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Wednesday 01st of November 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
Macro Thoughts |
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07-AUG-2017 :: Any financial expert will tell you that President Trump's financial affairs are a "smoking gun." Law & Politics |
Any financial expert will tell you that President Trump’s financial affairs are a ‘’smoking gun.’’ Deutsche Bank loans were surely ‘’mirror’’ transactions, where Deutsche Bank was a commission agent interposed between Trump and the real lender. All those sales where Trump proclaimed himself a ‘’genius’’ because they were so off-market, we would all be incredulous, were essentially just that ‘’incredible’’. ere is a prima facie case here and its in plain sight. President Trump knows it and that’s why he has been demanding Al Pacino [a la Martin Scorsese’s godfather] style demands of loyalty from the likes of the now dispensed with FBI director James Comey.
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Tanzanian Opposition Leader Arrested for Inflammatory Speech @business Law & Politics |
Tanzanian police arrested the leader of the opposition Alliance for Change and Transparency after he gave a speech about the current state of the country’s economy.
The authorities detained Zitto Kabwe on Tuesday and he’s currently being questioned about the speech he made on Oct. 29 in Dar es Salaam, the commercial capital, Abdallah Khamis, the ACT’s spokesman, said by phone. The party’s lawyers are trying to establish specific reasons for the arrest, he said.
Kabwe’s speech covered issues including “the quality of life of Tanzanians, the state of the economy and how to defeat the ruling party,” Khamis said.
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How the Kurds lost Iraq: 'They had tanks and planes and we had no chance' Law & Politics |
“Of course not. The Iraqi forces had tanks and planes and we had no chance. Maybe we would have lasted a day if we had fought, but the only result would have been bloodshed.”
This long-predicted confrontation never took place, but the loss of Kirkuk is more than a crippling blow to Kurdish hopes of independence. With a divided leadership, no allies abroad and without a military option, the Kurds are losing the semi-independent status they had built up since Saddam Hussein was defeated in the Gulf War in 1991 and Iraqi government forces withdrew from the three Kurdish provinces.
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29-APR-2013 :: The Brothers Tsarnaev and the Long Tail Law & Politics |
There are more than seven billion of us now in this c21st world of ours. The long tail in a population of seven billion is not an insignificant absolute number.
‘’In statistics, a long tail of some distributions of numbers is the portion of the distribution having a large number of occurrences far from the “head” or central part of the distribution.’’
Put in a different way, there are surely many Brothers Tsarnaev in this new c21st of ours. And whilst I appreciate Osama Bin Laden is being nibbled by the fishes somewhere in the ocean, he basically inspired the likes of the Brothers Tsarnaev, i.e those disaffected with the c21st. In truth, that disaffection might have any number of reasons and I am reminded of my French O level where I studied Albert Camus’ L’Etranger and Camus said;
“The byronic hero, incapable of love, or capable only of an impossible love, suffers endlessly. He is solitary, languid, his condition exhausts him. If he wants to feel alive, it must be in the terrible exaltation of a brief and destructive action*.”
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The Chinese 'miracle' elixir that threatens donkeys around the world Africa |
It was a bout of period pain that led to Liu Yanan’s first taste of donkey gelatine. The 13-year-old was visiting family in Beijing when her cramps started for the first time. Her aunt took out an ornate box filled with smooth chocolate-brown slabs, broke off a small piece, and stirred it into a pot of sweetened rice porridge.
The medicine was ejiao, a Chinese medicine made from donkey skins and used for over 2,500 years. Yanan hesitated before eating the mixture, but she trusted her aunt and wanted relief from the pain. “I felt comfortable afterwards. My body was warm,” she says. “I took it for a month and the trouble went away.”
That was back in 2004, and since then China’s ejiao industry has turned into a global megabusiness. What was once a humble blood tonic for conditions like anemia – a claim supported by no clinical evidence – has been rebranded as a wellness product for China’s ascendant middle class, and now features in face creams, sweets and liqueurs, as well as a wide variety of medicinal preparations. There are claims it will help with anemia and acne, boost your energy, improve your sleep, nourish your yin, prevent cancer, make you look better and even improve your libido. It is billed, in short, as a miracle elixir.
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Kenyan journalists attacked while waiting for opposition leader's speech Kenyan Economy |
Journalists walked out en masse after veteran political journalist Francis Gachuri and 25-year-old television journalist Jane Gatwiri were assaulted while waiting for Odinga to speak.
“We heard in Swahili, ‘Citizen (TV) must leave,'” she said. “When I was trying to record, I got a very hot slap on my face – my right cheek. Someone said I should move, pushed me, my camera was about to be broken.”
Some of Odinga’s supporters have accused Citizen of bias towards Kenyatta after the channel ran a tally of last week’s vote.
Odinga, who has lost his fourth election, was expected to give his first reaction to Kenyatta’s Monday night victory, but delayed a speech planned for Tuesday morning by several hours.
Odinga boycotted the poll, saying it would not be fair. Kenyatta’s won by a margin of 98 percent, provoking anger in some pro-Odinga strongholds, whose residents burnt tyre barricades and threw rocks at police.
His spokesman later issued an apology for the attack on the journalists, which happened in the Wiper Party headquarters, a party in his coalition.
“The Coalition registers unreserved apology to reporters who fell victim to this unfortunate incident,” the statement said. “The youth acted on their own and we condemn their actions in strongest terms possible.”
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Kenya's Biggest Retailer to Enter Administration in Revival Plan Kenyan Economy |
Nakumatt Holdings Ltd., East Africa’s largest retailer, is seeking a court order to enter administration as part of a plan to revive its debt-laden business.
The Kenyan company will go to court on Nov. 8 for a hearing on the application, which proposes that “business-turnaround professional” Peter Kahi of PKF Consulting Ltd. be appointed as administrator, according to a statement emailed Monday from the capital, Nairobi. Nakumatt is “optimistic” that the order will be granted, as it will enable the company to continue as a going concern, it said.
“The order will enable Nakumatt to achieve a better outcome for its creditors as a whole than would likely be the case if the company were liquidated,” the company said, according to the statement.
Nakumatt has been struggling to pay suppliers and owes at least 30 billion shillings ($289 million) to creditors including KCB Group, Kenya’s largest lender, along with Standard Chartered Bank Kenya Ltd. and Diamond Trust Bank Kenya Ltd. The debts, which include commercial-paper loans, have forced the company to shutter branches in neighboring Uganda and Tanzania, as well as its home market of Kenya.
Chief Executive Officer Atul Shah, whose family controls the Nairobi-based company, said last month he was in talks with local rival Tusker Mattresses Ltd., which trades as Tuskys, about a merger. Those talks are continuing, the company said Monday.
“Tusker Mattresses has, subject to the Competition Authority of Kenya’s approval, undertaken to forge ahead with its investment in Nakumatt in connection with its proposed merger,” according to the statement.
The anti-trust authority has yet to receive any filings from the two companies on the proposed merger, Director-General Wang’ombe Kariuki said by phone on Tuesday.
“They only made an enquiry seeking guidance on how to proceed,” he said. “Whether it’s a management agreement, merger or acquisition they need to seek an exemption or approval.”
Tuskys is willing to guarantee as much as 3 billion shillings of debt and provide 650 million shillings in additional capital to Nakumatt, the Nairobi-based Business Daily newspaper reported on Tuesday, citing an offer letter by the smaller rival.
Nakumatt had 63 stores in four East African nations at the end of 2016. Shoprite Holdings Ltd. of South Africa is already in talks about opening its first stores in Kenya by filling space left empty by the Nakumatt store closures. Carrefour SA of France, run by franchise holder Majid Al Futtaim Holding LLC, has also taken up one store in Nairobi.
Administration would protect Nakumatt against the enforcement of security over the company’s property or right of re-entry by landlords, it said.
“Nakumatt is apprehensive that in the absence of an administration order, there is a significant danger of it being wound up with the inevitable consequence that the company, its employees, lenders, landlords and suppliers would suffer significant losses, with a broader impact on thousands of farmers, small businesses and traders whose livelihoods are dependent on the business,” according to the statement.
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Olympia Capital reports 6month EPS -32.02% Earnings here Kenyan Economy |
Par Value: 5/-
Closing Price: 3.10
Total Shares Issued: 40000000.00
Market Capitalization: 124,000,000
EPS: 0.65
PE: 4.769
Kenyan manufacturer of PVC Tiles.
Olympia Capital Holdings H1 2017 results through 31st August 2017 vs.
31st August 2016
H1 Revenue 228.107m vs. 247.545m -7.852%
H1 Profit from operations 14.879m vs. 22.702m -34.460%
H1 Finance costs [2.760m] vs. [5.850m] -52.821%
H1 Operating profit 12.118m vs. 16.852m -28.092%
H1 Profit/ [Loss] for the year from continuing operations 8.717m vs.
12.843m -32.126%
H1 Profit/ [Loss] attributable to shareholders 5.502m vs. 8.106m -32.124%
Basic and diluted EPS 0.138 vs. 0.203 -32.020%
Total assets 1.393687b vs. 1.287668b +8.233%
Total equity 1.128976b vs. 1.062729b +6.234%
No interim dividend |
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N.S.E Today |
World stocks are up 12 months in a row, the longest winning streak on record US Consumer Confidence jumped to the highest level since 2000. The IMF is warning about Africa's rising debt and the rising debt service ratio. In Nigeria, IMF estimates 62% of government revenues were spent on debt service in 2017 “This election must not stand,” opposition leader Raila Odinga told reporters in Nairobi, the capital [Bloomberg] Asset markets are discounting the NASA Leader's comments and see the Political situation as a Fait Accompli. Bond investors indicated that they view the declaration of Kenyatta’s victory as the beginning of the end of the crisis, with the yield on the government’s international bonds due in 2024 tumbling 15 basis points to 6.16 percent since the announcement of the results [Bloomberg] The Nairobi All Share followed on yesterdays big gain of 1.174% gain with a further +.1.21% gain to close at 163.96. The Nairobi NSE followed on yesterdays +54.78 points gain with a further +30.05 gain to close at 3759.67 Todays thrust higher was affirmed by good volume action of 1.24b some 6x the average traded last month.
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N.S.E Equities - Commercial & Services |
Safaricom was the most actively traded share at the Exchange and firmed +0.98% to close at 25.75 and traded 12.49m shares worth 321.783m. Safaricom is +39.53% in 2017 on a Total Return Basis and sits just -2.83% below a record closing high of 26.50 reached at the End of August. Safaricom will release H1 Earnings this Friday pre-market opening.
Kenya Airways rallied a further 3.508% to close at 5.90 and has ramped +16.831% higher over 3 trading sessions.
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N.S.E Equities - Finance & Investment |
Equity Group surged +7.23% to close at 40.75 and was trading at 41.50 +9.21% at the finish. Equity traded 4.239m shares and Q3 2017 Earnings that Captain Mwangi turned his Equity Bank Oil Tanker early and on a dime and hence the vibrant are price reaction. Equity traded 4.239m shares and There were unserviced Buyers for 5.77m shares at the closing bell. KCB Group rallied +2.614% to close at 39.25 and was trading at Limit Up 41.75 +9.87% at the Finale. KCB traded heavy volume of 5.195m shares. COOP Bank firmed 5cents to close at 16.00 and traded 5.842m shares.
SanLam Kenya popped +7.40% higher to close at 29.00 and traded 9,300 shares.
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N.S.E Equities - Industrial & Allied |
Congratulations are in order to Rebecca Miano on her confirmation as the first female KenGen Kenya MD and and CEO since 1954. KenGen firmed +1.71% to close at 8.90 and traded 1.148m shares. KenGen is +53.44% in 2017.
EABL closed unchanged at 244.00 and traded 1.154m shares worth 282.713m.
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