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Satchu's Rich Wrap-Up
Tuesday 06th of September 2016

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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


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Vladimir Putin pictured meets with Prince Mohammed Bin Salman Al Saud as part of the G-20 Summit in Hangzhou, China. Photographer: Alexei DruzhininTASS via Getty Images

Futures gained as much as 4.3 percent in New York after Saudi Arabia
and Russia agreed to work together to stabilize prices following
Sunday’s meeting between Deputy Crown Prince Mohammed bin Salman and
President Vladimir Putin. Saudi Energy Minister Khalid Al-Falih will
make the announcement at the G20 summit in China on Monday, according
to his chief of staff. Crude rose the most in two weeks on Friday as
Putin said he’d like OPEC and Russia to agree to an output freeze.

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29-AUG-2016 :: Assessing the Impact of Brexit: Political Uncertainty vs. Market Efficiency Dr.Carlo Chalhoub

In this analysis we examine uncertainties created by the Brexit vote,
discuss some of the forecasts made prior to and revised in the month
following Brexit, present what has actually happened in the
post-Brexit investment environment with particular reference to
Africa, and conclude by making some observations of our own.

Assessing the Economic Impact of Brexit on Africa

In late May, Kenya’s Central Bank Manager Patrick Njoroge warned of
the dangers increased market volatility following Brexit. In examining
the impact of Brexit, most pundits have looked at it in terms of
changes in UK policy and the economy, but the removal of Britain from
the UK changes the balance of preferences in the EU. Some African
political groups the UK campaigned for a Leave vote in the hope that
it would lead to more open trade with the UK if it were no longer
tethered to the EU Common Agricultural Policy (CAP).53 High levels of
subsidies to EU farmers have been criticized as unfair. UK as the
largest advocate for free trade and CAP reform in the EU – considered
the liberal voice of economics within the EU.54 Strongly pro-

A study of trade within the Commonwealth found that ‘Commonwealth
effect’55 that supports trade and investment between Commonwealth
nations, but that trade between the UK and Africa had declined in the
last ten years potentially because of EU trade rules. Dr. Olu Fasan of
the London School of Economics suggests that outside of the EU, the
Commonwealth effect will increase opportunities for trade between the
UK and Africa.56

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Dr.Carlo Chalhoub Biography

Home Thoughts

I dropped my 10 Year Old off to her school Pick-Up and we get 20
minutes together early in the morning and occasionally have
circum-navigate a full-blown brouhaha on the Kiambu road.

She said to me ''Why do People imagine God would look like a Man or
even a human?''

I said ''Exactly, Anthropomorphism [Anthropomorphism is the
attribution of human traits, emotions, and intentions to non-human
entities[1] and is considered to be an innate tendency of human
psychology.[2]'' I said

Then she said ''Dad is there any Proof that God exists?''

Or even looks like remotely like we imagine - I interjected.

I said There is not but I said You know I studied Cosmology and the
making of our Universe is just so miraculous - There had to be a
celestial Hand. - The Mathematics are just too extraordinary.

Then we spoke of her older Sisters going to University in England.

And whether many generations ago our Relatives were Refugees when they
left India to come to Africa.

I said ''Economic Refugees certainly.''

And we thought about all the children alone or somewhere on the high
seas and that God may protect all their precious Souls from harm.

And then kind of stunned I went to get my Cappuccino from Java.

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Hannah Fine Dining Polana @SerenaHotels 1,553 days ago

“I’ve never known a woman who could weep about her age the way the men
I know can.” —James Thurber The Paris Review ‏

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Morning at Beach

#birds #beach #mobile_photogaphy #sunrise #mobile_photogaphy_1
#children #pegions #kids #morning

While the little one was playing in the sand, the elder one is trying
to capture the morning beauty of birds flying during sunrise.

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G-20 Summit's empty talk embrace Asia Times
Law & Politics

The G-20 meeting in Hangzhou, despite China’s pageantry display and
announcement buildup, was hardly noticed in Asian financial markets,
which were all positive through August with the exception of the

Despite the Chinese President’s admonition, Hangzhou’s hollow rhetoric
muffled concrete investor reassurance.

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Obama nixes meeting after Philippine President Duterte lobs an insult @WSJ
Law & Politics

The Associated Press BREAKING: Philippines President Rodrigo Duterte
expresses regret that his profane remark came across as personal
attack on Obama


Philippine president regrets that vulgar reference to Obama came
across as personal attack. WSJ Breaking News ‏


"I wouldn't over crank the significance of it" @Potus


Justin Trudeau ‏@JustinTrudeau  "The benefits of growth can't be
limited to the wealthiest one percent, they must be felt by everyone."


Marine le Pen confirms she will copy Cameron and organise a Frexit
plebiscite if she becomes Prez Denis MacShane ‏@DenisMacShane


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"Because of these (Saudi) rulers' oppressive behavior towards God's guests (pilgrims), the world of Islam must fundamentally reconsider the management of the two holy places and the issue of haj," Khamenei said Jerusalem Post
Law & Politics

"They must not let those rulers escape responsibility for the crimes
they have caused throughout the world of Islam," Khamenei said,
listing Saudi Arabia's involvement in conflicts in areas including
Iraq, Yemen and Syria on the side of forces Iran opposes.

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"Ex-Mexican President Fox: Trump 'handles information like a virus' - and he's sickening Americans" Rawstory
Law & Politics

“It is clear that Trump loves only ratings, not credibility,” he
continued. “His campaign is a farce and he has been deceiving his
followers since the beginning. But the biggest issue is that he
handles information like a virus, which has sickened the American

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1147
Dollar Index 95.79
Japan Yen 103.60
Swiss Franc 0.9807
Pound 1.3321
Aussie 0.7626
India Rupee 66.555
South Korea Won 1103.89
Brazil Real 3.2578
Egypt Pound 8.8794
South Africa Rand 14.3761

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@Barclays ' Jes Men Bloomberg Gadfly
International Trade

Want a top job at Barclays? Having the right shoes and the right tie
may help get you in the door, as some have theorized, but nothing
quite seals the deal like having JPMorgan Chase on your CV.

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Zambia's Lungu to be sworn on Sept. 13 following election win

Zambia's incumbent President Edgar Lungu will be sworn into office for
a new five-year term on Tuesday next week, a government official said
on Monday.

The government said it would proceed with the inauguration as the
Constitutional Court has missed a 14-day deadline to rule on the
opposition's legal challenge to the presidential vote, Secretary to
the Cabinet, Roland Msiska, said in a statement.

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Angola replaces finance minister Armando Manuel in cabinet reshuffle -statement

- Angola's President José Eduardo dos Santos has fired Finance
Minister Armando Manuel and replaced him with Augusto de Sousa Hose,
the government said on Monday.

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A.N.C.'s Combative Response to Election Losses Startles South Africa NYT

JOHANNESBURG — When South African voters last month handed the African
National Congress its worst-ever losses, seemingly chastened party
leaders said they would engage in “introspection.”

They promised to reach out to South Africans disillusioned by the
A.N.C.’s apparent transformation from a celebrated liberation movement
with cherished ideals to a corrupt party interested in
self-preservation and self-enrichment.

But in the weeks since the Aug. 3 municipal elections, the A.N.C,
which remains in power at the national level, has brushed aside calls
from inside and outside the party to replace the scandal-tainted
president, Jacob Zuma, before the end of his term in 2019. Instead of
introspection, Mr. Zuma and his allies have moved aggressively to
tighten their grip on the state’s coffers, surprising opponents and
allies alike with their undisguised moves.

With little explanation, Mr. Zuma announced that he would directly
oversee the state enterprises that have long been the source of public
corruption. And his allies have renewed their attacks on Mr. Zuma’s
finance minister, Pravin Gordhan, who has built a reputation for
probity and has tried to uproot malfeasance in government; even one of
the A.N.C.’s closest allies, the South African Communist Party, has
described the moves against the minister as intended to “weaken
Treasury’s struggle against corruption.”

“Those who’ve been pillaging the state in one way or another will
pillage as much as possible until the last possible moment, so that
when the game is over, they will be set for the rest of their lives,”
Mr. Chikane said. “That’s what we’re going to see with parastatals,”
he added, referring to state enterprises.

Over the weekend, Mr. Mugabe accused the West of continuing to plot to
replace southern Africa’s liberation movements with “pliant puppet

Zimbabwe’s economy is in free fall; government workers, who make up
most of the 10 percent of Zimbabweans fortunate enough to be employed
in the formal sector, are being paid weeks late because of the
government’s severe cash shortage.

“ZANU-PF and the A.N.C. will never change because their support is
based on the history of their liberation struggles,” said Margaret
Dongo, a former ZANU-PF politician who is now allied with Ms. Mujuru.
“That’s their trump card.”

“People are concerned about the bread-and-butter issues of this
country and not how this and that became a hero or turned into a
villain,” said Richmond Gumbo, a student who was reading newspapers in
the library of the University of Zimbabwe in Harare recently.

He added, “Leaders need to bow down to the needs, the basic needs of
the people, and not to brag about how they fought in the liberation
war over 36 years ago.”


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05-SEP-2016 :: reverses suffered at the local elections has not led to a moment of political introspection in the once revered ANC @TheStarKenya

reverses suffered at the local elections has not led to a moment of
political introspection in the once revered ANC but led to a renewed
effort by Team Zuma to own the Treasury. Last week we learnt a number
of fund managers had pulled the plug on Eskom

“We pulled the plug on Eskom too yesterday,” Rune Hejrskov, senior
money manager at Jyske Bank AS a Denmark-based company said  ursday in
e-mailed comments to Bloomberg.

“I could easily see more lenders follow suit. We see issues on lending
going forward and more governance issues.”

The negative spillover effects of this Catfight are there for all to
see.  e South African rand is back on the down move and you can
imagine what the departure of Gordhan will do to it.

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Yields on Eskom Holdings SOC Ltd.'s $1.25 billion of bonds due February 2025 jumped 42 basis points last week

Yields on Eskom Holdings SOC Ltd.’s $1.25 billion of bonds due
February 2025 jumped 42 basis points last week week after Futuregrowth
Asset Management, the country’s biggest specialist fixed-income
manager, said it wouldn’t offer loans or roll over existing debt for
state companies until it was assured proper oversight has been

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Egypt Pound versus The Dollar 3 Month Chart INO

Egypt EGX30 Bloomberg +18.05% 2016


Nigeria All Share Bloomberg -3.26% 2016


Ghana Stock Exchange Composite Index Bloomberg -9.64% 2016


Registration Complete! #SouthSudan now fully in @jumuiya with
full,equal rights,obligations & privileges @LMfumukeko


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Liberty Kenya reports H1 16 EPS -15.385% Earnings here
Kenyan Economy

Par Value:
Closing Price:           15.35
Total Shares Issued:          535707499.00
Market Capitalization:        8,223,110,110
EPS:             1.37
PE:                 11.204

H1 Gross earned premium revenue 4.778366b vs. 4.281371b +11.608%
H1 Less: outward reinsurance [1.959842b] vs. [1.721386b] +13.853%
H1 Net insurance premium revenue 2.818524b vs. 2.559985b +10.099%
H1 Investment income 1.497893b vs. 960.016m +56.028%
H1 Total income 4.705414b vs. 4.027410b +16.835%
H1 Claims and policyholder benefits payable [2.379676b] vs.
[1.681014b] +41.562%
H1 Change in insurance contract liabilities [498.359m] vs. [517.051m] -3.615%
H1 Net insurance benefits and claims [2.110306b] vs. [1.54100009b] +36.943%
H1 Total expenses and commissions [2.104993b] vs. [1.974093b] +6.631%
H1 Other operating expenses [1.532874b] vs. [1.342160b] +14.209%
H1 Results of operating activities 490.115m vs. 512.308m -4.332%
H1 Profit for the period 355.431m vs. 419.893m -15.352%
EPS 0.66 vs. 0.78 -15.385%
Cash and cash equivalents 3.652264b vs. 5.572362b -34.458%

Company Commentary

Group Earnings ...reflective of the continued difficult trading
environment experienced in the latter half of 2015.
Group investment income earnings rebounded to grow by a  commendable +56%
Increase in expenses contained to 6.6%
The outlook for the remainder of 2016 will be influenced by an
increasingly competitive market place, muted growth prospects and to
some degree the uncertainty of the macro-economic impact of the recent
changed in banking legislation


Buy on dips - its a conservative balance sheet and the Network effect
yet to be felt meaningfully.

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Kenya Shilling versus The Dollar Live ForexPros
Kenyan Economy

Nairobi All Share Bloomberg -11.02% 2016 [35 month Low]


129.65 -4.41 -3.29%

Nairobi ^NSE20 Bloomberg -21.52% 2016 [above multi-year low of
3,116.82 from August 30]


3,171.2 -16.59 -0.52%

Every Listed Share can be interrogated here


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

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