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Satchu's Rich Wrap-Up
Tuesday 28th of February 2017

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Diani Beach is a major beach resort on the Indian Ocean

It is located 30 kilometres (19 mi) south of Mombasa, in the nearby
Kwale County.

The beach is about 10 kilometres (6 mi) long, from the Kongo river to
the north and Galu beach to the south (the southern point of reference
is an old Baobab tree). It is adjacent to the town of Ukunda, the
population of which nears 100,000 inhabitants. A small airstrip is
located between the beach area and the Mombasa-Lunga Lunga road. The
water remains shallow near shore, with some underwater sandbars near
the surface which allow wading with a clear view of the sandy bottom.
Inland from the beach, there is extensive vegetation (see photo at
right), including numerous palm trees which cover the coastal areas,
unlike the dry acacia trees of the mountainous Kenyan Highlands. The
Mwachema River flows into the sea at Diani Beach. [1]

The general area is known for its coral reefs, black-and-white colobus
monkeys, and for the closely located Shimba Hills National Reserve, a
wildlife reserve which looks out over the Indian Ocean. Diani Beach
has high-class restaurants, hotels, supermarkets, and several shopping

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.0590
Dollar Index 101.13
Japan Yen 112.53
Swiss Franc 1.0080
Pound 1.2439
Aussie 0.7686
India Rupee 66.775
South Korea Won 1130.63
Brazil Real 3.1090
Egypt Pound 16.0005
South Africa Rand 12.9963

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Crude Oil Chart INO 54.22

Emerging Markets

Frontier Markets

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Zimbabwe's First Lady Positions Herself for Presidency VOA

President Mugabe has acknowledged the existence of the two rival camps
and their feuding, and has ordered them to "stop it." But in his 93rd
birthday interview, the Zimbabwean leader spoke glowingly of his wife,
describing her as "well-seasoned," of "very strong character," and
"very much accepted by the people."

That Grace Mugabe has the president's favor is also evidenced by the
fate of anyone she identifies as a threat to the president. Joice
Mujuru was deposed as vice president in 2014 after the first lady
accused her of wanting to overthrow Mugabe.

More recently, Mnangagwa and his supporters have been a target of the
first lady's wrath.

"We have seen people wearing T-shirts with Zimbabwean flags labeled
Lacoste, and when we asked them, they said Lacoste is a perfume. We
are not fools. Do not take us for fools," she said. "They will not
take over from Mugabe. I will rather put him in a wheelbarrow to work
because we have realized that those we thought were being groomed as
leaders are sell-outs."

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25-JUL-2016 Countries like Zimbabwe feel like they are right at the Edge that Hunter S. Thompson described

“The Edge...There is no honest way to explain it because the only
people who really know where it is are the ones who have gone over''

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Zimbabwe is staring at currency chaos again FT

Now, Zimbabwe is again staring down the barrel of currency chaos. One
set of numbers says it all: at the end of 2016, the country’s
commercial banks were holding $1.35bn in treasury bills — equivalent
to 180 per cent of bank capital — issued by a government unable to pay
its way either at home or abroad. The country appears to be facing
another economic meltdown, scarily reminiscent of the lost decade to

Today, bank lending to government and its agencies totals 42 per cent
of domestic credit — up from just 13 per cent when the ruling Zanu-PF
party returned to monopoly control after the dissolution of the
shortlived government of national unity in mid-2013. The central bank,
which has no deposits of its own to speak of, virtually trebled its
lending to the state to $970m last year.

The difference a decade ago was that the exchange rate for the defunct
Zimbabwe dollar took the strain until its ultimate collapse in 2008.
Inflation is not the problem now. After four years of deflation,
consumer prices in 2016 were just one per cent above their 2011 level,
partly due to the overvalued currency.

Business leaders and some bankers see a switch of the country’s
currency from the dollar to the rand as a possible solution. Given the
debt overhang of $5.2bn in international arrears, however, a shift to
the endemically weak rand seems an unpromising solution.

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EPA trade deal with Europe is a form of colonialism, says Magufuli

Tanzanian President John Magufuli Sunday described the Economic
Partnership Agreement (EPA) as a “form of colonialism”, dampening the
country's possibility of signing the deal with the European Union

“It is bad for our country,” Dr Magufuli affirmed.

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Black-Market Attack Is Just a Stopgap in Nigeria Without Float

Don’t be fooled by the biggest black-market gain in a year for Nigeria’s naira.

The rally, sparked by increased sales of foreign-exchange forwards and
looser capital controls, is contingent on the central bank continuing
to sell down its reserves. And until it devalues or makes a clear
switch to a free-floating currency, Africa’s most-populous country
will struggle to lure back foreign investors, according to JPMorgan
Chase & Co. and Renaissance Capital.

Forwards suggest more declines to come, investors are shunning naira
assets, and a web of alternative exchange rates only adds to the
confusion over the currency’s real value. Here’s a snapshot of
Nigeria’s markets in five charts:

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Mumias Sugar Co, reports H1 Earnings and Profits Warning
Kenyan Economy

Par Value:                  2/-
Closing Price:           1.00
Total Shares Issued:          1530000000.00
Market Capitalization:        1,530,000,000
EPS:             -3.09
PE:                 -0.324

H1 Net revenue 1.529136b vs. 2.977321b -48.641%
H1 Cost of sales [2.968290b] vs. [3.390678b] -12.457%
H1 Gross loss [1.439154b] vs. [413.357m] -248.162%
H1 Impairment of assets [588.486m] vs. –
H1 Total costs [1.764247b] vs. [1.840981b] -4.168%
H1 Loss before taxation [3.792399b] vs. [2.229946b] -70.067%
H1 Loss after taxation [2.920147b] vs. [1.560962b] -87.074%
H1 EPS [1.91] vs. [1.02] -87.255%
Shareholders’ Equity 4.831431b vs. 7.751578b -37.672%
Cash & cash equivalents as at Dec 2016 [2.498545b] vs. [2.054085b] -21.638%
No interim dividend

Company Commentary

''collaborating with shareholders, including GOK as the significant
shareholder, for additional funding.

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Uchumi reports H1 Earnings EPS -46.429% here
Kenyan Economy

Par Value:                  5/-
Closing Price:           2.70
Total Shares Issued:          364959616.00
Market Capitalization:        985,390,963
EPS:             -7.77
PE:                 -0.347

One of the main Kenyan supermarket chains.

H1 Net sales 1.398354b vs. 4.261303b -67.185%
H1 Cost of sales [1.162197b] vs. [3.359750b] -65.408%
H1 Gross profit 236.157m vs. 901.553m -73.806%
H1 Other income 107.775m vs. 144.661m -25.498%
H1 Profit on disposal of assets 342.427m vs. –
H1 Operating expenses [1.111902b] vs. @[2.010976b] -44.708%
H1 Profit on operating expenses [425.543m] vs. [964.762m] -55.891%
H1 Finance costs [121.767m] vs. [52.999m] +129.753%
H1 Profit/ [Loss] before taxation [547.310m] vs. [1.017761b] -46.224%
H1 EPS [1.5] vs. [2.8] -46.429%
No interim dividend

Company Commentary

Sales were significantly impacted by lack of optimal stock levels due
to delays in funding.
''pursue strategies aimed at stabilising the company's performance
including sale of non-core assets sourcing for a strategic Investor,
building supplier confidence and enriching customer experience at our

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Stanlib top managers changed after cash tied up in collapsed banks
Kenyan Economy

Liberty Holdings (SA) chief executive officer Thabo Dloti was quoted
in South African media saying that the parent firm made changes at
Stanlib following “operational issues in that business relating to
impaired bank exposures.”

“Client money was invested in instruments that were exposed to
second-tier banks in Kenya, which subsequently became illiquid. We’ve
taken steps to make sure our business and clients are on a good
footing,” Mr Dloti was quoted as saying.

Stanlib made changes in top management last year with former SBG
Securities chief executive officer Nkoregamba Mwebesa taking over as
managing director in December, in place of James Muratha who left in

Both SBG Securities and Stanlib fall in the stable of financial firms
under the umbrella of Standard Bank of South Africa. Others in Kenya
are Stanbic Bank, Liberty Life and Heritage Insurance.

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Kenya Shilling versus The Dollar Live ForexPros
Kenyan Economy

Nairobi All Share Bloomberg -5.59% 2016


Nairobi ^NSE20 Bloomberg -4.80% 2017


3,033.33 +10.26 +0.34%

Every Listed Share can be interrogated here


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by Aly Khan Satchu (www.rich.co.ke)
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February 2017

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