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Friday 03rd of November 2017 |
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 |
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IMPACT IN TSAVO By Daphne Sheldrick D.B.E.: 1992 UNEP Global 500 Laureate Africa |
In Tsavo, man has not interfered with natural processes, but stood by and observed and learned from the long-term vegetational cycles and patterns that are Nature's hallmark. During the tenureship of my late husband, who was Warden of Tsavo East for almost thirty years, we accepted the constant fluctuation of different species triggered by these cycles as natural events, understanding that we still had a lot to learn, mindful of the fact that most life forms in that arid environment are dependent upon the activities of Elephants. Finally I would like to quote the words of Sir Crispin Tickell whose credentials would be as long as this lecture - for example: ... "as long as Nature is seen as something outside ourselves; frontiered and foreign, separate, it is lost both to us and in us. It follows that to achieve a society in harmony with Nature, we must be guided by respect for it. We should direct and integrate our lives consistently with it rather than try to subjugate and control it. This requires deeper understanding and acceptance of Natural processes, and an ability to cope with their inherent uncertainties. Thus in the area of conservation, we should move from the static idea of conservation of places and things to the conservation of process, to allow natural processes to function, and to create conditions in which they can do so."
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18-SEP-2017 "A screaming comes across the sky" North Korea Law & Politics |
Gravity’s Rainbow is a 1973 novel by Thomas Pynchon which is about the design, production and dispatch of V-2 rockets by the German military. In particular, it features the quest undertaken by several characters to uncover the secret of a mysterious device named the “Schwarzgerät” (black device), slated to be installed in a rocket with the serial number “00000”. As the world watches PyongYang, I cannot help wondering if Kim Jong-Un has read Pynchon which speaks of “A screaming comes across the sky” and North Korea. “But it is a curve each of them feels, unmistakably. It is the parabola. They must have guessed, once or twice -guessed and refused to believe -that everything, always, collectively, had been moving toward that purified shape latent in the sky, that shape of no surprise, no second chance, no return.’’ Kim Jong-Un has been precise and calibrated in his response to President Trump “Our final goal is to establish the equilibrium of real force with the U.S. and make the U.S rulers dare not talk about military option,” North Korean leader Kim Jong Un was quoted as saying by the state news agency, KCNA. One of the strategies of the pre-regime change moment has been to demonise the other leader. And front and centre in Kim’s mind must be the image of Saddam Hussein being hung by his neck and of Muammar Gaddafi meeting his death after having been sodomised with a bottle. When you view things from Kim the rocket man’s perspective, you might appreciate that far from being illogical, he is in fact being ruthlessly logical and he is speaking the language his adversaries understand lucidly. 10 m folks in Seoul just 60 kms from the border, 28,500 US soldiers are all in the line of fire.
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History Shows Emerging Markets Can't Ignore Politics Much Longer Emerging Markets |
Stocks, bonds and currencies of developing nations have soared over the past 21 months, despite tremors on the global landscape from Brexit to Donald Trump’s U.S. presidency, not to mention coups and impeachments in their own backyards. Emerging assets are trading at or near record highs relative to a gauge of their political risk, according to data compiled by Bloomberg. There’s a similar trend for inflows into exchange-traded funds. Frontier Markets
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Sub-Saharan Dollar Bonds Attract Investors Hungry for Yield Africa |
The hunt for yield is taking investors such as M&G Investment to the world’s least developed region -- sub-Saharan Africa. Countries that 10 years ago didn’t exist in the international bond market are now reaching out to global investors. South Africa became the region’s first dollar bond issuer in the 1990s, and in the past decade they have been joined by other sovereigns including Rwanda, Ghana and Cameroon. Most recently, Ivory Coast sold $1.25 billion of 16-year notes alongside a €625 million ($729 million) 8-year bond. African bonds yield 12 percent on average, according to the AFMI Bloomberg African Bond Index -- much higher than the Bloomberg USD Emerging Market Sovereign Bond Index’s 4.4 percent.
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DRC lurches into crisis Africa |
The area is "on the brink of a deadly disaster", warned the Norwegian Refugee Council on Wednesday. Four years of clashes between militias representing the Luba ethnic group and Twa pygmies in Tanganyika province have killed hundreds of people and forced thousands to flee into neighbouring Zambia. The conflict, which has intensified in recent months, is part of a worsening humanitarian crisis in the DRC. Militia violence has spiked this year, fuelled in part by President Joseph Kabila's refusal to step down when his constitutional mandate expired last December. "Tanganyika is on the brink of a deadly disaster," said Ulrika Blom, NRC's Congo country director. "It's a catastrophic cocktail about to blow up."
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Guide to the 19.5% Bonds Ghana Can't Get Yield Hunters to Buy Africa |
Ghana is having a hard time selling $820 million of local-currency debt. They aren’t sovereign notes, which is part of the problem. The second-biggest economy in West Africa attracted just a quarter of the 3.6 billion cedis of 10-year bonds up for sale last week at about 19.5 percent. Investors were willing to take on 2.4 billion cedis of seven-year notes paying just half a percentage point lower. The government has extended the offer period to the end of this week, at the same terms. “The vast majority of offshore investors that can buy cedi bonds have only got a mandate for sovereign risk,” the government said in a statement. “Over time, and as the structure performs, we expect more offshore buying.” To be sure, Ghana’s eurobonds are holding up just fine. They returned 18 percent this year, more than double the gains in the Bloomberg Barclays Emerging Markets Hard Currency Aggregate Index. Is the yield attractive enough? The nation is offering its energy bonds at about 200 basis points higher than the yield on local-currency government debt due in 2026, and 50 basis points more than the average yield on a 10-year auction in April.
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Zimbabwe's deepening crisis Economist Africa |
A MONEY-CHANGER deftly flicks through a brick of bills, her fingernails a sparkly purple that matches her eye-shadow. She keeps the stack of “bond notes” (Zimbabwe’s ersatz money) bundled inside a sock in a plastic carrier bag. Real American dollars are hidden in her bra. Although bond notes are officially worth the same as American dollars, here on a pavement in Harare, the capital, greenbacks trade at a premium of 20-30% to the bills printed by Mr Mugabe’s government. Those wanting to buy dollar bills with mobile money, which is also supposedly denominated in the American currency, must pay a further premium of 30%. The queues that once snaked around the block outside banks have disappeared, but only because there is hardly any cash to be had. Nearly everyone pays with swipe cards linked to Zimbabwean bank accounts, or EcoCash, a popular form of mobile money. But the lack of foreign exchange means that imports may become scarce. In late September a shiver of panic over shortages of food and fuel rippled through the capital, sparking a round of panic-buying. And prices are rising. John Robertson, an economist, reckons that the money supply expanded by 36% in the 12 months to August, six times more than the rate a few years earlier. “What’s behind that money? Nothing,” says Rob Davies, another economist in Harare. “It’s a Ponzi scheme.” In October Mr Mugabe replaced his pragmatic finance minister, Patrick Chinamasa, with a loyalist. Mr Chinamasa lost his job while attending the annual meetings of the World Bank and International Monetary Fund where he was pleading for debt relief and new loans to restart the economy. Zimbabwe is unlikely to get either as long as Mr Mugabe is in charge.
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Rio Tinto Says Africa Key to Growth Even After Costly Missteps Africa |
Africa is the largest untapped source for growth for our industry, and a lot of the minerals of the future will come from the continent," Baatar said. "Our future with the East lies in Africa, and together we can participate in its transformation journey." The track record of success for the world’s biggest mining companies in Africa over the last decade has been poor. Firms, including Rio, spent billions expanding into new African assets as metal prices soared during the commodities super-cycle of the late 2000s, only to see much of the value lost as prices collapsed in later years. Rio spent $3.7 billion in 2011 on a coal project in Mozambique and years developing the $20 billion Simandou iron ore project in Guinea. It later abandoned both projects. Rio’s former chief executive officer and ex-chief financial officer were charged with fraud by U.S. authorities who alleged they inflated the value of the Mozambique coal assets. For future projects to succeed, partnerships with African states, financiers and customers must "change beyond the traditional models and include different types of joint ventures and different project-financing models," Bataar said.
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Kenyan PMI hits record low in October on political woes Kenyan Economy |
The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for manufacturing and services slumped to 34.4 from 40.9 in September, its lowest since the series began in January 2014. “The heated political temperature has resulted in a challenging couple of months for Kenya’s private sector,” said Jibran Qureishi, economist for East Africa at Stanbic Bank. Output has contracted for six straight months, according to the PMI, and Qureishi said last month’s drop was the sharpest since the series began, as output, new orders and employment contracted.
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@SafaricomLtd reports H1 Earnings EPS +9.00% here Kenyan Economy |
Par Value: 0.05/- Closing Price: 25.25 Total Shares Issued: 40065428000.00 Market Capitalization: 1,011,652,057,000 EPS: 1.21 PE: 20.868 H1 Service revenue 109.73b vs. 98.01b +12.0% H1 Handsets and other revenue 4.49b vs. 4.01b +11.9% H1 Construction revenue 0.20b vs. 0.08b +150.0% H1 Voice revenue 45.70b vs. 47.35b +3.6% H1 SMS revenue 8.92b vs. 8.63b +3.4% H1 Mobile data revenue 17.55b vs. 13.40b +31.0% H1 Fixed service revenue 3.23b vs. 2.40b +34.7% H1 Mpesa revenue 30.05b vs. 25.87b +16.2% H1 Total revenue 114.43b vs. 102.10b +12.1% H1 Other income 0.32b vs. 2.28b -86.0% H1 Direct costs [35.43b] vs. [32.50b] +9.0% H1 Construction costs [0.20b] vs. [0.08b] +150.0% H1 Other expenses [24.84b] vs. [20.99b] +18.3% H1 EBITDA 54.27b vs. 50.81b +6.8% H1 Depreciation and amortization [16.74b] vs. [16.35b] +2.4% H1 EBIT 37.53b vs. 34.46b +8.9% H1 Finance income 0.91b vs. 0.83b +10.2% H1 Finance costs [0.63b] vs. [0.81b] -21.9% H1 PBT 37.82b vs. 34.49b +9.6% H1 Net income 26.20b vs. 23.93b +9.5% H1 Basic and diluted EPS 0.65 vs. 0.60 +9.0% Shareholders’ funds 94.82b vs. 107.49b -11.8% Cash and cash equivalents at the end of the half year 28.07b vs. 43.03b -34.8% Company Commentary Customer numbers +10.8% 2.5m at at 30th September 2017 Mobile Data Customers 16.9m +13.5% M-Pesa Customers 19.3m +9.5% Service Revenue +12.00% to 109.73b Voice service Revenue 47.35b +3.6% Messaging SMS Revenue 8.92b +3.4% Mobile Data Revenue 17.55b +31% M-PESA revenue 30.05b +16.2% Non Voice service Revenue increased to 56.8% of total service revenues EBITDA +6.8% to 54.27b EBIT +8.9% to 37.53b Net Income +9.5% to 26.2b excluding one-off adjustment in H1 17 Growth was 21.4% Conclusions Against a soft macro backdrop, Safaricom have served up another compelling set of Earnings. Voice still alive and kicking, Data +31% and M-PESA +16.2% lead the charge They are looking at geographical expansion. M-Soko takes them into E-Commerce. Strong and safely earnings
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