(Reuters) - Kenya's failure to secure a second national operator (SNO) raises questions about the feasibility of another player in a country dominated by three telecoms companies, the head of Celtel Kenya said on Monday.
"Governments can determine how many licences to issue, but economics normally determines how many can be viable," Celtel Kenya Chief Executive David Murray told Reuters in an interview.
Read more at Reuters Africa
Monday, March 26, 2007
Shanghai copper up over 1 pct at 3-month high
(Reuters) - Shanghai copper rose more than 1 percent on Tuesday, hitting a three-month peak after a 1.9 percent surge in London copper, while the newly launched Shanghai zinc contract was 1.6 percent higher.
Shanghai Futures Exchange June copper closed the mid-session up 1.1 percent at 63,170 yuan a tonne, from 62,500 yuan the previous day.
Read more at Reuters Africa
Shanghai Futures Exchange June copper closed the mid-session up 1.1 percent at 63,170 yuan a tonne, from 62,500 yuan the previous day.
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Gold steady around New York levels, awaits US data
(Reuters) - Gold hovered near its New York levels on Tuesday but a drop in crude oil may limit gains, while investors awaited the release of U.S. economic indicators, which may offer new leads.
Spot gold hit an intraday high of $664.30 and was at $663.75/664.25 an ounce by 0138 GMT, versus $663.30/664.00 late in New York.
Read more at Reuters Africa
Spot gold hit an intraday high of $664.30 and was at $663.75/664.25 an ounce by 0138 GMT, versus $663.30/664.00 late in New York.
Read more at Reuters Africa
Oil holds below $63 after hitting 2007 high
(Reuters) - Oil held below $63 on Tuesday after hitting a 2007 high the previous day on the widening political dispute between Iran and the West and concerns over supply in the United States due to refinery glitches.
U.S. light, sweet crude for May delivery was trading down 11 cents at $62.80 a barrel by 0408 GMT, while Brent crude shed 8 cents to $64.33.
Read more at Reuters Africa
U.S. light, sweet crude for May delivery was trading down 11 cents at $62.80 a barrel by 0408 GMT, while Brent crude shed 8 cents to $64.33.
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Dollar pressured as US new-home sales disappoint
(Reuters) - The dollar stayed near overnight lows against most major currencies on Tuesday after U.S. sales of new homes in February dropped to the lowest rate since June 2000, resurrecting expectations of a Federal Reserve interest rate cut.
The report offset stronger-than-expected existing home sales data last Friday and reignited concerns that the slowing U.S. housing market has yet to stabilise.
Read more at Reuters Africa
The report offset stronger-than-expected existing home sales data last Friday and reignited concerns that the slowing U.S. housing market has yet to stabilise.
Read more at Reuters Africa
Denison sweetens buyout bid for OmegaCorp
(Reuters) - Mid-tier Canadian uranium miner Denison Mines Corp. sweetened its buyout offer on Monday for the shares it doesn't already own in Australia's OmegaCorp Ltd. and said this was its "final offer".
The all-cash bid, which has already been approved by Omega's board, has been raised to A$1.15 per share from A$1.10. Denison currently holds about 31.5 percent of OmegaCorp's outstanding shares.
Read more at Reuters Africa
The all-cash bid, which has already been approved by Omega's board, has been raised to A$1.15 per share from A$1.10. Denison currently holds about 31.5 percent of OmegaCorp's outstanding shares.
Read more at Reuters Africa
Barloworld says to spin off PPC seen by end-June
(Reuters) - South African diversified industrial and logistics group Barloworld expects to conclude its planned spin off of cement maker PPC by the end of June this year, it said on Tuesday.
Barloworld said on December 18 it intended to offload its majority stake in PPC, and has returned 1 billion rand in a special dividend to shareholders as part of the deal. The unbundling deal is subject to regulatory approvals.
Read more at Reuters Africa
Barloworld said on December 18 it intended to offload its majority stake in PPC, and has returned 1 billion rand in a special dividend to shareholders as part of the deal. The unbundling deal is subject to regulatory approvals.
Read more at Reuters Africa
Asian Stocks Drop, Led by Japan on Dividend Rights; Sony Falls
Asian stocks fell for the first time in four days, led by Japan's NTT DoCoMo Inc. as the majority of the country's shares traded without a dividend entitlement today.
Sony Corp. and Samsung Electronics Co. paced exporters lower after new-home sales in the U.S. unexpectedly decreased, adding to concern growth in the world's biggest economy is slowing
Read more at Bloomberg.com
Sony Corp. and Samsung Electronics Co. paced exporters lower after new-home sales in the U.S. unexpectedly decreased, adding to concern growth in the world's biggest economy is slowing
Read more at Bloomberg.com
Air Berlin, Endesa, SBM, Swiss Life: European Equity Preview
The following stocks may rise or fall in European markets.
Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.8 percent to 372.85. The Dow Jones Stoxx 50 Index declined 1.1 percent to 3701.81. The Euro Stoxx 50 Index, a benchmark for the 12 nations using the euro, dropped 1.2 percent to 4142.11.
Air Berlin Plc (AB1 GY): Europe's third-biggest discount airline plans to release final 2006 earnings. The company last month reported 2006 operating profit, or earnings before interest and tax, of 64.1 million euros, missing the 71.9 million euro average analyst estimate compiled by Bloomberg. The shares dropped 15 cents, or 0.9 percent, to 16.20 euros.
Read more at Bloomberg.com
Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.8 percent to 372.85. The Dow Jones Stoxx 50 Index declined 1.1 percent to 3701.81. The Euro Stoxx 50 Index, a benchmark for the 12 nations using the euro, dropped 1.2 percent to 4142.11.
Air Berlin Plc (AB1 GY): Europe's third-biggest discount airline plans to release final 2006 earnings. The company last month reported 2006 operating profit, or earnings before interest and tax, of 64.1 million euros, missing the 71.9 million euro average analyst estimate compiled by Bloomberg. The shares dropped 15 cents, or 0.9 percent, to 16.20 euros.
Read more at Bloomberg.com
Dow Average Falls for 1st Time in 6 Days as Citigroup Declines
The Dow Jones Industrial Average fell for the first time in six days, led by financial and industrial companies, after an unexpected decline in new-home sales heightened concern that economic growth will slow.
Citigroup Inc. pulled banks lower, while Honeywell International Inc. paced losses among industrial shares on concern the deteriorating housing market will reduce demand for loans and construction equipment. A jump in oil prices spurred gains in energy shares, lifting the Standard & Poor's 500 Index to its fifth advance in six days. Dell Inc. helped boost the Nasdaq Composite Index.
The fewest new home sales in seven years dimmed prospects for a quick rebound in real estate. The Commerce Department's report curtailed a rally that lifted stocks to their biggest weekly advance in four years.
Read more at Bloomberg.com
Citigroup Inc. pulled banks lower, while Honeywell International Inc. paced losses among industrial shares on concern the deteriorating housing market will reduce demand for loans and construction equipment. A jump in oil prices spurred gains in energy shares, lifting the Standard & Poor's 500 Index to its fifth advance in six days. Dell Inc. helped boost the Nasdaq Composite Index.
The fewest new home sales in seven years dimmed prospects for a quick rebound in real estate. The Commerce Department's report curtailed a rally that lifted stocks to their biggest weekly advance in four years.
Read more at Bloomberg.com
US homes data erases fresh peak on S.Africa bourse
(Reuters) - South African shares closed weaker on Monday after weaker than expected U.S. home sales data renewed fears about growth in the world's biggest economy, upsetting a record rally on the local bourse.
Before the release of the bearish U.S. data, the JSE All Share index raced to a fresh all-time peak of 27,152.7 points. The All-share index closed 0.58 percent weaker at 26,756.29 points.
Read more at Reuters Africa
Before the release of the bearish U.S. data, the JSE All Share index raced to a fresh all-time peak of 27,152.7 points. The All-share index closed 0.58 percent weaker at 26,756.29 points.
Read more at Reuters Africa
Miner Gold Fields buys remainder of Western Areas
(Reuters) - South African gold miner Gold Fields on Monday said it would compulsorily acquire the remaining Western Areas shares that it does not already own.
Gold Fields, which owns 95.6 percent of Western Areas, said Western Areas shares listed on the JSE would be terminated on March 30.
Read more at Reuters Africa
Gold Fields, which owns 95.6 percent of Western Areas, said Western Areas shares listed on the JSE would be terminated on March 30.
Read more at Reuters Africa
Rand softer on US economic backlash
(Reuters) - The South African rand weakened slightly against the dollar on Monday despite the greenback losing ground overseas after the release of unexpectedly worse U.S. data.
The rand was at 7.2350 against the dollar at 1515 GMT, having weakened to 7.2475 earlier from 7.21/dollar at Friday's close in New York.
Read more at Reuters Africa
The rand was at 7.2350 against the dollar at 1515 GMT, having weakened to 7.2475 earlier from 7.21/dollar at Friday's close in New York.
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Miner says struck gold in Ethiopia
(Reuters) - A mining company said on Monday it had found an estimated 10,000 tonnes of gold in southern Ethiopia that could be worth more than $1 billion.
Privately-owned National Mining Corporation (NMC) said the discovery was made at Dawa Dagiti in southern Oromia region.
Read more at Reuters Africa
Privately-owned National Mining Corporation (NMC) said the discovery was made at Dawa Dagiti in southern Oromia region.
Read more at Reuters Africa
Shell resumes oil output after Nigerian spill
(Reuters) - Royal Dutch Shell has resumed pumping crude oil through a 187,000 barrel per day pipeline that was closed on March 4 due to a spill, a spokesman said.
Repairs to the pipeline that feeds the Bonny export terminal were completed last Thursday and output from the flow stations feeding the trunk line is climbing steadily.
Read more at Reuters Africa
Repairs to the pipeline that feeds the Bonny export terminal were completed last Thursday and output from the flow stations feeding the trunk line is climbing steadily.
Read more at Reuters Africa
Wall St flat before home sales
(Reuters) - U.S. stocks were nearly flat on Monday before data that could give clues on whether the housing market is stabilizing or slowing further.
A jump in oil prices above $63 a barrel boosted energy shares like Exxon Mobil Corp. but kept a lid on the broad market. Exxon was up 0.8 percent at $75.56.
Read more at Reuters Africa
A jump in oil prices above $63 a barrel boosted energy shares like Exxon Mobil Corp. but kept a lid on the broad market. Exxon was up 0.8 percent at $75.56.
Read more at Reuters Africa
Dollar falls after lower-than-expected new home sales
(Reuters) - The dollar fell on Monday after data showed U.S. new home sales for February dropped to its lowest rate since June 2000.
New single-family home sales fell to an annual rate of 848,000 units from a downwardly revised rate of 882,000 in January, the Commerce Department said. Analysts polled by Reuters were expecting February sales to rise to 985,000 from the previously reported rate of 937,000 units in January.
Read more at Reuters Africa
New single-family home sales fell to an annual rate of 848,000 units from a downwardly revised rate of 882,000 in January, the Commerce Department said. Analysts polled by Reuters were expecting February sales to rise to 985,000 from the previously reported rate of 937,000 units in January.
Read more at Reuters Africa
Consol cuts yield on buyout bond - source
(Reuters) - South Africa's Consol Glass has cut the yield on offer on the 4 billion rand equivalent euro-denominated bond it is selling to finance its buyout by Brait Private Equity due to strong demand, a banking source said on Monday.
The seven-year senior secured notes are now set to yield 7.625 to 7.75 percent, less than earlier guidance of 7.75 to 8 percent, the source said.
Read more at Reuters Africa
The seven-year senior secured notes are now set to yield 7.625 to 7.75 percent, less than earlier guidance of 7.75 to 8 percent, the source said.
Read more at Reuters Africa
Dollar extends gains after good US housing data
(Reuters) - The dollar extended gains against the euro on Monday following data last week showing a surprise jump in U.S. existing home sales that cooled expectations for the Federal Reserve to trim interest rates in the next few months.
The 3.9 percent rise in sales of existing U.S. homes in February, the largest in three years, eased some of the worries that a weak property market was taking a heavy toll on the broader economy and would spur the Fed into action.
Read more at Reuters Africa
The 3.9 percent rise in sales of existing U.S. homes in February, the largest in three years, eased some of the worries that a weak property market was taking a heavy toll on the broader economy and would spur the Fed into action.
Read more at Reuters Africa
Kenya shilling barely moved vs dollar
(Reuters) - The Kenya shilling was little changed against the dollar in quiet trade on Monday, dealers said.
At 0835 GMT, commercial banks traded the unit at 68.75/85 to the dollar, compared with Friday's closing price of 68.80/90.
Read more at Reuters Africa
At 0835 GMT, commercial banks traded the unit at 68.75/85 to the dollar, compared with Friday's closing price of 68.80/90.
Read more at Reuters Africa
Higher crude oil, Iran tensions lift gold prices
(Reuters) - Gold rebounded on safe-haven buying on Monday, with oil prices rising on heightened tensions between Iran and the West after Tehran vowed to continue its nuclear programme.
But investors remained cautious in chasing prices higher because of recent sell-offs and ahead of the book-closing at the end of the current fiscal year in March.
Read more at Reuters Africa
But investors remained cautious in chasing prices higher because of recent sell-offs and ahead of the book-closing at the end of the current fiscal year in March.
Read more at Reuters Africa
Malawi sees low tobacco production, better prices
(Reuters) - Malawi's tobacco production this year is expected to drop to 141,000 tonnes from 158,000 tonnes last year because of too much rain, the Tobacco Control Commission (TCC) said on Monday.
"We expect a drop of 10.14 percent this year because of heavy rains experienced in most tobacco growing areas," TCC said in a statement.
Read more at Reuters Africa
"We expect a drop of 10.14 percent this year because of heavy rains experienced in most tobacco growing areas," TCC said in a statement.
Read more at Reuters Africa
S.Africa maize stocks dip to 2.846 mln T at end Feb
(Reuters) - South Africa's maize carryover stocks dipped to 2.846 million tonnes at the end of February from 3.427 million tonnes the previous month, data showed on Tuesday.
That included 475,000 tonnes of yellow maize and 2.371 million tonnes of white maize, the South African Grain Information Service said in its monthly bulletin.
Read more at Reuters Africa
That included 475,000 tonnes of yellow maize and 2.371 million tonnes of white maize, the South African Grain Information Service said in its monthly bulletin.
Read more at Reuters Africa
S.Africa's Mittal to unveil $83 mln kilns investment
(Reuters) - South Africa's Mittal Steel, a unit of the world's top steel group, said on Monday it would announce a 600 million rand kilns project at its main Vanderbijlpark plant on Thursday.
Mittal SA, which is 52 percent owned by Arcelor Mittal, has already said it plans to spend 9 billion rand in a capital expenditure programme over a number of years, and the 600 million was part of that amount.
Read more at Reuters Africa
Mittal SA, which is 52 percent owned by Arcelor Mittal, has already said it plans to spend 9 billion rand in a capital expenditure programme over a number of years, and the 600 million was part of that amount.
Read more at Reuters Africa
Mauritius sees 2006 jobless rate dipping to 9.1 pct
(Reuters) - The Mauritius unemployment rate is expected to have dropped to 9.1 percent in 2006 from 9.6 percent the year before, the Central Statistics Office (CSO) said on Monday.
"Unemployment rate for the year 2006 is estimated at 9.1 percent against 9.6 percent in 2005," it said in a statement on its Web site, quoting data collected between October and December 2006.
Read more at Reuters Africa
"Unemployment rate for the year 2006 is estimated at 9.1 percent against 9.6 percent in 2005," it said in a statement on its Web site, quoting data collected between October and December 2006.
Read more at Reuters Africa
Algeria's Skikda oil port open as weather improves
(Reuters) - Algerian oil ports Skikda and Bejaia have reopened after bad weather forced them to close for most of last week, shipping agents said on Monday.
Last week the two ports, both in eastern Algeria, as well as the western Algerian ports of Arzew and Bethouia, were forced to close due to heavy swell and strong winds.
Read more at Reuters Africa
Last week the two ports, both in eastern Algeria, as well as the western Algerian ports of Arzew and Bethouia, were forced to close due to heavy swell and strong winds.
Read more at Reuters Africa
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