South Africa: New Letseng Owners Unearth a 603-Carat Sparkler

FORTUNE has blessed the new owners of the Letseng Diamond Mine in Lesotho with the discovery of the 15th-largest diamond the world has yet seen.

Gem Diamond Mining, which took over the Letseng mine on July 1, said a white diamond weighing 603 carats was found recently and had been put on sale in a private tender process in Antwerp that closes on Monday. It is the biggest diamond yet found on the mine.

Gem Diamonds CE Clifford Elphick said yesterday he was not surprised by the discovery. Gem bought Letseng because it was known to produce large diamonds.

Nigeria: Foreign Reserves – Gt Bank, Zenith, 12 Others Get $7 Billion

The Central Bank of Nigeria (CBN) disclosed yesterday it has apportioned $7bn out of the nation’s external reserves, which stood at $38.07 bn as at the end of July, to 14 global asset managers and their 14 Nigerian banks local partners, to manage.

The amount bequeathed to the asset managers represents 18.39 per cent of the total external reserves, which was hitherto kept with foreign banks.

The 14 global asset managers and their local counterparts were Black Rock and Union Bank of Nigeria Plc; J.P. Morgan Chase and Zenith Bank Plc; H.S.B.C and; First Bank of Nigeria Plc; BNP Paribas and Intercontinental Bank Plc; UBS and United Bank for Africa Plc; Credit Suisse and IBTC Chartered Bank Plc; Morgan Stanley and Guaranty Trust Bank Plc; Fortis and Bank PHB Plc; Investec and Fidelity Bank Plc; ABN Amro and Access Bank Plc; Cominvest and Oceanic Bank Plc; ING and Ecobank Plc; Bank of New York and Stanbic Bank Plc and; Crown Agents and Diamond Bank Plc.

THISDAY check revealed that CBN gave each asset manager, $500m of the external reserves to manage.

The apex bank also made good its pledge of July 6, 2004 (when the consolidation of the banking industry was announced), to reward the first bank to consolidate and the one with the largest number of merging banks as it made a deposit placement of $50m each in United Bank for Africa Plc and Unity Bank Plc.

Making the disclosure yesterday in Abuja, CBN’s Head, Corporate Affairs, Mr. Festus Odoko said the decision to entrust such portion of the reserves to the 14 global asset managers’ and Nigerian banks out of the 17 that applied was reached at the meeting of Investment Committee of the CBN last Tuesday, October 3.

He said the three other foreign institutions, namely; Barclays Bank (DCO), Deutsche Bank AG and Pacific Investment Management Company (PIMCO) were technically qualified but could not be awarded mandates because they did not have local partners.

According to him, “the Investment Committee of the Central Bank of Nigeria (CBN) at its meeting of 3rd October, 2006 appointed external fund managers for our foreign reserves in order to allow for professional management, diversification of investment and to leverage on the expertise of the foreign banks to transform Nigerian banks into global financial institutions.

“The CBN has traditionally kept the external reserves as deposits with foreign banks. This is the first time that it is appointing foreign assets managers to manage part of its reserves, in line with global best practice.

“As a first step, the Investment Committee decided to award mandates for $7bn out of the CBN portion of the total external reserves. The $7 bn is awarded to 14 out of 17 reputable Global Asset Managers which not only met the CBN’s requirements for appointment as external assets managers, but also for partnership ties with Nigerian banks.”

Kenya: 16 Ethiopian Raiders Shot Dead

At least 16 Ethiopian raiders and a Kenyan were yesterday shot dead when militiamen from the neighbouring country invaded a village in Marsabit District.

Three other Kenyans were last night fighting for their lives in hospital.

Area district commissioner Mutea Iringo said only one Kenyan woman died in the raid at a manyatta at Forolle Village in Huri Hills Location.

Police commissioner Mohamed Hussein Ali said the estimated 200 raiders stole 500 head of cattle during the 5.30am raid. Forolle is situated on the territorial border.

A councillor, Mr Baraka Guracha, was among those wounded, said Mr Iringo.

Police said the rest of the bandits engaged Kenyan security forces in a one-hour gun battle before retreating to Ethiopia. Police recovered two AK-47 rifles and 14 rounds of ammunition.

Maj-Gen Ali said in a statement that police patrols had been intensified.

The raid comes a month after 17 Ethiopian attackers were shot dead by security forces in another raid in Kenya.

North Horr MP Ukur Yatani had on Saturday warned about yesterday’s raid.

“I am writing this letter from York, United Kingdom, warning our Government that another round of attack is imminent in Forolle, Turbi and Dukana,” he said in an e-mail.

He added: “I have credible information that a combined force of Ethiopian police and militia from Yabalo Province (Southern Ethiopia) are grouping in three different spots to attack these centres and are likely to target children and women for elimination similar to the Turbi scenario of last year.”

Mr Yatani said he was appealing to Maj-Gen Ali and Internal Security minister John Michuki to deploy General Service Unit personnel on the border to prevent the attack.

A nurse Ms Lillian Wata, attends to Ibraye Guyo at Wilson Airport in nairobi yesterday. He was injured in fresh attacks in Marsabit. Three people were air-lifted to Nairobi and taken to Kenyatta National Hospital for treatment.Photo by Stephen Mudiari

“It is a pity that numerous appeals for more security measures have in the past been ignored resulting to deaths of innocent Kenyans and loss of thousands of livestock rendering many families destitute,” the MP added.

The Kenya Red Cross airlifted Mr Guracha and other two casualties to Kenyatta National Hospital.

The bandits, Mr Iringo explained, first surrounded Forolle Police Post shortly before they raided one of the manyattas.

Tension was high in village and surrounding areas yesterday. A local primary school was closed for fear of attacks.
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The 500-kilometre Kenya-Ethiopian border has been a target of attacks.

Mr Iringo said: “We have tried to seal off the border but skirmishes still occur. The only solution is to start negotiations with leaders in Marsabit and Moyale districts and their counterparts in Ethiopia.”

In July last year, more than 90 people were executed in a dawn raid at Turbi trading centre, 18 of them school children. A few days after the Turbi massacre, 10 people were killed at Bubisa trading centre in a revenge attack. And on April 19, three people were killed and 4,100 sheep and goats stolen in another village in Marsabit.

2008 Mercury Mariner revealed

In a late-night, clandestine move, Mercury released details and images of a thoroughly redesigned Mariner, which will go on sale in early 2007 as a 2008 model. Ford’s mid-market marque has decided that the 2005 model was in need of an update to keep up with the Joneses (i.e. other small soft-roaders). The entry-level SUV, or CUV depending on your perspective, is intended to mark a major shift for Mercury’s approach to design and technology.

East Africa: Jay-Z visit to Tanzania in Pictures

East Africa: Welcome to New Dar es salaam part 1

CRDB’s ATM Machine. U are advised not to carry a lot of cash when u visit bongo. Just carry Visa check card.

East Africa: President Kikwete and Bill Gates, sign a technical co-operation agreement

President Jakaya Kikwete and the Chairman and Founder of Microsoft Corporation Bill Gates, sign a technical co-operation agreement at Cape Town`s Convetion Centre in South Africa

East Africa:Sorrow overwhelms burial of Walter, Vonetha

GRIEF engulfed Dar Es Salaam’s Leader’s Club yesterday, as the father of one of Tanzanian students murdered in the United States last month narrated their ordeal and concluded that he had lost a son ‘and a friend’.

Captain George Mazula, father of Walter Mazula, killed in Detroit on September 22 with fiancee Vonetha Nkya recalled that his son had gone missing for most of that day, and friends became worried.