Market Report Monday 30th May, 2011 The week opened with a slight
increase in trade volumes and transactions and the market recorded a
total turnover of 16’307’000 Rfw from the sale of 709’000 shares of
Bralirwa traded in 6 transactions. BRALIRWA shares are trading cum
dividend up to June 13th 2011. Those who buy the shares up to June 13,
2011 will qualify for the final dividend announced by BRALIRWA. The
price of Bralirwa shares closed at 230 Rfw depicting a no change in
price of the Friday’s closing. At the close of trading session, there
was an outstanding bid of 139’100 Bralirwa shares at 230 Rfw. There
were also offers of 1400 and 38100 Bralirwa shares at 234 and an offer
of 15000 shares at 232 Rfw. The KCB and NMG counters did not record
any activity. The KCB and NMG share prices remained unchanged from the
Friday’s closing prices of Rwf 175 and Rwf 1200 respectively. NMG
shares will trade cum dividend until tomorrow Tuesday 2011.
Blog
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Trade highlights, Rwanda Stock Exchange (RSE)
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Rwanda leads Africa in eliminating illicit small and light arms
Rwanda has been commended for its assiduous efforts to eradicate illegally owned small and light firearms which are believed to be a major threat on the continent especially the war ravaged countries, those recovering from conflicts or are facing political strife.
Francis K. Sang the executive secretary of the Regional Center on Small Arms (RECSA) exclaimed on the need for collaboration especially within borders where illegal trafficking of fire arms takes place.
“We chose to have this meeting here because we believe that Rwanda has tremendous programs to wipe out illegally owned firearms”, he said while speaking in a two day conference involving Eastern, West and Central African police Associations in Kigali last week.The meeting that brought together police Associations that fight illicit arms on the continent aims at finding mechanisms of eliminating illicit firearms in Africa.
The inspector General of Rwanda National Police (IGP) Emmanuel Gasana said that almost 32,000 small and light arms have been destroyed since 2003.
He also noted that registration of arms is still on progress. Meanwhile RECSA which was formed 11 years ago in Nairobi and has so far destroyed 110,000 firearms in member countries.
Reacting on the same, Justice Minister Tharcisse Karugarama stressed that it was important for the organizations to harmonize their efforts by setting up focal points which would coordinate activities that fight illicit accumulation and trafficking of firearms as well as explosive materials in the continent.
Karugarama further pointed out that among ways of reducing cross border trafficking of firearms was by destroying large numbers of surplus, obsolete, unserviceable and unexploded ordnances (UXOs),marking legally owned firearms, enacting laws related to arms as well
as establishment of a database record on all national focal points in charge small arms and light weapons. -
Akagera’s HI-Tec rangers to curb poachers in the park
Poachers who have been routinely feasting on wild animals in the Akagera National Park now face tough times as the park management equips rangers with state of the art anti-poaching tactics and counter offensive skills.
The rangers who are now responsible for guarding the park, have been trained various tactics such as counter defense and offensive rescue and enemy engagement skills.
Brian Harris the Chief Executive Officer Conservation Outcomes in Tanzania who presided over the pass out of 17 rangers, noted that the skills rangers have acquired in the three weeks training will help bolster the park’s security which has been porous.
“Your work is extremely dangerous, strenuous and risky and therefore you need a lot of skills to be ready to go to the field and challenge this demanding task”, he said noting that the skills they have acquired will help them not only fight poaching but also preserve the diversity which is notable to Rwanda’s economy.
Harris said that without skilled and good rangers the objectives of the park’s establishment would not be achieved and urged them to vigilantly put in practice the skills in safeguarding the park while also protecting each other from ruthless poachers.
The government in partnership with the African Parks from South Africa is pumping a $10m investment to restore Akagera’s biodiversity, improve its long-term financial viability and also increase tourism receipts coming to the national economy.
Bryan Havemann, CEO and Project Manager Akagera National Park said,“Poaching has been rife and has had a negative impact on the animal numbers”. He further noted that without good rangers, there is nothing that can be done to protect the park.
Dr Tony Mudakikwa head of veterinary unit, research and monitoring said that the government is focusing at improving the park’s management which will eventually be a favorite destination for tourists. “We want to adopt a modern way of managing the park, and training of trackers is one issue. We expect less poaching which has been a problem, reduce human and animal conflict and increase the number of animal species so that we can expect more tourists and increase income”, he said.
Havemann said that rangers have been equipped with arms, safety gadgets. In addition a modern communication hub is yet to be established which will facilitate communication during the patrols.
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ICTR acts on Zimbabwe-based genocide mastermind
The United Nations International Criminal Tribunal for Rwanda (ICTR) has begun conducting special deposition proceedings in the case of the most wanted fugitives in the 1994 Rwandan genocide, including former top soldier, Protais Mpiranya, believed to be holed up in Zimbabwe.
The proceedings follow a successful application by the tribunal’s prosecution earlier this year seeking to safeguard evidence against Mpiranya, who was commander of the Presidential Guard, Felicien Kabuga, a wealthy businessman, accused of financing the genocide and Augustin Bizimana, former Minister of Defence.Mpiranya’s head carries a $5 million bounty. Kabuga and Bizimana’s respective heads also carry the same reward.
Mpiranya is believed by the ICTR to be staying in Zimbabwe although authorities in Harare deny his presence on the country’s soil.
Mpiranya was indicted for genocide, crimes against humanity, and other serious violations of international humanitarian law.
He is accused of being one of the conspirers who prepared and planned for the Rwandan genocide from late 1990 until July 1994.
During the genocide, he was commander of the Presidential Guard within the Rwanda’s army.
Mpiranya is alleged to have directed the Presidential Guard in sexually assaulting and killing Rwandan Prime Minister Agathe Uwilingiyimana and murdering 10 Belgian UN peacekeepers.
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BK unveils three new products as part of poverty alleviation drive
Rwandan’s leading commercial bank, Bank of Kigali BK has launched three new products as part of a campaign to alleviate poverty.
These include ; Women Entrepreneurship Facility (Intambwe y’abanyarwandakazi), Youth Entrepreneurship Savings Account (YESA SINGIRA) and also Senior Loans and Savings Account (Ntugasaze).
In his remarks, Lawson Naibo, the Bank’s Chief Operating Officer, pointed out that the intambwe y’abanyarwandakazi product which targets women entrepreneurs, would facilitate them to access credit and financial advice.
“This will be done particularly to transform the lives of the women who earn less but with sensitive ideas that can contribute to the society,” Naibo said at the launch.
In a written statement, the bank’s Managing Director James Gatera said the product is intended to facilitate women entrepreneurs in the low end market and also to aptly fit the government’s policy and plan to ensure gender mainstreaming and full participation of women in all activities related to socio-economic development of the nation.
The Minister of Youth Sports and Culture (MIJESPOC), Protais Mitali who was the Chief Guest during the launch highly welcomed the projects and particularly emphasised on the Youth Entrepreneurship Savings Account.
“Am very happy about the product because youth will have the opportunity to access the credit without collaterals,” Mitari told IGIHE.COM. He added that since the youth has no security to present to the banks to access credit, the product would help them.
The Minister challenged the youth to visit the bank to obtain more information on the product so that they can get involved and ultimately become job creators instead of job seekers.
He also added that his ministry would seek for other possible means to support the unveiled products.
The three products unveiled by BK are all guarantee free. The bank would help to connect clients with one of two organisations to provide guarantees and the client would easily access the credit.
The two organizations are the French Agency for Development (AFD) which has branch offices based in Kenya and the Rwanda Development Bank (BRD).
The credit ranges from RWF 100,000 to RWF 5m depending on the project presented to the bank by a client.
The credit will be paid back in a period of six months to two years and beyond depending on the income of the borrower at an interest rate of 1.4 percent per month.
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Bye Bye Nyakatsi: Govt admits use of force
The official in charge of the Bye Bye Nyakatsi policy to
eradicate all grass-thatched roofs in the country by the end of this month has
admitted that ‘sometimes we apply some force’The admission came after hundreds of Twitter users responded to
Survival International’s condemnation of the destruction of Batwa Pygmy houses,
which has left many of the country’s marginalised people without shelter. The government, which is also active
on Twitter, has tweeted that the Bye Bye Nyakatsi programme ‘is about decent
housing for all, no one is left homeless.’The official overseeing the anti-thatch programme, Augustine
Kampayana, told journalists, ‘for anyone to still be in nyakatsi [thatched
houses] up to now only means that it is in their general attitudes to prefer to
live in grass thatched houses. Some of them just do not want to change, but we
cannot let these drag everyone else back.’One Batwa man, whose house has been destroyed and who is
living in cramped conditions with ten other families, said last week, ‘it’s a
catastrophic life which resembles that of a refugee.’The UN’s Racial Discrimination committee last month urged the
Rwandan government to ‘facilitate access to adequate housing for the Batwa,
particularly by avoiding forced evictions without consultation and without
offering alternative housing.’Although some Batwa families have been given new houses, many
are still waiting and are forced to live in the open, according to COPORWA, Rwanda’s Batwa organization. Rwanda’s Batwa continue
to face racism and discrimination on a daily basis. Most eke out a meager
living as wage laborers or potters after their communities were forced from
their forest homes to create national parks free from human habitation. -
US basketball team signs lofty Rwandan recruit
According to the U.S media, the Long Beach State men’s basketball program has signed a Rwandan within its ranks as part of its 2011-12 class of recruits.
The 49ers announced Wednesday that 6-foot-9, 235-pound Gatete Djuma of West High in Salt Lake City had signed a national letter of intent.
The India Times reports that Djuma, who migrated to the United States from Rwanda without having ever played basketball on an organised level, averaged 11.7 points and 9.8 rebounds per game and was honourable mention all-state as a senior.
In the announcement, LBSU coach Dan Monson said Djuma “has great basketball instincts and already makes plays you can’t teach.”
Djuma joins 6-7 Kris Gulley (Independence, Kansas, Community College) as spring signees.
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Ailing local telcom lays off staff
Following commencement of insolvency proceedings, ailing telcom firm Rwandatel has laid off 43.2 percent of its workforce as part of a company-wide restructuring process, the goal of which is to keep operating costs low and to operate with an optimum number of employees.
Rwanda’s utilities regulatory agency RURA withdrew Rwandatel’s GSM Mobile license in April this year and within weeks, the Office of the Registrar General had instituted insolvency proceedings against the company.
The commercial court in Kigali then appointed an administrator to take charge of the company who within a period of two months will advise Court if the company could be turned around or face possible liquidation.
Operating both its GSM Mobile and Fixed licenses, Rwandatel had a total workforce of 317 employees. Out of these, only 180 have been retained to run its remaining voice, internet and data services all of which run on the fixed network platform.
Rwandatel’s court appointed administrator Richard Mugisha, said, “In these times when the company is trying to reorganise itself to run its fixed network operation, reducing employees is sad but it has to be done to keep the company afloat. Management must respond by reducing costs and realigning its workforce. As such, we have had to place 137 on technical redundancy as there isn’t sufficient business to justify such a huge workforce. As administration, we shall pay the laid off staff terminal benefits as stipulated in the law”.
“I feel it is critical to make very difficult adjustments at this time, to address the company’s current reality and to prepare the company for potential success in the future”, Mugisha added.
Despite these recent developments, the company continues to offer the ever vital voice, internet and data services to individuals and businesses alike.
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India to invest in Rwandan agriculture
The Indian Minister of State in charge of food processing recently met with the president Kagame at the Village Urugwiro, to draw possible ways of promoting the agricultural sector in Rwanda to ensure better production of foodstuffs in terms of quality and quantity.
“We want to see how Rwanda’s foodstuffs can be produced and processed in Rwanda before they are exported,” Arun S. Yadan, the Indian Minister pointed out soon after his meeting with the President.
He added that they plan to introduce modern irrigation farming methods to produce better quality products to meet global demand.
The Minister of Agriculture and Animal Resources, Dr. Agnes Kalibata said that Rwanda has a lot to learn from India’s agricultural sector in order especially in adoption of proper mechanisms to be used in the sector as well as production of quality seeds like rice.
She added that India would educate farmers on proper methods of farming for better quality production.
She noted that Rwanda would continue mobilising Indian investors to invest in the sector.