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Daily Analysis for Monday May 20

Posted on 21 May 2013 by Africa Business

This week begins with great anticipation for profitable trading opportunities. Banks in Europe and Canada will be closed on Monday, but traders could take advantage of the release of the Australian Monetary Policy Meeting Minutes. Later in the week, we are expecting inflation and retail sales data out the United Kingdom. These announcements will surely pave a clear direction for the British Pound. Meanwhile, home sales in the world’s largest economy will be put forth on Thursday. Whether the U.S. dollar is affected, that remains to be seen.

USD/CAD


Friday’s inflation report was softer than consensus expectations. Headline CPI is increasing at its slowest since October 2009 when the economy was still experiencing the consequences of the recession. In this environment, inflation is clearly not the main radar the Bank of Canada is looking at for now, but growth is. Given our expectations of subpar growth for 2013, rate hikes in Canada are unlikely anytime soon. Look for the Loonie to continue weakening in the coming days.

Stop loss 1.0250

Take profit 1.0315

Gold


The yellow metal started the new week on the wrong foot, tumbling during Monday’s morning session as traders increased their bearish bets on this commodity. It has been falling since October 2012, with the sharpest market movement taking place just last month. We have recently reached the lowest point last seen on April 14th. Traders are advised to hold onto their short positions until further notice. We expect to reach $1,300 within days, possibly by Thursday of this week.

Stop loss $1,370

Take profit $1,300

USD/ILS


The Bank of Israel surprised with a 25 basis point rate cut to 1.5% last week, an intra-meeting move. The next scheduled meeting is set for May 27th. We’ve been looking for more cuts, especially as the Shekel has strengthened in recent weeks. As it cut rates, the central bank noted that the shekel has been boosted by natural gas sales and global monetary easing. Furthermore, the Bank of Israel announced a plan to increase its holdings of foreign exchange in an effort to offset the money from gas sales. For now, the high probability of sequential rate cuts suggests this pair is likely to continue heading north. We’re currently aiming at 3.6370.

Stop Loss 3.6316

Take profit 3.6370

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TeleCommunication Systems Technology Experts to Discuss International Trade Issues at the Maryland/DC Celebration of International Trade 2013

Posted on 17 May 2013 by Africa Business

 

About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world.

 

ANNAPOLIS, Md., May 17, 2013 /PRNewswire/ – TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced that TCS Fellow John Linwood Griffin and TCS Senior Customer Executive Victor Hernandez will be participating in panel discussions as part of the Maryland/DC Celebration of International Trade 2013 on Tuesday, May 21 at the Maritime Institute Conference Center in Linthicum, MD. Attendees will experience in-depth discussions with expert-level export executives, leaders, practitioners and government leaders.

  • “Threat Considerations and Risk Mitigation When Doing Business Internationally,” Tuesday, May 21, 8:30 a.m.10:00 a.m.

 

TCS Fellow Dr. John Linwood Griffin will discuss the risk associated with conducting business internationally from a technical security perspective. Risk itself often represents an opportunity – when you understand and interpret technical risks in the context of your business objectives, you are able to make more efficient and competitive decisions. The panelists will engage in a lively early-morning discussion on how to keep risk from always leading to the answer, “no.”

Dr. John Linwood Griffin leads research and engineering programs on computer and communications security at TCS. He has written and taught academic and industrial courses on computer storage, security and networking and has co-authored refereed conference, journal and workshop papers. Among the honors, grants and awards he has received include an invitation to participate in the U.S./Japan Experts’ Workshop on Critical Information Infrastructure Protection, an Intel Foundation Ph.D. Fellowship and a National Science Foundation Graduate Research Fellowship.

  • “Selling into Emerging Markets – Africa, Middle East and Latin America Explored,” Tuesday, May 21, 10:00 a.m.11:30 a.m.

 

TCS Senior Customer Executive Victor Hernandez will explore the nuances of conducting business in the emerging market of Latin America through the lens of several case studies. In addition, the ability to leverage government resources that are available to ease entrance into new markets from the Departments of Commerce and State will also be addressed by other panelists.

Victor Hernandez is responsible for promoting TCS’ products and services portfolio in the Caribbean and Latin American regions. He has more than 23 years of experience in the Latin American wireless industry and has worked with some of the wireless industry’s biggest names, helping them bridge the business gap between the Caribbean, Latin America and North America.

To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.

 

SOURCE TeleCommunication Systems, Inc.

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Oando Energy Resources Announces Additional 2,500 bopd Production Capacity From Ebendo Field

Posted on 16 May 2013 by Africa Business

About Oando Energy Resources Inc. (OER)

OER currently has a broad suite of producing, development and exploration properties in the Gulf of Guinea (predominantly in Nigeria) with current production of approximately 5,205 bopd from the Abo Field in OML 125 and the Ebendo Field. OER has been specifically structured to take advantage of current opportunities for indigenous companies in Nigeria, which currently has the largest population in Africa, and one of the largest oil and gas resources in Africa.

 

Oando Energy Resources Inc. (“OER” or the “Company“) (TSX: OER), a company focused on oil exploration and production in Nigeria, today announced results from the successful completion and testing of the Ebendo 5 well. The completion and testing of the Ebendo 5 well, which is expected to contribute an additional 2,500 barrels of oil per day (“bopd”) gross (1,069 bopd net to OER), follows the successful resumption of 3,200 bopd gross (1,368 bopd net to OER) production on the Ebendo field, as was announced on April 24, 2013.

“We’re extremely pleased to announce the successful completion of the Ebendo 5 well drilling programme, increasing our net capacity by 1,069 bopd,” said Pade Durotoye , CEO of OER. “Ebendo currently has a total production capacity of up to 7,000 bopd, but is currently subject to takeaway capacity restrictions as a result of the Kwale-Akri pipeline. In light of this, we are increasing our efforts to establish our alternative evacuation pipeline, the 53 Kilometer, 45kboepd Umugini pipeline, that will further support the development of this field and reduce our dependence on one evacuation pipeline.”

The Ebendo 5 well was spudded as a deviated appraisal/development well on October 12, 2012, mainly to appraise the intermediate reservoirs encountered by the earlier Ebendo 4 well. The Ebendo 5 well was drilled to a total vertical depth (TVD) of 11,513ft and encountered eight hydrocarbon bearing sands. A drill stem test was successfully completed on two of these sands (XVIIIc and XVIIId). Sand XVIIId flowed for 18 hours and 30 minutes during the final flow test on four choke sizes. On average, it flowed on choke 28/64″ for 3 hours and 30 minutes, with an average oil and gas rate of 1,592 bopd and 2.45 mmscf/day, respectively. Sand XVIIIc flowed for 15 hours and 50 minutes during the final flow test on three choke sizes. On average, it flowed on choke 24/64″ for 8 hours and 23 minutes, with an average oil and gas rate of 840 bopd and 4.62 mmscf/day, respectively. Oil with API gravities of 47.2 degrees and 46.4 degrees were recovered from levels XVIIIc and XVIIId, respectively. Testing of sand XV is planned to occur during production, as there was a mechanical failure during testing of this sand after the completion of the well. However, from Modular Formation Dynamic Testing (MDT) pressure sampling, the fluid gradient in level XV was 0.272 pressure per foot (psi/ft), which is indicative of oil, there was no appreciable steady decline in the pressures during the Test.

The Ebendo 5 well was dually completed and sand XV will be produced through the short string while sands XVIIIc and XVIIId will be produced through the long string via a sliding sleeve. The Acme Rig-5 was released on April 17, 2013 from the Ebendo 5 well site.

The Company further announced that a new rig, the Deutag T-26, has been mobilised and a sixth well (the Ebendo 6 well) was spudded on April 18, 2013. TVD for the Ebendo 6 well is planned to be at 10,680 ft. To date, the Ebendo 6 well has been drilled to a total vertical depth of 6,231 ft. The results from this drilling programme will enable further appraisal of the shallow reservoirs encountered in the last two wells.

As pressure transient analysis or well-test interpretation has not been carried out, all results disclosed in this press release should be regarded as preliminary and are not necessarily indicative of long-term performance or ultimate recovery. The results will be updated when additional data becomes available.

 

SOURCE Oando Energy Resources Inc.

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GSMA Establishes Office In Nairobi To Support Burgeoning African Telecoms Market

Posted on 15 May 2013 by Africa Business

Mobile Connections in Sub-Saharan Africa Increase 20 Per Cent to 500 Million in 2013 and Are Expected to Increase by an Additional 50 Per Cent by 2018

iHub is Nairobi‘s Innovation Hub for the technology community, which is an open space for the technologists, investors, tech companies and hackers in the area. This space is a tech community facility with a focus on young entrepreneurs, web and mobile phone programmers, designers and researchers. It is part open community workspace (co-working), part vector for investors and VCs and part incubator. More information can be found here: http://www.ihub.co.ke/about

About the GSMA
The GSMA represents the interests of mobile operators worldwide. Spanning more than 220 countries, the GSMA unites nearly 800 of the world’s mobile operators with more than 230 companies in the broader mobile ecosystem, including handset makers, software companies, equipment providers and Internet companies, as well as organisations in industry sectors such as financial services, healthcare, media, transport and utilities. The GSMA also produces industry-leading events such as the Mobile World Congress and Mobile Asia Expo.


NAIROBI, Kenya, May 15, 2013 /PRNewswire/ – The GSMA today announced that it has opened a permanent office in Nairobi, Kenya. The office will be based in the heart of Nairobi‘s Innovation Hub (iHub) for the technology community and will enable the GSMA to work even more closely with its members and other industry stakeholders to extend the reach and socio-economic benefits of mobile throughout Africa.

“It is an exciting time to launch our new office in Africa, as the region is an increasingly vibrant and critical market for the mobile industry, representing over 10 per cent of the global market,” said Anne Bouverot , Director General, GSMA. “The rapid pace of mobile adoption has delivered an explosion of innovation and huge economic benefits in the region, directly contributing US$ 32 billion to the Sub-Saharan African economy, or 4.4 per cent of GDP. With necessary spectrum allocations and transparent regulation, the mobile industry could also fuel the creation of 14.9 million new jobs in the region between 2015 and 2020.”

According to the latest GSMA’s Wireless Intelligence data, total mobile connections in Sub-Saharan Africa passed the 500 million mark in Q1 2013, increasing by about 20 per cent year-on-year. Connections are expected to grow by a further 50 per cent, or 250 million connections, over the next five years which requires greater regulatory certainty to foster investment and release of additional harmonised spectrum for mobile.

The region currently accounts for about two-thirds of connections in Africa but the amount of spectrum allocated to mobile services in Africa is among the lowest worldwide. Governments in Sub-Saharan Africa risk undermining their broadband and development goals unless more spectrum is made available. In particular, the release of the Digital Dividend spectrum – which has the ideal characteristics for delivering mobile broadband, particularly to rural populations – should be a priority.

The region also has some of the highest levels of mobile internet usage globally. In Zimbabwe and Nigeria, mobile accounts for over half of all web traffic at 58.1 per cent and 57.9 per cent respectively, compared to a 10 per cent global average. 3G penetration levels are forecast to reach a quarter of the population in Sub-Saharan Africa by 2017 (from six per cent in 2012) as the use of mobile-specific services develops.

However, despite the high number of connections, rapid growth and mobile internet usage, mobile penetration among individuals remains relatively low. Fewer than 250 million people had subscribed to a mobile service in the region, putting unique subscriber penetration at 30 per cent, meaning that more than two-thirds of the population have yet to acquire their first mobile phone. Clearly, there is an important opportunity for the mobile industry to bring connectivity, access to information and services to the people in this region.

The mobile industry contributes approximately 3.5 million full-time jobs in the region. This has also spurred a wave of technology and content innovation with more than 50 ‘innovation hubs’ created to develop local skills and content in the field of ICT services, including the Limbe Labs in Cameroon, the iHub in Kenya and Hive Colab in Uganda.

Of particular note is the role of Kenya as the global leader in mobile money transfer services via M-PESA, a service launched by the country’s largest mobile operator Safaricom in 2007. What started as a simple way to extend banking services to the unbanked citizens of Kenya has now evolved into a mobile payment system based on accounts held by the operator, with transactions authorised and recorded in real time using secure SMS. Since its launch, M-PESA has grown to reach 15 million registered users and contributes 18 per cent of Safaricom’s total revenue.

To support this huge increase in innovation, the mobile industry has invested around US$ 16.5 billion over the past five years (US$ 2.8 billion in 2011 alone) across the five key countries in the region, mainly directed towards the expansion of network capacity. At the same time, given the exponential growth, Sub-Saharan Africa faces a looming ‘capacity and coverage crunch’ in terms of available mobile spectrum and the GSMA is working with operators and governments to address this critical issue.

GSMA research has found that by releasing the Digital Dividend and 2.6GHz spectrum by 2015, the governments of Sub-Saharan Africa could increase annual GDP by US$82 billion by 2025 and annual government tax revenues by US$18 billion and add up to 27 million jobs by 2025. In many Sub-Saharan African countries, mobile broadband is the only possible route to deliver the Internet to citizens and the current spectrum allocations across the region generally lag behind those of other countries.

“A positive and supportive regulatory environment and sufficient spectrum allocation is critical to the further growth of mobile in Africa,” continued Ms. Bouverot. “I am confident that now that we have a physical presence in Africa, we will be able to work together with our members to put the conditions in place that will facilitate the expansion of mobile, bringing important connectivity and services to all in the region.”

For more information, please visit the GSMA corporate website at www.gsma.com or Mobile World Live, the online portal for the mobile communications industry, at www.mobileworldlive.com.

SOURCE GSMA

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Canadian Solar’s Partner Romano Wins Eskom Rooftop Project in Johannesburg

Posted on 15 May 2013 by Africa Business

About Eskom

Eskom generates approximately 95% of the electricity used in South Africa and approximately 45% of the electricity used in Africa. Eskom generates, transmits and distributes electricity to industrial, mining, commercial, agricultural and residential customers and redistributors. Additional power stations and major power lines are being built to meet rising electricity demand in South Africa. Eskom will continue to focus on improving and strengthening its core business of electricity generation, transmission, trading and distribution.  For more information, please visit www.eskom.co.za.

About Romano Group

The Romano Group is a multi-skilled provider of a broad range of sustainable solutions, to clients who are typically large commercial, industrial or retail property owners and tenants spread throughout Africa. Romano’s value-added offer includes the design, manufacture and installation of high-quality Solar PV, ECO-Lighting, Modular Construction and Signage & Print solutions, all of which are delivered on-time at a competitive price. The company celebrated its 60th birthday in 2012 and employs 150 people. For more information, please visit www.romano.co.za.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world’s largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 4GW of premium quality solar modules to customers in over 50 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com

 

JOHANNESBURG, May 15, 2013 /PRNewswire-FirstCall/ — Canadian Solar Inc. (NASDAQ: CSIQ) (the “Company” or “Canadian Solar”), one of the world’s largest solar companies, today announced the successful expansion of its partner Romano Sustainable Solutions in Africa. Romano, a pioneer company in the South African photovoltaic (PV) industry, was recently awarded the engineering, procurement and construction (EPC) contract for a 360 kW PV solar system installation. The roof top installation will be on the Johannesburg headquarters of Eskom, the largest producer of electricity in Africa.

As one of the most experienced solar PV systems integrators in Africa, Romano designs, manufactures and installs solar PV systems to commercial clients spread throughout Africa. Most of Romano’s solar PV systems are grid-tied systems. When connected to the client side of the on-site electrical sub-station, the electricity generated is used on the site by the client. When connected to the utility side the electricity generated is exported to the national or municipal electricity grid.

“We are very proud to be involved with this prestigious project for Eskom, which we understand was awarded on the basis of our technical capability and track record, as well as the cost effectiveness of our offer,” said Alexi Romano , CEO of Romano.

“The solar energy market in Africa continues to develop and has considerable potential for growth. We are positioned to benefit through our relationships with experienced partners like Romano. We look forward to supporting their growth in this important market, including the high profile Eskom project,” said Dr. Shawn Qu , Chairman and CEO of Canadian Solar.”

 

SOURCE Canadian Solar

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Global Trade Partners in the 21st Century

Posted on 15 May 2013 by Africa Business

WASHINGTON, May 15, 2013/African Press Organization (APO)/ — Remarks

Robert D. Hormats

Under Secretary for Economic Growth, Energy, and the Environment

World Economic Forum

Pretoria, South Africa

May 14, 2013

 

 

As Prepared

 

Thank you Lyal for the kind introduction.

I am delighted to be in South Africa again. I visited last fall with Secretary of State Hillary Clinton.

What was most striking then, and continues to be the case today, is the extent to which the image of Africa has changed. According to the IMF, growth in sub-Saharan Africa will surge to 6.1% next year, well ahead of the global average of 4%.

Africa is booming in nearly every sector, ranging from massive energy developments in Mozambique, Tanzania, Ghana, and other countries; to the growth of Rwanda and Kenya’s information and communications technology sectors; to South Africa’s thriving auto industry. And, though far from declaring victory, Africa is reaching a turning point in its hard-fought battles against poverty and corruption.

Today’s Africa looks nothing like what, in 2000, The Economist referred to as the “Hopeless Continent.” It is critical that we concentrate the world’s eyes on the new image of Africa, that of progress and promise. Perspectives are evolving—in 2011, The Economist referred to Africa as the “Rising Continent” and, last March, as the “Hopeful Continent.”

Trade is at the heart of Africa’s economic resurgence. So, in this context, I will speak first about America’s vision for global trade in the 21st century and then, focus on implications and, indeed, opportunities for Africa. America’s global trade agenda in the 21st century is shaped by a foundation laid, in large part, in the mid-20th century. After World War II, American and European policymakers worked together to build a set of international institutions that embodied democratic and free market principles.

The GATT—which led to the WTO—World Bank, IMF, and the OECD were designed to foster international economic cooperation. These institutions were vital to the economic prosperity of the United States, and to the success of America’s foreign policy and national security for the next three generations.

As we move into the 21st century, a new multi-polar global economy has surfaced. The emergence of a new group of economic powerhouses—Brazil, Russia, India, and China, of course, but also countries in Africa—has created momentum (if not necessity) for greater inclusiveness in the global trading system.

At the same time, these new players must assume responsibilities for the international economic system commensurate with the increasing benefits they derive from the global economy. In addition to the geography of international trade, the nature of trade and investment has evolved to include previously unimaginable issues such as e-commerce and sustainability.

So, part of our vision for trade in the 21st century is to build a system that is more inclusive, recognizes the new realities of economic interdependence, and matches increased participation in the global trading system with increased responsibility for the global trading system.

We are making progress with bringing new players into the global trading system as equal partners. Free Trade Agreements with Korea, Colombia, and Panama entered into force last year.

And, we are continuing negotiations on the Trans-Pacific Partnership—or TPP as it is more widely known. With Japan’s anticipated entry into the negotiations, TPP will grow to include 12 countries of different size, background, and levels of development. The agreement, when finalized, will encompass nearly 40% of global GDP and one-third of global trade.

In addition to TPP, we are embarking on a Transatlantic Trade and Investment Partnership with the European Union. TTIP—as it is being called—will strengthen economic ties between the United States and Europe, and enhance our ability to build stronger relationships with emerging economies in Asia, Africa, and other parts of the world.

TPP and TTIP are truly historic undertakings. Our objective is not only to strengthen economic ties with the Asia-Pacific and Europe, but also to pioneer approaches to trade and investment issues that have grown in importance in recent years.

These agreements will seek to break new ground by addressing a multitude of heretofore unaddressed non-tariff barriers, setting the stage for convergence on key standards and regulations, and establishing high quality norms and practices that can spread to other markets. TPP, for example, will raise standards on investment and electronic commerce, and afford protections for labor and the environment.

Our agenda also includes strengthening the multilateral trading system through the World Trade Organization. For example, the United States would like to see a multilateral Trade Facilitation Agreement, which would commit WTO Members to expedite the movement, release, and clearance of goods, and improve cooperation on customs matters. A Trade Facilitation Agreement would be a win-win for all parties—Africa especially.

Cross-border trade in Africa is hindered by what the World Bank calls “Thick Borders.” According to the latest Doing Business Report, it takes up to 35 days to clear exports and 44 days to clear imports in Africa. Clearing goods in OECD countries, in contrast, takes only 10 days on average and costs nearly half as much. Countries like Ghana and Rwanda have benefited tremendously from the introduction of trade facilitation tools and policies.

Ghana, for instance, introduced reforms in 2003 that decreased the cost and time of trading across borders by 60%, and increased customs revenue by 50%. A multilateral Trade Facilitation Agreement will create a glide path for increased trade with and within Africa.

Our views for 21st century global trade partnerships go beyond Europe and the Asia-Pacific, and efforts at the WTO. We are committed to supporting Africa’s integration into the global trading system. The cornerstone of our trade relationship with sub-Saharan Africa is the African Growth and Opportunity Act—known as AGOA. Of all of our trade preference programs, AGOA provides the most liberal trade access to the U.S. market.

Exports from Africa to the United States under the AGOA have grown to $34.9 billion in 2012. While oil and gas still represent a large portion of Africa’s exports, it is important to recognize that non-petroleum exports under AGOA have tripled to nearly $5 billion since 2001, when AGOA went into effect. And, compared to a decade ago, more than twice the number of eligible countries are exporting non-petroleum goods under AGOA.

South Africa, in particular, has made great strides in diversifying its exports to the United States. Thanks to AGOA, the United States is now South Africa’s main export market for passenger cars, representing more than 50% of exported value in 2012. Because AGOA is such an important mechanism for African countries to gain access to the U.S. market, the Administration is committed to working with Congress on an early, seamless renewal of AGOA. Our trade relationship with Africa goes beyond AGOA. For instance, AGOA represents only one-quarter of South African exports to the United States. The composition of South Africa’s exports to the United States, moreover, reflects complex interdependencies and industrial goods.

And, our trade relationship with Africa is not just about one-way trade. There is an immense opportunity for U.S. companies to do business on the continent.

We recently launched the “Doing Business in Africa Campaign” to help American businesses identify and seize upon trade and investment opportunities in Africa. The campaign was announced in Johannesburg, in part, because South Africa can play a prominent role in directing U.S. investment into other parts of the continent.

Although progress has been made on diversifying exports beyond energy, there is much more to be done. African ingenuity and entrepreneurship must be unleashed to drive innovation and growth throughout the continent. This requires closer integration to share ideas, transfer knowledge, and partner on solutions. Through AGOA and the “Doing Business in Africa Campaign”, we are promoting a business climate in Africa that enables and encourages trade and investment. However, realizing these goals is goes beyond trade preferences and commercial linkages.

Africa is also featured in America’s vision for global trade in the 21st century.

For example, we recently launched the U.S.-East African Community Trade and Investment Partnership—the first of its kind—to expand two-way trade and investment. The Partnership is designed to build confidence among the private sector by building a more open and predictable business climate in East Africa. We are considering a variety of mechanisms to accomplish this, including a regional investment treaty and trade facilitation agreement. The Partnership highlights our desire to help Africa integrate and compete in today’s global economy.

I will conclude with one final point. I began by saying that trade is at the heart of Africa’s economic resurgence. Trade is also at the heart of America’s economic recovery. We have a common interest and a common goal.

When it comes to enhanced trade, what is good for Africa is good for America. And what is good for America is good for Africa.

Thank you.


SOURCE

US Department of State

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PANGOLIN DIAMONDS DISCOVERS ITS FIRST KIMBERLITE IN BOTSWANA

Posted on 15 May 2013 by Africa Business

About the Tsabong North Project

The Tsabong North Project, located approximately 100 km north of the town of Tsabong in south-western Botswana, is 1,545 km2 in size. It is comprised of anomalous concentrations of kimberlite indicators and has large geo-botanical features. Pangolin has already identified more than 50 drill-ready aeromagnetic targets in the Project area, several of which have surface areas exceeding 20 hectares. Exploration activities in the area are guided in part by the recommendations of a National Instrument 43-101 Technical Report prepared for the Project.

The Tsabong North Project is situated on the Archaean Kaapvaal Craton, immediately north of the diamondiferous Tsabong kimberlite field that hosts the M1 Kimberlite, the largest known diamondiferous kimberlite pipe in the world (www.firestonediamonds.com). Pangolin’s Chairman, Dr. Leon Daniels, was part of the Falconbridge Team that developed the geological model of the 180 hectare M1 Kimberlite that was discovered in 1978. He was also directly involved in the discovery of several new kimberlites in the Tsabong kimberlite field.

Pangolin’s soil sampling has produced highly anomalous concentrations of kimberlite indicators within the Tsabong North Project area. Microprobe analyses of indicator minerals have confirmed the presence of G10 garnets, indicating the presence of a mantle conducive to the crystallization of diamonds. A number of indicators occur, including remnants of kelyphite that indicate close proximity to kimberlite. Enzyme-leach trace element results are consistent with orientation trace element results over known kimberlites near the Project.

About Pangolin Diamonds Corp

Pangolin Diamonds Corp. is building a leading diamond exploration and development company in the heart of Botswana, the world’s leading diamond producing country by value. The Company is the 100% owner of 11 Prospecting Licenses covering 5,307 km2, including the Tsabong North, Jwaneng South, Malatswae and Mmadinare Projects. Pangolin’s management and team leaders have over 90 years of combined diamond exploration experience in southern Africa. This makes the Company the most experienced diamond explorer in Botswana other than De Beers Exploration and Debswana. The Company is equipped for exploration, with two diamond drill rigs and a fully portable one-tonne per hour Dense Media Separation Plant used to prepare samples and make diamond concentrates. Pangolin is well-funded to continue its exploration programs for the next year.

 

·         Kimberlite discovered at Tsabong North Project has a +20 hectare aeromagnetic anomaly associated with it

·         Two additional diamond drill core holes will be completed to intersect a minimum of 100 meters of kimberlite

·         Additional undrilled kimberlite targets in the project area have the same magnetic signature

TORONTO, ONTARIO (May 15, 2013) – Pangolin Diamonds Corp. (TSX-V: PAN) (the “Company” or “Pangolin”) is pleased to announce it has discovered its first kimberlite at its 100% owned Tsabong North Project in Botswana. Core logging identified crater facies sediments and underlying reworked volcaniclastic kimberlite (“RVK”) breccias in drill hole “Magi-01/1”.

Representative rock samples were submitted for independent whole rock analysis to Activation Laboratories Ltd., in Ancaster (Ontario). The results assisted in discriminating between the kimberlite crater facies sediments and the overlying Kalahari Formation. Crater facies sediments are present from a depth of 33.5 meters to 58.8 meters below which RVK breccia occurs to 76.3 meters. The crater facies sediments and RVK breccias intersected are consistent with the equivalent lithological units observed in the core of drill hole M1/50 from the M1 Kimberlite in the Tsabong Kimberlite Field which was drilled in 1981.

Dr Leon Daniels, B.Sc., Ph.D., Chairman of the Board of Pangolin, stated: “We are very pleased with Pangolin’s success to date, as we have now graduated from an explorer to a discoverer and are determined to continue on this course.”

The 45 mantle-derived indicator garnets, inclusive of some high pressure garnets previously announced on March 26, 2013, were liberated from a core sample in Magi-01/1 taken at a depth of 22 meters below the surface. A split of the available core will now be processed through a mini-Dense Media Separation Plant to recover any additional kimberlite indicator minerals, such as garnets, and/or macro diamonds from the kimberlite intersected section.

Based on these positive results, two additional diamond drill holes intersecting at least 100 meters of kimberlite will be drilled on the Magi-01 kimberlite for kimberlite indicator mineral and microdiamond recovery. The Company has also elevated additional previously identified kimberlite targets in the project area to targets of high immediate interest with similar magnetic signatures to Magi-01/1.

The photos below compare the various kimberlite crater facies sediments (A1, A2) and RVK breccias (B1, B2) from Pangolin’s core drill hole Magi-01/1 (to the left) versus those from drill hole M1/50 from the M1 Kimberlite Pipe (to the right).

The technical disclosure in this news release has been reviewed and approved by Dr. Leon Daniels, Ph.D., Member of AIG, Chairman of the Board of Pangolin, and a Qualified Person under National Instrument 43-101 rules.

Source: www.pangolindiamondscorp.com

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China and Russia commit to World Energy Congress

Posted on 14 May 2013 by Africa Business

“Most important energy event in the world this year”

SEOUL – May 14, 2013: The Chinese and Russian governments have committed to sending high-level delegations to the World Energy Congress in South Korea in October, organizers said.

The Organizing Committee for the 2013 World Energy Congress said it had been notified that China’s National Energy Administration (NEA) would send a ministerial-level delegation to the event and that the government body had advised Chinese energy companies of its plan to attend.

The Chinese delegation will be one of the largest to the Congress, which will host up to 5,000 delegates from around the world, organizers said.

The Committee further announced that Alexander Novak, the Minister of Energy of the Russian Federation, would lead a delegation that will include the Russian ministries of Natural Resources and Environment, and of Foreign Affairs, as well as Gazprom, Transneft, Rosneft, RusHydro, the State Atomic Energy Corporation and other major energy companies.

The Russian delegation is planning a “Russia Day” event at the Congress.

The World Energy Congress is the world’s premier energy gathering and will take place on 13–17 October in the city of Daegu.

More than 200 prominent speakers, including energy ministers, industry CEOs and top experts and researchers, will answer the most pressing questions facing the global energy industry today

Under the theme of ‘Securing Tomorrow’s Energy Today’, topics range from the future prospects of the oil & gas, coal, nuclear, and renewables sectors to the tough policy decisions needed to balance the often conflicting priorities of energy security, universal access to affordable energy, and environmental protection. Delegates will also be given insights into how finance and innovation are shaping our energy future.

“We are delighted with the decision by the governmental and industry leaders in China and Russia,” said Dr. Christoph Frei, Secretary General of the London-based World Energy Council, which hosts the triennial event. “Having just been in China and Russia I know that this high level participation in the Congress will provide a fascinating overview of the opportunities and challenges of our energy world in transition. Such engagement by the world’s biggest players is crucial for a meaningful event.”

“Both countries are in the centre of many critical energy developments. We want to understand, within the global energy transformation, whether there is a refocus of ambition within the respective governments,” he said.

“We look forward to hearing more about developments in Russia and the energy challenges and opportunities in China at the World Energy Congress in October,” said Cho Hwan-eik, Chair of the Organising Committee of the 2013 World Energy Congress.

He added: “This will be the first time in the 90-year history of the event that China will have participated in such a significant way. For both the Chinese and Russians now to commit to the Daegu event underscores the fact that the Congress is the most important event on the global energy calendar this year.”

The Organising Committee also confirmed that a number of other governments are currently planning significant activity for the Congress. Mr. Cho added, “The discussions we are having with many governments at this early stage in our planning only serve to highlight the importance of this global event being staged in the heart of Asia at a time of significant transition in the energy sector.”

Media Enquiries:

Organizing Committee, World Energy Congress

Inang Park

Tel: +82 (2) 739 7016

M: 010 3213 7465

Email: inang.park@insightcomms.com

John Burton

Tel: +82 (2) 739 7045

M: +82 (0)10 2437 6265

Email: john.burton@insightcomms.com

World Energy Congress – international

Seán Galvin

Tel: +44 (0)20 7269 7133

M: +44 (0)7788 568 245

Email: sean.galvin@fticonsulting.com

World Energy Council

Monique Tsang

Tel: +44 (0)20 3214 0616

Email: tsang@worldenergy.org

About the World Energy Congress

The World Energy Congress is the world’s premier energy gathering. The triennial World Energy Congress has gained recognition since the first event in 1923 as the premier global forum for leaders and thinkers to debate solutions to energy issues. In addition to the discussions, the event provides an opportunity for executives to display their technologies and explore business opportunities. With the upcoming Congress in Daegu the event will have been held in 20 major cities around the world since its founding.

Further details at www.daegu2013.kr and @WECongress

About the World Energy Council (WEC)

The World Energy Council (WEC) is the principal impartial network of leaders and practitioners promoting an affordable, stable and environmentally sensitive energy system for the greatest benefit of all. Formed in 1923, WEC is the UN-accredited global energy body, representing the entire energy spectrum, with more than 3000 member organisations located in over 90 countries and drawn from governments, private and state corporations, academia, NGOs and energy related stakeholders. WEC informs global, regional and national energy strategies by hosting high-level events, publishing authoritative studies, and working through its extensive member network to facilitate the world’s energy policy dialogue.

Further details at www.worldenergy.org and @WECouncil

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WORLD ENERGY CONGRESS UNVEILS PROGRAM THEMES

Posted on 14 May 2013 by Africa Business

Ministers, CEOs and experts to address full range of energy issues

LONDON &SEOUL– 14th May 2013: The 2013 World Energy Congress Organizing Committee announced today some of the significant program topics that will be discussed by leading figures in the energy sector at the world’s premier energy event, to be held in Daegu, South Korea from October 13 to 17, 2013.

Under the theme of ‘Securing Tomorrow’s Energy Today’, topics range from the future prospects of the oil & gas, coal, nuclear, and renewables sectors to the tough policy decisions needed to balance the often conflicting priorities of energy security, universal access to affordable energy, and environmental protection. Delegates will also be given insights into how finance and innovation are shaping our energy future.

“The Congress will provide a fascinating overview of the opportunities and challenges of our energy world in transition,” said Dr. Christoph Frei, Secretary General of the World Energy Council. “The issues to be highlighted will be addressed from a number of viewpoints, encompassing the perspectives of individual energy sectors and geographical regions, as well as providing a strategic overview of global energy trends.”

More than 200 prominent speakers, including energy ministers, industry CEOs and top experts and researchers, will answer the most pressing questions facing the global energy industry today, such as:

· Oil: Will state oil companies and independents come to dominate the industry?

· Gas: Will shale gas be a game changer in redrawing the global energy map or is it just a bubble?

· Coal: Can demand for coal overcome environmental concerns?

· Renewables: Is the honeymoon over?

· Nuclear: Can effective international governance rules keep alive the nuclear renaissance?

· Hydro: Has its time finally come?

· Biofuels: What are the critical success factors for sustainable projects?

· Utilities: Will new business models succeed in promoting decentralization?

· Energy access: Is it achievable against the competing demands for water and food?

· Energy security: What are the next big energy sources?

· Environment mitigation: Are green growth and rapid economic growth compatible?

· Energy efficiency: Are yesterday’s cities fit for tomorrow’s energy?

· Finance: Is development finance delivering inclusive green growth?

· Energy innovation: Is venture capital more important than government support?

· Asia: Can the region become a showcase for green growth?

· Eurasia: Can it achieve partnerships to unlock its full energy potential?

· Middle East: Will it balance the needs of energy exports, local energy growth and job creation?

· Latin America: Blessed with resources, but overwhelmed by choice?

· Europe: Can it achieve effective energy market integration?

· Africa: Is there an energy infrastructure road map?

“The program at the 22nd World Energy Congress captures the full range and complexity of today’s energy challenges,” said Cho Hwan-eik, chair of the Organizing Committee of the 2013 World Energy Congress. “The Congress offers an impressive and unmatched list of speakers to provide insights on how these challenges can be addressed and overcome.”

Specific sessions and speakers will be announced shortly.

For further information, registration and other details, please log on to www.daegu2013.kr

Media Enquiries:

World Energy Congress – international

Seán Galvin

Tel: +44 (0)20 7269 7133

M: +44 (0)7788 568 245

Email: sean.galvin@fticonsulting.com

World Energy Council

Monique Tsang

Tel: +44 (0)20 3214 0616

Email: tsang@worldenergy.org

About the World Energy Congress

The World Energy Congress is the world’s premier energy gathering. The triennial World Energy Congress has gained recognition since the first event in 1923 as the premier global forum for leaders and thinkers to debate solutions to energy issues. In addition to the discussions, the event provides an opportunity for executives to display their technologies and explore business opportunities. With the upcoming Congress in Daegu the event will have been held in 20 major cities around the world since its founding.

Further details at www.daegu2013.kr and @WECongress

About the World Energy Council (WEC)

The World Energy Council (WEC) is the principal impartial network of leaders and practitioners promoting an affordable, stable and environmentally sensitive energy system for the greatest benefit of all. Formed in 1923, WEC is the UN-accredited global energy body, representing the entire energy spectrum, with more than 3000 member organisations located in over 90 countries and drawn from governments, private and state corporations, academia, NGOs and energy related stakeholders. WEC informs global, regional and national energy strategies by hosting high-level events, publishing authoritative studies, and working through its extensive member network to facilitate the world’s energy policy dialogue.

Further details at www.worldenergy.org and @WECouncil

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FOREX industry celebrates the JFEX 2013 awards winners

Posted on 13 May 2013 by Africa Business

Jordan, Amman, May 13th, 2013: JFEX awards, the most prestigious professional awards in the region announced on Monday honoring the best brokers and services providers in the FOREX industry. The 8th Annual JFEX Awards is celebrating the contributions to continue to develop the FOREX industry and reach achievements with great heights that will inspire the investors to pursue the many opportunities available in the industry.

It has been announced as the winners of the eight annual JFEX Awards, honored for their contributions to continue to develop the FOREX industry and reach achievements with great heights that will inspire the investors to pursue the many opportunities available in the industry.

JFEX’s mission, “Together, improve and adapt to the changing needs of the market.” recognizes that We need to keep pace with these rapid changes, we have to manage change so that we can still make a difference. and the awards, set up in 2013, aim to celebrate the hard work and dedication of the companies.

All winners were originally nominated by Filling the Award application , while the prestigious judging panel, who put experience and recognizes the winners in their categories.

Mr. Khaldoun Nusair, AFAQ GROUP chairman , said: “AFAQ GROUP is delighted to host these JFEX Awards to help highlighting the Obtaining of the qualifications, especially on this time basis it`s considered a huge accomplishment , improve and adapt to the changing needs of the market. And this evening, we have seen some of the best examples, from professionals and specialists, as to how this should be done.”

The JFEX Winners:

· FXSTREET: Best FOREX Forecast and Strategy Provider

FXStreet produces well-designed forecast strategy plans need to be desired outputs to required inputs) and provides the traders with market consulting and strategic forecasting supporting by strategic analysis service to emphasis analyzing and risk management.

· AFBFX: Most Innovative ECN Broker

AFBFX as ECN broker became the best who consolidates bank quotes and provides their clients the best bids and offers available. Providing their clients with FOREX scalping opportunities similar how it was originally done by floor traders.

· NOORCM: Most Transparent FOREX Broker

NoorCM is a service provider of Al Shams Investment one of the most respected Investment and financial companies in the region.  NoorCM offers their clients the best conditions, transparency and high level services that exceed all expectations.

· Money Experts : Best Educational FOREX Website

Money experts became the leader in day trading educational systems and strategies by providing online outstanding resources for quality articles, videos, news, analysis and opinions about the FOREX.

· ICM Capital : Fastest Growing Online FOREX Broker

ICM Capital is well-positioned to continue the company’s growth in MENA and is committed to be a dynamic and to provides their services and products in an efficient and innovative manner consistent with the needs of their client.

· FXCM: Best Retail FOREX Provider

FXCM, the best retail broker, who provides easy method to open an account with reasonable leverage, and their clients can demo trade with no limits on its platform until they learn.

· Banc De Binary: Best Binary options Broker in MENA

Banc De Binary , a top-notch binary options broker throughout MENA region and the world, provides traders with the opportunity to test out the platform and to gain trading skills that they can use to have a long, profitable binary options trading experience.

· ADS SECURITIES: Most trusted FOREX Broker

ADS SECURITIES the first and the only FOREX broker is regulated by Central Bank of the UAE. ADS SECURITIES became genuine Middle East brokerage, and it`s the most reliable FOREX broker provides  regional services are designed for use by Middle East customers and the high capitalization of the company means that they can invest in new technology and services.

· FXDD: Best Islamic FOREX Broker

FXDD, the leading Islamic FOREX broker, who strives to always respect the requirements of the Islamic Sharia, the moral code and religious law of Islam.

· DGCX :Best Middle East FX Exchange

DGCX commenced trading in November 2005 as the regions first commodity derivatives exchange and has become today, the leading derivatives exchange in the Middle East. DGCX offers huge advantages to existing participants in physical commodities markets in the region previously unable to hedge their price exposures as well as opportunities to the region’s burgeoning investment community.

· AFB: Best White Label Solution Provider

Arab Financial Brokers (AFB), the closed shareholding corporation registered under the Kuwait commercial law. AFB provides White Label program for individuals and institutions that want to establish a brand name and a presence in the FOREX industry. AFB white label partner are provided with a platform that reflects the partner brand or logo. AFB has been continued dedication to offer global benchmark White Label solutions.

· Activtrades: Best FOREX Customer Services

ActivTrades offers the security and peace of mind of insuring its clients’ funds above the threshold provided by the (FSCS) by providing insurance policy underwritten by Lloyd’s of London. Clients of ActivTrades are individually covered up to £500,000 as Excess of FSCS Insurance.

· FxSolutions: Best Affiliate Program

FxSolutions has the Best Affiliate Program to work with and promote offering the best tools, commissions and overall offerings. FxSolutions ` Affiliate Program has become increasingly popular and as a result there’s a lot more in way of their clients.

· Fxstat: Best Social Trading Networks

FXSTAT has become one of the largest social trading networks. It now serves as an Autotrading (copy trade) service provider as well as a FOREX social network platform to aid traders in their trading. FXSTAT autotrading platform is the image of its innovative approach to technology.

· Market Trader Academy: Best educational trading academy

Market Trader Academy serves their students by offering the best in financial education . Market Trader Academy has been committed to teaching the skills needed to trade with the confidence of the pros using risk management and technical analysis strategies.

The JFEX 2013 Honorees:

· PalFX: JFEX 2013 advisory

The high profile information and consultation services providers in the region, made its contribution to the conference and the award by providing high skills of consultation to JFEX 2013, also sharing its experience in the JFEX Award judging panel.

· Banc De Binary: Most Innovative Stand

· Optimized sense: Participant

· FXBORSSA: Participant

· FX Arabia: Participant

· Bareed Wared: Participant

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