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Satchu's Rich Wrap-Up
 
 
Friday 21st of October 2016
 
Morning
Africa

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JPMorgan Chase CEO Jamie Dimon gave a memorable interview with Carlyle Group CEO David Rubenstein at the Economic Club of Washington D.C
Africa


“It was off the charts – one of the best I’ve ever heard,” Warren
Buffett said in an email.

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From a letter by Arthur Rimbaud to his family, dated November 17, 1878, and sent from Genes Paris Review
Africa


From a letter by Arthur Rimbaud to his family, dated November 17,
1878, and sent from Gênes. After a disastrous affair with Paul
Verlaine, Rimbaud, born on this day in 1854, left France to travel the
world, eventually setting up shop in Ethiopia, where he sold coffee
and arms before falling gravely ill. This note chronicles his
harrowing journey through the Gotthard Pass, in the Swiss Alps. It’s
translated from the French by Wyatt Mason, from I Promise to Be Good:
The Letters of Arthur Rimbaud.

As for how I got here, it was full of wrong turns and sporadic
seasonal surprises … for after a certain point no carriage could get
through with an average of fifty centimeters of snow and a storm
brewing.

“I turned silences and nights into words. What was unutterable, I
wrote down. I made the whirling world stand still.” ― Arthur Rimbaud

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Pandas! baby pandas! @markets
Africa


“A thousand Dreams within me softly burn:
From time to time my heart is like some oak
Whose blood runs golden where a branch is torn.”
― Arthur Rimbaud

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#CentralParkNYC
Africa


“Come from forever, and you will go everywhere.”
― Arthur Rimbaud

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Trump booed for calling Clinton 'corrupt' as bipartisan dinner turns sour
Law & Politics


If Donald Trump’s campaign has been defined by going where no
candidate has gone before, on Thursday the real estate mogul went even
further: getting himself roundly booed at a Catholic charity dinner
that is usually a moment of bipartisan good cheer in the presidential
race.

The Republican nominee encountered a chilly reception at the Alfred E
Smith dinner, an annual Catholic fundraiser for needy children in New
York City, where Hillary Clinton was also in attendance.

Presidential candidates have long traditionally addressed the
white-tie affair, roasting themselves while throwing in a few
good-humoured jabs at their opponents.

At first Trump did earn some laughs with his speech inside the famed
Waldorf Astoria Hotel. But it quickly deterioriated into an attack on
Clinton that prompted jeers from the audience and shouts for him to
stop speaking.

Donald Trump booed at Alfred Smith charity dinner for calling Clinton
'corrupt' – as it happened

“Hillary believes it’s vital to deceive the people by having one
public policy and a totally different policy in private,” Trump said,
invoking the emails of her campaign chairman John Podesta that were
illegally hacked and published on the website WikiLeaks.

“That’s okay,” Trump responded to the audible boos that followed.

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Theresa May slams Moscow's 'sickening atrocities' as Russian warships steam into British waters Independent
Law & Politics


Theresa May has launched a scathing attack on Russian President
Vladimir Putin, accusing the Russian military of "sickening
atrocities" in Aleppo, just hours before Moscow’s warships are due to
pass through British waters.

The Prime Minister highlighted the "appalling" acts which have
occurred during a sustained Russian bombing campaign that has
pummelled the northern Syrian city.

As she spoke on arrival at her first EU summit as leader, a huge
Russian naval taskforce was being shadowed by the Royal Navy as it
headed towards the Mediterranean coast of Syria.

The Independent has been told the flotilla – including the
nuclear-powered aircraft carrier the Admiral Kuznetsov – maintains
current speed, it should enter the Channel before noon on Friday.

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"In this venue, your honors, in this venue, I announce my separation from the United States," Duterte
Law & Politics


"In this venue, your honors, in this venue, I announce my separation
from the United States," Duterte told Chinese and Philippine business
people, to applause, at a forum in the Great Hall of the People
attended by Chinese Vice Premier Zhang Gaoli.

"Both in military, not maybe social, but economics also. America has lost."

His trade secretary, Ramon Lopez, said $13.5 billion in deals would be
signed during the China trip.

"I've realigned myself in your ideological flow and maybe I will also
go to Russia to talk to (President Vladimir) Putin and tell him that
there are three of us against the world - China, Philippines and
Russia. It's the only way," Duterte told his Beijing audience.

Duterte's abrupt pivot from Washington to Beijing is unlikely to be
universally popular at home, however. On Tuesday an opinion poll
showed Filipinos still trust the United States far more than China.

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The unseen war: The Islamist assault on dissidents By M. ZUHDI JASSER
Law & Politics


Since September 2001, terrorism has dominated the headlines. But there
is a much less discussed form of terrorism — assault on dissidents in
which the very systems meant to protect them fail and hand them over
to their killers.

The attack on dissidents is robbing families of their loved ones,
instilling fear in communities, and obstructing many pathways toward
deep reform within the House of Islam. It is long overdue for security
forces and governments to modify their policies and stand unwaveringly
by the universal human right of free speech.

Last month, Jordanian writer and political activist Nahed Hattar was
murdered in cold blood outside a local court for “insulting Islam” by
sharing a satirical cartoon on his Facebook page.

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.0902
Dollar Index 98.50
Japan Yen 103.83
Swiss Franc 0.9951
Pound 1.2238
Aussie 0.7638
India Rupee 66.915
South Korea Won 1135.75
Brazil Real 3.1385
Egypt Pound 8.8785
South Africa Rand 13.9264

Dollar Index 1 Year Chart INO 98.48 [You will recall my Year End
target was 100.00]

http://quotes.ino.com/charting/index.html?s=NYBOT_DX&t=c&a=50&w=1&v=d12

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The Return of Bling Bloomberg Gadfly
Commodities


Just as a Jaeger-LeCoultre watch provides a (relatively) subtle
indication of the wearer's wealth, the luxury market's starting to
show similarly restrained signs of recovery.

Beauty is forecast to grow faster than any other luxury category this year

And Brexit Britain continues to stand out, with its Swiss watch
imports rising 32 percent in September, as foreign shoppers seize on
the weak pound and flock to London. According to a report from
consultants at Bain and the Italian luxury association Altagamma,
tax-free spending in the U.K. has risen this year, compared with
declines in Germany, France and Italy.

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May 2015 '"The revolutionary contingent attains its ideal form not in the place of production, but in the street"
Africa


PAUL Virilio (born 1932) is a French cultural theorist and urbanist.

In his book ‘Speed and Politics’ he says: “The revolutionary
contingent attains its ideal form not in the place of production, but
in the street, where for a moment it stops being a cog in the
technical machine and itself becomes a motor (machine of attack),
becomes in other words a producer of speed.’’

As we look around the world today, we can see a battle for the
‘street’ from the streets of Bujumbura to the streets of Baltimore. In
November last year, I wrote about Ouagadougou’s signal to sub-Saharan
Africa and concluded that: We need to ask ourselves how many people
can incumbent shoot stone cold dead in such a situation – 100, 1000,
10000?

This is another point: there is a threshold beyond which the incumbent
cannot go. Where that threshold lies will be discovered in the throes
of the event.

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One western diplomat said the calm in Kinshasa was "deceptive". "There's a real tension here and a lot of anger," he said.
Africa


“If the people are called on to the streets or come of their own
accord it could get very nasty.”

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Congo central bank acts over falling currency and rising inflation
Africa


The bank has intervened repeatedly this year to support the franc,
which has depreciated by more than 27 percent against the U.S. dollar
on the parallel market to around 1,191 per dollar. Its official
exchange rate was 1,086 per dollar last Friday.

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Amnesty Sees Ethiopia Unrest Worsening on Emergency Measures
Africa


Restrictions introduced by the Ethiopian government to curb unrest in
the Oromia and Amhara regions will only deepen turmoil that’s claimed
more than 800 lives since protests began at the end of 2015, Amnesty
International said.

“These emergency measures are extremely severe and so broad that they
threaten basic human rights that must not be curtailed even under a
state of emergency,” Regional Director Muthoni Wanyeki said in a
statement e-mailed Tuesday. “These grievances must be properly
addressed by the authorities. Further crackdowns and human-rights
violations will only make the situation worse.”

The restrictions are unlikely to solve the political crisis, the U.S.
Embassy in the country said.

The set of directives under the six-month state of emergency declared
on Oct. 9 include authorizing arrests without warrants, as well as
“rehabilitation measures,” Wanyeki said. Instead, all protesters,
opposition leaders and supporters, journalists and bloggers arrested
in recent months should be released, she said.

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17-OCT-2016 :: Ethiopia's Reputation Shattered by Political Tensions @TheStarKenya
Africa


I recall reading  e Emperor by Ryszard Kapuściński and in that book
Kapuściński recounts the tale of Lulu, Haile Selassie’s lap dog that
was allowed to piss on the shoes of dignitaries, and the courtier
whose job for 10 years was to wipe those shoes clean with a satin
cloth.  at book also speaks to how the cushion bearer [ e Emperor was
very short and therefore had to perched on cushions so as not to be
beneath his subjects] became an all-powerful figure at the Imperial
Court. Kapuściński was subsequently trashed for his poetic licence in
his reportage but I accept his mea culpa:

“You don’t understand a thing. I’m not writing so the details add up –
the point is the essence of the matter.”

We are more than a decade down the road from that time and what is
clear now is that the dissent has metasized to the point that the
regime has seen fit to impose a six month state of emergency.

The government need to change tack and effect a course correction and
history shows us that this course correction is one of the most
difficult things to pull off.

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South Africa to quit international criminal court, document shows
Africa


The document is signed by South Africa’s minister of international
relations and cooperation, Maite Nkoana-Mashabane. Photograph:
GCIS/EPA

South Africa is withdrawing from the international criminal court,
according to a document seen by Reuters, in a move that would take
effect one year after notice is formally received by the United
Nations secretary general, Ban Ki-moon.

A UN spokesman declined to confirm receipt of the document, which is
signed by South Africa’s minister of international relations and
cooperation, Maite Nkoana-Mashabane, and dated 19 October.

“The Republic of South Africa has found that its obligations with
respect to the peaceful resolution of conflicts at times are
incompatible with the interpretation given by the international
criminal court,” according to the document.

The South African mission to the UN was not immediately available to
comment on the document.

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Uber Partners With First Bank to Offer Loans to Nigerian Drivers
Africa


Uber Technologies Inc. is partnering with FBN Holdings Plc’s First
Bank Nigeria to provide loans to drivers as a cash crunch in Africa’s
most populous nation and a shrinking economy makes it harder for
people to afford cars.

“A lot of drivers on the platform have to find somebody who can afford
to buy’’ the vehicle for them and the economic situation makes it
difficult, Ebi Atawodi, general manager for Uber’s Nigeria unit, said
in an interview in Lagos, the nation’s commercial capital. “Usually
they are working for a partner who has bought the vehicle.’’

First Bank will extend a 2.5 million-naira loan ($7,930) to each
qualified driver for the purchase of a second-hand car at an interest
rate of 20 percent and repayable after two years, she said. To qualify
for the loan, the driver “will need to be able to demonstrate an
average driver-performance rating of higher than 4.5 and have earned
more than 2.4 million naira’’ in the past six months, Atawodi said.

It currently has more than 2,000 drivers and is targeting 4,000 by the
end of this year, according to Atawodi. The company has offered over a
million trips in the country, she said.

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Foreign airlines cut flights to Abuja as currency crisis deepens
Africa


Emirates Airline on Wednesday became the latest to suspend its four
times weekly service between Dubai and Abuja starting Oct. 30, a
company spokesman said.

The decision to stop flights to and from Abuja was made "after a
review of the airline's operations to ensure the best utilisation of
its aircraft fleet for its overall business objectives," the Emirates'
spokesman said.

Domestic and international carriers operating in Nigeria have
struggled with the plunge in the local currency that has made their
jet fuel bills in dollars ever more expensive and also hurt their
profitability as their passengers pay in naira.

Nigeria is facing its first recession in 25-years brought on by low
oil prices, which has cut government revenue and created chronic
dollar shortages. The situation has seen many firms halt operations
and lay off workers, compounding the economic crisis.

On Friday, Kenya Airways said it will suspend some destinations as
part of a route restructuring including flights to Abuja from Nov. 15.
A spokesman said this reflected demand.

Both Emirates and Kenya Airways will continue to serve Nigeria from
the country's most populous city, Lagos.

However, United and Iberia both stopped services to Nigeria earlier
this year. Limited access to foreign currency has contributed to some
businesses pulling back from Nigeria due to difficulties repatriating
income.

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Nigeria All Share Bloomberg -3.64% 2016
Africa


Ghana Stock Exchange Composite Index Bloomberg -11.98% 2016

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

South African insurer Liberty makes Botswana, Malawi acquisitions

http://af.reuters.com/article/investingNews/idAFKCN12J1RU

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.@KenGenKenya reports FY16 PBT +29.62% Earnings here
Kenyan Economy


Par Value:                  2.50/-
Closing Price:           6.90
Total Shares Issued:          6243873667.00
Market Capitalization:        43,082,728,302
EPS:             1.08
PE:               6.38

FY Electricity revenue 29.544b vs. 25.602b +15.397%
FY Steam revenue 6.856b vs. 3.689b +85.850%
FY Other income 2.210b vs. 0.666b +231.832%
FY Expenses [8.948b] vs. [8.447b] +5.931%
FY Steam costs [3.167b] vs. [3.689b] -14.150%
FY EBITDA 26.495b vs. 17.821b +48.673%
FY Depreciation and amortization [10.224b] vs. [6.479b] +57.802%
FY EBIT 16.271b vs. 11.342b +43.458%
FY Finance costs [3.132b] vs. [3.011b] +4.019%
FY Profit before tax 11.264b vs. 8.690b +29.620%
FY Tax [expense]/ credit [4.521b] vs. 2.827b -259.922%
FY Profit for the year 6.743b vs. 11.517b -41.452%
FY Other comprehensive income [0.296b] vs. 54.247b -100.546%
Basic EPS 3.07 vs. 5.24 -41.412%
Diluted EPS 1.08 versus 1.75
Total assets 367.249b vs. 342.520b +7.220%
Cash and cash equivalents balance at June 6.756b vs. 3.292b +105.225%
No dividend

Number of Outstanding Shares: 6,243,873,779

Company Commentary


Total electricity sales volume grew by +11%
Electricity Revenue grew by 15%
Total Revenue increased +29% to 38.61b
280MW Geothermal power plants which for the first time was operational
for the full year.
Depreciation and amortisation expenses increased by 58% mainly due to
revaluation of assets and FY depreciation of OlKaria  280MW

Conclusions

The dividend pass speaks to a desire to optimise the Balance sheet and
build buffers.
Big depreciation charge has been put through.
On a PE of 6.38 - This is a cheap Utility particularly given the level
of Geothermal in the Energy configuration.

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Are supermarkets boosting or frustrating our economy?
Kenyan Economy


Last week the chairman of the Association of Kenya Suppliers was
quoted telling supermarket owners: “You owe us Sh40 billion that could
have been used to expand our businesses, employ more Kenyans and make
our goods more competitive locally as well as abroad. But the delay
has forced us to scale down operations and seek overdrafts, which we
in turn pass to consumers.”

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Kenya Shilling versus The Dollar Live ForexPros
Kenyan Economy


Nairobi All Share Bloomberg -6.57% 2016

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

136.13 -0.50 -0.37%

Nairobi ^NSE20 Bloomberg -19.84% 2016 [+3.59% above a Multi Year Low
from 29th August]

http://j.mp/ajuMHJ

3,239.00 -10.67 -0.33%

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