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Satchu's Rich Wrap-Up
Tuesday 08th of March 2016

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Normal Board - The Whole shebang
Prompt Board Next day settlement
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The Latest Daily PodCast can be found here on the Front Page of the site

I attended and was part of a Panel Discussion this morning - Kenya
Country Economic Memorandum @WorldBankKenya

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The Sports Economy and Wadi Degla @TheStarKenya

''Sport has the power to change the world. It has the power to
inspire. It has the power to unite people in a way that little else
does. It speaks to youth in a language they understand. Sport can
create hope where once there was only despair. It is more powerful
than government in breaking down racial barriers’’ - Nelson Mandela

Macro Thoughts

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The Weather Project by Olafur Eliasson

My goal is to formulate a new color theory based on the full spectrum
of visible light.  Olafur Eliasson

I see the artist as a participant, a co-producer of reality  Olafur Eliasson

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A US air strike has killed more than 150 al-Shabab militants in Somalia, the Pentagon says.
Law & Politics

Spokesman Captain Jeff Davis said the strike hit a training camp where
a "large-scale" attack was being planned.

"We know they were going to be departing the camp and they posed an
imminent threat to US and [African Union] forces," Captain Davis said.

"Initial assessments are that more than 150 terrorist fighters were
eliminated," he added.

Mr Davis said the strike, by both drones and manned aircraft, took
place on Saturday and targeted Raso Camp, a training facility about
120 miles (195km) north of the capital, Mogadishu.


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"The U.S. bombed an area controlled by al Shabaab. But they exaggerated the figure of casualties' ' the group's military spokesman Sheikh Abdiasis Abu Musab told Reuters.
Law & Politics

"The U.S. bombed an area controlled by al Shabaab. But they
exaggerated the figure of casualties. We never gather 100 fighters in
one spot for security reasons. We know the sky is full of planes," the
group's military spokesman Sheikh Abdiasis Abu Musab told Reuters.

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EU Nears Deal on Migrant Cap as Turkey Raises Its Asking Price
Law & Politics

European Union leaders edged toward an agreement with Turkey to halt
the inflow of migrants, with the Turkish government jacking up the
price for serving as the EU’s defensive barrier.

Turkish Prime Minister Ahmet Davutoglu caught EU leaders off-balance
with a plea for last-minute concessions at a Brussels summit, calling
on the bloc to double its financial aid to Turkey to 6 billion euros
($6.6 billion). Turkey paired that request with its most serious offer
yet to stop the traffic of refugees across the Aegean Sea into Europe,
hinting at a possible breakthrough as soon as the next summit on March


Turkey unlocked the Door and this remains on Target for 10x versus 2015.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1019
Dollar Index 96.98
Japan Yen 113.05
Swiss Franc 0.9912
Pound 1.4226
Aussie 0.7431
India Rupee 67.385
South Korea Won 1208.85
Brazil Real 3.7832
Egypt Pound 7.8245
South Africa Rand 15.4329

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Brent crude has broken above $39 per barrel for the first time this year, as the oil rally rolls into another week.

Brent is climbing for the sixth consecutive day, its longest winning
streak in four months. This morning, the international benchmark has
risen 2 per cent to a three-month high of $39.50 per barrel, writes
Joel Lewin.

WTI, the US benchmark, has climbed as much as 2.2 per cent to $36.72,
its highest level since the first trading day of the year.

Brent has surged more than 40 per cent from its January low, as the
number of rigs drilling for oil in the US has dropped to a post-crisis
low, and fears over slowing global growth have moderated.

Shares in oil groups have also rebounded sharply.

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Ore with 62 percent content delivered to Qingdao jumped 19 percent to $63.74 a dry metric ton, Metal Bulletin Ltd. data show.

That’s the biggest gain in daily data going back to 2009 and the
highest price since June. The surge was preceded in Asia by a rally in
futures, with the most-active contract on Singapore Exchange Ltd.
climbing 21 percent to $60 and prices on the Dalian Commodity Exchange
rising by the daily limit.

“The iron ore and steel markets have gone berserk -- they’ve departed
from fundamentals and are heavily driven by sentiment,” Zhao Chaoyue,
an analyst at China Merchants Futures Co. in Shenzhen, said before the
Metal Bulletin price was published. “Investors are expecting further
monetary easing by the Chinese government to boost steel demand.”

Emerging Markets

Frontier Markets

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The Election No One Is Talking About

On March 20, citizens of the Republic of Congo will vote in the
country's next presidential election. But, this election can hardly be
called democratic in an increasingly authoritarian nation. While there
are ten opposition candidates, there is little doubt that incumbent
President Sassou Nguesso will assume power for a third term.

The media and U.S. government have been virtually silent regarding
these early elections, originally expected to occur in July 2016.
However, if history has taught us anything, the media and the U.S.
government should have their eyes on the Republic of Congo to prevent
an election marred by fraud and violence.

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Nigerian Manufacturers Lobby Central Bank for Weekly Dollar Sale

The Manufacturers’ Association of Nigeria, which has about 2,700
members, proposed weekly auctions of dollars to manufacturing
businesses at a meeting with central bank Governor Godwin Emefiele in
Abuja, the capital, during the week of Feb. 22, according to Ali
Madugu, a vice president at the lobby group.

“We’re calling for the central bank to start giving to us directly,
hand-to-hand, rather than through the banks,” Madugu, who is also
managing director of Kano-based Dala Foods Ltd., a food processor,
said in an interview in the northern Nigerian city on March 3. “Some
of our member companies will run out of raw materials next month.
Without restocking, what will happen? Thousands of jobs are on the

The central bank stopped weekly auctions to non-bank money-changers in
January in a bid to save its foreign reserves. Those have fallen 10
percent to $27.8 billion in the past year as Brent crude prices have
declined one-third to about $39 a barrel.

read more

Fastjet warns on full-year results

Fastjet Plc warned that results for the year would be materially below
market expectations, adding pressure to the African budget airline
whose second-largest investor is seeking the ouster of Chief Executive
Ed Winter.

The company said it no longer expected to be cash flow positive in
2016, citing challenging conditions in the domestic aviation market.

Fastjet shares fell as much as 45 percent to a record low of 36.04
pence on Monday morning in London.

Last week, Stelios Haji-Ioannou, whose private investment vehicle
easyGroup has a 12 percent stake in Fastjet, called on shareholders to
back his bid to immediately remove CEO Winter.

Haji-Ioannou said Winter had created significant overheads for the
company, resulting in a high cost base that was disproportionate to
its six aircraft fleet.

The budget carrier said in December that it was taking steps to manage
its operating costs and overheads, after issuing its second warning on
full-year 2015 revenue.

Fastjet had $20 million of cash available at the end of February, the
company said, adding that it believed that these funds would be enough
to meet its operational requirements.

Fastjet may consider raising further funds during the year to fund
future growth as market conditions improve, it said.

read more

Tripoli, a Tense and Listless City With Gunmen and a Well-Stocked Hugo Boss Outlet New York Times

TRIPOLI, Libya — Cracking open the giant church door, the Nigerian
watchman cast a wary eye over the deserted street.

It was Sunday morning in Tripoli’s old city, but only a trickle of
worshipers was expected at the 19th-century Anglican church, which
towered over the curling alleyways. The congregation is made up mostly
of African migrants, said Oke, the watchman. But now they stay away,
fearing arrest by the predatory militias that prowl the streets of the

So the migrants lie low, waiting for the calm seas of summer and the
chance of a boat to Europe. Oke is waiting, too — headed to London, he
said, insisting somewhat improbably that he intended to apply for a

“I’ll make it this year,” he said. “Or maybe next. I hope.”

Everyone seems to be waiting for something in Tripoli, a tense and
listless city caught in the maw of Libya’s strange war. As conflict
rages elsewhere in the country — in the ravaged eastern city of
Benghazi, or Surt, where the Islamic State exerts its brutal grip — a
precarious order holds in the capital. Smugglers lurk in the port;
migrants lie in wait; heavily armed militias and squabbling
politicians, nominally allied, quietly vie for control.

In a cobblestone plaza, under an Ottoman clock tower, men lounge in
the sun with the paraphernalia of cafe culture: croissants,
cellphones, cigarettes and paper cups of nus-nus, a silky coffee drink
with a dash of milk and cream. In the best shopping areas, near the
old Italian buildings, there are gyms and pizza parlors and gleaming
outlets for European fashion brands. Not many war zones can boast
Benetton or Marks & Spencer or, as Tripoli does, a well-stocked Boss

“It’s become like America, a land of opportunity — for kidnappers,”
said Mohanned el Mahjoub, a chatty 30-year-old militia commander, as
we sped through Tripoli one night in his hulking four-wheel-drive


read more

Mining Collapse Cripples Africa’s Dreams of Prosperity WSJ

Tony Addison Metals price collapse hammers African currencies
#copper #Zambia #Angola #SouthAfrica #econ


Uganda’s central bank has sold the majority stake in Imperial Bank
Uganda, previously held by Kenya’s collapsed Imperial Bank, to
Tanzania’s Exim Bank.


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Equity Group reports FY PAT 2015 +1.024% Earnings here
Kenyan Economy

Par Value:                  0.50/-
Closing Price:           42.50
Total Shares Issued:          3702777020.00
Market Capitalization:        157,368,023,350
EPS:             4.59
PE:                 9.259

FY Investment securities 42.775489b vs. 48.369008b -11.564%%
FY Loans and advances to customers 269.892942b vs. 214.170424b +26.018%
FY Customer deposits 302.168588b vs. 245.383135b +23.142%
FY Loans and advances income 37.909498b vs. 30.999140b +22.292%
FY Customer deposit expense [6.898327b] vs. [4.666626b] +47.823%
FY Total interest expense [17.147978b] vs. [11.527020b] +48.763%
FY Net interest income 34.123565b vs. 29.174637b +16.963%
FY Other fees & commission income 11.147606b vs. 8.84154b +26.082%
FY Foreign exchange trading income 2.946453b vs. 2.344899b +25.654%
FY Total operating income 56.062624b vs. 47.648679b +17.658%
FY Staff costs [10.291398b] vs. [10.775752b] -4.495%
FY Other operating expenses [13.111215b] vs. [9.168403b] +43.004%
FY Profit before tax and exceptional items 23.957689b vs. 21.300196b +12.476%
FY Profit after tax and exceptional items 17.327000b vs. 17.151365b +1.024%
Gains/ [losses] from translating the financial statements of foreign
operations [5.752592b] vs. 0.136631b
EPS 4.59 vs. 4.63 -0.864%
Dividend per share 2.00 vs. 1.80 +11.111%
Total Non performing loans and advances 7.327662b vs. 7.349608b -0.299%
Liquidity ratio 33.2% vs. 39.6% -6.400%


FY Other operating expenses [13.111215b] vs. [9.168403b] +43.004%
crimped Earnings

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

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