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Satchu's Rich Wrap-Up
Wednesday 28th of September 2016

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The Latest Daily PodCast can be found here on the Front Page of the site

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St. James Square

“We are living in a fake world. But we find reality in this fake
world.” —Haruki Murakami

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I happen to have watched last night's debate, the most tweeted ever, in the most digital-era way possible: on a laptop
Law & Politics

Clinton, wearing a trim red suit and an immutable coif, seemed
sanguine and entertained to a point approaching condescension. (Some
on Twitter wondered why she smiled so much; they were pummelled with
the pebbles of three thousand slings.) Trump, meanwhile, spent the
debate looking harried, his stiff blue tie drifting pendulously
outside his jacket, his shoulders hunched, his top-hair seeming wider
and flatter than usual, like the unfortunate first pancake of a batch.
It wasn’t exactly Kennedy and Nixon, but it was clear which candidate
you’d want to take you to the fair.

What’s more, the candidate had something weird going on with his nose
(Howard Dean wondered whether he was a cocaine user), and Twitter
feeds filled up with supercuts of him sniffing at the microphone. In
the late stages of the debate, which found Trump giving rambling
answers seeded with pop-cultural name-dropping, “Rosie O’Donnell”
began trending on Twitter.

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On Monday, Damascus said that the Syrian intelligence services have an audio recoding of communications between US forces and Daesh prior to Deir ez-Zor attack
Law & Politics

On Monday, Damascus said that the Syrian intelligence services have an
audio recoding of communications between US forces and Daesh prior to
Deir ez-Zor attack that claimed the lives of at least 62 Syrian
servicemen on September 17.

“It could be true, but it will have no implications because truth is
the least of the factors on the playing field today,” the analyst

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But the Russian's will have none of it, in fact, Putin has responded to Carter's escalation by escalating himself.
Law & Politics

The circle around Aleppo has closed, supply lines have been cut, the
airstrikes have intensified, and the three-pronged ground assault has
already begun. So while Washington may have big plans for Syria, they
appear to be failing where it counts most…..on the battlefield.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1205
Dollar Index 95.59
Japan Yen 100.55
Swiss Franc 0.9718
Pound 1.2995
Aussie 0.7665
India Rupee 66.465
South Korea Won 1095.83
Brazil Real 3.2350
Egypt Pound 8.8780
South Africa Rand 13.4787

Dollar Index 1 Year Chart INO 95.539


The Canadian dollar fell to the weakest level since March @business


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Crude Oil Chart INO 44.68

Emerging Markets

Frontier Markets

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Congo on the edge By J. Peter Pham

Unless the international community acts quickly to compel the regime
of President Joseph Kabila to give up on its efforts to cling to power
beyond the expiration of its legal mandate less than three months
away, the dozens killed in clashes this week may well be just the
first casualties of what could be a cataclysmic convulsion in the
heart of the African continent.

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Seychelles: James Michel to stand down as president BBC

President James Michel of the Seychelles has said he will stand down
next month after 12 years in office.

The 72-year-old was re-elected for a third term in December with a
slight majority.

But his party lost parliamentary polls earlier this month, after 39
years in power in the Indian Ocean archipelago.

He is due to resign on 16 October, and to be replaced by
Vice-President Danny Faure, who can serve only two terms under a new
constitutional amendment.

"After 12 years as president, the time has come to hand over the reins
of power," Mr Michel said in a televised address. "A new leader who
will take Seychelles to the next frontier of its development."

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02-NOV-2015 The Seychelles @TheStarKenya

I am writing this article from Mahe, which is the one of 115 islands
that make up the Seychelles archipelago, which lies 1,500 Kilometres
off East Africa. Seychelles has a population of 90,024 and that is the
smallest population of any independent African state. The minister for
Finance, Trade and The Blue Economy Jean-Paul Adam informed me that
the Seychelles receives tourists three times its population every
year. If Kenya was to receive the same ratio of tourists, we would be
welcoming 120 million tourists a year. The minister described to me
how the Seychelles navigated the 2008 financial crisis [debt to GDP
soared close to 125 per cent] and the Republic defaulted, but now runs
an annual surplus of over five per cent. The debt-to-GDP ratio is in
the 40 per cent range [after some help from the Paris Club and the
IMF]. Let us hope Seychelles in 2008 is not a Harbinger for some
countries on the mainland continent.

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MTN Drops as Phone Carrier Faces New Allegations in Nigeria

MTN Group Ltd. shares slumped the most in almost two months after
Nigerian lawmakers raised new allegations about the wireless carrier,
this time accusing the company of illegally moving almost $14 billion
out of its largest market.

The four banks involved in the alleged illegal transfers are Citigroup
Inc., Standard Chartered Plc, and Nigerian lenders Stanbic IBTC
Holdings Plc and Diamond Bank Plc.

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Nigeria All Share Bloomberg -1.37% 2016

Ghana Stock Exchange Composite Index Bloomberg -11.07% 2016


Re The Banks.

Its clearly going to become Darwinian. I agree with Citi

Banks [particularly Tier 2 and Tier 3] need to re-invent themselves as
Branch-lite and digital rich.

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29-AUG-2016 Banking Stock Carnage at the Bourse @TheStarKenya
Kenyan Economy

I called this a “Schumpeter moment” for banking a little while ago.
According to Schumpeter, the “gale of creative destruction” describes
the “process of industrial mutation that incessantly revolutionises
the economic structure from within, incessantly destroying the old
one, incessantly creating a new one”. On  Thursday and Friday, a ‘’a
gale of creative destruction’’ blew through the banking sector.

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

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