3.247m shares worth 70.612m. Kenya Re has bucked the Trend and has rallied +21.7% in 2015.
|
|
N.S.E Equities - Industrial & Allied |
The Flag-Ship BBC programme Panorama found that BAT ''British American Tobacco illegally paid politicians and civil servants in countries in East Africa. The payments were revealed when a whistleblower shared hundreds of secret documents'' BAT eased -0.127% to close at 784.00 and traded 90,100 shares worth 70.72m, which is a resilient outcome in the circumstances. BAT has retreated -9.36% on a Total Return Basis in 2015.
BAT share price data here -9.36% Total Return Basis in 2015 http://www.rich.co.ke/rcdata/company.php?i=Mjk%3D
Atlas Development and Support Services Limited, which is the worst performing counter at the Securities Exchange in 2015 falling an eye-popping 18.6% today to close at an All-Time Low of 1.75. Atlas has slumped -85.477% in 2015. Todays Slump of 18.6% was triggered by an Official announcement issued via the Securities Exchange, pre-market Opening.
''Atlas (AIM, NSE: ADSS) announces that it has taken the decision to place its Kenyan subsidiaries into liquidation by way of a Creditors Voluntary Liquidation. The liquidation is only in relation to the Company’s Kenyan subsidiaries and not the holding company, which is the listed entity. In view of this, it is important to note that the Company will remain listed in Kenya and is committed to advancing its other subsidiaries, which remain operational. The downturn in the oil and gas industry, market adjustments and the failure of certain key clients to settle debts, together with increasing creditor pressure has led to the decision to close Kenyan operations and focus all of the Company’s administrative functions and activities in Ethiopia for the time being''
Atlas Development and Support Services Limited Official Release dated 1st December 2015 http://www.rich.co.ke/media/docs/Atlas%20Development%20&%20Support%20Services%20Limited-%20Public%20Announcement.pdf
Atlas Development and Support Services Limited -85.477% in 2015 share data here http://www.rich.co.ke/rcdata/company.php?i=Njg%3D
|
|
|
|
|