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Satchu's Rich Wrap-Up
Monday 03rd of October 2016

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

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May to Pull Brexit Trigger by March
Law & Politics

Prime Minister Theresa May said she’ll start pulling the U.K. out of
the European Union in the first quarter of 2017. It was the clearest
statement yet of her strategy, though it left unanswered most
questions about what Brexit will actually look like.

The premier told delegates at her Conservative Party’s annual
conference in Birmingham, central England, she’ll invoke Article 50 of
the EU’s Lisbon Treaty -- the formal trigger for two years of talks --
by the end of March. May also said she’ll introduce a bill next year
to convert all existing EU laws into U.K. legislation on the day
Brexit is completed to provide certainty for business and investors.

“We should not let things drag on too long; having voted to leave, I
know that the public will soon expect to see, on the horizon, the
point at which Britain does formally leave the European Union,” May
said on Sunday. “There will be no unnecessary delays in invoking
Article 50. We will invoke it when we are ready. And we will be ready
soon. We will invoke Article 50 no later than the end of March next

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1235
Dollar Index 95.60
Japan Yen 101.40
Swiss Franc 0.9725
Pound 1.2869
Aussie 0.7671
India Rupee 66.525
South Korea Won 1100.85
Brazil Real 3.2621
Egypt Pound 8.8800
South Africa Rand 13.6305

Sterling 6m Chart INO 1.2865 [1.2750 STOP]


Paul Virilio’s ‘Wealth is the hidden side of speed and speed the
hidden side of wealth’


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Crude Oil 1 Year Chart INO 48.68

Emerging Markets

Frontier Markets

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Oromia: Stampede at Ethiopia protest leaves 52 dead

Prime Minister Hailemariam Desalegn said rioters had caused
"pre-planned mayhem" that led people to fall to their deaths in

He denied reports that the security forces had opened fire.

An Oromo activist, Jawar Mohamed, was quoted as saying that nearly 300
people had been killed and many more injured. He said troops and a
helicopter gunship had opened fire, driving people off a cliff and
into a lake.

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South Africa foreign currency bonds oversubscribed despite low-growth

South Africa issued a pair of new dollar bonds worth $3 billion on
Friday in a surprise show of confidence by investors in an economy
that narrowly avoided recession and faces possible downgrades to junk
in coming months.

The rand erased losses after the issuance was announced, and was 0.86
percent firmer against the dollar at 13.7600 by 1440 GMT, lapping up
the positive sentiment as yield-hungry investors ignored the country's
dismal growth prospects.

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Corruption warning on Nigeria currency policy FT

The naira fell to its lowest-ever level of 490 to the dollar last week
before settling on Friday at 475, still nearly 35 per cent weaker than
the official rate. The ‘spread’ has made currency trading the easiest
way for Nigeria-watchers to make money in tough times.

The ‘fixing’ of the currency market undermines the president’s agenda
because it fosters a “corruption scam”, said the head of a Nigerian
bank who spoke on condition of anonymity.

It is now “almost unique among emerging market countries” for “making
mistake after mistake since oil prices declined,” he said.

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Mozambican lender Moza Banco SA was placed under administration late Friday, according to the Bank of Mozambique, the country's central bank.

The southern African country’s fourth-largest lender was put under
emergency administration because it had become “unsustainable,” a
statement from the regulator said.

It is minority owned by Portuguese Novo Banco, the “good bank”
salvaged after the collapse of the now-defunct Portuguese lender Banco
Espírito Santo in 2014.

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Growth in private-sector credit extension has slowed every month during the past year, to a rate of 7.2 percent in July
Kenyan Economy

Growth in private-sector credit extension has slowed every month
during the past year, to a rate of 7.2 percent in July, the slowest
pace since 2007, according to central bank data.

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26-SEP-2016 bill came into play at a time when private sector credit growth had already slumped from 21.4 per cent a year ago to 7.2 per cent in July this year.
Kenyan Economy

Bill came into play at a time when private sector credit growth had
already slumped from 21.4 per cent a year ago to 7.2 per cent in July
this year. This might well register negative growth by year end.

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Kenya Shilling versus The Dollar Live ForexPros
Kenyan Economy

Nairobi All Share Bloomberg -6.14% 2016


136.75 +0.74 +0.54%

Nairobi ^NSE20 Bloomberg -19.74% 2016 [5 week high]


3,243.21 +25.46 +0.79%

Every Listed Share can be interrogated here


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

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