For Online E-newspaper
The East African : Sep 22nd 2014
60 SEPTEMBER 20-26,2014 BUSINESS, MARKETS AND FINANCIAL ANALYSIS THE MARKET WHISPERER EQUITY MARKETS (WEEKLY CHANGE IN BENCHMARK INDEX) NSE 20 Share Index Kenya 5,307.52 2.67% (CUMULATIVE MOVEMENT) DSE All Share Index Tanzania MBER 20-26,2014 BUSINESS, MARKETS AND FINANCIAL ANALYSIS THE MARKET WHISPERER EQUITY MARKETS (WEEKLY CHANGE IN BENCHMARK INDEX) NSE 20 Share Index Kenya 5,307.52 2.67% (CUMULATIVE MOVEMENT) DSE All Share Index Tanzania 2,516.25 2,516.25 0.24% USE All Share Index Uganda 1,852 3.58% RSE All Share Index Rwanda 142.19 0.16% JSE All Share Index South Africa 51515.17 0.67% NGSE All Share Index Nigeria 41,049.27 0.93% plans to open a $20 million fertiliser terminal in Tanzania in three months’ time. The terminal is expected to help cushion farmers in East Africa from expensive imports. Kenya, meanwhile, is in the early stages of setting up a fertiliser plant. Yara president and CEO Jorgen Ole Haslestad said in the company’s financial report for 2013 that the Dar terminal, with a capacity of 45,000 tonnes, will be ready by the end of the year. “In East Africa, our en- gagement in the Southern Agricultural Growth Corridor of Tanzania (Sagcot) included the construction of a fertiliser terminal in Dar es Salaam, which is expected to open in late 2014,” Mr Haslestad said. The terminal will re- ceive fertiliser in bulk for bagging and distribution in neighbouring countries. Tanzania already produces 85,000 tonnes of fertiliser Dock workers offload fertiliser from a ship at the port of Mombasa. Dar es Salaam is set to have a fertiliser terminal in three months’ time. Picture: File for local use and exports to Rwanda and Burundi. The terminal is expect- ed to support the Kilimo Kwanza project in Tanzania and boost the country’s food security. Mooted in 2006 by public, private and donor agencies, Sagcot aims to increase the earnings of small-scale farmers. It targets 350,000 hectares to be put under commercial production in order to earn $1.4 billion by 2026 and raise two million people out of poverty. Yara, formerly Norsk Hy- dro, is the world’s largest producer of ammonia — with a fifth of global sales — nitrates and complex NPK fertilisers. It has partnered with 30 other global companies to trigger improvements in agricultural productivity, Coming to Da≥: $20m fe≥tilise≥ te≥minal N orwegian crop solutions firm Yara International poverty and greenhouse gas emissions under the New Vision for Agriculture of the World Economic Forum. The Ghana Grains Part- nership and Sagcot are among the initiatives in the alliance. The terminal will receive fertiliser in bulk for bagging and distribution in neighbouring countries. Kenya, meanwhile, has reached an agreement with Toyota Tshusho of Japan to build a $1.2 billion fertiliser plant in the country, expected to be operational by 2017. Official estimates state that local production will help cut the price of fertiliser by 40 per cent through elimination of freight costs and port handling charges. P≥udential ente≥s Kenya with an eye on life cove≥ A SIZEABLE chunk of the new money coming into the region’s insurance sector is chasing the life insurance sector, where only one in every 100 people has a cover. Double-A rated Prudential Plc has entered the Kenyan market through the acquisition of Shield Insurance, a hive-off from troubled general underwriter Blue Shield Insurance. Prudential will in four years put $16.7 million into the company, turning one of the smallest life funds in the country into a significant market force — a daunting task, given that rivals Jubilee, Britam, Pan Africa Life and CFC Life will be watching its every move. The fortunes of the parent and Prudential PLC CEO for Africa Matt Lilley, Treasury Cabinet Secretary Henry Rotich and British High Commissioner to Kenya Christian Turner at a Prudential function where it announced its entry into Kenya on September 16. Pic: Diana Ngila the subsidiary could not be more contrasting. Blue Shield is under statutory management, having gone under five years ago with more than $11.1 million of premiums, mostly from the public service vehicle sector. It has only avoided liquidation because of a moratorium against claim payments issued by the courts. How did an insurer owned by a close relative of President Uhuru Kenyatta and the wife of a former Nairobi mayor end up in such a financial mess? Mismanagement would be a prime suspect were it not for the fact that Blue Shield followed in the path of a dozen or so other general underwriters that have collapsed over the past two decades. Executives of the firms as well as policy makers blame fraudulent claims, including stage-managed theft and arson, for ensuring that most general insurance businesses have loss ratios well above sustainable levels. Cartels of ambulance-chasing lawyers, assessors and garage owners have frustrated most measures to combat fraud. Published at Nation Centre, Kimathi Street, and Printed at Mombasa Road, Nairobi by Nation Media Group, Box 49010, GPO Nairobi, 00100. Registered at the GPO as a newspaper. Nairobi Office, Tel: 3288000, 211448, 337710, Fax 214531, 213936. Dar es Salaam Office. Tel: 2119657/8. Kampala Office, Tel: 232771, 232772. Fax 232781 Download free QR Readers from the web and scan this QR (Quick Response) code with your smart phone for pictures, videos and more stories Somalia’s new option to the ‘hawala’ AGENCIES AND their workers operating in Somalia have an alternative money transfer platform following the launch of virtual banking services by Kenyan firm Rapid Communications that is estimated to cost $30 million. The company on Wednesday signed an agreement with its 16 per cent-owned cellular services provider Nationlink Telecom to start the service, hoping to get a chunk of the $2 billion Somali remittance business. Nationlink holds a banking licence that will allow Rapid Communications to run the service on E-mal, a mobile wallet solution. Rapid Communications chief executive officer Anwar Hussein said the service would leverage its network of more than 5,000 outlets in Europe, Middle East and the US. The deal will see Somalia benefit from converged solutions which are already successful in Kenya.
Sep 15th 2014
Sep 29th 2014