Tuesday, September 19, 2017

#Uganda anti life presidency, anti #AgeLimit youth vows to die fighting

My name is Wanyera Simon(The Revolutionary Son) and I have never let you down my fellow Ugandans.No one will touch our constitution and for this cause I am ready to die.

Mr. Museveni needed 26 people to start his own revolution.I only needed 4 other revolutionaries to begin my own revolution to oust him.

Ainebyona Ronald Papa Were Salim Obed the great*and *Kahiji Edmond you are men of valour and history will judge you right.

Today with these mighty Makerereans I have declared a students revolution to oust the junta.

Despite the heavy deployment by police,army,and military,then came the heavy down pour,we as Makerereans stood our ground and held an inter party general assembly.

Fellow Makerereans:from Kikumi Kikumi to Northcote,Lumbox empire to mitchellex,Afrostone to the mighty kikoni,UH to katanga and Wandegeya,thank you so much for standing up for what is right.

Our stand as Makerere University is very clear: Constitution tebagikwatako

On Thursday 21st Sept 2017,we shall make a statement and the whole world will pause.

Fellow Ugandans,my promise to you is one:
I will liberate you from Museveni and we shall dance and sing free at last,free at last

The Revolutionary Son

#Oil report for September 19, 2017

The EIA projects total world energy consumption will rise by 28 percent between 2015 and 2040, with most growth coming from developing countries.

•    Non-OECD Asia accounts for nearly two-thirds of the growth, and that category is dominated by China and India.

•    All major energy sources will see demand rise except for coal. Renewables post the strongest growth rate at 2.3 percent per year.

Market Movers

•    Royal Dutch Shell (NYSE: RDS.A) said it began restarting its Deer Park refinery in Texas on Sunday, a facility that has a capacity of 325,000 bpd. ExxonMobil (NYSE: XOM) could restart most of its Beaumont refinery by the end of the week.

•    Sanchez Energy (NYSE: SN) was downgraded by Piper Jaffray from Overweight to Neutral, on concerns over leverage. Its price target was cut from $14 per share to just $6.

•    The Federal Energy Regulatory Commission overruled New York State’s denial of a permit for the Millennium natural gas pipeline, arguing that the state took too long to make a decision. The decision puts the project on path to begin construction, pending more permits. The short distance pipeline will service a 630 MW natural gas plant set to begin operations early next year. The pipeline is owned by TransCanada (NYSE: TRP), DTE Energy (NYSE: DTE) and National Grid (NYSE: NGG).

Tuesday September 19, 2017

WTI and Brent hit fresh highs in early trading on Tuesday, with oil demand looking particularly robust and fears over hurricane damage to the market having receded. Both benchmarks were at their highest levels in months but saw a slight drop off as trading continued.

Refiners profit on hurricane outages. After a quarter of U.S. refining capacity was knocked offline, fuel shortages cropped up, creating a unique opportunity for unaffected refiners. “You’ve got a lot of refiners running at full tilt, and they’re going to make better margins,” Sandy Fielden, an energy analyst with Morningstar Inc., told the WSJ. “Supply and demand is effectively telling the market that there’s a big incentive to produce more.” Refining margins for some East Coast and Midwestern processors have jumped by as much as a third, the WSJ says. PBF Energy (NYSE: PBF), a company with refining assets in the Northeast and the Midwest, has seen its stock price surge by as much as 26 percent since August 21.

Conflicting reports on U.S. withdrawal from Paris climate agreement. The WSJ reported over the weekend that the U.S. might not actually withdraw from the Paris climate accord, despite President Trump’s decision to do so in June. The Trump administration denied any change in policy, and the President’s top economic adviser, Gary Cohn, met with climate ministers from around the world on Monday. He told them that the U.S. would only stay in the Paris climate pact if the terms of doing so were more favorable. However, the administration routinely fails to recognize the fact that the pact consists of voluntary, not mandatory, targets. In theory, the administration could revise its commitments and stay in the pact.

OPEC considering longer cuts. Iraq’s oil minister hinted that OPEC might consider deeper and longer cuts, pushing the current output limits out through the end of 2018. Jabbar al-Luaibi said the group could take an additional 1 percent off of global supply, which would help to further rebalance the market. Still, he said there is “no firm decision yet.” 

Chart of the Week

Russia’s Rosneft to invest in Kurdish pipelines. Rosneft said that it will invest in gas pipelines in Kurdistan, a crucial source of investment for the semi-autonomous region in Iraq ahead of its independence referendum next week. The investment could exceed $1 billion and grow Rosneft’s gas business.

Trump admin works to open up drilling in Alaska’s ANWR. The Washington Postreported that the Trump administration is trying to allow drilling in the Arctic National Wildlife Refuge (ANWR), a hotly contested region in Alaska that has been off limits for oil and gas drilling for decades. Permitting drilling would require an act of Congress, but the Post reports that the Department of Interior is working on draft rules to allow seismic testing in ANWR, a necessary precursor to drilling. It is not clear how interested oil and gas companies would be in ANWR, given its remote (i.e., expensive) location.

U.S. shale production to grow more slowly. The EIA said that U.S. oil production from its top shale basins will rise by 79,000 bpd in October, the first time in seven months that the monthly increase will come in below 100,000 bpd. The Eagle Ford will actually see a decline in output by 9,000 bpd, in part because of outages related to Hurricane Harvey. The Permian will still add a sizable 55,000 bpd in October.

Seadrill files for bankruptcy. Offshore oil drilling company Seadrill filed for bankruptcy last week after coming to an agreement with creditors. The deal will result in a fresh injection of $1 billion while also wiping out existing shareholders, according to the FT.

Energy stocks up, more room to run. Energy stocks just completed their first four-week stretch of gains this year, a sign that they may have bottomed out and could be heading higher. The Energy Select Sector SPDR exchange-traded fund, according to CNBC, is down 12 percent so far this year, a much steeper drop than the price of oil. Some analysts and major investors think that the market overdid the selloff this year, expecting much more shale production, which would have pushed oil prices down further. The rather large decline for the ETF suggests there is a lot of lost ground that could be regained going forward, which might mean stronger stock gains in the near future. "It needs to play a little catch up yet," Rob Thummel, portfolio manager at Tortoise Capital, told CNBC, referring to the ETF.

Iran accuses U.S. of sabotaging nuclear deal. Top Iranian officials have accused the U.S. government of undermining the landmark 2015 nuclear deal. President Donald Trump has suggested that he would decertify Iran’s compliance with the accord in October, a move that could lead to the unraveling of the agreement. At that point, the U.S. Congress could move to re-impose U.S. sanctions. However, the U.S. will probably burn a lot of international good will if it goes down this path, and could be on its own pursuing a heightened confrontation with Iran. The international body that oversees the nuclear deal has said that Iran has in fact complied with its commitments, contrary to what the U.S. President has portrayed.

Vitol increases cash-for-crude trade with Kazakhstan to $5 billion. The FT reportsthat the world’s largest independent oil trader, Vitol, has agreed to increase its deal with Kazakhstan to provide cash in exchange for crude oil, a trading relationship that will reach $5 billion. Arrangements of this type have been on the rise since oil prices halved from $100 per barrel in 2014 down to $50 today. Vitol and its peers, such as Glencore and Trafigura, have loaned out billions of dollars to cash strapped oil producers, including Kazakhstan, Russia and Kurdistan.

Norway’s sovereign wealth fund tops $1 trillion. The value of Norway’s sovereign wealth fund just surpassed the $1 trillion mark. The world’s largest sovereign wealth fund has increased in value substantially this year on the back of strong equity markets and a weakening U.S. dollar. The fund has been seeded with oil revenues since it was established decades ago, with the mission to benefit Norway long after the oil is gone.


#Mexico gets hit by another #earthquake - Magnitude 7.1

The tremor rattled buildings in the capital, Mexico City. Witnesses said that some buildings were evacuated.
The quake hit the state of Puebla at a depth of 32 miles (51 km). There were no immediate reports of casualties.
Earlier this month, a powerful 8.1 magnitude killed at least 90 people in the country.
The United States Geological Survey said the earthquake was marked as a 7.1 magnitude that hit the southern Mexico region Tuesday. 
​The quake hit five miles from the Mexican state of Puebla at a depth of 32 miles, the USGS added.

Social media posts shares on Twitter show dusts and smoke to be rising from several sights in Mexico City. 
​​The powerful earthquake was felt by resident just hours after people had participated in earthquake drills Tuesday — incidentally the anniversary of the 1985 quake the killed thousands in the city.
​According to Luis Felipe Puente, the head of Mexico's civil protection agency, there have been no immediate reports of damages.


Companies fire #KPMG for involvement in #Zuma, #Gupta fraud

JOHANNESBURG (Reuters) - A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma.
Sasfin (SFNJ.J) and Hulisani (HULJ.J), both relatively small financial companies based in Johannesburg, announced they would drop KPMG [KPMG.UL] due to reputational risk.
KPMG, one of the biggest and most influential names in accounting, cleared out its South African leadership on Friday after it found that work done for firms owned by the Gupta family “fell considerably short” of its standards. It found no evidence of crimes or corruption, however.
“In view of the well-publicized concerns recently raised with regard to KPMG as well as Sasfin’s commitment to good governance in respect of auditor independence and auditor tenure, Sasfin has decided to put its audit out to tender,” the company said in a statement.
Hulisani said it would ask shareholders to approve its decision to replace KPMG with PwC at a meeting next month. Fund manger Sygnia (SYGJ.J) fired KPMG a month ago.
Several South African companies approached by Reuters over the last week, including blue chips Barclays Africa (BGAJ.J) and Old Mutual (OMLJ.J), said they were considering cutting ties with KPMG.
“They’ve placed their clients in a difficult position. If their audits were not up to standards on the Gupta account, why should I believe they were up to standard on my account?,” Sygnia chief executive Magda Wierzycka told Reuters on Monday.
“What happens to KPMG from this point onwards really depends on what corporate South Africa does.”
Barclays Africa, South Africa’s third largest lender by market value and one of KPMG’s biggest clients, has met the firm to request more information on its internal investigation before making a call on whether to sever ties.
“After carefully considering the further information requested and the findings, (Barclays Africa) will be in a position to make a decision as to whether to continue to engage KPMG as its external auditors,” the bank said.
KPMG is the third global firm to face questions about its work for the Indian-born Gupta brothers, who have been accused by an anti-graft watchdog of unduly influencing the awarding of government contracts.
Consulting giant McKinsey is being investigated by South Africa’s parliamentary committee on public enterprises, and the British business of public relations agency Bell Pottinger collapsed last week following a scandal over a racially-charged political campaign it ran for the Guptas in South Africa.
The Guptas and Zuma deny wrongdoing and say they are victims of a politically motivated witch-hunt. The Guptas and their companies have not been charged with any crime.


Anglo-South African investment bank and asset manager Investec’s audit committee was due to meet later in the week to make a recommendation to the board on whether to keep KPMG.
Mining company Sibanye Stillwater (SGLJ.J), whose chief executive Neal Froneman has called for Zuma to step down, and Africa’s biggest properly group Growthpoint (GRTJ.J) will also hold board meetings to decide on whether to keep the firm. They declined to give exact dates for the meetings.
“The report came out of Friday so it would be premature to say we will fire them. The board will meet in due course to make a decision,” spokesman James Wellsted told Reuters.
Other companies considering whether to drop KPMG include Anglo-South African insurer Old Mutual (OMLJ.J) (OML.L) and its banking unit Nedbank (NEDJ.J).
“Old Mutual is committed to doing business ethically and maintaining the highest standards of governance,” spokesperson Ursula Westhuizen said. “We understand that the conclusions of KPMG’s review will be available at the end of this month and we look forward to its publication.”
South Africa’s Institute of Directors, which represents all company directors in South Africa, earlier this month suspended ties with KPMG and, among other things, declined to sponsor a golf day set for October.
Save South Africa, a civil society group, has called on local companies to fire KPMG.
Iraj Abedian resigned as a director of Germany’s Munich Re’s (MUVGn.DE) African unit because the unit would not fire the accounting firm.


KPMG’s South African unit traces its roots to Johannesburg’s gold rush days in the late 19th century, when Scottish-born Alexander Aiken established a practice as a public accountant and auditor. KPMG acquired the firm in the 1980s.
New chief executive Nhlamu Dlomu, who replaced Trevor Hoole on Friday, faces a daunting task retaining both government and private sector clients and convincing them that it can still carry on auditing large corporations despite the Friday purge.
KPMG did not respond to email requests for comment and spokesman Nqubeko Sibiya said Dlomu would not be available for interviews as she has just started her new role.

“On the one hand you could say they’ve cleaned up shop, but on the other hand, they’ve dismissed the entire executive team. Who is there to serve the existing clients and take on those leadership roles?” said Sygnia’s Wierzycka.
Andrew Cranston, former KPMG Russia head, has been brought over to replace chief operating officer Steven Louw.
In addition to Hoole, Louw, chairman Ahmed Jaffer and five senior partners who all resigned on Friday, the accounting firm also plans to dismiss Jacques Wessels, the lead partner on audits of Gupta-linked firms.
The South African tax collection agency, SARS, said on Monday it would cut all ties with KPMG, accusing it of ”unethical“ and unlawful” behavior.
KPMG acknowledged “flaws” in a report that it compiled for SARS which implied that former finance minister Pravin Gordhan had helped set up a “rogue spy unit” when he was head of the service.

Also read:

KPMG, McKinsey Feel the Heat as Graft Scandal Rocks South Africa

As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations. The scandal has revolved around members of the wealthy Gupta family, who are friends of President Jacob Zuma and have been accused of looting billions of rand in taxpayer funds and exerting undue influence over the state.

#Uganda police arrest one of their own for robbery, murder

The vehicle in which staff of Denovo bread were travelling bearing marks of bullet scars

The Police Professional Standards Unit (PSU) is investigating Mutundwe police post for the armed robbery and murder of two police officers and a civilian last weekend in Kalerwe.
Two Special Police Constables (SPCs); Hussein Munira and Moses Karungi and Denovo bread van driver, Kasirye Ssengozi were gunned down last Saturday evening near Total petrol station in Kalerwe along Gayaza road by unknown assailants.
The assailants made off with the money belonging to Denova as well as the guns of the two murdered police officers. The shooting also left four cashiers of Denovo injured. They'd been collecting the day's sales from the different points of sale.
28 cartridges and 4 live bullets have since been recovered from the scene of crime and handed over to officers from the forensics and ballistic department. 

Now, the PSU has picked up Samuel Kazibwe, the officer-in-charge of Mutundwe police post and the duty officer, Patrick Emojong in connection to the incident.

It is alleged that Denova bread has been picking personnel from Mutundwe police to escort the money picked from various outlets for the last five years. The officers are accused of not following the laid out procedure for deploying personnel in line with police standing orders.

Ideally, any person interested in security and police escort services is required to apply through the inspector general of police (IGP) or deposit money directly unto the police account. 
Police spokesperson, Asan Kasingye, says apart from not following the laid down procedure in deploying security for money transportation, the officers were part of the people who knew the route the vehicles have been using to transport the money.

#Kagame meets #Macron, #Netanyahu on sidelines of #UN General Assembly

President Paul Kagame who is currently attending the United Nations General Assembly in New York has held talks with French President Emmanuel Macron and Israel Prime Minister Benjamin Netanyahu on the sidelines of the UN General Assembly.

According to a tweet from the office of President, the two Presidents’ talks focused on collaboration on issues of mutual interest including peace and security in Africa.

Meanwhile, President Kagame also held talks with Belgian Prime Minister Charles Michel.

Speaking in March last year at the American Israel Public Affairs Committee (AIPAC) policy conference in Washington DC, Kagame, who is the first African leader to address this high profile platform, said “Rwanda is, without question, a friend of Israel.”

At the summit, Israel launched a $13m aid package to strengthen economic ties and cooperation with African countries and would also provide African states with training in “domestic security” and health.

In July this year, Kagame was in Israel to lure Israel Investors to invest in Rwanda. Kagame’s visit to Israel was a reciprocal to his counterpart Prime Minister Benjamin Netanyahu who visited Rwanda in July last year.

President Paul Kagame held discussions with Israel Prime Minister Benjamin Netanyahu

Israel’s partnership with Rwanda mainly focuses on Technology and Agriculture, and other sectors. Hundreds of Rwandan students are pursuing studies in different disciplines in Israel – the latest being 121 students who left for Israel in August last year. In 2015, seven Rwandan information and telecommunication technology firms signed cooperation deals with select Israeli ICT firms.

Recently, a delegation of 20 Chief Executive Officers (CEOs), managing directors and associates of different companies dealing in technology, health, education and energy met President Kagame in the capital Kigali and announced that they were finalizing plans to open their subsidiaries in Rwanda.

President Kagame has also visited Belgium and held bilateral talks with Prime Minister Charles Michel. The two countries have been mending relations since the aftermath of the 1994 Genocide Against the Tutsi.

Among different development projects run through Belgium support to Rwanda, the country offered its support to digitalize archives at Rwanda’s Kigali Genocide Memorial center.


#Tanzania president #Magufuli skips #UN General Assembly

Dar es Salaam — President John Magufuli has skipped another high profile United Nations General Assembly (UNGA) held in New York in the US between September 18 and 20, this year.
In the meeting, Tanzania is represented by Minister of Foreign Affairs and East African Cooperation, Dr Augustine Mahiga.
The meeting which started today, September 18, was addresses by the US president Donald Trump who among other issues spoke about the North Korea's nuclear threat and UN reform agenda.
Recent reports said that Tanzania was among several African countries being investigated by the United Nations for violating the sanctions imposed on the Asian country.
Addressing reporters in last week before his departure, Dr Mahiga said among others, he would meet with the five UN permanent members to assure them that Tanzania had ceased relationship with North Korea.
This is a second UNGA that President Magufuli has skipped since he came into power in November 2015. The first UNGA skipped was held in September last year.
Dr Magufuli has also escaped key international events where he was expected to meet with other leaders in Africa and at the UN. 
Instead, he has been sending representatives, including the Vice President, Ms Samia Hassan Suluhu, and Prime Minister, Mr Kassim Majaliwa and the Foreign Affairs Minister.
Some of the meetings he escaped were the forum on China-Africa Co-operation in Johannesburg held in South Africa in December 2015. He sent Ms Suluhu to attend.
President Magufuli also delegated Prime Minister Kassim Majaliwa to represent him at the Double Troika Summit of the Heads of State and Government of the Southern African Development Community (SADC) which was held in Gaborone, Botswana on January 18, 2016.

Another one was the 26th meeting of the heads of state of the African Union (AU) in the Ethiopian capital, Addis Ababa, in 30 January 2016.
He also skipped the high profile continental meeting, the 27th African Union Heads of States Summit held in Rwandan capital, Kigali in July 2016.
The recent one was the 37th Ordinary Southern African Development Community (SADC) Summit of Heads of State and Government held in last month in South Africa where he sent his vice, Ms Suluhu.