|Tuesday 21st of December 2010
China’s Wang Says ‘Concrete Action’ Taken on EU Debt Bloomberg
Chinese Vice Premier Wang Qishan said China has taken “concrete
action” to help the European Union with its debt problems as he
officiated the opening of a one-day forum in Beijing to discuss
economic and trade relations.China supports the International Monetary
Fund’s measures and “has taken concrete action to help some EU members
counter the sovereign-debt crisis,” Wang said at the start of the
Third EU-China High-Level Economic & Trade Dialogue. Other officials
in attendance include EU Competition Commissioner Joaquin Almunia, EU
Trade Commissioner Karel De Gucht and Chinese Commerce Minister Chen
Chinese Premier Wen Jiabao said in October that China supports a
stable euro and won’t reduce its holdings of European bonds. The
Portuguese government said last week that China had made a “clear
statement” of financial support during Finance Minister Fernando
Teixeira dos Santos’s visit to Beijing.
“EU members have taken a number of steps to actively respond to the
sovereign-debt crisis,” Wang said. “We hope these measures will
quickly produce results and lead to a steady recovery of the EU
The EU is China’s largest trade partner and China is the EU’s
second-biggest export market, with bilateral trade increasing 33.1
percent in the 11 months through November from a year earlier to
$433.88 billion, China’s customs department said Dec. 10.
The EU’s trade deficit with China widened to 122.2 billion euros ($161
billion) in the first nine months of 2010 from 97.8 billion euros a
year earlier, the Union’s statistics office in Luxembourg said Dec.
17. EU exports to China increased 39 percent in the first nine months
while imports from the Asian country rose 30 percent.
Wang Qishan China's vice premier, speaks at the Third China - EU High
Level Economic and Trade Dialogue in Beijing
The Chinese Bailed out the Euro 1.1760
Ten Biggest #Africa Stories of 2010 Alexis Okeowo
Though I’ve lived in and write about the gigantic, endlessly
fascinating continent that is Africa, I still find it difficult to
keep up with the myriad of elections, celebrations, conflicts, and
sporting matches that take place there each year. 2010 was no
exception. Among the elating, disturbing, and promising, here’s what
caught my eye.
1. The World Cup, held in South Africa this past summer, unified
Africans (soccer fans and casual watchers alike) in a fevered effort
to cheer an African team to victory. Even though team rivalries have
traditionally put nations like Nigeria and Ghana at odds, even
hardened Lagosians were rooting for Ghana’s Black Stars as they neared
the prize. And despite fears of crime, South Africa proved it could
pull off an international tournament with relative ease.
South Africa spent a bundle on stadiums, but World Cup will pay off CS Monitor
By Aly-Khan Satchu, July 3, 2010
Johannesburg, South Africa
Yesterday I found myself in the Nelson Mandela Square reading the
inscription at the feet of a supersized statue of the pan-African
colossus, Nelson Mandela (see My Twitpic here), and the inscription
reads 'A Celebration of Hope.' I thought of another "man from Hope"
but that man was from another continent. And while loitering around
the great man's feet, I caught sight of a diminutive Sepp Blatter
[chief of world soccer's governing body, FIFA] exiting his redoubt at
the Michelangelo Hotel, with a posse of 8 Gullivers, and, as is my
wont, I sliced through the posse like a hot knife through butter and
greeted the Napoleon of soccer in my best Swiss German.
Now the South Africans have spent a pretty penny on FIFA's
instruction. They have built wonderful new stadia, upgraded the roads,
built a new fast train among countless other spending.
A lot of my economist friends are referencing Greece and its now
supreme closeness to bankruptcy and citing the Olympics as an example
of how such an enterprise as the World Cup or the Olympics can cripple
a country and force the country to countenance having to sell off its
most treasured islands. The Greeks are apparently considering selling
that prized lotus island of Mykanos. My South African geography is not
that accomplished, but Robben Island might not be as easy a sale as
FIFA is and always will be a capitalist enterprise. Blatter and his
FIFA posse are infamous for a Diktat approach. They are not exponents
of “patient capital” or “social investing,” which is all the rage here
in Africa. It might salve consciences but actually is a lot of hot
air, in my book. FIFA is a capitalist enterprise and it is naive of
anyone to have thought otherwise. Blatter apparently disabused the
Zuma government rather brusquely of that notion.
The question therefore actually recalls the Gipper, President Ronald
Reagan and his famous "trickledown economics."
Is the World Cup going to be a giant white elephant? You do not have
to be a rocket scientist to work out that stadia are probably in fact
one of the worst investments any sovereign country can undertake. What
will they be used for once the World Cup is over?
However, that is a collateral price that South Africa had to pay. It
was the ante South Africa had to pony up to host the beautiful game.
The roads and the fast train are entirely different. They will be
there for years to come when all the fans have gone back home.
The sense I have is that the World Cup has tipped the country in ways
that are difficult to measure empirically. It has forged a greater
unity among this Rainbow Nation. I was here 5 Years ago and recall how
ghettoized the country was.
Today, the mood is tangible and the vibe so strong I occasionally feel
I can touch it. Most of all, I think this World Cup has put President
Obama's famous words "Yes, we can" on the lips of every South African
and even nearly 1 billion Africans' lips. I believe this is important.
Confidence measures have spiked.
The South African equity market pushed into positive territory briefly
last week but is now back in the negative column for the year. I sense
a concern among those folks whose opinion I count that there might be
a letdown once this is over. A letting out of the air from the
balloon. That is the nature of the markets. They do not go up in a
straight line. However, in a world where everyone has to capture each
other’s attention [after all that seems to have been the sole raison
d'etre of Dubai], I think the World Cup has been an economic
breakthrough tfor South Africa and the continent.
--- Aly-Khan Satchu blogs at Rich Management.
#worldcup Message for #africa from the Feet of Mandela www.rich.co.ke Twitpic
2. A gay-rights movement in East Africa, particularly Uganda and
Kenya, has strengthened in opposition to anti-homosexuality bills and
campaigns that have surfaced in Uganda (which proposed to punish gays
with death), Kenya, Rwanda, and Malawi. While Uganda’s President
Yoweri Museveni appears to be bowing to international pressure to kill
his parliament’s bill, Kenya’s government said late last month that it
plans to identify and imprison gays living in the country. For
activists already at peril because of their sexual orientation, this
announcement may be their biggest hurdle yet.
3. Guinea’s presidential election and consequent runoff this year were
carried off with surprisingly little discord, and the poll led to a
smooth transition from military to democratic rule that is
comparatively unprecedented in the region. The opposition leader Alpha
Condé won the vote, which observers deemed the first free race since
Guinea’s 1958 independence from France. In an added twist of good
faith, the African Union has appointed outgoing junta leader General
Sekouba Konate as head of its peacekeeping force—and also helped
insure that Konate will keep his word and leave the top office without
4. Shell’s oil spills in Nigeria may have only been brought to
Americans’ attention after a massive spill happened in our own waters,
but residents of Nigeria’s oil-rich Niger Delta have been living in
the thick toxic liquid for years, as the substance poisons their
water, land, and vegetation. The tug-of-war between the Delta’s armed
rebel groups—who say they are fighting for their rightful shares of
the oil profits so that their state can be developed—and Shell,
supported by the Nigerian government, has no end in sight. Rebels
kidnap foreign workers and sabotage pipelines, and still Shell pumps
millions of barrels of oil out of the Niger Delta per year, as
millions more leak into the Delta’s black rivers.
A Man Called Jomo MEND Mindspeak 1min 4 Seconds
5. Nigeria’s Boko Haram, an Islamist terrorist sect, has become
synonymous with the religious violence that has splintered the north
between Muslims and Christians. This year alone, the group set a
police station ablaze in the northern city of Maiduguri, not long
after they successfully orchestrated a mass prison break. Since last
year, over two thousand Christians and Muslims have been killed by
violence that was ignited by Boko Haram assassinations and state force
counterattacks. As Nigerians living in the north face a sense of both
being uprooted and unsafe, the Boko Haram (said to be inspired by the
Taliban) has only intensified its reign of havoc.
6. The International Criminal Court’s push for justice in Kenya after
the East African nation’s 2007 presidential election is admirable and
overdue. In 2008, this is what the crisis looked like: riots, people
burned and hacked to death, and flying bullets and bows and arrows.
Incumbent President Kibaki, an ethnic Kikuyu, defeated Raila Odinga, a
Luo, in a race opposition supporters claimed was rigged. Brutal ethnic
clashes began, blocking trade routes, killing over a thousand,
displacing half a million, and scaring off tourists, which brought
Kenya’s biggest industry to its knees.
When I returned to Kenya earlier this year, after a multiparty
coalition was supposed to piece Kenya back together, this is what the
crisis looked like: communities dangerously split along ethnic lines
and the government refusing to work with the I.C.C. to determine who
was responsible for inciting the violence. The I.C.C., whose lead
prosecutor was cheered by a crowd when he visited a Nairobi slum, said
that it plans to soon release a list of suspects (likely including
many government officials), much to the ire of people like William
Ruto, an opposition-party minister who was recently suspended for
7. South Sudan’s imminent independence has been dissected by several
media outlets, along with the country’s potential for conflict, as the
Khartoum government attempts to maintain control over oil fields and
other natural resources under the south’s domain. But the stakes are
indeed high. If next month’s independence referendum does produce the
world’s newest nation, many Sudanese won’t be happy, and, with little
infrastructure, South Sudan will have to build a country from scratch.
8. Ivory Coast’s disastrous presidential runoff has thrown the country
into turmoil. After the opposition candidate Alassane Ouattara was
named the winner this month, incumbent President Laurent Gbagbo
wouldn’t accept the decision. A day later, the constitutional council
overturned the poll results, naming Gbagbo the winner. Both men refuse
to yield, as violent protests erupt, hundreds leave their homes, and
the United Nations, United States, and other foreign governments exert
pressure on Gbagbo to step down.
9. Rwanda’s presidential election went off without a hitch, as
expected, though in the lead-up to the race, Rwandans witnessed the
suppression of independent press and opposition parties (including the
murder of an opposition leader), most of which can be traced back to
the government. Nevertheless, with American support, President Paul
Kagame maintains tight control over the nation.
I am still wondering, though, about Iwawa, a remote Rwandan island
featured in the Times earlier this year. Kagame has been shipping
street children, beggars, petty criminals, and the mentally ill to
Iwawa, supposedly for rehabilitation, but none of the imprisoned have
been heard from for months, and reports of abuse float back to the
10. The summer’s bombings in Uganda, in the capital city of Kampala,
have been traced to the Somali militant group the Shabab, which is
linked to Al Qaeda. The pair of bombings killed seventy-four people
who were watching World Cup games, and they came as a shock to the
relatively peaceful country. The Shabab said that the attacks were in
retribution for Uganda’s troop presence in Somalia, where Uganda leads
the weak African Union peacekeeping force and provides training
grounds for the Somali transitional government’s soldiers (with active
U.S. support). In defiant response, Uganda said it will increase its
troops in Somalia.
Currency Markets at a Glance WSJ
Dollar Index 80.38
South Korean Won - 1153.70 - North Korea does not react
India Rupee 45.28
South African Rand 6.8214
The euro slipped below $1.31 on Monday, falling briefly below its
200-day moving average, as investors shunned the common currency on
concerns the region's sovereign-debt crisis could spread.
As buyers searched for currencies perceived to be safer than the euro,
the single currency hit a cascade of record lows against the Swiss
franc, touching 1.2636 francs.
News about euro-zone countries' sovereign debt continued to trickle
out. Moody's Investors Service downgraded certain large Irish banks
and warned that a swath of Spanish banks also could face downgrades.
The Chinese are surely supporting the Euro.
Seoul shares hit 38-mth high Reuters
Seoul shares bounced and hit a 38-month closing high on Tuesday as
investor anxiety over growing geopolitical tensions in the Korean
peninsula eased, and the market was lifted by gains in steelmakers and
crude oil refiners.The Korea Composite Stock Price Index .KS11 (KOSPI)
ended up 0.83 percent at 2,037.09 points, the highest close since
early November 2007.
US Bond Market at a Glance WSJ
World Of Finance
1-Month Bill* -1/32 0.023
3-Month Bill* -0/32 0.107
6-Month Bill* 0/32 0.178
1-Year Note* 0/32 0.292
2-Year Note* 0/32 0.605
3-Year Note* 1/32 0.995
5-Year Note* 2/32 1.953
7-Year Note* 0/32 2.694
10-Year Note* -1/32 3.340
30-Year Bond* -2/32 4.444
Treasurys Rally Loses Steam.
Soft Commodities at a Glance INO
COCOA CC.H11.E Mar 2011 (E) 2953 +2+0.07%
COFFEE KC.Z10.E Dec 2010 (E) 224.65 -0.60 -0.27%
COTTON CT.H11.E Mar 2011 (E) 159.12 +5.00+3.33%
ORANGE JUICE-A Jan 2011 (E) 161.00 +4.40+2.81%
SUGAR SB.H11.E Mar 2011 (E) 32.64 +0.14+0.43%
Take out Cotton and Insert Tea and You have the Breakfast Commodity
Index, about which I am supremely Bullish.
Ivory Coast’s Leader Tightens Vise on Man Who Defeated Him in Presidential Race NYT
Law & Politics
ABIDJAN, Ivory Coast — The president of Ivory Coast on Monday stepped
up the pressure on the man who defeated him in an election last month,
cutting off food and medical help to his headquarters in a hotel here
guarded by United Nations peacekeepers. President Laurent Gbagbo
ordered the cutoff even as the United Nations extended its mandate in
Ivory Coast and rebuffed his demand that its peacekeepers leave the
As the face-off between the incumbent and the victor in the
presidential election intensified, Mr. Gbagbo continued to defy
international demands that he step down, instead showing signs that he
was escalating a crackdown on opponents, including Alassane Ouattara,
who has been recognized as the winning candidate by foreign powers.
“Massive violations” of human rights have taken place in the past four
days, the United Nations’ high commissioner for human rights, Navi
Pillay, said Sunday, with more than 50 people killed and hundreds
reported to have been abducted from their homes, often at night, by
armed men in uniforms.
“Abducted persons are reportedly taken by force to illegal places of
detention where they are held incommunicado and without charge,” the
United Nations said in a statement. “Some have been found dead in
Beyond that, the United Nations’ representative, Y. J. Choi, said
Monday that Mr. Gbagbo had begun sending “armed young men” to the
homes of United Nations personnel, “under the pretext of looking for
arms.” A United Nations patrol was attacked over the weekend.
The European Union on Monday imposed travel and financial restrictions
on Mr. Gbagbo, his wife and 17 members of his inner circle, barring
them from European travel. The United States, which has ordered most
of its personnel to leave the country, threatened to do the same.
Robert Gibbs, the White House press secretary, said Monday of Mr.
Gbagbo that it was “time for him to go,” while the United Nations
Security Council extended the mandate of 8,650 peacekeepers until June
“We’ve begun a great fight, and Laurent Gbagbo is at its core — a
fight for respect and independence, to show them that Côte d’Ivoire is
not some subprefecture in France.”
Escalation All Round.
Riots reported in Tunisian city Aljazeera
Police in a provincial city in Tunisia have used tear gas to disperse
hundreds of youths who smashed shop windows and damaged cars,
according to witnesses.There was no immediate comment from officials
on Saturday's disturbances, and national media ignored the
event.Witnesses said several hundred youths gathered in the city of
Sidi Bouzid, about 200km southwest of the capital Tunis, late on
Saturday.They were angered by an incident where a young man, Mohamed
Bouazizi, had set fire to himself in protest after police confiscated
the fruit and vegetables he was selling from a street stall, the
"Let's hope that this event in Sidi Bouzid isn't limited to Bouazizi's
health ... this is only the begining!!!" a user going by the pseudonym
of @youtor_KHAN wrote.
Others condemned the lack of coverage of the rioting by Tunisian state media.
@C-Moii said she only learned about Saturday's events from an Algerian
friend, and that her friends in Tunisia were unaware of what had
happened in Sidi Bouzid.
Ocampo names 6 Suspects Africa Confidential
Law & Politics
President Mwai Kibaki’s government is in turmoil following the naming
of some of its ministers as responsible for the post-election violence
Two days before the International Criminal Court’s Prosecutor, Luis
Moreno Ocampo, named the six men he wants to prosecute for their role
in the political violence, President Mwai Kibaki convened an emergency
cabinet meeting to chart a common position on the looming
announcement. The cabinet was split down the middle. Pro-Kibaki
politicians pushed for a denunciation of the Court and the creation of
a local tribunal as an alternative. Some wanted to send Attorney
General Amos Wako and Chief Justice Johnson Evan Gicheru to the Hague
to try to stop the ICC from proceeding. Prime Minister Raila Odinga’s
allies rejected such proposals, dismissing them as a pointless attempt
to protect the suspects: all of them bar one are political foes of the
Kibaki argued that nobody had been charged with a crime yet and so he
would not be taking any action against the men Moreno Ocampo had
accused. Kibaki must also understand how close the ICC had come to
accusing him directly. In Ocampo’s guide to the evidence, he accuses
Minister of Finance Uhuru Kenyatta and Francis Muthaura, who is a
close Meru confidant of Kibaki’s, head of the civil service and
Secretary to the Cabinet, of organising meetings with the Mungiki
militia at State House, Nairobi, to plan and finance reprisal violence
in Naivasha in late January 2008. He leaves an open question about
Kibaki’s whereabouts and knowledge of these meetings.
All the individuals, apart from Muthaura, were listed as perpetrators
of the post-election violence in the 2008 Kenya National Commission on
Human Rights report. Ocampo wants to prosecute the six in two separate
cases. The first case would be against Ruto, Kosgey and Arap Sang.
Ocampo accuses them of planning and organising violence against
supporters of Kibaki’s Party of National Unity a year before the
elections and of murder, deportations or forcible transfer, and
persecution, which qualify as crimes against humanity under Article 25
of the Rome Statute. The other case indicts Kenyatta, Ali and Muthaura
for murder, deportations, persecution, rape and other sexual crimes,
as well as for acting as intermediaries between the PNU and the Kikuyu
Mungiki militia, which attacked opposition protests.
In the public statements of the two cases, which have been redacted to
help prevent any tampering with evidence or witnesses, Ocampo goes
into much detail. As early as December 2006, he states, Ruto and
Kosgey began preparing a ‘criminal plan to attack supporters of the
PNU in the Rift Valley’, establishing a network of perpetrators and an
‘organisational policy to commit crimes’.
The three are accused of setting up a chain of command, coordinating
transport, logistics, meetings, fund-raising, paying off perpetrators,
rewarding them for every PNU supporter killed, identifying target
areas, providing guns and ammunition, as well as convincing them the
elections would be rigged. They, along with Sang, were what Ocampo
calls ‘principal planners and organisers of crimes against PNU
supporters’. Sang, Ocampo says, was a ‘crucial’ planner of these
operations, using his show to pass on coded messages to perpetrators
about when and where to attack. According to the Prosecutor’s
submissions, all three instigated violence after the announcement of
the election results, attacking PNU supporters in Eldoret and Nandi
In the second case, Ocampo outlines how the government launched
retaliatory violence. He accuses Muthaura of using his position as
Chairman of the National Security Council to authorise the use of
excessive force against civilian supporters of Odinga’s ODM in Kisumu
and Kibera; secondly, of making an agreement with Mungiki, facilitated
by Kenyatta, to attack civilians in Naivasha and Nakuru. Ali, also a
member of the NSC, is accused of unleashing Kenya’s police to use
excessive force against ODM supporters, with Muthaura instructing Ali
by telephone not to interfere with ‘pro-PNU youth, including the
Ocampo’s attention to the organisation and planning of the attacks and
the issue of ‘common purpose’ is designed to answer the earlier
objections of Judge Hans-Peter Kaul in the Pre-Trial Chamber. Kaul,
the only one of the three PTC judges who opposed the ICC taking up the
Kenya case, had argued the post-election violence, while repugnant,
did not have sufficient command and control or state sponsorship to
qualify as ‘crimes against humanity’ within the meaning of the Rome
He leaves an open question about Kibaki’s whereabouts and knowledge of
The Star The Ocampo 6
One of my earliest Childhood Memories was the Day when Robert Kennedy
was assassinated in June 1968. I remember both My Mother and Father
being quite horrified and I, not understanding exactly what could have
brought such a Dark Cloud over My Parents and by extension, my blessed
Childhood Bubble. A Childhood Bubble where for the most part I hung
about my Mother's SkirtTails and was fed various Delicacies
continuously, practically to my Mother's Applause. I look back and
think how Distant the World was once but how powerful that News was,
carried across the Radio Waves, all the way to Mombasa. Mombasa, then,
had no Undersea Cables unlike today. In fact, until I 'googled' the
Assassination today, I had thought I was recalling the Assassination
of Robert's Brother and the President JFK.
It was President John F Kennedy's words that came to My Mind this week
and I quote
'And so, my fellow Americans [read Kenyans] : ask not what your
country can do for you - ask what you can do for your country'.
Lets set aside the Fact that the Prime Minister has apparently pulled
a 'Harry Houdini.' Harry Houdini was reknowned for being able to
escape from a very Tight Corner. He is hardly shedding Tears. He has
effectively trussed up a Number of Thorns in his Side. Whereas the
President has taken the deepest of deep Incisions.
The Above was edited out of My WeekEnd Piece.
Explosion in Kenyan capital AlJazeera
One person was killed and 26 people were injured when a bag that was
about to be loaded onto a Kampala-bound bus in the Kenyan capital
exploded, police said.
"What I can confirm so far is that one person is dead, and 26 are
injured and have been taken to various hospitals," Eric Kiraithe, the
police spokesman, told the Reuters news agency on Monday.
"We suspect that the dead person could be one of the six people who
had wanted to load the bag into the bus, but this is yet to be
Earlier on Monday, Ugandan security agencies said they were on high
alert for a possible attack after their intelligence reports indicated
al-Qaeda-linked groups could be planning to hit Uganda during the
Kampala suffered twin suicide bombings on July 11 as football fans
watched the finals of the world cup tournament in South Africa.
A total of 79 people were killed in that attack, for which a Somali
rebel group al-Shabaab claimed responsibility.
Reuters TV footage on Monday showed the bright red Kampala Coach bus
at its stop where it was taking in passengers, with blood stains on
the road and bags strewn around the scene.
We exist in a very Asymettric World and President Yoweri and his
Brother Salim Saleh have taken a very offensive and Forward Posture in
The Tail is very Long what with a World of more than 6b Souls.
AccessKenya moves out of dollar debt on forex loss Reuters
N.S.E Equities - Commercial & Services
Internet provider AccessKenya is converting its dollar-denominated
debt to Kenya shillings to cut costs, having downgraded its profit
outlook for this year by a quarter, its managing director said on
Monday.Its shares have fallen 36.3 percent this year, against a rise
of more than 20 percent in the benchmark index, as investors fret over
the impact of growing competition.
It issued the profit warning last week.
In 2009, it took a $3.5 million dollar debt to finance its
infrastructure. That exposed it to foreign exchange losses which MD
Jonathan Somen projected at 50 million shillings for the full
year.Analysts said investors have punished the shares because they
fear growing competition from mobile phone firms, with their bigger
war chests and diversified revenue sources, will erode Access's
ability to grow earnings.Safaricom, east Africa's largest company by
market value, is investing aggressively in data services to offset
falling voice revenue. Its mobile and fixed data revenue grew by 68.5
percent according to its first-half results.
The recent purchase of a 60 percent stake in another Kenyan internet
provider, UUNET, by MTN, Africa's biggest mobile operator, also
signals rising competition for the data market in east Africa's
Somen rejected the notion that competition could erode its market
share, projecting a 25 percent increase of new corporate clients in
2010 from 3000 in 2009.
AccessKenya share price data Profits Warning here www.rich.co.ke
Par Value: 1/-
Closing Price: 13.10
Total Shares Issued: 207,227,120
Market Capitalization: 2,715M
European airport shutdowns hit Kenya’s tourism earnings Business Daily
Tourism, Travel & Transport
Tourists are being kept away in droves from Kenya’s biggest holiday
season, as European flights that were due to fill the country’s hotels
with high-spending consumers, now sit grounded in airports unable to
fly because of bad weather.The magnitude of the loss that the Kenyan
economy is likely to suffer started to emerge on Monday as hotel
keepers grappled with the management of empty rooms that had been
booked and airlines faced the prospects of refunding customers the
full cost of tickets paid for flights that never took off.
Since last week, extreme winter conditions have paralysed air travel
in Europe promising a gloomy end to the year for Kenya’s tourism,
horticulture and aviation sectors that have been on steady recovery
since January.Europe’s busiest airports, including London’s Heathrow
and Amsterdam’s Schiphol, stopped accepting arrivals on Sunday,
pushing airlines to follow suit leaving thousands of travellers
The airport shutdowns are expected to leave Kenya’s horticulture
exporters, oil marketers, air-freight couriers and airlines in a
logistical fix and significant revenue losses as weather forecasts
predicted heavy snowfall throughout the festive season.
Kenya Airports Authority (KAA) confirmed that a number of flights
destined for Amsterdam and London have been cancelled until further
notice after heavy snowfall forced the closure of runways.
“Kenya Airways, British Airways and Virgin Atlantic have cancelled
their daily flights to London until further notice. KLM has also
cancelled daily flights to Amsterdam,” said Ms Angela Litei, the KAA
corporate communications officer.
The cancellations are set to hurt Kenya’s tourism sector that has
witnessed a rebound this year and is betting on the peak season to
reach its Sh100 billion target.This year’s performance is expected to
surpass 2007 figures — the sector’s best performing year — when
arrivals stood at 1.04 million and earnings hit the Sh65.4 billion
mark.As of August this year, international arrivals stood at 701,691
compared to 611,674 the previous year, according to industry
statistics released in October.
The horticulture industry, that has already borne the brunt of the
harsh weather conditions, will be the hardest hit given that Europe
takes about 82 per cent of Kenya’s horticulture exports, leaving the
remaining 18 per cent for US, Middle East, Japan and Russia.
The Fresh Producers Exporters Association of Kenya (FPEAK), an
umbrella body of the horticulture industry, said it would take several
weeks to recover even if the flights were to resume early this week.
The horticultural industry faces losses of at least Sh200 million every day.
“On the average, we ship some 1,000 tons worth $ 3 million (Sh231
million) per day,” said Stephen Mbithi, Fresh Produce Exporters
Association of Kenya chief executive officer.
When Europe sneezes We go down with a Cold The Star 17th May 2010
Rare pairing of solstice and eclipse Tuesday Montreal Gazette
The moon passes between the sun and the earth during an annular solar
eclipse over the skies of the Rift Valley town of Nakuru, 160km (99
miles) west of Kenya's capital Nairobi, January 15, 2010. Montrealers
will be treated to a similar spectacle overnight tonight as a full
lunar eclipse coincides with the winter solstice.
Safaricom Doubles Mobile-Phone Money Transfer Limits Bloomberg
N.S.E Equities - Commercial & Services
Safaricom Ltd., Kenya’s largest mobile-phone company, said it doubled
the amount of money that customers can transfer each day using its
Users can now transfer 140,000 shillings ($1,740) a day using
Safaricom’s mobile money transfer service, the company said in an
advertisement in the Daily Nation today. They can also now keep
100,000 shillings in their mobile-phone accounts, up from 50,000
shillings previously, and the minimum transaction size has been halved
to 50 shillings, the company said.
The number of people using Safaricom’s money transfer service has
increased to almost 10 million, half a m
Kenya to miss tourism f'casts on Europe travel chaos Reuters
Tourism, Travel & Transport
Kenya is likely to miss its 2010 tourism earnings and arrivals
forecasts by 5 percent due to the snow and freezing temperatures
disrupting flights across northern Europe, Tourism Minister Najib
Balala said on Tuesday.The government had projected tourism earnings
of a record 100 billion shillings for the year, making it the highest
source of foreign income in east Africa's largest economy.Europe, led
by Britain, is a major source of tourists drawn to Kenya for its
wildlife and beaches. It is also a popular destination and hub for
travellers from North America.
"If the bad weather persists, we are likely to miss our target by
about 5 percent," Balala told Reuters.
On Monday, only one of two runways at London's Heathrow, the world's
busiest international airport, was in operation after a weekend
snowstorm, and thousands of flights were cancelled across Europe.Much
of Europe is seen warming up in coming days, but a drop back to
sub-zero levels is likely next week.
Kenya's passenger volumes were expected to hit 1.2 million by the end
of the year, topping the sector's best performance of 1.04 million
passengers in 2007.
An estimated 164,149 tourists visited Kenya from Britain in the third
quarter, when an estimated 102,252 tourists visited or passed through
from the United States.
"This is our busiest season, especially after Christmas," said Balala.
The Christmas Season caught up with the Market today and Turnover was the Grand Total of 110.624m some 37.5% of its Average Daily Volume. The Nairobi All Share closed 0.49 points lower at 96.06. The NSE 20 reversed to close 34.78 points lower at 4329.71. Market Cap was 1.145958 Trillion versus 1.151821 Trillion last time. Equity Turnover was 110.624m versus 302.119m
N.S.E Equities - Agricultural
|Sasini Tea and Coffee traded unchanged at 12.95 with 148,100 shares
changing hands. Sasini trades on a Trailing PE of 3.00.
Kakuzi firmed 0.602% to close at 83.50 and traded 1,200 shares.
Rea Vipingo fell back 3.939% to close at 15.85 and traded 12,400 shares.
N.S.E Equities - Commercial & Services
shares volume 2,402,400
total turnover 11,083,155
avg price 4.61 CLOSING PRICE 4.60 -1.08%
shares volume 2,402,400
Safaricom announced that Users can now transfer 140,000 shillings
($1,740) a day using Safaricom’s M-Pesa mobile money transfer service
and They can also now keep 100,000 shillings in their mobile-phone
accounts, up from 50,000 shillings previously, and the minimum
transaction size has been halved to 50 shillings, the company said.
Safaricom edged 1.08% lower to close at 4.60 on low Volume of 2.402m
shares in what became a Slow Christmas Session overall at the Nairobi
AccessKenya announced that it is converting its dollar-denominated
debt to Kenya shillings to cut costs. AccessKenya closed at 13.00 a 31
Month Low and traded a 12.80-13.60 range and 334,100 shares worth
ScanGroup rallied 2.50% to close at 61.50. ScanGroup was trading 63.00
+5.00% session Highs into the Close. ScanGroup traded 20,500 shares
and has posted a 137.233% 1 Year Return. The Ogilvy Acquisition, WPP
on the Share Register and the Airtel Win were together seen as
transformative for the Group. ScanGroup trades on a Trailing PE of
ScanGroup share price data www.rich.co.ke
Par Value: 1/-
Closing Price: 60.00
Total Shares Issued: 234,570,016
Market Capitalization: 14,074M
Kenya Airways firmed 0.55% to close at 45.50 and traded a 45.25-46.00
range and 70,200 shares. Buyers outweigh Sellers by a Factor of 3-1 at
this Price Point.
Nation improved 0.64% to close at 158.00 and traded 21,400 shares.
Standard traded a 1,000 shares at 43.00 -1.15%.
CMC Holdings firmed 0.82% to close at 12.35 and traded 217,000 shares.
CarGen was unchanged at 47.00 and traded 1,300 shares.
TPS Serena traded 9,200 shares all at 68.00 and unchanged. The Tourism
Minister has downgraded Kenya FY Tourism "If the bad weather persists,
we are likely to miss our target by about 5 percent," Balala told
Reuters.TPS Serena has posted a 97.352% 1 Year Return and Previous FY
Results have exhibited a Strong 2nd Half Skew and Bias.
TPS Serena share price data www.rich.co.ke
Par Value: 1/-
Closing Price: 68.00
Total Shares Issued: 156,937,968
Market Capitalization: 10,672M
N.S.E Equities - Finance & Investment
Kenya Commercial Bank was the most actively traded Counter and closed
unchanged at 21.75. KCB traded a 21.75-22.00 range and 898,400 shares
worth 19.725m. KCB trades on a Trailing PE of 11.821 and a Forward of
8.05. I expect a sharp Upwards Re Pricing coincident with the Release
of the Full Year Results. Martin O-O set out his Stall at Mindspeak
Kenya Commercial Bank 3rd Quarter Results share price data www.rich.co.ke
Par Value: 1/-
Closing Price: 21.75
Total Shares Issued: 2,950,169,088
Market Capitalization: 64,166M
Barclays Bank was unchanged at 58.50 and traded 92,500 shares.
COOP Bank traded 2nd at the Bourse. COOP Bank eased 0.26% to close at
18.90 and traded an 18.50-18.95 range and 802,200 shares worth
15.163m. COOP Bank has posted a 113.859% 1 Year Return and has come
off a 21.50 All Time Closing High from 26th October.
Equity Bank was unchanged at 25.00 and traded a 25.00-25.50 range and
StanChart was unchanged at 249.00 and traded 8,800 shares.
Centum retreated 1.13% to close at 21.75 and traded 104,600 shares.
Kenya Re eased 5 cents to close at 10.90 and traded 27,200 shares.
Jubilee firmed 1.104% to close at 183.00 and traded 3,200 shares.
PanAfric did not trade.
NBK bounced a further 1.28% to close at 39.50 and traded 68,500 shares.
NIC fell 3.15% to close at 46.00 and traded 20,100 shares.
CFC StanBic eased 2.76% to close at 70.50 and traded 4,500 shares.
DTB eased 0.77% to close at 129.00 and traded 2,400 shares.
HFCK was unchanged at 24.75 and traded 32,000 shares.
Olympia Capital closed at 5.95 and traded 11,500 shares.
N.S.E Equities - Industrial & Allied
Kenya Power traded 3rd. KPLC eased 1.13% to close at 21.75. KPLC
traded 494,000 shares worth 10.838m and KPLC is selling Rights Shares
KenGen closed unchanged at 17.30 and traded a 17.00-17.50 range and
Cables eased 10 cents to close at 15.65 and traded 9,100 shares.
Mumias Sugar fell a further 3.108% to close at 9.35 and traded shares
as low as 9.10 during the Session. Mumias Sugar traded 233.600 shares.
Mumias Sugar has posted a 45.26% 1 Year Return but has retreated
39.677% from its 15.50 Closing High of 5th August this Year. Mumias
Sugar trades on a Trailing PE of 8.904 and has seriously diverged from
a Red Hot Raw Sugar Price which is once again at Multi Year Highs.
Mumias Sugar share price data www.rich.co.ke
Par Value: 2/-
Closing Price: 9.65
Total Shares Issued: 1,530,000,000
Market Capitalization: 14,765M
Bamburi Cement was low ticked 4.591% to close at 187.00 on 700 shares traded.
Athi River Mining traded 4,400 shares and was unchanged at 174.00.
Portland traded a 100 shares at 85.00 and unchanged.
EABL improved a shilling to close at 208.00 and traded 14,500 shares.
KenolKobil closed at 9.55 and traded 62,500 shares.
Total bounced 1.78% to close at 28.50 and traded 2,500 shares.
Sameer improved 15 cents to close at 7.10 and traded 32,000 shares.
Unga closed at 10.50 and traded 22,400 shares.
Crown Berger gave back 3.759% to close at 32.00 and traded 5,000 shares.
BAT was unchanged at 275.00 and traded 700 shares only.
Carbacid traded 300 shares all at 140.00 and unchanged.
BOC Gases did not trade.
Eveready was unchanged at 2.90 with 4,200 shares traded.