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Thursday 22nd of June 2017 |
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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"He's ambitious, bold, thinks big, but is running very high risks," said Yezid Sayigh, senior fellow at the Carnegie Middle East Center in Beirut. Africa |
"He hasn’t been rewarded for performance. He’s being rewarded because he’s King Salman’s favorite son and that ultimately he would become positioned to become the next king."
In his lightning rise to power in two years, Saudi Crown Prince Mohammed bin Salman has shaken things up in ways not seen since the founding of the kingdom 85 years ago.
Abroad, he escalated the war in Yemen and this month cut ties with neighboring Qatar. At home, he instigated an economic overhaul that’s popular with foreign investors, but harder to swallow for some Saudis. At 31, he is heir to the throne, effectively running the world’s largest oil exporter now and likely for decades to come.
His generation was the first on the Internet, the first to play video games, and the first to get its information from screens. “We think in a very different way,” he said. “Our dreams are different.”
Prince Mohammed has said he’s used to resistance. He says he studies Winston Churchill and Sun Tzu’s The Art of War and will turn adversity to his advantage.
Conclusions
He is in a perfect storm. Needs to stop out a number of positions and needs to do it quick and it looks entirely unlikely that he will take that course. More, Likely he double-downs.
Home Thoughts
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Great Mosque of al-Nuri (Mosul) Law & Politics |
Tradition holds that Nur ad-Din Zangi built the mosque in 1172-73, shortly before his death. According to the chronicle of Ibn al-Athir, after Nur ad-Din took control of Mosul he ordered his nephew Fakhr al-Din to build the mosque:
[Nur ad-Din] rode in person to its site and viewed it. He climbed the minaret of the mosque of Abu Hadir, looked down on the site of his mosque and ordered that the neighbouring houses and shops should be added to the land that he viewed but that nothing should be taken without the willing agreement of the owners. He put the Sheikh Umar al-Malla in charge of the project, a pious and good man. The properties were purchased from their owners at most substantial prices and the construction began, on which large sums were expended. The building was completed in the year 568 [i.e. AD 1172-3].[1]
The mosque was well known for its leaning minaret, known as al-Hadba’ ("the hunchback"). Grattan Geary, a 19th-century traveler, described the minaret's appearance:
It is several feet out of the perpendicular, though it starts fair from the ground, and at the top, before putting on its gallery and dome, it regains an erect posture. Its attitude is that of a man bowing.[2]
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Osborne's profile is similar to that of Khalid Masood @Bershidsky Law & Politics |
Osborne's profile is similar to that of Khalid Masood, the convert to Islam who perpetrated the March 22 attack that started on Westminster Bridge in London. Osborne, a father of four, is 48. Masood, 52, had three kids. Masood had a long history of violence and went to jail for one of the brawls in which he used a knife. Osborne is described as "shouty" and volatile, though seems to have kept his outbursts to the level of pub confrontations. Neither could hold down a job for long. Neither had any links with radical organizations. They appear to have led miserable, angry lives.
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An ancient Islamic city has been found under an Ethiopian town where local lore spoke of giants QUARTZ Africa |
The residents of Harlaa, a small town in eastern Ethiopia, have always suspected there was something special about their city. For years farmers have been unearthing Chinese coins, old pottery, and building stones so massive that local lore has said that only giants could have moved them.
Now a two-year archaeological dig by a team from the universities of Exeter, Addis Ababa, and Leuven in Belgium has confirmed some of their suspicions.
Researchers have found evidence of an ancient trading city connected with the Gulf, Egypt, and India, as well as Islamic cities throughout Africa. The team found remnants of what appears to be a 12th-century mosque, similar to those found in Tanzania and Somaliland, jewelry, as well as pottery from as far as China and the Maldives. The researchers also found coins from 13th century Egypt.
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Angola shifts tone on Congo, deepening Kabila's isolation Africa |
A more direct challenge has come from Sindika Dokolo, a Congolese businessman and art collector who is married to the billionaire daughter of President Jose Eduardo dos Santos.
Having previously steered clear of national politics, Dokolo has in recent weeks hit out at Kabila on Twitter and in interviews, drawing comparisons with the end of Congolese late dictator Mobutu Sese Seko's rule.
"We underestimate Congo's capacity to destabilise the region," he told Reuters. "We are playing with matches on a barrel of explosives and that worries me a lot."
Dokolo has urged students and church leaders to mobilise against Kabila and praised Moise Katumbi, an opposition leader in exile.
He says he is commenting as a private Congolese citizen. But the outspoken remarks carry weight because they come from the heart of the family around dos Santos.
"Clearly as husband to Isabel dos Santos, this signals frustration in Luanda," said Alex Vines, head of the Africa Programme at London-based policy institute Chatham House.
Conclusions
This would be a major hit on Kabila's chances if Angola dropped him.
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Angolan capital tops list of most expensive cities for expats Africa |
The Angolan capital Luanda has knocked Hong Kong off the top spot in an annual survey that ranks the cost of living for expatriate workers in world cities.
The survey found the cost of renting a two-bedroom apartment suitable for expatriates in Luanda was £4,800 ($6,055) per month, while a fast food hamburger meal priced at £11.50.
It was the second time in three years that Luanda topped the survey, which compares the costs of housing, transport and clothing in 209 cities.
While Luanda rose, all UK cities fell significantly in this year's rankings which were released on Wednesday, with 30th-ranked London dropping 13 places from 2016.
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Diamond Sells 35% of Atlas Mara to Raise Money for Nigeria Africa |
Atlas Mara Ltd., the company co-founded by former Barclays Plc head Bob Diamond, plans to sell a 35 percent stake to Fairfax Africa Holdings Corp. so it can increase its stake in a Nigerian bank.
Atlas Mara will raise $200 million selling new shares to existing shareholders and Fairfax Africa and by issuing a convertible bond to the Toronto-based investment company, Atlas Mara said in a statement on Wednesday. London-listed Atlas Mara also agreed to acquire an indirect 13.4 percent shareholding in Union Bank of Nigeria Plc from the Clermont Group for $55 million, which will raise its effective stake in the Lagos-based lender to 44.5 percent.
“A strategic partnership with Fairfax Africa creates a strong relationship between two like-minded, long-term investors in Africa,” Atlas Mara said. “Each is focused on capitalizing on the long-term growth potential of Africa and provides permanent capital to support growth.”
Union Bank has been Atlas Mara’s single biggest investment in Africa since Diamond started the company in 2013. The Nigerian lender is the country’s worst-performing bank stock this year, having announced in November it plans a rights issue to boost its capital levels as the country’s small- and mid-sized lenders struggled to cope with a contraction in the economy of Africa’s biggest oil producer.
Atlas Mara, which has investments in banks across seven African countries, has lost almost 80 percent of its value since an initial public offering in December 2013 as growth across the continent slowed and currencies weakened, hurting profit converted back into dollars. Diamond, 65, in February ousted Chief Executive Officer John Vitalo and pledged to cut annual operating costs by $20 million after expenses engulfed income and threatened the company’s ability to expand through acquisitions.
Fairfax Africa agreed to buy at least 30 percent of the $100 million of new shares at a price of $2.25 apiece, representing an implied purchase price of 0.33 times book value, the company said in a separate statement. Atlas Mara’s stock has traded at an average this year of $2.26, according to data compiled by Bloomberg. The shares fell 0.5 percent to $2.50 as of 9:02 a.m. in London, giving the company a market value of $194.5 million.
“Banks are at the forefront of economic development in sub-Saharan Africa,” Prem Watsa, Fairfax Africa’s chairman, said in the statement. “Atlas Mara represents a unique opportunity to invest in many profitable banks in the region at a very attractive valuation.”
The partnership with Fairfax Africa, which has investment holdings across Africa, will give Fairfax four directors on Atlas Mara’s board, while a new management incentive plan will be put in place, Atlas Mara said. Diamond will continue as Atlas Mara’s executive chairman.
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Liquid Telecom eyes targets and debt with $600m fundraising FT Africa |
The business, which is based in London and is owned by Econet Group, has been linked with an initial public offering after it turned down “multibillion-dollar offers” from unnamed investors in the past two years.
Liquid Telecom acquired South African fixed-line operator Neotel from Tata Communications for $430m last year after a deal to sell that business to Vodacom, Vodafone’s business in the country, did not materialise.
That has boosted its revenue in the year to February 28 to $594.6m and its gross profit to $359.6m. The Neotel deal also increased its network reach to 13 countries and its customer base to 113,000.
Some of the funds raised by the bond issue will be used to refinance debt.
Liquid Telecom supplies fibre cable lines across south, central and eastern Africa and also provides network services to some of Africa’s biggest telecom groups, including MTN, Orange, Bharti Airtel and Vodafone.
The $600m capital raising comes alongside a new $100m credit facility, as the company looks to keep up with demand for connectivity in markets including Kenya, Rwanda and Uganda. Data traffic is expected to rise by a third a year out to 2020 according to the company.
Nic Rudnick, chief executive, said integrated fibre networks were being offered on a multinational basis for the first time which creates opportunities for “an enormous amount of growth”.
“Customers in Nairobi can connect in Kigali with the same speeds as seen in western markets,” he said. “It is the first time on a multinational scale this has been possible on the continent. It is the kind of service seen in Europe some years ago and Africa is catching up.”
Guy Peddy, an analyst with Macquarie, said there were opportunities in high-growth markets offering a first-mover advantage to companies such as Liquid Telecom. “Generally, the African market is a penetration story. Telecoms companies always tend to do well when growing penetration compared to growing average revenue per user,” he said.
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N.S.E Today |
Crude Oil which entered a bear market at the beginning of the week slumped to a 10 month low yesterday. Oil producing Capitals the world over are like Rabbits caught in the headlights. I am of the View that Crude Oil will fall to as low as $32.00 a barrel in New York this year and that this will be the catalyst for a financial crisis of the Lehman 2008 variety in the Oil Producers. Most double-downed and borrowed and never factored a price collapse of the nature we are currently experiencing. The Nairobi All Share rallied +0.73% to close at a fresh 23 month High. The All Share and the NSE20 Index entered a bull market in the last week of last month. The Nairobi All Share is +15.75% in 2017. The Nairobi NSE20 Index edged 4.4 points firmer to close at an 11 month high of 3612.55 The market looks fully-priced in the short term.
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N.S.E Equities - Commercial & Services |
Safaricom rallied +2.19% to close at 23.25 and traded 5.718m shares. Safaricom is +21.4% in 2017 and targets its record closing High of 23.50 [reached on 2 occasions this month] in very short order.
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N.S.E Equities - Finance & Investment |
Equity Bank was the most actively traded share at the Securities Exchange and corrected -2.6% lower to close at 37.50 and traded 5.179m shares worth 194.327m. Equity is +25% in 2017 but has corrected 6.25% off a 2017 closing high of 40.00 reached on 15th June. KCB closed unchanged at 37.50 and traded 4.427m shares worth 166.945m. KCB is +30.43% in 2017 and has corrected -9.75% off a 2017 closing High from 5th June. COOP Bank closed unchanged at 17.00 and traded 8.393m shares worth 142.697m. COOP Bank is +28.78% in 2017 and has corrected -3.409% off a 2017 closing High of 17.60 reached 6th June. Standard Chartered Bank rallied +1.95% to close at 209.00.
National Bank which had rallied +62.58% in June finally met some profit taking and rowed back -4.42% to close at 10.80.
Centum closed unchanged at 43.25 and traded 969,000 shares. Centum is +16.89% in 2017 and as room to rally towards 50.00.
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N.S.E Equities - Industrial & Allied |
EABL corrected -0.75% off a 2017 closing high to close at 265.00 and traded 211,700 shares. EABL is +8.606% in 2017.
BOC Kenya was the biggest Gainer at the Exchange today rallying +9.41% to close at a 2017 High of 93.00. BOC Kenya is +13.4% in 2017.
Mumias Sugar which had rallied on nothing in particular corrected -8.00% to close at 1.15
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