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Wednesday 16th of November 2016 |
Morning Africa |
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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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American allies were blindly dialing in to Trump Tower to try to reach the soon-to-be-leader of the free world @NYT Law & Politics |
WASHINGTON — President-elect Donald J. Trump’s transition was in disarray on Tuesday, marked by firings, infighting and revelations that American allies were blindly dialing in to Trump Tower to try to reach the soon-to-be-leader of the free world.
One week after Mr. Trump scored an upset victory that took him by surprise, his team was improvising the most basic traditions of assuming power. That included working without official State Department briefing materials in his first conversations with foreign leaders.
Two officials who had been handling national security for the transition, former Representative Mike Rogers of Michigan and Matthew Freedman, a lobbyist who consults with corporations and foreign governments, were fired. Both were part of what officials described as a purge orchestrated by Jared Kushner, Mr. Trump’s son-in-law and close adviser.
The dismissals followed the abrupt firing on Friday of Gov. Chris Christie of New Jersey, who was replaced as chief of the transition by Vice President-elect Mike Pence. Mr. Kushner, a transition official said, was systematically dismissing people like Mr. Rogers who had ties with Mr. Christie. As a federal prosecutor, Mr. Christie had sent Mr. Kushner’s father to jail.
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Aleppo airstrikes restart as Russia announces major Syria offensive Law & Politics |
Pro-Assad forces have intensified attacks on Syrian rebels, launching a fierce aerial bombardment of besieged eastern Aleppo and missile strikes from a Russian aircraft carrier stationed off the coast, the day after Donald Trump and Vladimir Putin spoke on the phone.
The US president-elect and Russian president discussed “regulating the conflict in Syria” and the need to combat “international terrorism and extremism”, Putin’s office said in a statement.
Conclusions
The Rebels are now Dead-Enders
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Saudi Arabia warns Trump on blocking oil imports @FT Commodities |
Saudi Arabia has warned Donald Trump that the incoming US president will risk the health of his country’s economy if he acts on his election promises to block oil imports.
In a sign of the difficulties Mr Trump faces over his campaign pledges to create “complete American energy independence” from “our foes and the oil cartels”, Saudi Arabia’s energy minister pointedly reminded the president-elect that the US “benefits more than anybody else from global free trade”, adding, “energy is the lifeblood of the global economy”.
“At his heart President-elect Trump will see the benefits and I think the oil industry will also be advising him accordingly that blocking trade in any product is not healthy,” Khalid al-Falih, who is also chairman of Aramco, the state-run oil company, told the Financial Times in Marrakesh, where he is leading Saudi Arabia’s delegation in UN climate talks.
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Multinational firms dumping Venezuela operations in fire sales Reuters Emerging Markets |
Multinational companies are selling their Venezuelan operations at hefty discounts - or even giving them away - as they to seek to escape the OPEC nation's soaring inflation and chronic supply shortages.
Six firms, including General Mills and oil producer Harvest Natural Resources, have sold operations for as little as half their assessed value on the companies' books, according to securities filings and interviews with a dozen people knowledgeable about the deals.
One company, U.S. autoparts-maker Dana, last year sold its debt-laden Venezuela operations to a local buyer for no cash compensation. Two multinational corporations - Clorox and Kimberly-Clark - chose instead to abandon their operations here.
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Congo leader warns against foreign 'interference' in crisis Africa |
"The Congolese have shown that they can responsibly resolve their differences," Kabila told lawmakers, to applause that filled the room.
"I warn against and denounce all interference in Congolese affairs. Our country ... has a right to have its sovereignty respected, and we will never give that up."
Kabila blamed the violence squarely on his opponents.
"No political agenda will justify violence, still less the loss of human life," he said. "Trying to take power by the blood the Congolese people is morally condemnable."
"In some months, the electoral register will be ready and the election will be held," Kabila said, without giving a date.
Conclusions
Does not appear to be a President who is in a hurry to depart.
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Congo's President Says He'll Hold Power Until 2018 Election Africa |
The Democratic Republic of Congo’s president urged all the country’s political opposition to sign an agreement that will keep him in power until delayed elections are finally held in April 2018.
The accord signed in October between the ruling party and a small number of opposition groups is the “only way forward,” President Joseph Kabila said Tuesday in a rare public speech, addressing both houses of parliament.
“I cannot allow the Democratic Republic of Congo to be taken hostage by a fringe of the political class,” he said.
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Congo Awards Payments From Glencore Mine to Kabila's Friend Africa |
The Democratic Republic of Congo’s state-owned copper producer signed over millions of dollars in future payments to an offshore company owned by billionaire Dan Gertler, according to advocacy group Global Witness.
Congo’s Gecamines, which holds a 25 percent stake in the Kamoto project of Katanga Mining Ltd., instructed the Glencore unit in January 2015 to transfer the state mining group’s royalties to Africa Horizons Investment Ltd., Global Witness said Tuesday by e-mail. Africa Horizons is a unit of Gertler’s Fleurette Group.
“The contract we have seen provides no reason for Gecamines giving away these royalties,” Pete Jones, a campaigner at the London-based advocacy group, said in the statement. “Neither Gecamines nor Gertler’s representatives have told us whether Gecamines received any payment in return.”
Africa Horizons bought the royalty stream from Gecamines, Fleurette said by e-mail, while declining to elaborate on the particulars of the deal, citing a confidentiality agreement.
Conclusions
What good friends they are.
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Crumbling edifice: How long can the Zuma presidency hold? Daily Maverick Africa |
The Presidency needs a war room just to keep track of the daily scandals, exposés and controversies besieging President Jacob Zuma, members of his Cabinet and government institutions. On one day, the news cycle was consumed with another set of charges being laid against the president, the Minister of State Security fending off revelations about his involvement in a rhino horn trafficking syndicate, the disclosure of an irate exchange between the National Director of Public Prosecutions and the head of the Hawks over Pravin Gordhan’s prosecution, a parliamentary inquiry into the SABC Board, and Zuma writing to three National Prosecuting Authority officials asking why he should not suspend them. How long can this go on? By RANJENI MUNUSAMY.
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Owner of 'Ourivesaria Imperial' kidnapped at gunpoint in Sommershield - Mozambique Club of Mozambique Africa |
The owner of ‘Ourivesaria Imperial’ [Imperial Jewellery Shop] was kidnapped on Tuesday in Maputo’s Sommershield neighbourhood.
According to Folha de Maputo, the abduction of Norotam Ramuji took place around 6:00 pm when five individuals armed with AKM-type firearms kidnapped the 79-year-old businessman and disappeared without a trace.
A police source reportedly confirms the incident and says that investigations are ongoing.
On Monday (November 14), Mahebub Gulamo Rassul, the owner of the ‘Tiger Center’ shopping, escaped an attempted kidnapping as he was leaving his commercial establishment, located in central Maputo, to go home after a day’s work.
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16-NOV-2016 :: CBK Governor is Building a Robust Banking Sector @TheStarKenya Kenyan Economy |
It is sometimes easy to forget that the Phenomenon of the real time of Twitter and Social Media is a very recent one. The Velocity of Change in this regard has been mentioned by Paul Virilio who said;
“Speed now illuminates reality whereas light once gave objects of the world their shape.”
The new digital Universe has engulfed the World and Kenya is no exception.
I described President-Elect Trump as a c21st Linguistic warfare specialist and he used linguistic warfare to devastating effect. The names he gave his opponents — Crooked Hillary, Lyin’ Ted, Little Marco, ‘Low-energy’ Jeb — were devastating.
Traditional Media has been disrupted and President-Elect Trump and Brexit confirm that disruption and how Insurgents can broadcast live and direct and over the Top.
Comic-turned-politician Beppe Grillo, co-founder of Five Star, said “ This is the deflagration of an epoch. It’s the apocalypse of this information system, of the TVs, of the big newspapers, of the intellectuals, of the journalists.”
I have watched Central Bankers for Eternity. I ran interest rate Trading desks and the Central Banker tends to be the lynch-pin when it comes to interest rates. The Central Banker sits at the Apex of the Banking System and so much hinges on his or her skill. The Central Banker can be described as someone holding a Faberge Egg as all and sundry try and jostle and make him spill the Egg. Today a Central Banker has to navigate through an entirely different environment, an environment where personal abuse is considered par for the course in this new World of Trump. Dr. Patrick Njoroge who is the Governor of the Central Bank of Kenya, is a Roman Catholic and a numerary member of Opus Dei. Dr. Njoroge's credentials are impeccable and the way he conducts his personal Life should surely be a lode-star for the Public Service here in Kenya and the African continent. Therefore, the first point to note is that launching a real-time linguistic warfare campaign on the Governor and the Central Bank at this juncture is inaccurate, unfair and in fact inimical to the National Interest.
The Governor is determined to bring the Banking Sector under control, what is clear is that the Panoply of state Institutions have been slow to engage at the same speed.
The Banking Sector remains fluid and multi-sided and confidence has frayed and understandably but as Dr. Njoroge said during the Chase Bank saga
"None of us have a right to shout fire in a crowded theatre and this is what happened. We had some individuals who did shout fire and to me that was very reckless because no bank can sustain the pressure of everyone trying to withdraw their money at once."
As we scan the Banking Horizon, we can safely say that Paper and digital trails are impossible to expunge. The Forensics will have the final word. We have now entered a ''managed'' process of consolidation. We are surely entering a new Era.
Condoleezza Rice spoke of ''The Birth Pangs of a new Middle East''
Post the Interest rate Bill and the Dubai, Imperial and Chase Bank developments, we are also watching the birth pangs of a new Banking Sector here in Kenya. It is impossible for me to imagine a more qualified Surgeon than Dr. Njoroge to manage this. This is a fact.
Therefore, Lets not lose sight of the main goal which is a robust Banking Sector optimised to propel Kenya Inc. into the Future.
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@Centum_Inv Nov 14 Centum reports H1 16 PAT +7.87% Earnings here Kenyan Economy |
Par Value: 0.50/- Closing Price: 41.00 Total Shares Issued: 665441775.00 Market Capitalization: 27,283,112,775 EPS: 11.75 PE: 3.489
Group six month Period ended 30th September 2016
H1 Investment and Other Income 8.490289b versus 8.384441b +1.26% H1 Operating and admin costs [5.130138b] versus [5.068977b] +1.20% H1 Finance Costs [945.641m] versus [1.260767b] -24.99% Share of associate profits 345.651m versus 192.264m H1 Profit before Tax 2.760161b versus 2.246961b +22.83% H1 Profit after Tax 2.057886b versus 1.907591b +7.87% H1 EPS 2.57 versus 2.56 Investment Portfolio 62.802b versus 57.021b Cash and Cash equivalents 5.384b versus 10.197b Other Assets 17.697b versus 10.836b +63.31% H1 Borrowings 19.327b versus 16.356b Company NAV 61.12 versus 59.08
Company Commentary
a challenging macro-environment Co. recorded a 5% growth in the book value of shareholder funds which closed at 40.7b NAV has increased from 13.8 in 2010 to 61.12 as at 30th September 2016 The Key profitability drivers during the period were 1. Consolidation of longhorn Publishers financial results for the first time 2. improved profitability in the Group's Portfolio Companies 3. Lower finance costs as a result of reduced forex losses on US Dollar denominated borrowings and capitalisation of interest during construction for the Group's real estate projects In the prior year the Group completed an exit in Aon Insurance Brokers limited and disposed of a portfolio of listed securities resulting in a realised gain of 1.7b. No exit of similar magnitude this reporting period Bottling subsidiary invested 1..7b in capital expenditure on a new PET Line During the Period the Company closed an 18 month bridge facility of $30m. with FirstRand Bank Limited
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N.S.E Today |
The yield on Kenya’s $2 billion bond due June 2024 has shot up 170 basis points to 8.54 percent, last time I looked. This back up in Yields has all occurred since Trump won the Election. The Dollar is on the rampage across the board. Kenya Shilling is at 101.852 versus the Dollar. The Nairobi All Share popped +0.97 higher to close at 140.06 The Nairobi NSE20 Index firmed +10.76 points to close at 3272.47 Equity Turnover clocked 437.363m.
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N.S.E Equities - Commercial & Services |
Safaricom firmed +1.23% to close at 20.50 and traded 4.934m shares. H1 16 Earnings justify a higher price and any price correction will be short-lived ahead of a run towards 25.00 Fresh Record Highs.
WPP-ScanGroup was up-ticked +6.74% to close at 19.00 with just 1,300 shares changing hands.
Nation media eased -0.51% to close at a fresh 2016 and multi-Year Low of 97.50. Nation Media has slumped -41.88% in 2016 and the price spiral lower seemingly not ready to abate.
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N.S.E Equities - Finance & Investment |
Barclays Bank reported Q3 2016 Earnings where EPS decreased by -5.1% Total operating income increased by 12.5% to 24.4bn. Non-operating income grew by 16.3% to KES 7.6bn, driven mainly by +38.5% growth in foreign exchange income and 2.1x increase in other income. Barclay Bank’s loans and advances stood at KES 158.8bn (+9.3% ytd., +3.6% q/q) and customer deposits increased by 9.6% ytd to KES 180.9bn (-1.1% q/q). Barclays Bank set aside 3.14 billion shillings for bad credit, three times more than the year-earlier period, as non-performing loans jumped 49 percent to 10.4 billion shillings. Barclays Bank closed unchanged at 8.85. Barclays Bank is -31.98% on a Total Return Basis and the 2nd worse performing bank share in 2016 ahead of only National Bank which is -49.52% over the same dates after being high-ticked +9.65% today to close at 7.95 on just 500 shares. Stanchart rallied +2.717% to close at 189.00 and traded 3,700 shares. Stanchart is the Banking Outlier at the Securities exchange having registered a +18.41% Total Return in 2016. Mr. Bill Winters and the Board of StanChart PLC made their second visit to Kenya this month and again cited StanChart Kenya as an Outperformer. Equity firmed +1.56% to close at a 10 week high of 32.50 on good volume of 1.692m shares.
Centum reported H1 16 Earnings this morning before the Opening Bell. H1 Investment and Other Income clocked 8.490289b +1.26%, H1 Finance Costs reduced by -24.99% to [945.641m] H1 Profit before Tax surged +22.83% to register 2.760161b. Centum estimates its Net Asset Value at 61.12 Centum said ''The Key profitability drivers during the period were 1. Consolidation of longhorn Publishers financial results for the first time 2. improved profitability in the Group's Portfolio Companies 3. Lower finance costs as a result of reduced forex losses on US Dollar denominated borrowings
They did not repeat the one-off AON extraordinary gain of 1.7b and therefore this H1 Performance is strong when you account for that fact. The Group's cash and cash equivalents decreased to KES 5.4bn (-47.2%). The Company has stated that the Two Rivers Mall is complete and expects it to be launched in 1Q17.
Centum closed unchanged at 41.00 on subdued trading of 33,400 shares. Centum is -9.67% in 2016.
Sanlam Kenya ticked +0.76% firmer to close at 33.00 with 750,800 shares changing hands.
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N.S.E Equities - Industrial & Allied |
kenGen followed on yesterdays +3.54% rally with a further +6.83% surge to close at 6.25 a 3 week high. KenGen traded 2.364m shares and remains egregiously if not absurdly priced at these levels.
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