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Satchu's Rich Wrap-Up
 
 
Thursday 05th of May 2016
 
Morning
Africa

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If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox
as your Browser.
0930-1500 KENYA TIME
Normal Board - The Whole shebang
Prompt Board Next day settlement
Expert Board All you need re an Individual stock.

The Latest Daily PodCast can be found here on the Front Page of the site
http://www.rich.co.ke

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"Memory is a snare, pure and simple; it alters, it subtly rearranges the past to fit the present." - Mario Vargas Liosa
Africa


“I was very young and lived with my grandparents in a villa with white
walls in the Calle Ocharan, in Miraflores.” ― Mario Vargas Llosa

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A family's two pet dogs refused to leave the side of a terminally ill baby girl as she lay dying.
Africa


My Grand Father's Dachshund was called Jackie. My GrandFather used to
visit my Grandmother's Grave practically every day and Jackie would
run to the grave first and get very cross with the Caretaker if the
Grave was not clean. When my Grandfather died, Jackie threw himself
out of the car and committed suicide.

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This 1994 'Pulp Fiction' document reveals why British censors decided not to cut it
Africa


Jules: Looks like me and Vincent caught you boys at breakfast, sorry
’bout that. What’cha havin’?
Brett: Hamburgers.
Jules: Hamburgers. The cornerstone of any nutritious breakfast.

[Jules grabs Brett’s burger and take a bite of it.]
Jules: Uuummm, this is a tasty burger. Vincent, you ever try a Big
Kahuna Burger?
Vincent: No.
Jules: Want a bite, they’re real tasty.
Vincent: I ain’t hungry.
Jules: Well, if you like burgers give ’em a try sometime. Me, I can’t
usually get ’em myself because my girlfriend’s a vegetarian which
pretty much makes me a vegetarian. But I do love the taste of a good
burger. Mmm. You know what they call a Quarter Pounder with cheese in
France?
Brett: No.
Jules: Tell ’em, Vincent.
Vincent: Royale with cheese.
Jules: Royale with cheese! You know why they call it that?

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Turkey PM Said to Give Up as Erdogan Pressure Insurmountable
Law & Politics


Turkey Prime Minister Ahmet Davutoglu is expected to step down this
month after losing a power struggle with President Recep Tayyip
Erdogan that’s sent financial markets plunging.

The two leaders held a late-night summit on Wednesday, and neither
issued an official statement after it finished. But a person familiar
with the matter said Davutoglu’s AK Party will hold a leadership
contest within about 15 days -- and the premier won’t be a candidate.
The person asked not to be identified because the decisions haven’t
been made public. Turkey’s lira slid as much as 4.5 percent, its
biggest decline since 2008.

“Erdogan continues to be the primary actor in Turkish politics,” said
Steven Cook, a senior fellow for Middle East and Africa studies at the
Council on Foreign Relations. He “wanted a pliant prime minister and
Davutoglu had ambitions to be his own man, but Davutoglu did not have
a power base in the party.”

The lira slid as much as 4.5 percent on Wednesday against the dollar
and closed the day 4 percent lower. On Thursday, it gained slightly
and was trading at 2.9392 per dollar at 8:05 a.m. in Istanbul

Conclusions

Erdogan brooks no competition.

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President Recep Tayyip Erdoğan, left, and the Turkish prime minister, Ahmet Davutoğlu, during their long meeting in Ankara. Photograph: Stringer/AFP/Getty Images
Law & Politics


The departure of Davutoğlu would “allow Erdoğan to distance himself
from some of his failed policies that can be attributed to Davutoğlu,”
he added.

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Baiting the Bear: Russia and NATO by CONN HALLINAN
Law & Politics


Instead, an April 20 meeting between NATO ministers and Russia ended
in “profound disagreements” according to alliance head Jens
Stoltenberg. Russian ambassador to NATO, Alexander Garushko said that
the continued deployment of armed forces on its borders makes it
impossible to have a “meaningful dialogue.”

We are baiting the bear, not a sport that ever ends well.

Conclusions


Russia is an irrelevant challenge to the US when compared to China.

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.1472
Dollar Index 93.21
Japan Yen 107.14
Swiss Franc 0.9584
Pound 1.4493
Aussie 0.7493
India Rupee 66.515
South Korea Won 1164.05
Brazil Real 3.5489
Egypt Pound 8.8766
South Africa Rand 14.8486

USD/JPY has only moved down this violently twice in last 8 years.

https://twitter.com/DavidInglesTV/status/728023606731608064?s=03

Bullish Dollar Bets fade

http://www.bloomberg.com/news/articles/2016-05-05/dollar-s-multi-month-low-spurs-investors-to-rethink-bullish-bets#media-2

Dollar Index 3 Month Chart INO 93.21 [93.00 remains the Pivot]

http://quotes.ino.com/charting/index.html?s=NYBOT_DX&v=d3&t=c&a=50&w=1

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Conflict Is Rwanda stirring rebellion in Burundi? IRIN
Africa


The Democratic Republic of Congo accuses neighbouring Rwanda of
recruiting former M23 rebels to help oust Burundian President Pierre
Nkurunziza, adding a worrying international dimension to an already
incendiary crisis.

Congolese government spokesman Lambert Mende Omalanga alleges that
Rwanda has been paying ex-M23 fighters, exiled in Rwanda and Uganda,
to join Burundian opposition forces and help topple the government in
Bujumbura.

“We want these people [the ex-M23 rebels] back home. There are some
wrong elements from Rwanda who are recruiting them to go and fight in
Burundi. We have arrested some of them in North Kivu (a province in
eastern Congo), and we shall prosecute them,” Mende told IRIN.

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@Barclays Sells 12.2% Stake in African Unit for $879 Million
Africa


Barclays Plc said it sold about one-fifth of its stake in Barclays
Africa Group Ltd. for about 13.1 billion rand ($879 million) as part
of Chief Executive Officer Jes Staley’s plan to overhaul the British
lender.

The bank sold 12.2 percent of shares to money managers, leaving it
with a holding of 50.1 percent, it said in a statement on Thursday.
The shares were bought for 126 rand each, a discount of about 11
percent to the average price over the past 30 days, according to data
compiled by Bloomberg. The sale is expected to increase Barclays’s
common equity Tier 1 ratio, a measure of financial strength, by about
10 basis points.

“This represents an initial step towards delivering management’s
previously stated strategy to sell down its stake in Barclays Africa
Group to a level that will permit regulatory de-consolidation over the
next two to three years,” Gary Greenwood, an analyst at Shore Capital
Group Ltd., who rates Barclays a buy at 162 pence, said in a note.
Barclays will only be able to reap significant capital benefits from
the process once its stake drops below 20 percent, he said.

Staley, who took over last year, announced on March 1 the bank was
retreating from Africa with other measures to raise cash, shrink
globally and lighten its capital burden. One of the parties that’s
expressed an interest in the African business is former Barclays CEO
Bob Diamond, who is readying a bid via a consortium of investors
including U.S. private-equity giant Carlyle Group LP. Diamond would
combine the business with his African-banking company Atlas Mara Ltd.

Shares in Barclays Africa fell as much as 4.2 percent to 129.05 rand,
and were trading 3.1 percent down at 130.52 rand in Johannesburg. A
close at this level will be the lowest since April 7. The stock has
declined 8.7 percent this year, the biggest drop among South Africa’s
four biggest banks, which includes FirstRand Ltd. and Old Mutual Plc’s
Nedbank. Barclays rose 0.6 percent to 163.35 pence in London.

“Given the size of the placement, the price seems about right,” said
Garth Mackenzie, the founder of Johannesburg-based Traders Corner.
“Book builds happen in an auction type process so this price was
determined by the level of demand in the market.”

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As Diamond Preps Bid, South Africa Warns on `Play' for Its Banks
Africa


South Africa’s central bank isn’t comfortable with private equity
companies owning stakes in the country’s lenders, Deputy Governor
Kuben Naidoo said.

“As a regulator we won’t be comfortable with a private-equity play for
any of the banks,” he told reporters in Pretoria on Tuesday. It may
cause instability because private equity firms use leverage and need
to create exit strategies, whereas banks need long-term commitments
from shareholders with deep pockets, he said.

The comments come as Bob Diamond pulls together a group of investors,
including U.S. private-equity giant Carlyle, for a potential bid for
Barclays Plc’s controlling stake in its Johannesburg-based African
business. Atlas Mara Ltd., the venture Diamond and Ugandan
entrepreneur Ashish Thakkar formed to buy African banks, said last
week that the firm is in talks on potentially buying Barclays Africa
Group, which it could combine with its own operations.

Representatives from Atlas Mara held meetings with the Reserve Bank on
Tuesday, according to reception records at the Pretoria-based
regulator. Diamond, 64, who ran Barclays before his 2012 ouster during
the Libor scandal, said on a conference call on April 26 that his
consortium includes long-term strategic investors and that there is
funding in place.

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Dollar Shortage Leaves ATMs Empty, Zimbabweans Without Cash @business
Africa


Banks in Zimbabwe, which abandoned its own currency in 2009 because of
hyperinflation, have limited cash withdrawals and shut down some ATMs
as the country’s ailing economy causes dollar supplies to evaporate,
threatening to result in company failures.

Lines of people are growing outside banks in the capital, Harare, as
cash-strapped residents try get money to pay for everything from
school fees to groceries. The shortage highlights the struggle
President Robert Mugabe’s government faces in resuscitating an economy
that’s half the size it was 15 years ago, according to government
estimates, with about 90 percent of the population out of formal
employment.

“The problem is related to Zimbabwe’s balance of payments,” Sam
Malaba, the chief executive officer of Agricultural Bank of Zimbabwe
Ltd., said by phone from Harare. “We’re importing more than we’re
exporting and we can’t print money because we use mainly the U.S.
dollar.”

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Breaking news... Zim to introduce bond notes as cash shortage bite
Africa


Zimbabwe says it will introduce local “bond notes” and has tightened
daily withdrawals to ease an acute shortage of cash, central bank
governor, John Mangudya said on Wednesday.

The public will now only be able to withdraw a maximum of $1000, Euro
1000 and R20,000 from their accounts daily.

Mangudya has also announced that, with effect from May 5, 40 percent
of all new US dollar receipts will be converted to rand, “in order to
restore and promote the wide usage of currencies in the multicurrency
basket”.

The RBZ governor did not give a specific date for the introduction of
the bond notes, but only said this will be in “over two months’ time”.

read more


Egypt EGX30 Bloomberg +6.23% 2016
Africa


Nigerian capital imports plunge 74 pct in first quarter, stats office says

http://af.reuters.com/article/investingNews/idAFKCN0XW0GM

The total value of capital imported into Nigeria in the first quarter
plunged to $710.97 million, a 73.79 percent decline from the same
quarter a year ago, the National Bureau of Statistics said on
Wednesday.

Nigeria All Share Bloomberg -10.22% 2016

http://www.bloomberg.com/quote/NGSEINDX:IND

Ghana Stock Exchange Composite Index Bloomberg -8.45% 2016

http://www.bloomberg.com/quote/GGSECI:IND

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18-APR-2016 Chase Bank and the Story of the 3 Wise Monkeys Mizaru, Kikazaru and Iwazaru
Kenyan Economy


Chase Bank was the 11th largest at the time it was placed into
receivership on April 7, shortly after announcing restated earnings
with a qualified audit opinion [Deloitte] which was deliberately
miniaturised in the restated Earnings Release. Mr Kabui said in his
statement to the police that the so-called insider loans were assets
held in Chase Iman’s joint ventures financed under Musharakah. The
Pertinent Question to ask Mr. Kabui and his Board is when these assets
were classified as ''Musharakah''

The entire Tale [that has been spun] took me back to the Story of The
three wise monkeys. Together they embody the proverbial principle "see
no evil, hear no evil, speak no evil" The three monkeys are Mizaru,
covering his eyes, who sees no evil; Kikazaru, covering his ears, who
hears no evil; and Iwazaru, covering his mouth, who speaks no evil.

You have to ask yourself What is the duty of a Board? Was there a
functioning Board at Chase Bank or even at Imperial Bank? Or Just a
Mizaru, Kikazaru and Iwazaru?

Where was the Credit Committee? Dishing out 84.96% of your Core
Capital on an unsecured basis to an Insider has to surely pass through
some kind of process? Because if it didn't then as Patrick Njoroge
said Chase Bank was a ''mama mboga'' and not a Bank.

The Truth is that the last line of Defence is the External Auditor.
And Deloitte are to be commended for calling a Spade a Spade. The
calculation has entirely changed for Audit Companies the world over.
KPMG threw the Guptas over because of the reputational risk. Deloitte
could not put their name to a ''cockamamie'' [ridiculous, pointless,
or nonsensical: full of wild schemes and cockamamie ideas] story.

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DTB raises stake in Uganda unit with Sh1.1bn injection @bd_africa
Kenyan Economy


DTB Group has invested an additional Sh1.1 billion in its Ugandan
unit, raising its stake in the subsidiary.

The Nairobi Securities Exchange-listed firm participated in DTB
Uganda’s rights issue in April that raised a total of Sh1.4 billion.

DTB, which previously held a 56.97 per cent stake in the subsidiary,
did not say to what level its equity had jumped after the cash call.

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Diamond Trust share price data here +7.486% 2016
Kenyan Economy


Par Value:                  4/-
Closing Price:           201.00
Total Shares Issued:          242110105.00
Market Capitalization:        48,664,131,105
EPS:             24.42
PE:                 8.231

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Forex reserves hit Sh770bn to boost value of Kenya shilling @bd_africa
Kenyan Economy


According to the CBK weekly bulletin the reserves stood at $7.62
billion (Sh770 billion) as at April 22, amounting to 4.96 months of
import cover.

This is an increase of 7.7 per cent from $7.07 billion — amounting to
4.5 months of import cover — at the same period last year.

The increase in reserves is also more than Sh100 billion ($1 billion)
compared to the level at the height of the shilling’s depreciation
crisis last September and October when the regulator had to intervene
by injecting various amounts of forex into the market.

CBK governor Patrick Njoroge recently said lower oil prices, a falling
current account deficit and more exports had contributed to the higher
levels of reserves.

“There is the impact of lower oil prices that have improved the
balance of payments. We see the current account deficit this year
closing at eight per cent of GDP. Inflows from tourism and exports
like tea and horticulture are strengthening,” said Dr Njoroge.

The CBK boss also said investors had brought significant amounts of
foreign cash into the country recently.

“There are also portfolio inflows. Investors are attracted to invest
long term because of the favourable environment. The exchange rate has
been stable,” said Dr Njoroge.

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08-FEB-2016 I have already mentioned the trend change in the perennial current account deficit.
Kenyan Economy


“Between 2011 and 2015, Kenya’s annual fossil fuel import bill was
running at about Sh350bn ($3.4bn at the current exchange rate). With
oil at $30 a barrel, this could drop to Sh115bn in 2016, according to
calculations by Robertson, based on central bank figures

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Kenya Shilling versus The Dollar Live ForexPros 100.549 [9 month High]
Kenyan Economy


21-DEC-2015 :: The Teflon Shilling and Other Matters, @TheStarKenya

http://www.rich.co.ke/media/docs/038NSX2112.pdf

Nairobi All Share Bloomberg +0.01% 2016

http://www.BLOOMBERG.COM/quote/NSEASI:IND

Nairobi ^NSE20 Bloomberg -1.26% 2016

http://j.mp/ajuMHJ

3,989.71 -32.90 -0.82%

Every Listed Share can be interrogated here

http://www.rich.co.ke/rcdata/nsestocks.php

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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May 2016
 
 
 
 
 
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