Warsama, You are missing one ingredient for mchuzi mix. It is the basic ingredient we need to catch big fish listed on TJRC Report which will bring us UNITY AND PEACE. we all need. Our problem is LAND which thievers have stolen.....this is simply a side show people want to take our energy for no good reason. Let us focus on real issues that affect LAND which is at the heart of most our differences affecting our socio economic and political good will. LAND is the common denominator of our shared interest, we need to resolve so we are able to move forward: 1) Tebiti Oisaboke brought a very good subject where our Kenyan media under threat- KUJ....... 2) Jack and Jill Supermarket demolished amid court tussle under mysterious circumstances......people should know......tomorrow it is you and me...... 3) Demand for Transparency, Accountability with investigation on functionability of Capital Market Authority 4) Demand and pressure for security to avoid careless engineered killings and join Ethics and Anti-Corruption Commission in calling for Kimemia's removal from public office....... Let us demand and pressure for implementation of the TJRC Report which is the center of all our problems involving land conflicts which is now having water polluted by Chinese with other special interest activities engaged in Land Grabbing etc., 5) Engage in Sungu's last week statement that has reaonable subjective potentials that provokes critical issues for discussion These should be our priority needs to discuss, collaborate, deliberate, pressure and call for sanity under unity for common good of all...... Warsama, take my word, we must avoid OTO's side-shows and get down on serious business........ Judy Miriga Diaspora Spokesperson Executive Director Confederation Council Foundation for Africa Inc., USA http://socioeconomicforum50.blogspot.com TJRC: Land at the heart of most conflicts Published on May 21, 2013 Find the latest news at http://www.ntv.co.ke Uhuru Refused n Ignored the Constitutional Mandated Report Purely due to Him being complicit like his Dad Jomo in Land Grabbing.His all Wealth is derived from Stolen Kenyan People Property. Jomo Kenyatta legacy of Few in the Old Boy Club benefited frm the Stolen Loot such his family members,Betty Mugo,etc.Rest Kenyans including Poor Kikuyus never benefited frm Dis Devil called Jomo Kenyatta.He is burning in Hell.Too Bad he didnt take all that Land w/him to his Grave. Uhuru, No justice, No peace. They should return the land to the Coastal people, also they must return all the money they made on those land(s) to the owners of the land. Thieves educated their families with the loot, while the opposite had no land, therefore no money to educate theirs. Jomo "the devil" had guts to include a mzungu in the loot, but to exclude the Afrikans (Tavetans). HE MUST BE IN HELL BURNING. TJRC still remains the most corrupt commission, this is jst a formality to restore our beliefs which was lost in them oh, another conspiracy against the spoiled prince Uhuru Kenyatta! he needs to do the right thing and return the land back to the rightful owners. I am so glad Jomo Kenyatta died in office. It was a gift from from heaven...now, if we can just have Moi pay for his sins...that will be heaven, Jack and Jill Supermarket demolished amid court tussle Published on May 23, 2013 http://www.ntv.co.ke Corporate News
Jack and Jill store looted as owners fight eviction orderBy GALGALLO FAYO Posted Thursday, May 23 2013 at 20:00 Jack and Jill Supermarket in Nairobi was Thursday looted by a crowd hours after the owner had moved to the High Court to challenge an eviction order by a court. The looting started after a tractor demolished part of the building, destroying goods of unknown value. Workers said they were caught off-guard. However, it was not clear whether the attempted demolition was connected to the High Court case. The supermarket, one of the oldest in the country, had been ordered to vacate the premises on Temple Road in downtown Nairobi within seven days. The supermarket's management had said, in an application to the High Court, that vacating the premises, which it has occupied for last 30 years, within a week was impossible and would lead to losses of up to Sh100 million. Creditors "Much of the stock in trade is perishable and is due and payable to suppliers and creditors, who are unlikely to be paid were the orders to vacate herein to be implemented in seven days as ordered by the court," said the supermarket's management. The company claimed that if the order was effected it would close leading to loss of employment for its 120 workers. The order was issued following an application by Victor Maina Ngunjiri, who acquired the premises in 2007. Jack and Jill said that Mr Ngunjiri's application was in bad faith and accused him of trying to evict it and start a similar business with the hope of inheriting its goodwill among customers built over many years. Through an affidavit by managing director Tom Onyancha, Jack and Jill said that Mr Ngunjiri had in the past sought to evict its business unsuccessfully, adding that the dispute dated back to 2008. The company said that Mr Ngunjiri at one point filed a case in court secretly and obtained orders for the building hosting the business to be demolished on grounds that the building had been condemned. Truth, Justice and Reconciliation Commission outlines Coast marginalisation issues Updated Friday, May 24th 2013 at 20:09 GMT +3 By Patrick Beja The Truth, Justice and Reconciliation Commission ( TJRC) has outlined issues that it says have led to deep feelings of marginalisation of indigenous Coast residents. Land issues, war on terror, poor education levels and lack of infrastructure have fuelled feelings that successive governments ignored the region. One of the critical issues, described by some as a ticking bomb is the seemingly intractable land question. More recently, other factors including perceived mistreatment of residents at the hands of police in the context of Kenya's efforts in the American-led "war on terror", poor education levels and lack of infrastructure have all served to fuel feelings that successive governments do not care about the region, says the report. In the report presented to President Uhuru Kenyatta, the Bethuel Kiplagat-led team observed that that the idea that successive governments have marginalised Coast economically was a central feature of the historical narrative in the context of politics, development and gross human rights violations. The single most conflictive issue in the Coast region is land or rather the loss or lack of access to it faced by many communities and individuals, says the report. TJRC notes that the problem of marginalisation in the education sector at the Coast has historical roots in the colonial and pre-colonial era as it was segregated along racial lines with separate systems for European, Asian and African pupils. From a national perspective, the Coast region is among the most under developed areas of Kenya in the provision of education, it says. Five people killed in fresh Mandera County attacks Updated Saturday, May 25th 2013 at 18:58 GMT +3 By Cyrus Ombati NAIROBI, KENYA: Five people were killed, three others injured and several camels killed in fresh inter-clan fighting in Banisa District- Mandera County. The victims were attacked by a militia that is said to have crossed from Ethiopia on a revenge mission on Saturday morning. Police said the gang later vanished into Ethiopia, which is few kilometers away. North Eastern police boss Charlton Murithi said the injured are admitted at the local District Hospital in a stable condition with bullet wounds. We suspect the attack was in an apparent retaliation to the ongoing clashes that have occurred in the past weeks. It happened deep in the villages and the attackers targeted herders, said Murithi. The attack happened days after the military moved to the area to stem a pending attack following intelligence that showed so. Murithi said they have deployed enough personnel in the area to contain more attacks. But the attackers have been targeting people in villages where there are no security agencies. Officials said tension was high along the Kenya- Ethiopia border after the retaliations which have now claimed five people in two days. Ethics and Anti-Corruption Commission says Kimemia not fit for public office Updated Friday, May 24th 2013 at 21:34 GMT +3 By Abdikadir Sugow NAIROBI, KENYA: The fate of Head of Public Service Francis Kimemia in President Uhuru Kenyatta's government hangs in the balance following serious integrity questions that threaten his nomination to serve as Secretary to the Cabinet. The Ethics and Anti-Corruption Commission ( EACC) has written to the parliamentary vetting committee, informing the members that Kimemia is under investigation allegedly over questionable activities that could disqualify him from serving in any public or State office. Eight other individuals out of the 66 who have been shortlisted for the position of Principal Secretary are also under investigation by the anti-corruption agency. The EACC says it is probing mega-corruption deals implicating or associated with the office of Permanent Secretary in the powerful Civil Service docket, but has not specified to the committee the magnitude of the corruption cases for fear of prejudice. The candidate (Kimemia) is under investigations for mega corruption cases, says the official letter addressed to the parliamentary vetting committee from the EACC headquartres at the Integrity Centre. The anti-corruption agency says it will not divulge any further information in regard to the candidate as all matters in which the officer (Kimemia) is implicated are being investigated, the letter read in part. The letter from the anti-graft body was forwarded to the Clerk of the National Assembly, who certified it to confirm receipt. On Friday, the National Assembly Clerk Justin Bundi confirmed receipt of the letter. Bundi later forwarded the same to the Director of Committees Florence Abonyo, who in turn transmitted the same to the Parliamentary Committee on Administration and National Security. Kimemia appeared before the committee yesterday. All the other shortlisted candidates for Principal Secretary and the remaining Cabinet Secretary nominees are set to appear before the committee. President Uhuru on Thursday appointed former Assistant minister Kazungu Kambi as Labour Cabinet Secretary and hotelier Joseph ole Lenku as Cabinet Secretary for the Interior and Co-ordination of National Government, completing his Cabinet line-up of 18. Impeccable sources within the anti-corruption commission revealed that Kimemia is being investigated in relation to some five cases, including a multi-billion development project at the Jomo Kenyatta International Airport in Nairobi and allegedly obstructing justice by protecting senior government officers implicated in various corruption scandals. The sources pointed out that any State or public service officer involved or mentioned in any corruption must step aside and should not hold any office, until the probe into the matter for which they have been accused is concluded and clearance provided by the EACC. --- On Thu, 5/23/13, Tebiti Oisaboke <tebiti42@yahoo.com> wrote: From: Tebiti Oisaboke <tebiti42@yahoo.com> Subject: [Wananchi] Kenyan media under threat- KUJ To: "Vugu" <vuguvugumashinani@yahoogroups.com> Date: Thursday, May 23, 2013, 5:09 PM This foot URP knucklehead from Garissa must be highly excited about being Leader of the majority in the lower house (Legico). He has recently usurped some excessive powers and has been trying to rubbish anybody who says anything that doesn't please him about his Jubilee bosses. The fact that he is so much in 'Love' with Ruto doesn't mean that he is about reproach. He knows very well that, it was not in good spirit for Ruto to hire that damn luxurious private during his recent African tour accompanied by a 'Mpango Wa Pili' acquiescence who had no official duties to transact during that cruise. The media did their rightful duty by informing the public about how the tax payers' savings were being misappropriated in hiring some wings at an exorbitant rates at the time when many poor citizens can hardly afford a three squired balanced meal a day. When these news broke out, the Wanjikus raised up in arms to question the validity of this trip when there was some alternative means to be taken and save the tax payers' money. There is our national flag carrier which cruises the Nairobi-Lagos-Accra route weekly of which he could have booked and catch some connecting flights to the remaining destinations from there. In any case what type of official business took him to Nigeria a country pron to war with the 'Boka Harrum' militias and well known for its international drug transactions? Did he hike there to sign some drug contracts under the disguise of a Pan-Africanism movement? Know let me come back to this crook from NE known as Ndualee. He is threatening our media houses with some drastic disciplinary measures if they don't toe the line. He is becoming another Arabu Moi or Kenyatta Senior who used to be very cruel and hash on news reporters and if anybody reports anything bad about their governments they will lock you up and sometimes you just disappear in thin air never to be seen again. During these two guy's time journalists had a hard time in their jobs and never breathed above the soil. If you want to prove this, ask journalist Piusi Nyamora-what happened to him in Mombasa during Nyayo's reign. This dude here from Garissa seems like he wants his bosses to take us back to those dark days when we didn't have freedom of press or speech. Even when the International Journalists Organization stepped in to defend our local and international journalists in Kenya they were caution that Kenya is a sovereign country and they had no business to admonish them what to do. We have since graduated from those dark and repressive days and we don't want to fall back there anytime soon. Mr Ndualee, please give a break, we need to rest and breath above the soil once more, daddy!! If your so called guard fathers are misbehaving with our hard earned shilling, then we have every right under the sun to question the misuse of our funds. The Jews raised hell when the PM Netanyahu hired that same kind of jet to fly him and his spouse on a 51/2 hour trip to London to attend the Iron Lady's funeral and he had to apologize to them promising NEVER to repeat it again. If Netanyahu did the right thing by apologizing to the public and not threatening to sue the newspapers which revealed the scandal to the public, so why can't this moron ask his kagod father to do the same in-steady of threatening the media? Besides, Netanyahu took a long his official spouse while arabu Rutos took along his "purported" cheek for a joy flight above the clouds at the poormans' expense. This chap need to let our journalists do their jobs without any provocative intimidation, oppression, tagging or distracting them from collecting and disseminating of information to their clients- The Public. He should know that, these are not the Moi/Kenyatta Senior's eras and we are already under a new constitution which allows the freedom of the press. He doesn't have to make Kenya adopt Guerrilla Yoweli Museveni Kaguta's style of ruling of Uganda because we cannot and will not allow him to do it. Just last week Guerrilla Museveni ordered his lieutenants to shut down the Monitor newspaper together with its radio station because they had published a "highly secretive" information about the impending political elimination of all personalities who were against his son's ascending to the presidency after him. This is a very oppressive means of cracking down his opponents and may not appreciated very much in the Western hemisphere. This is the same way Nyayo used to suppress his anti-Nyayo journalists by harassing, arresting and throwing them in detention with justice. He could always accuse them of publishing and circulating some seditious publications he normally called "Mwakenya" or just being in possession of Karl Max's books the Gaddaffi's Green Book which were burned on Kenyan soil. Anytime a returning resident was heading home, they had to "google" and find out what are the latest publications including books are banned in Kenya lest you find your behinds in hot waters with "Nyayo's Jesh La Mzee" We had to watch out especially if you wanted to be hired and earn some "nusu mikates" in his brutal administration in any capacity he felt suitable. Now, this knucklehead dude wants to take us to these old days exactly what Guerrilla Musevy is doing to his Ugandan folks, we cannot standby and just give him a leeway to do his dirty tricks to us as we watch. Let all stand up and tell him to hell with his threats!! The days of Mwakenya publication's threats are long gone and gone for good like our nationalist Sen Kilonzo Mutula. If Mutula hears this nonsense, he gonna pop up from his grave, so let us honor him and let him rest in PEACE!! May God Bless Kenya so that we may NEVER go back to those dark information days TOI. Kenyan media under threat- KUJ Kenya Union of Journalists (KUJ) said remarks by National Assembly Majority Leader Aden Duale (above) which were levelled against the media are very disturbing. PHOTO/FILE By PETER OBUYA potieno@ke.nationmedia.com Posted Thursday, May 23 2013 at 20:22 IN SUMMARY
The umbrella union of journalists has expressed concerns over recent remarks from leaders which it says has put the media "under threat". Kenya Union of Journalists (KUJ) said remarks by National Assembly Majority Leader Aden Duale which were levelled against the media are very disturbing. "Such remarks coming right at the dawn of a new political dispensation brings to the fore fears that the freedom of the media is under threat," said KUJ secretary general Jared Obuya. He described Mr Duale's attack on the media as disrespectful, intrusive and a direct affront to the freedom of the media and the practice of journalism. "He is setting a very bad precedent and we found his actions highly excessive," he added. Mr Duale who is also the Garissa Township MP made remarks that targeted the Nation Media Group following a cartoon drawing in one of its newspapers. Mr Obuya, in a press statement, however said that those attempts were reminiscent of the dark past of media repression and were aimed at undermining media freedom. TransCentury share sale boosts former KRA boss Former KRA commissioner-general Michael Waweru is on course to become the top shareholder in TransCentury. FILE By DAVID HERBLING Posted Thursday, May 23 2013 at 19:44 Former Kenya Revenue Authority (KRA) commissioner- general Michael Waweru is on course to become the top shareholder in TransCentury as other leading investors continue to reduce their holdings in the investment firm. The latest shareholder register shows that Anne Gachui, the widow of businessman James Gachui, has sold 1.1 million shares since last year, currently worth Sh38 million. This has seen the gap between the Gachui family, which is the top shareholder in the investment firm, and Mr Waweru's narrow to 36,810 shares from 1.1 million shares in December 2011. Mrs Gachui and other top investors including Zephania Mbugua, Eddy Njoroge (KenGen CEO), Peter Kanyago and Joseph Magari have sold about six million TransCentury shares since last January. That was the first share sale by the founders of the company since its listing at the Nairobi Securities Exchange in July 2011, with the owners earning nearly Sh150 million from the transactions. The shift in ownership structure comes at a time when the firm's share price has gained 32.7 per cent over the past three months to trade at Sh34.50 which is still below its listing price of Sh50. The regulator barred key shareholders of the investment firm from selling more than half their stakes within two years to August 2013 as part of conditions attached to the listing of the firm. "As a sign of commitment to the growth of the company and confidence in the long-term fundamentals, key shareholders have agreed not to offload 50 per cent of their shareholding for a period of 24 months after the listing,'' TransCentury said in its listing information memorandum. The shares held by Mr Waweru and investment banker Jimnah Mbaru have remained little changed at 7.74 per cent and 6.08 per cent respectively. Mr Waweru's shares are valued at Sh731.9 million while Mr Mbaru's are worth Sh574.7 million. The stake held by Mrs Gachui has dropped from 8.16 per cent in December 2011 to 7.76 per cent in March. The share sale of the top shareholders has cut the stake controlled by the top 10 investors to 55.19 per cent from 57.3 per cent in December 2011. TransCentury's net profit in the year to December grew 20 per cent to Sh740 million and raised its dividend to Sh0.40 from Sh0.20 a year earlier. The company was founded in 1997 by a group of Kenyan entrepreneurs, including its former chairman Mr Gachui who passed on in December 2010. By James Anyanzwa NAIROBI, KENYA: The Capital Markets Authority ( CMA) cracks whip on errant investment banks, stockbrokers, fund managers and listed firms as the regulator moves to instill discipline in the operations of the local securities market. The authority's show of mighty came in the fore after it slapped a Sh7 million fine on Faida Investment Bank for over-drawing clients account and failing to maintain proper records in breach of the laid-down regulations. The crimes, which were committed at the height of the market's boom in 2007, also include failure by the investment bank to avail books and records, which the firm is required to maintain and absence of bank reconciliation records for all its ten (10) bank accounts for the period from April to September 2008. According to the authority's latest annual report (2012), the financial penalty imposed on Faida Investment Bank in 2008 and 2010 accumulatively stood at Sh13.58 million, but the institution got a reprieve after the punishment was later reduced to Sh7 million on March 13, 2012. The regulator, which is also seeking more powers to discipline listed firms that have retained over-age directors fined East Africa Portland Cement Company (EAPCC) a total of Sh200,000 for its boardroom wars, which saw the trading of its shares suspended for 60 days at the Nairobi Securities Exchange (NSE). We shall be looking at the actions to be taken against companies and shareholders who are still retaining over-aged directors. These guys are being retained by major shareholders, Chairman Kungu Gatabaki told The Standard on Saturday. EAPCC was fined Sh50,000 for failing to disclose changes in its board to CMA, Sh50,000 for suspending some of its directors without informing the regulator and a further Sh100,000 for issuing public announcement on the same without CMA's approval. CMA also fined lCentum Sh50,000 for failure to issue profit warning after its earnings fell by more than 25 per cent last year. Apex Africa Investment Bank was reprimanded for unauthorised sale of clients shares, while Sterling Capital was penalised Sh50,000 for a similar offence. Dry Associates was handed a Sh1 million penalty for failing to maintain a risk management system and proper internal controls, which led to loss of investors funds in the Crown Berger commercial paper programme. Crown Berger were ordered to settle the principal amount totaling Sh30.81 million due to investors, as the firm failed to reconcile its registers with those of Dry Associates. Other firms that were either reprimanded or had their shares suspended for contravening CMA regulations include CMC Holdings Ltd, Cannon Asset Managers Ltd, Mabati Rolling Mills, Wellman Group, Lions Capital Ltd, Kenya Airways Employee Share Ownership Scheme (ESOP), Kakuzi Ltd and Amana Capital Ltd. CMA reckons that fraud is an area of concern for the financial sector due to its potential impact on market’s confidence. Data from CMA shows that reported fraud cases rose by 18 per cent to 460 in 2011 from 390 in 2010. CMA seeks powers to discipline rogue bond dealers Updated Saturday, April 20th 2013 at 23:38 GMT +3 By James Anyanzwa NAIROBI, KENYA: The Capital Markets Authority ( CMA) is seeking more powers to discipline errant bond dealers and to restore stability in the bond market whose investor confidence has been heavily shaken by reports of suspicious transactions. At the same time the market regulator says it has lodged serious investigations into suspicious bond deals, which has shocked the investing fraternity to the nerves. We are in the process of mitigating the bond market against any form of malpractices. We want to make sure that every loophole is closed and those dealers who engage in misconduct will be dealt with in accordance with the law, chairman Kungu Gatabaki told The Standard On Sunday, adding that, Severe measures will be taken against the culprits. Strengthening of the bond market is my main agenda for this year, he said. CMA has also revealed plans to restructure the entire local capital markets to make it a powerful instrument for the government's long term funding requirements. The authority says it is assembling a five to 10-year master plan that seeks to attract new players and introduce more investment products in the market. Faced with increasing expenditure needs due to the devolved system of governance, the Government is eyeing the money market to fund the glaring budgetary deficit. The situation has further been worsened by the Kenya Revenue Authority (KRA)'s failure to meet its revenue collection targets as result of a decline in revenues in all major tax divisions including Value Added Tax (VAT), domestic excise duty, trade taxes and petroleum taxes. The delayed enactment of the VAT Bill has also denied the taxman an estimated Sh11 billion. We want to have a regulator that has so much powers and ability to bring many products into the market, said Gatabaki. The growing appetite for debt papers has raised the profile of the fixed income market. CMA reckons that the key to access capital for long-term investment lies with the development of the secondary market for fixed income securities. However, this market has been noted to be illiquid and thus unattractive to investors. To increase liquidity in secondary trading for both Government and corporate bonds, the CMA is also seeking to facilitate the trading of all listed fixed income securities both on and off approved securities exchange. The CMA expects the proposed trading model to have a trigger effect of increasing primary issues of bonds resulting in improved access to long-term capital for development. An alternative platform for trading bonds is widely expected to increase overall liquidity, open the market for more players as well as enhance efficiency in bond trading. Currently, shares and bonds are traded through the NSE. We want to make the local capital markets a strong source of funding for the Government's infrastructural projects through the strengthening of the bond market, said Gatabaki. We are in the process of investigating malpractice in the bond market and once this investigation is finalized stern measures would be taken against individuals involved. Over the years there have been a number of initiatives that have been undertaken to increase liquidity in the bond market including automation of the bond trading. Treasury and Corporate bond settlement cycles at the bourse have dropped to three days after the day of agreement (T+3) following the automation of bond trading and subsequent immobilisation of the securities by all issuers. Uncertainties linked to the manual-trading environment previously resulted into longer settlement cycles of T+6 or T+8. The performance of the bond market has partly been affected by among others, increased competition from direct bank lending as a debt option, low culture of credit rating bond issues and low investor awareness and financial literacy levels among issuers and investors. Last year the Nairobi Securities Exchange (NSE) working with international Index provider FTSE Group launched the FTSE NSE Kenya Shilling Government Bond Index. Funding of the county government and particularly the ballooning wage bill has been a major concern to the private sector fraternity, policy makers and even to the international community. According to Treasury, the Government's wage bill has increased substantially with the public sector wage bill rising at an annual average of 13 per cent over the last three years.  In this current financial year, the wage bill increased by 30 per cent, largely due to hefty wage awards to teachers, lecturers, heath workers, and the police. Kenya's public sector wage bill has been ballooning out of control for years and the creation of new offices as Kenya switches to devolved Government is expected to exacerbate this problem. It is estimated that hat more than 70 per cent of all public expenditures typically goes towards recurrent expenditures during every financial year. However, reliance on donors and other external sources to finance development projects has come under scrutiny. Attorney General Githu Muigai differs with International Criminal Court Prosecution over court co-operation Updated Friday, May 24th 2013 at 21:06 GMT +3 By FELIX OLICK NAIROBI, KENYA: Attorney General Githu Muigai has differed with the Prosecution at The Hague over co-operation with the court even as the Government moved through the African Union to terminate the two Kenyan cases. Githu dismissed the prosecution claim that the Government had failed to furnish it with critical information as outright unprofessional. Speaking during a panel discussion regarding the twin cases at the International Criminal Court ( ICC), Githu said the Kenya Government has had principled interaction with the court. From complaints now being raised, I can only say that the case was not ready from the beginning or as the Belgium Judge recently said, ought not to have been brought before the court, Githu said yesterday at Daystar University. Sitting on evidence He insisted that at the beginning, the prosecution said that they had all the evidence to prove the case and that their witnesses had been moved to Europe. But the narrative has changed. Now they insist the Government is sitting on the evidence. Where did the initial evidence go? posed Muigai. But in a quick rejoinder, Prosecution Head of Jurisdiction, Complementarity and Cooperation Phakiso Mochochoko who was participating via video link from The Hague differed insisting the Government has clung to critical evidence. He said the co-operation they have received from the Kenya Government falls short of what they expect from a State party. Co-operation must be tangible, it must be concrete, it must be timely, said the prosecution official. At the heart of the controversy is request by ICC Prosecutor Fatou Bensouda to be furnished with financial statements of the suspects as well as to interview police chiefs who manned post-election violence hotspots. But Githu insisted that Government could not enforce a request regarding financial statements without a court order. But the Government Chief Legal Advisor remained mum on the Government latest assault to rally the AU to assist in terminating the cases against President Uhuru Kenyatta and Deputy President William Ruto. In a strongly worded memorandum presented to the African Union on Thursday, the Government urged the AU to urge the ICC to terminate the cases against Uhuru and Ruto or refer it in view of changes to Kenya's judiciary. Changed circumstances We request the countries of African Union and all friendly nations to individually and collectively acknowledge the changed circumstances in Kenya in particularly the democratic outcome of the 2013 election and further urge the ICC to terminate the cases, the memorandum reads in part. --- On Fri, 5/24/13, otieno sungu <sunoti@yahoo.com> wrote: From: otieno sungu <sunoti@yahoo.com> Subject: [uchunguzionline] LEADERSHIP, LEGACY AND TYRANNY OF NUMBERS. To: "VuguVuguMashinani@yahoogroups.com" <VuguVuguMashinani@yahoogroups.com>, "progressivekenyans@googlegroups.com" <progressivekenyans@googlegroups.com>, "youngprofessionals_ke@googlegroups.coms" <youngprofessionals_ke@googlegroups.coms>, "kol" <kenyaonline@yahoogroups.com>, "Oped Africa" <oped@yahoogroups.com>, "uchunguzi online" <uchunguzionline@yahoogroups.com>, "Kiswahili" <Kiswahili@yahoogroups.com>, "Kenya Community" <kca_main@yahoogroups.com>, "mwanyagetinge@yahoogroups.com" <mwanyagetinge@yahoogroups.com>, "ramogi luo" <ramogi@yahoogroups.com> Date: Friday, May 24, 2013, 8:06 AM 2013 marked the 3rd time Raila Odinga ran for the presidency of Kenya and failed to clinch the seat. The issue of why he failed notwithstanding, it is time the former Prime Minister made decisions that will not only secure his legacy but also continue nurturing democracy in Kenya. In my humble opinion (and as many of similar/divergent opinion are welcome to agree or disagree with me), the next frontier of leadership will be fought in the counties. In fact, the next president of Kenya is likely to be one among the governors or senators. Kenya is going the American way where brilliant governors, senators and occasionally congressmen make the presidency. The cauldron in which our future President will be brewed is in the 2 fronts. The MPs are already considered too greedy for their own good let alone anyone else's and given perceptions stick around longer, not any MP can make Kenya's president in the next several years! A close look at governorship will give you the hint, already, the race has begun and a god number of governors are setting pace, Alfred Mutua of Machakos, Evans Kidero of Nairobi, Mutahi Kagwe of Nyeri are among some who have started off the blocks in a dash, 5 years is long and if they maintain the dash to the finish will be seen at the end of that period. Why do I say so regarding Raila? First and foremost, his supporters are already fatigued not only with perennial losing, claiming stolen elections (real or imagined) and keeping the hope. From my recent interactions with some of his die hard supporters, they have become disillusioned and many may not even vote come 2017. This is dangerous for a democracy; we need every citizen to express his/her voting rights. Back to the gist of my article, why should Raila call it quits? First and foremost, his legacy is much better now after the loss to Uhuru, it would be in tatters if he lost again in 2017! It would even be worst if he lost to a Mutua or Kidero or anyone else! For this reason, I suppose he ought to give his legacy strength by spending the next 5 years grooming a credible strong and politically lethal candidate to face the incumbents. It is not far fetched to imagine that both Uhuru and Ruto will be on the ballot. As he does this, he should cut an international figure sorting out issues beyond Kenya's borders rather than being lured by MPs who wish to cling to his coat tails for selfish political gains against opponents in 2017, he ought not to accept to squat in Parliament! If he did so, even Otieno Sungu would beat him for County Rep anywhere anytime! In the game of political intrigues, it is not far fetched also to imagine that Uhuru is already aware of a potential Ruto run in 2017 and in order to make a second successful run, he needs to bring close at least two huge voting blocks that did not give him votes this year. His best bet would be Western Kenya, Nyanza or Eastern in order to neutralize the tyranny of the Rift Valley vote. This is where Raila can play king maker to a new entrant. If he threw his weight behind one such candidate who has performed exceptionally well as governor, and with devolution taking centre stage, and with Ruto running against Uhuru, it would be a very interesting race. The incumbents will have to convince the country beyond doubt that they deserve a second chance. An astute governor or senator stands a better chance since the intricacies of running national government are far much greater and challenging, chances of failure for incumbents in most of their pledges are far greater than for a governor whose jurisdiction is smaller. Thus a smart governor does not need to try to satisfy all aspects of county development, he/she only needs to narrow down of 3 key areas and show a clean break and results. These could be on infrastructure, health and education. In the meantime, the incumbents will be struggling to satisfy regional demands, equity in national development, resource allocation, appointments, etc and inability to satisfy these, coupled with demands for rewards from voting blocs will overwhelm them. Thus their best bet for a second term is to stick together with the current formula, a long short considering coalitions are tricky to run, promises and MOUs difficult to fulfill to the letter. Any split between the two may likely mean each running against the other. Since the tyranny of numbers will still play a key role in coming elections, it would be a great idea for Raila and his side to seek to ensure voting carters for marginal and small tribes in terms of their votes being aggregated to have an impact on who becomes president. This means, counties need to be awarded Electoral College votes so that any presidential candidate must seek even the smallest of communities. Suppose the Ogieks had 10 electoral votes where 150 electoral votes are required to reach the threshold, no presidential candidate would ignore them. The time to start that agitation is now. As it is today, 1, 2 or 3 tribes can cluster and cling onto the presidency even on a rotational basis for years to the chagrin of others. In fact, of all former and current Kenyan Presidents, Vice Presidents, Prime Ministers, Deputy Prime Ministers, all have come from the big 5 tribes, the Kikuyu, Kalenjin, Luhya, Luo and Kamba. These are (Presidents)-Jomo Kenyatta, Daniel Moi, Mwai Kibaki, Uhuru Kenyatta, (Vice Presidents)-Oginga Odinga, Joseph Murumbi, Daniel Moi, Josephat Karanja, Mwai Kibaki, George Saitoti, Musalia Mudavadi, Moody Awori, Kalonzo Musyoka, William Ruto, (Prime Ministers)- Jommo Kenyatta, Raila Odinga, Deputy Prime Ministers( Uhuru Kenyatta, Musalia Mudavadi). The issue of the tyranny of numbers thus runs beyond the last elections where it was construed to mean Kikuyus and Kalenjins, in fact, it is a tyranny of 5 tribes against the 37 tribes! This situation is replicate in the civil service, universities, foreign missions, private sector etc. I doubt even the Electoral College votes would cure much of it because the same 5 tribes are all over the country; spread across for economic reasons, resettlement, deployment as civil servants, displacements etc that they may still upset and influence the Electoral College votes. This is the kind of situation that causes despair among residents of places like the Coast where MRC has emerged as a strong proponent for secession. These secessionists' clamors may continue rising if successive governments continue playing the same games of filling crucial government positions with folks from particular tribes. Secession is not alien to Africa. Eretria held a successful referendum and broke away from Ethiopia for similar grievances of dominance. The same happened recently in Sudan where the South also broke away through a referendum process. Our constitution allows for referendums, I would not be surprised if the 37 communities begun clamoring to secede from the tyranny currently being visited upon them by only 5 communities. It only requires a firebrand leaders and a revolution may not be easy to stem. The way forward, those demagogues at central government trying to scuttle devolution should be aware this is the last card small communities hold against tyranny of numbers, if it fails, more MRCs will emerge everywhere and before long, we will be like Nigeria, a country at war with itself. For leaders like Raila Odinga and Kalonzo Musyoka, there is a whole wide leadership arena to channel their energies; there is a more vibrant role to play in ensuring such candid discussions on equity, inclusion, cohesion and integration are opened instead of making more attempts at the Presidency in their sunset years. Their legacies would be much secure if they achieved what Nyerere achieved in Tanzania; lasting, true and genuine peace, not the restless and precarious delusion we call peace. A good place to start from is the TJRC report. Otieno Sungu. The writer is a commentator on topical and contemporary issues. --- On Sat, 5/25/13, mohamed warsama <mhmdwarsama@yahoo.com> wrote: From: mohamed warsama <mhmdwarsama@yahoo.com> Subject: Re: Amos Ogal cum Lee Makwiny To: "wanakenya@googlegroups.com" <wanakenya@googlegroups.com>, "progressive-kenyans" <progressive-kenyans@googlegroups.com>, "the last word to kenya" <thelastwordtokenya@yahoogroups.com>, "KOL" <kenyaonline@yahoogroups.com>, "uchunguzi online" <uchunguzionline@yahoogroups.com>, "changemombasa2012@yahoogroups.com" <changemombasa2012@yahoogroups.com>, "naijaobserver" <naijaobserver@yahoogroups.com>, "talkhard@yahoogroups.com" <talkhard@yahoogroups.com>, "NigerianWorldForum@yahoogroups.com" <NigerianWorldForum@yahoogroups.com>, "yanarewa@yahoogroups.com" <yanarewa@yahoogroups.com> Date: Saturday, May 25, 2013, 1:40 PM JUDY, SUNGU, ODUYA et al: You people are full of hypocrisy and double standards, protecting one of your own whilst vilifying those who are not from your community. Don't let me catch you badmouthing people in government or state sector, after seeing how you always rush to odhiambo's defence here. It is really disgusting. Lee has every right to report him to police for obtaining services under false pretences - a crime. Last year, one of your own who was the PA to the Minister in charge of CBOs blocked me from seeing her claiming he had initiated investigations blah-blah-blah on my complaint. I am still waiting to hear from him the outcome. He is a member in our forums too. Mohamed Warsama From: Judy Miriga <jbatec@yahoo.com> To: progressive-kenyans <progressive-kenyans@googlegroups.com>; uchunguzi online <uchunguzionline@yahoogroups.com>; WanaKenya <wanakenya@googlegroups.com> Sent: Saturday, May 25, 2013 8:24 PM Subject: Amos Ogal cum Lee Makwiny
WATCH THIS -----------Reason why we must avoid side-shows......we must stay the course and pressure for public mandate--------  Saturday 25 May •News about Europe, for the world  Protesters demonstrated outside the offices of Barrick Gold during visit of Canada's Prime Minister Stephen Harper in Santiago, Chile in 2007. The protest was against the Canadian company's open pit mining project in Pascua Lama, Chile.
Photo Credit: Ryan Remiorz/CP
Barrick to Assess Implications of SMA ResolutionAll amounts expressed in US dollars unless otherwise indicated - PDF 119 KB TORONTO, May 24, 2013 — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the "company") today received a resolution from Chile's Superintendence of the Environment (Superintendencia del Medio Ambiente or "SMA") that requires the company to complete Pascua-Lama's water management system in accordance with the project's environmental permit before resuming construction activities in Chile . The SMA also announced that the company will be subject to an administrative fine of approximately $16 million for deviations from certain requirements of the project's Chilean environmental approval, including a series of reporting requirements and instances of non-compliance related to the project's water management system. The company is in the process of reviewing the SMA resolution in detail. Barrick is fully committed to complying with all aspects of the resolution and to operating at the highest environmental standards.
EU moves closer on clampdown on tax evasionsThe European Union moved closer to agreement on a coordinated clampdown on tax evasion as a total of nine countries backed an initiative for automatic sharing of bank details across borders. The bloc's six biggest nations won support from the Netherlands, Belgium and Romania for their proposal to adopt the U.S.'s FATCA information-exchange program, EU Tax Commissioner Algirdas Semeta said in Dublin yesterday. Semeta also said the 27-nation EU is closing in on updates to a savings tax accord as holdouts Luxembourg and Austria show willingness to compromise. "I see a clear window of opportunity," Semeta told journalists on the long-delayed measure requiring nations to exchange information on savings income across borders. "Considering the strong political will, I think we'll be able to manage" an agreement on it by next month, he said. Governments from the U.K. to Poland are eyeing what the commission estimates is 1 trillion euros ($1.3 trillion) of lost tax revenue as many European nations struggle to narrow budget deficits. Politics is also spurring the initiative, notably in France, where President Francois Hollande's popularity has slumped after his budget minister resigned and admitted having an offshore bank account following months of denials. The message to anyone avoiding taxes is that "the places you can hide are getting smaller and smaller and fewer and fewer," U.K. Chancellor of the Exchequer George Osborne said at a joint press conference with his counterparts from Germany, France, Italy, Spain and Poland. That followed a meeting of EU finance ministers in the Irish capital.
http://www.iede.co.uk/news/2013_1544/chilean-court-suspends-pascua-lama-mine Saturday 25 May •News about Europe, for the world
Chilean Court Suspends Pascua Lama MineThursday, April 11, 2013 - 01:48Inter Press Service
SANTIAGO, Apr 10 (IPS) - Environmental groups and indigenous Diaguita communities of the Huasco Valley in northern Chile celebrated a court decision Wednesday that will bring to a complete halt work on the Pascua Lama gold, silver and copper mine belonging to Canada's Barrick gold. "The mine was approved on the condition that the glaciers would not be touched. But the General Water Department (DGA) has repeatedly confirmed that Pascua Lama is destroying glaciers," said Lucio Cuenca, director of the Latin American Observatory of Environmental Conflicts (OLCA). He told IPS that "illegal work on the mine has caused episodes of severe pollution in rivers in the area, and the environmental institutions have responded in a biased manner. So we believe it is a very good thing that the courts are putting things in order, even if this is a temporary measure." Located at 4,000 metres altitude in the Andes mountains on the border between Chile and Argentina, Pascua Lama, a binational open-pit mine, is the world's highest-altitude open-pit gold, silver and copper mine. On the Chilean side, it is at the headwaters of the El Estrecho river, in the province of Huasco, Atacama region, some 700 km north of Santiago. Barrick had originally planned to actually move three glaciers to get at the minerals beneath. The unanimous verdict handed down by the appeals court in the city of Copiapó, the capital of Atacama region, was in response to legal action brought by Lorenzo Soto, the lawyer representing the local Diaguita communities of Huasco who are opposed to the mine because they say it will threaten their water supply and pollute the glaciers. In the lawsuit, Soto cited environmental infractions that triggered sanctions from government bodies like the National Geology and Mining Service (SERNAGEOMIN), the National Evaluation System and the Superintendency of the Environment. Soto said the irregularities committed by the Canadian company included "the destruction of glaciers Toro 1, Toro 2 and Esperanza, located in the environs of the mine, and the pollution of water resources" with heavy concentrations of arsenic, aluminium, copper and sulphate that threaten the El Estrecho river. The company had already brought construction of the mine to a halt in November 2012 on orders from SERNAGEOMIN, which fined it for failing to comply with safety standards. But Wednesday's ruling completely suspended work on the mine. However, a spokesperson for the company clarified that on the Argentine side of the border, work would continue. "What this court measure does is confirm that the oversight and fines by the country's institutions have been absolutely insufficient and biased, and have failed to take into account the gravity of the denunciations made by the community with respect to the infractions committed by Barrick in the operation of Pascua Lama," Cuenca said. Oriel Campillay, president of the Chiguinto Diaguita Indigenous Community, told IPS that the communities opposed to the mine were pleased with the shutdown of the project. "We live in a beautiful valley where we grow avocados, grapes, lemons, apricots, peaches and pears, and the El Estrecho river is essential for us," he said. Speaking "in a personal capacity," Campillay said he would not be opposed to the mine "if things were done properly." "We are asking for our communities to take part in the oversight of the project, but the company refused," he said. Barrick has not yet stated whether it will appeal to the Supreme Court or address the environmental irregularities it is accused of. Barrick Gold's vice president of corporate affairs for South America, Rodrigo Jiménez, said the company had not yet been officially notified of the decision by the court, and was thus unable to comment on its content or implications. The government of right-wing President Sebastián Piñera surprised activists by applauding the court ruling. Interior Minister Andrés Chadwick said the verdict "comes as no surprise to us, and we believe it is a good thing that it was possible to bring work on the mine to a halt, through a judicial organism, while Pascua Lama effectively lives up to the measures that had already been ordered by the Superintendency of the Environment." Meanwhile, Environment Minister María Ignacia Benítez said "this ruling is in line with what the government has been doing…As an environmental institution, we are not willing to accept projects that do not live up to environmental resolutions and commitments." Cuenca said the government's statements were "brazen" because "what the court is doing is precisely rebuking the government and the state services for not fulfilling their role." "I think it is amazingly cheeky for a minister to come out and say that she thinks it's a good thing, after they have failed to do their work and to exercise proper oversight. What's more, what should really happen is for Pascua Lama's environmental permit to be revoked," the activist said. He also stressed the role of the local communities in the struggle against projects that threaten their sustainability. "The role of citizens, organisations, and in the case of Pascua Lama, the community of Huasco Valley has to be strengthened," Cuenca said. "This conflict has dragged on for at least 10 years, and what is happening is the result of the protests and mobilisation by the community," he added. In addition, he said that there are now "more sensitive courts that are better-informed about the country's environmental institutions and regulations and their consequences. Today there is a much more progressive interpretation of the legislation compared to what we had two years ago, and that has been demonstrated in a string of rulings." Cuenca said that was due to "a combination of new conditions in the country, but for us, the essential thing is the role that the community has played." Campillay, meanwhile, said the Diaguita communities were organising to demand the implementation of International Labour Organisation (ILO) Convention 169, which requires that indigenous and tribal peoples are consulted on issues that affect them. A favourable verdict was already obtained in the El Morro gold and silver mine in the Atacama Desert in northern Chile. And now, he said, native communities would continue to challenge Pascua Lama and any projects that they feel threaten their integrity. "We are surrounded by mining companies, and we want to be given the opportunity to decide what is done on our land, rather than having it be decided between four walls," he said.
Canada's Barrick Gold fined US$16M in Chile, Pascua-Lama project stoppedCanada's Barrick Gold Corporation has been given a maximum fine in Chile and had a project stopped until the company follows through with a promise to contain contaminated water at the Pascua-Lama project. Barrick was fined 8 billion pesos (approximately US$16 million). The decisions were made by Chile's environmental agency Superintendencia de Medio Ambiente (SMA). Forbes reported that shares of the company were halted Friday (May 24) New York when news broke "indicating the Chilean government had forced the company to "paralyze" its operations in Pascua Lima, one of the largest gold and silver resources in the world." In a press release Friday, Barrick Gold outlined the fine and decision, and added: "The company is in the process of reviewing the SMA resolution in detail. Barrick is fully committed to complying with all aspects of the resolution and to operating at the highest environmental standards." More information: Global News - Chile fines Canada's Barrick Gold Corp. $16M for environmental violations – here Forbes - Barrick Gold Fined $16M For Environmental Problems At $5B Pascua Lima Project In Chile – here Barrick Gold press release on fine – here Barrick Gold Fined $16M For Environmental Problems At $5B Pascua Lama Project In Chile Construction on the Argentine side of the Pascua Lima project continues More bad news for some embattled gold miners. On Friday, Barrick Gold Barrick Gold was halted around noon in New York as reports surfaced indicating the Chilean government had forced the company to "paralyze" its operations in Pascua Lama, one of the largest gold and silver resources in the world into which Barrick has poured nearly $5 billion in. Silver Wheaton Silver Wheaton, a joint-venture partner in the project, was halted a few minutes later. According to Chilean daily El Mercurio, Barrick will be fined about 8 billion Chilean pesos, or $16.4 million, given the company's failure to comply with environmental regulation. Beyond the fine, Chile's Superintendent for the Environment, Juan Carlos Monckeberg Fernandez, has established that all construction activity at Pascua Lama must stop immediately.  Barrick Gold And The New Miners' Paradigm: Rising Costs Amid Falling Gold Prices  Agustino FontevecchiaForbes StaffMarkets 5/16/2013 @ 4:32PM |6,869 viewsChevron Pacts With The Devil, Signs Deal With Argentina's YPF To Develop Massive Shale Field YPF's headquarters in Buenos Aires - Photo credit: Wikipedia Chevron CVX +0.04% may be making a pact with the devil. On Thursday, Argentine energy producer YPF announced it had reached a "final agreement" with the global oil giant to develop the Vaca Muerta basin, considered by Chevron the second largest reservoir of unconventional oil in the world. The second largest U.S. oil and gas producer has pledged to invest $1.5 billion in the first phase of the project, which the Argentine government desperately needs after being forced to import energy for the first time in 17 years in 2012. Facing runaway inflation and pressure on its precious foreign reserves, the administration of Cristina Kirchner forcibly nationalized YPF last year, throwing out Spain's Repsol without compensation, which is an indication of the types of risks Chevron is willing to take with this deal.  The Real Story Of How A Hedge Fund Detained A Vessel In Ghana And Even Went For Argentina's 'Air Force One' Agustino FontevecchiaForbes Staff Big Oil Close To Argentina's YPF: Chevron And Others Don't Fear Nationalization Agustino FontevecchiaForbes StaffBillionaire Carlos Slim Buys 8.4% Of YPF, Cristina Kirchner Smiles Agustino FontevecchiaForbes StaffNo regulatory papers have been filed and a "definitive" deal hasn't been signed, but on Thursday YPF chief Miguel Galuccio announced that after five months of negotiations, Chevron is in. Chevron's press office didn't respond to a request for comment but their head of Latin American and African operations, Ali Moshiri, essentially confirmed it to Reuters. Noting that legal issues won't "stop our progress in terms of commercial decisions," Moshiri praised Argentina's Vaca Muerta field, where they are set to invest $1.5 billion to double YPF's well count and ramp up production. "You look at Argentina from the geological point of view, and it is number two [in the world]," Moshiri said, "some people say China is number two, but really if you look at the geological and volumetric from the shale oil, Argentina is number two." Argentina houses some of the most promising shale formations in the world, particularly the Vaca Muerta field. According to the U.S. Energy Information Administration, the Latin American nation houses more than 770 trillion cubic feet of recoverable shale gas, the third largest in the world behind China and the U.S., that report indicated. YPF estimates Vaca Muerta holds 22.8 billion barrels of oil and gas. And that's why Chevron is jumping in head first, despite the huge potential risks. With Chevron's $1.5 billion, total well count will go from today's 50 to above 100 in 12 months, according to YPF, while 25 additional exploratory wells in both the Vaca Muerta and the Cacheuta formations will be drilled. YPF announced it needs to raise about $15 billion to fully develop the first shale cluster, and has already inked a deal with Bridas, an oil company owned by Argentine billionaires Carlos and Alejandro Bulgheroni and China's CNOOC, according to Argentina's FortunaWeb. The Argentine oil company expects the "definitive" deal with Chevron to be completed in July. Major oil companies are forced to operate in high risk environments, signing deals with dictators and drilling in the most perilous conditions. In this case, Chevron is stepping into mined terrain. The memory of Argentina's appropriation of Repsol's 51% stake in the company is fresh in investors' memory, with the U.S. traded ADRs down 50% since the nationalization announcement and nearly 70% since rumors of the move began circulating. Repsol sued the Argentine government and is looking for about €8 billion ($10.3 billion) in restitution charges, and has promised to take legal action against anyone looking to work with YPF; Repsol still owns between 6% and 11.9% of the company, depending on what filing one reads; billionaire Carlos Slim Helu owns about 8.4%. Yet potential litigation from Repsol isn't the major danger, it's actually the Argentine state. Last year, the government of Cristina Fernandez de Kirchner was forced to reckon with Argentina's first energy deficit in 17 years, pushing it it to tap its precious foreign reserves. In a country that has locked itself out of international markets, U.S. dollars, the global reserve currency, are hard to come by. Given domestic price controls, YPF reduced its investments in Argentina and began to export profits via dividend payments, sparking the ire of the government which took the opportunity, coupled with the discovery provided by Vaca Muerta, to throw the Spanish company out. Rampant inflation in Argentina is in part a consequence of said price controls, which extend far and wide. Subsidies to incentivize consumption and keep basic goods cheap have crowded out productive investment, as firms are forced to sell at set prices. With inflation running at about 25% according to private indicators (the government has intervened the official statistics office), Argentine demand for dollars has soared as savers look to at least maintain the value of their holdings. Increasingly dollar strapped, Cristina's administration attempted to cordon off dollar transactions. This has slowed the economy as inputs and imports aren't readily available, feeding greater inflation and creating a black market where dollars trade at a nearly 100% premium to the official exchange rate. Chevron is not alone in signing a deal with the devil. Other global majors currently operating in Argentina include Brazil's Petrobras Petrobras, Exxon Mobil XOM -0.28%, Apache APA -0.23% Corp, the latter two which are also involved in Vaca Muerta. From a natural resources standpoint, Argentina is one of the best endowed countries in the world, with vast energy reserves and an incredible geography for agricultural production. The population is highly educated and it neighbors one of the most important new global economies, Brazil. Yet, political instability has plagued the South American nation for years. Chevron doesn't seem to mind. And the payoffs seem worth it. The question remains, though, will Chevron be around long enough to see them. Chevron Pacts With The Devil, Signs Deal With Argentina's YPF To Develop Massive Shale Field Hedge Fund Billionaires John Paulson And David Einhorn Lost $640M In Gold Market Collapse Shares in Barrick Gold were halted around 12:06 PM in New York, about 20 minutes after the news hit the tape. Silver Wheaton, which is a partner in the project, saw its shares halted two minutes later. Both stocks were in negative territory at the time. Spokespeople for both companies weren't immediately available for comment. UPDATE: Both stocks began trading shortly after 3:00 PM in New York, closing the day near the session's lows. Both companies acknowledged the decision by the Chilean government, with Barrick noting it is in the process of reviewing the resolution in detail. The Pascua Lama project is located in the Andes Mountains, between Chile and Argentina. Barrick had already announced its operations in Chile were halted in its latest earnings release, as the company was assessing environmental and regulatory requirements, while negotiating with a court of appeals. Barrick has invested nearly $5 billion in Pascua Lima, which holds almost 18 million ounces of proven and probable gold reserves and 676 million ounces of silver. The main problem appears to be the water management systems at Pascua Lama, El Mercurio reported. The open-pit mining project has the potential to contaminate water in the area, and according to the Chilean government, Barrick hasn't taken the proper precautions, precautions it had agreed to previously. It hasn't been a good year for gold, or anything related to it. Major mining companies have all suffered steep stock price declines. Barrick Gold is among the worst performers, down more than 40% in 2013, but others like Newmont Mining NEM -0.78% and Goldcorp Goldcorp are also well in the red, down more than 20% each. Gold prices have also taken a beating, with bullion currently trading below $1,400 an ounce. Hedge Fund Billionaires John Paulson And David Einhorn Lost $640M In Gold Market Collapse Hedge Fund Billionaires John Paulson And David Einhorn Lost $640M In Gold Market Collapse John Paulson took a big hit on his gold holdings The gold bloodbath that hit the market over the past two trading sessions has definitely caused a dent in the portfolio of billionaire hedge fund managers. John Paulson and David Einhorn suffered combined losses of more than $640 million since Friday, according to their latest SEC filings, with the bulk concentrated in the former's massive position in the SPDR Gold ETF. Einhorn's Greenlight took a big hit on its holdings of the gold miners ETF. An implosion that appears to have started in the gold market last Friday spread throughout the commodities complex on Monday, with everything from crude oil to soybeans falling. Physical gold lost more than $200 per ounce, sliding nearly 15% over the past two trading sessions.  Violent And Panicky Gold Selling Collapse Bullion And Commodity Markets Agustino FontevecchiaForbes StaffPlayers in the gold market got hurt, and among those are some of the world's most high-profile investors. Quarterly filings with the SEC reveal the intricacies of their portfolios with a lag, as the latest data is from the fourth quarter. John Paulson, of the eponymous hedge fund with approximately $20 billion under management, took a big hit. Just with his positions in gold miners Paulson lost more than $171 million over the past two trading sessions, if his latest disclosed holdings remained unchanged. Add an additional $430 million in losses from his 21.8 million stake in the SPDR Gold Trust, and total paper losses climb to $601 million. Among his individual gold equity positions, Paulson took the biggest hits in AngloGold Ashanti, Freeport McMoran (which has exposure to several other metals including copper and silver), and Novagold. Paulson & Co. is AngloGold's largest shareholder, with more than 7% of the shares, and lost $93 million on that stake. Novagold, where the hedge fund titan owns 11.36% of shares outstanding, delivered losses worth $13.3 million, while Freeport McMoran's losses added to $31.7 million. Fellow hedgie billionaire David Einhorn also suffered heavy losses, even though they were nowhere near Paulson's. Einhorn's Greenlight Capital, which had nearly $8 billion under management as of our latest count, had major positions in the Market Vectors Gold Miner ETF and Barrick Gold. With the later, which Paulson also owns, Einhorn's hedge fund lost $9.7 million. On his position in the former, of which Greenlight owns about 3%, Einhorn lost $31 million, for a combined hit of $40.7 million. It remains unclear what caused the violent selloff. As I wrote previously, rumors of a forced sale of gold by the Cypriot government, along with calls by Goldman Sachs and other banks to short the yellow metal, and a weak GDP print from China, seem to have exacerbated the declines. Nervous margin call and stop-loss selling seem to have fueled a self perpetuating cycle, RBC Wealth Management's George Gero told Forbes on Monday. Carl IcahnWorld's Richest Hedge Fund Managers & Traders Scott Eells/Bloomberg via Getty Images Net worth: $20 billion At 77, Icahn enjoyed another strong run in 2012, beating the U.S. stock market and most hedge fund managers. The investment pool he manages for himself and his employees returned more than 20% in 2012, thanks to bets on Hain Celestial Group and CVR Energy. Icahn, who was born in Brooklyn and grew up in Queens, returned his hedge fund's outside money in 2011. Separately, shares of his Icahn Enterprises, which invests in rail cars, retail, gaming, and energy, surged at the start of 2013. He started 2013 by locking horns with hedge fund trader Bill Ackman over Herbalife, the nutritional supplement seller Herbalife. Icahn took a roughly 13% position in the company after taking on Ackman in a verbal slugfest on CNBC. He returned the client money he managed in his hedge fund in 2011. The activist investor announced in 2012 that he is giving $200 million to the Mount Sinai School of Medicine and has given $40 million to support his six charter schools operating in the Bronx. George SorosNet worth: $19.2 billion The hedge fund legend is chairman of Soros Fund Management, the $24 billion firm that manages his personal fortune as well as the money belonging to his foundations. He is not involved in day-to-day operations, but Soros remains involved. His firm returned the relatively little client money it managed in 2011. The firm's performance trailed the U.S. stock market in 2012, but was firmly in positive territory, thanks partly to a big bet against the yen. Born in Budapest, Soros survived the Nazi occupation of Hungary and went on to study at the London School of Economics before launching storied hedge fund firm Quantum Fund Management in 1969. Outspoken on world economic policies and an unapologetic proponent of European integration, Soros has recently declared that the euro is "here to stay." Since 1979 Soros has given away $8.5 billion to human rights, education and public health groups; $6 billion has gone to international causes and estimated $400 million to fight poverty. Janise Grubber Love all those TV commercials telling you suckers how safe gold is !! heehee, I'm happy to see some fools loseing their ass's  Agustino Fontevecchia, Forbes StaffGold as a "safe haven" is different from gold being a "safe investment." Commodities in general exhibit a lot of volatility, and gold is not all that diffe [...] David Unless they were selling, they didn't lose anything. Agustino Fontevecchia, Forbes StaffPaper losses can translate into real headaches for managers who have to trade according to risk models. Ask the London Whale. David Williamson You don't book losses until you sell. Does it really make sense that the price of gold is crashing when world governments have the printing presses at full [...] ejhickey there has been a lot of money to be made buying puts on GLD. shooting fish in a barrell is tougher . Anon Can't pump things forever on a floor of thin air, and that's what's been going on for years. Wonder if the FED will start throwing money to keep prices up? [...] Comment Now Terraco Gold CEO sees 'significant' cashflows from Barrick Gold project Published on May 8, 2013 Todd Hilditch, president and chief executive of Terraco Gold (CVE:TEN), reveals the significance of the recent royalty deal covering the Spring Valley properties in Nevada. "We are extremely excited," he says of the transaction and the involvement of industry heavyweight Barrick Gold in the project. Illegal Mining in Porgera A Concern Published on Apr 18, 2013 Illegal mining at the Porgera Gold mine in the Enga Province continues to trouble operator, Barrick. But it will not deter the Mine from delivering on its community responsibilities. Barrick Gold Published on May 3, 2013 Barrick Gold misery in Dominican Republic Jamie Sokalsky, Barrick 2013 Annual Shareholders Meeting Published on May 1, 2013 Barrick Gold Corporation President and CEO Jamie Sokalsky speaks at the company's shareholders meeting in Toronto on April 24, 2013. The presentation slides are available here (PDF): http://goo.gl/TOhls about the puebloviejo project in the Dominican republic, around minute 6:10, he calls this project low cost long life, I am a dominican who like 99 percent of the population of the country feel like Bar rick Gold is stealing from us, that is why right now as I'm writing this comment Jamie Sokalsky and others executives are in the Dominican Republic in order to renegotiate the contract, since the Dominican Republic Government is not letting Barrick take any gold out of the country until the Chile earthquake relief - Vichuquén homes Published on Feb 22, 2013 When a massive earthquake rocked Chile's coastal region of Maule in 2010, Barrick readily agreed to support the recovery effort. We helped build temporary emergency houses in the immediate aftermath of the quake, and in the intervening years, contributed $5 million and played an active role in the reconstruction of schools, public buildings and numerous colonial-era homes. Six of those homes were recently returned to their owners at a ceremony held in the town of Vichuquén. Tough Week for Barrick Gold Corp. (NYSE: ABX) ▸ Mining Minutes - Kitco News Published on May 1, 2013 With earnings season in full swing, Kitco News mining reporter Alex Letourneau covers Barrick Gold's (NYSE: ABX) rough week filled with headlines and investor backlash, and also takes a look at earnings for major miners Freeport-McMoRan Copper & Gold (NYSE: FCX), Agnico-Eagle Mines (NYSE: AEM) and Alamos Gold (NYSE, TSX: AGI) Kitco News, April 26, 2013. 2013 Gold Price Bottom Prediction Before Parabolic Rise Published on Apr 22, 2013 Wondering when to buy physical gold and silver? Waiting for a bottom in the price? Here is a factual prediction pointing to a gold bottom price which is quickly approaching. Find more information at http://DailySilverUpdate.com Rothschild Silver Gold Manipulation Fraud Explained (Crash JP Morgan; Buy Silver) Published on Mar 12, 2013 SUBSCRIBE & Learn More & Win a Free Silver Coin: How the Rothschilds rule USA ? Published on May 30, 2012 Credit to Westiesworld4u Barrick fined $16m for Pascua-Lama violationsChile blocks Pascua-Lama mine, fines Barrick $16 million for serious environmental violations. By | Associated Press – 15 hours agoShare this pageChile fines Barrick Gold $16m for Pascua-Lama mine
24 May 2013 Last updated at 18:42 ET
 The mine will only be allowed to operate once the problems have been solved Chilean authorities have fined the world's largest gold mining company, Barrick Gold Corp, more than $16m for environmental offences. Construction at the Pascua-Lama mine, on the border with Argentina, has been suspended until a system to contain contaminated water is put in place. The news led to share trading in the Canadian-owned company being halted in New York and Toronto after a sell-off. But activists complained that the fine was only 0.1% of the total operation. "The resolution is convenient to the offender, a derisive fine for a company such as Barrick Gold," Greenpeace said on a statement. Despite criticism, the government said the fine was the highest possible under Chilean law. 'No environmental damage' The environmental authorities said the mining company committed four "serious" and one "very serious" offences. The latter was a commitment made by Barrick Gold to put in place water treatment systems to contain contaminated waste water and to prevent rainwater contamination. The company itself reported its shortcomings to the environmental authorities, which led to an investigation. Barrick Gold Corp acknowledged the failures and promised to work on solutions. The fines are related to building and regulatory shortcomings, a company executive said. "We have not been charged with any environmental damage," the president of Barrick South America, Eduardo Flores Zelaya, told Chilean news website La Tercera. But the investigation found further problems. "We found that the acts described weren't correct, truthful or provable. And there were other failures of Pascua-Lama's environmental licence as well," Juan Carlos Monckeberg, Chile's Environment superintendent, told AP news agency. Among the violations, there was an "unjustified discharge coming from the acid treatment plant to the Estecho river", according to the authorities. Until all of the government requirements have been fulfilled, the mine will not be allowed to operate, they say. Barrick's shares have reportedly lost more than half their value in the last year, mostly because of Pascua-Lama's problems. |
Nathan Vardi
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