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Satchu's Rich Wrap-Up
 
 
Friday 16th of June 2017
 
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Africa

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@HCNicHailey remarks on occasion of Queens Birthday Nairobi
Africa


I am a big Fan of the Queen, I think she is quite remarkable and
delivers a monster ROI for UK Inc

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After flirting with $3,000 on Monday, the cryptocurrency has retreated to as low as $2,076.16 in intraday trading.
Africa


Other digital coins are also falling. The decline coincides with a
slide in technology stocks that began after a report from Goldman
Sachs Group Inc. warned that low volatility in the biggest tech stocks
may be blinding investors to risks like cyclicality and regulation.

read more




Bitcoin Isn't Viable: Morgan Stanley
Africa


Morgan Stanley doesn't believe that cryptocurrencies such as Bitcoin
(BTC) will be a viable currency in the future, still seeing them more
like investment vehicles than anything else.

The firm argues that Bitcoin is a "more inconvenient way to pay" for
goods and services than using a debit or credit card.

"Most regulators and investors view cryptocurrencies more as assets
than actual currencies. Their values are too volatile and too hard to
actually use for payment for most to consider them currencies. Our
conversations with some merchants indicate that, while
cryptocurrencies might actually be attractive for them to operate
their businesses, they find that the cryptocurrencies are far too
volatile to be used," Morgan Stanley said.

read more





I find Wilson Airport like a magic portal to another world
Africa


I did not take the ‘ox-cart’ but an aeroplane from Wilson. The airport
was once located on the outskirts of Nairobi but today it is in the
city. It is very retro and has a style from a bygone era, which is to
be treasured in this 21st Century of ours. I find Wilson Airport like
a magic portal to another world.

The Samburu National Reserve is located on the banks of the Ewaso
Ng'iro river in Kenya; on the other side of the river is the Buffalo
Springs National Reserve in Northern Kenya. It is 165 km² in size and
350 kilometers from Nairobi and ranges in altitude from 800 to 1230m
above sea level.[1] Geographically, it is located in Samburu County.

In the middle of the reserve, the Ewaso Ng'iro flows through doum palm
groves and thick riverine forests and provides water without which the
game in the reserve could not survive in the arid country.

The Samburu National Reserve was one of the two areas in which
conservationists George Adamson and Joy Adamson raised Elsa the
Lioness made famous in the best selling book and award winning movie
Born Free.

read more








'A reckoning for our species': the philosopher prophet of the Anthropocene
Africa


few years ago, Björk began corresponding with a philosopher whose
books she admired. “hi timothy,” her first message to him began. “i
wanted to write this letter for a long time.” She was trying to give a
name to her own singular genre, to label her work for posterity before
the critics did. She asked him to help define the nature of her art –
“not only to define it for me, but also for all my friends, and a
generation actually.”

It turned out the philosopher, Timothy Morton, was a fan of Björk. Her
music, he told her, had been “a very deep influence on my way of
thinking and life in general”. The sense of eerie intimacy with other
species, the fusion of moods in her songs and videos – tenderness and
horror, weirdness and joy – “is the feeling of ecological awareness”,
he said. Morton’s own work is about the implications of this strange
awareness – the knowledge of our interdependence with other beings –
which he believes undermines long-held assumptions about the
separation between humanity and nature. For him, this is the defining
characteristic of our times, and it is compelling us to change our
“core ideas of what it means to exist, what Earth is, what society
is”.

Morton’s peculiar conceptual vocabulary – “dark ecology”, “the strange
stranger”, “the mesh” – has been picked up by writers in a cornucopia
of fields, from literature and epistemology to legal theory and
religion.

Part of what makes Morton popular are his attacks on settled ways of
thinking. His most frequently cited book, Ecology Without Nature, says
we need to scrap the whole concept of “nature”. He argues that a
distinctive feature of our world is the presence of ginormous things
he calls “hyperobjects” – such as global warming or the internet –
that we tend to think of as abstract ideas because we can’t get our
heads around them, but that are nevertheless as real as hammers. He
believes all beings are interdependent, and speculates that everything
in the universe has a kind of consciousness, from algae and boulders
to knives and forks. He asserts that human beings are cyborgs of a
kind, since we are made up of all sorts of non-human components; he
likes to point out that the very stuff that supposedly makes us us –
our DNA – contains a significant amount of genetic material from
viruses. He says that we’re already ruled by a primitive artificial
intelligence: industrial capitalism. At the same time, he believes
that there are some “weird experiential chemicals” in consumerism that
will help humanity prevent a full-blown ecological crisis.

Morton’s theories might sound bizarre, but they are in tune with the
most earth-shaking idea to emerge in the 21st century: that we are
entering a new phase in the history of the planet – a phase that
Morton and many others now call the “Anthropocene”.

For the past 12,000 years, human beings lived in a geological epoch
called the Holocene, known for its relatively stable, temperate
climes. It was, you might say, the California of planetary history.
But it is coming to an end. Recently, we have begun to alter the Earth
so drastically that, according to many scientists, a new epoch is
dawning. After the briefest of geological vacations, we seem to be
entering a more volatile period.

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It's going to be cash for the province's Democratic Unionists all the way.
Law & Politics


The Catholics of Northern Ireland will have no say in this. They chose
abstentionism and thus cut themselves out of the parliamentary
debates. But who in Sinn Fein would ever vote for May’s Government?
It’s going to be cash for the province’s Democratic Unionists all the
way. The amount will not be stated, but who knows – we may even see
the secret offer of a tunnel or a bridge between Ulster and Scotland.

read more






Currency Markets at a Glance WSJ
World Currencies


Euro 1.1144 The IMF says the euro area’s economic recovery “has gained
momentum”
Dollar Index 97.54
Japan Yen 1.1123 Japan's central bank maintains policy balance rate at -0.1%
Swiss Franc 0.9753
Pound 1.2766
Aussie 0.7583
India Rupee 64.655
South Korea Won 1134.54
Brazil Real 3.2749
Egypt Pound 18.1425
South Africa Rand 12.8913

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Oil very close to this year's low (intraday) @DavidInglesTV 44.70 Last
Commodities


West Texas Intermediate for July delivery was at $44.43 a barrel on
the New York Mercantile Exchange, down 3 cents, at 11:11 a.m. in Hong
Kong. Total volume traded was about 30 percent below the 100-day
average. The contract lost 27 cents to $44.46 on Thursday, the lowest
since Nov. 14.

Brent for August settlement fell 1 cent to $46.93 a barrel on the
London-based ICE Futures Europe exchange. Prices are down 2.6 percent
this week. The global benchmark crude traded at a premium of $2.26 to
August WTI.

read more


08-MAY-2017 :: a Crude Oil Price Target of $32.00 a Barrel. @TheStarKenya
Commodities


The OPEC “Go-Go” days of Sheikh Yamani, his prayer beads and delphic
pronouncements belong to yesteryear. Mohammed Sanusi Barkindo, the
current OPEC secretary-general, is a poor imitation of Yamani and is
playing with a set of cards that is stacked against him. Reserves have
been depleted from Abuja to Riyadh, from Luanda to Caracas and in all
the oil producing capitals in the world. So many capitals are fiddling
while sitting on a tinderbox and playing with matches.  e deputy Crown
Prince was quoted on Al-Arabiyya about Iran: “How can I communicate
with them while they prepare for the arrival of al-Mahdi al-Montazar?”

We have experienced a precipitous downside move and, in my opinion,
the exponential recent momentum is signalling there is further to go.
My price target is $32.00 a barrel. Crude oil prices in extremis move
exponentially.  is move has all the ingredients for turning
exponential. Some thought they found a floor Friday, but I expect them
to be rudely awakened.

read more





Russia Stocks Are Trump Trade Gone Wrong as Sanctions Risk Grows
Emerging Markets


Russian stocks headed for their biggest slump in 17 months after the
U.S. senate signaled it’s ready to expand sanctions against the
Kremlin.

The country’s benchmark Micex Index dropped 3.3 percent by 3:13 p.m.
in Moscow on Thursday, extending a decline since a record high reached
in January to more than 20 percent. The Senate voted overwhelmingly to
add the Russia measure to a bill sanctioning Iran amid a probe into
the Kremlin’s meddling in last year’s presidential election. A 2.9
percent drop in Brent crude this week has also contributed to
declines.

Russian local-currency debt also retreated, with the yield on
five-year notes climbing four basis points to 7.86 percent. The cost
of insuring Russian sovereign debt against default advanced four basis
points to 162 basis points, the highest since April 21. The ruble
weakened 0.2 percent to 57.56 versus the dollar.

read more








Analysis: Lungu does a Mugabe, as Zambia follows Zimbabwe's disastrous path
Africa


Recent events prove that Lungu is following Mugabe, and in
chronological order. In 2015, Lungu stated that he was learning a lot
from Mugabe. All evidence is that he has done so, and is now emulating
Mugabe’s “how to be an autocrat”.

If he is successful in his attempts, Zambia will follow Zimbabwe in
that same exact order, sliding down, from beacon to demon.

It will not take long either, and it is very, very bad news for
everybody. As international human rights consultant Jeff Smith put it,
these are dark and dangerous days for Zambia.

read more


Investors have become "battle-hardened" in their quest for yield, Union Bancaire Privee Ubp SA, with issuance from the continent reaching $12.7 billion in 2017, already a full-year record.
Africa


Such is the demand for African Eurobonds these days that not even army
mutinies are scaring investors. That may not be the case for much
longer.

Investors have become “battle-hardened” in their quest for yield,
according to Union Bancaire Privee Ubp SA, with issuance from the
continent reaching $12.7 billion in 2017, already a full-year record.
Less than a month after soldiers rebelled in Ivory Coast, the West
African nation attracted $10 billion of orders in a sale of $2 billion
of securities on June 8, while Egypt and Senegal drew around $20
billion between them for deals in May.

For investors inured to the continent’s political risks, the boom may
soon be over, according to Standard Bank Group Ltd., which recommends
bondholders start reducing their overweight African exposure. The
market may turn as the Federal Reserve raises rates, driving U.S.
Treasury yields higher and reversing flows to risky assets.

“The bull market is living on borrowed time,” Dmitry Shishkin, an
analyst at Standard Bank in London, said in a note to clients on June
12. “We probably still have a few weeks, if not a couple of months,
during which U.S. Treasury weakness is likely to be limited. However,
we think we should slowly start preparing for that eventuality.”

While African yields soared on U.S. President Donald Trump’s surprise
election victory in November, they have since plummeted 140 basis to
around the lowest since Aug. 2015, according to Standard Bank indexes.
Still, the average rate of 6.25 percent for African government debt is
almost 100 basis points more than what investors get for the riskiest
emerging-market sovereign notes, according to data compiled by
Bloomberg.

Egypt issued $7 billion of notes and Nigeria, struggling to get out of
recession, sold $1.5 billion in its first offering of international
securities since 2013. Nigerian lenders also made a comeback, with
Zenith Bank Plc and United Bank for Africa Plc raising $1 billion
between them. Kenya and Nigeria are among governments considering new
deals, while the International Monetary Fund said last month that
Tanzania would lower its borrowing costs if it issued.

read more



Miners Tumble as South Africa Escalates Black Ownership Rules
Africa


Companies including Anglo American Plc and Sibanye Gold Ltd. dropped
after South Africa increased the minimum black ownership requirement
for local mines and set a 12-month deadline for compliance with the
new rules.

The Department of Mineral Resources will raise the requirement from
the current 26 percent to ensure more proceeds from the country’s
natural resources flow to the black majority, Mining Minister
Mosebenzi Zwane said on Thursday in Pretoria, the capital. The new
minimum applies regardless of whether they have previously sold shares
or assets to black investors that later divested.

Sibanye dropped 7.4 percent at 12:58 p.m. in Johannesburg, while Kumba
was 6.2 percent lower. Anglo American declined 6 percent in London.

“The new charter is significantly worse for the mining industry than
the original draft,” Peter Leon, the Africa co-chair at Herbert Smith
Freehills LLP, said by phone on Thursday. “It’s poorly considered and
raises serious questions about the government’s commitment to the
protection of property rights.”

read more


South Africa All Share Bloomberg +0.35% 2017 [January Lows]
Africa


.@dw_environment Watch how dolphins play at South African shores. You
won't need more to calm. Promised
.
https://twitter.com/dw_environment/status/875439875692089344

Dollar versus Rand 6 Month Chart INO 12.8863

http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&v=d6&t=c&a=50&w=1

Egypt lawmakers approve Red Sea Islands transfer to Saudi Arabia @business

https://twitter.com/business/status/875254423836123136

Egypt Pound versus The Dollar 3 Month Chart INO 18.1425

http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1

Nigeria All Share Bloomberg +25.76% 2017 [24 month closing Low]

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

33,797.84 +199.64 +0.59%

read more




Tanzania's Acacia Spat Shows Deepening Battle With Business
Africa


Tanzanian President John Magufuli’s escalating battles with business
risk alienating the very investors he needs to drive his multi-billion
dollar industrialization policy.

On Monday, the 57-year-old leader ratcheted up his dispute with miners
by accusing Acacia Mining Plc of operating illegally in Tanzania and
insisting the government is owed billions of shillings of unpaid
taxes. It’s the latest in a series of broadsides against private
investors who are being unnerved by his administration’s stance and
its lack of consultation on policy. Shares in Acacia, which denies any
wrongdoing, slumped as much as 16 percent.

“It’s negative that you have these uncertainties playing out in the
market, especially at a time when you’re relying on growth and
infrastructure development to be supported by private sector
activity,” said Lisa Brown, a risk analyst at Rand Merchant Bank in
South Africa.

“Regulatory uncertainty and higher operating costs will test the
viability of future projects in a range of sectors, likely leading
foreign investors to reconsider future investment, which will weigh on
the country’s long-term growth prospects,” it said in a research note.

Government revenue collection in the past financial year suggests a
slowdown in private sector activity and increased stress, according to
RMB’s Brown. Confusion over structural adjustment of the economy and
lack of clear communication from the government has resulted in slower
decision making, especially on new and expansionary investment, she
said.

Magufuli said after receiving the mining audit on Monday that he’s
fighting an economic war and while he welcomed investment to Tanzania,
companies should share their profit with the country.

“We want investors,” he said. “But you can’t have investment that is
exploitation.”

The latest dispute with Acacia represents an “unprecedented
escalation” by the government toward the mining industry, said Ahmed
Salim, an analyst with Dubai-based Teneo Strategy.

That’s left investors worried about where Magufuli might turn his
attention next, according to RMB’s Brown.

“No one knows whether he’s going to move onto other sectors and what
it means for future investment,” she said.

read more





'Devil weeds' threaten wildebeest migrations in Serengeti New Scientist
Africa


WITH names like “devil’s weed” and “famine weed”, perhaps it’s little
wonder that these invasive plant species threaten to disrupt one of
the great wonders of the natural world: the annual migration of 2
million animals across the savannahs of eastern Africa.

That’s the grim message from a survey of the spread of invasive plants
in the Serengeti-Mara ecosystem, focusing on six species that pose the
most serious threat to the migrating animals.

Initially planted for decoration at tourist lodges in Kenya’s Masai
Mara National Reserve, the invasive plant species have spread into
savannah grasslands, displacing natural vegetation (Koedoe, DOI:
10.4102/koedoe.v59i1.1426).

This is bad news for the migrating beasts that depend on native plants
for food. “Rampant invasions in the Serengeti-Mara ecosystem will
certainly reduce forage production, leading to drastic declines in the
populations of wildebeest, zebras and other large grazing mammals,”
says Arne Witt of CABI Africa in Nairobi, Kenya. “These invasive
plants are toxic or unpalatable, meaning there’s less forage available
for wildlife to feed on.”

read more


De Beers finds some of its most valuable diamonds on the Atlantic Ocean seabed off the coast of Namibia, and it's betting there are a lot more to be discovered.
Africa


The world’s biggest diamond producer has spent $157 million on a
state-of-the-art exploration vessel that will scour 6,000 square
kilometers (2,300 square miles) of ocean floor for gems, an area about
65 percent bigger than Long Island. The Anglo American Plc unit mines
in the area in a 50-50 joint venture with the Namibian government.

The vessel will scan and sample the seabed to identify the most
profitable areas for De Beers’s ships, which suck up diamonds before
they’re flown by helicopter to the shore. The strategy will help the
company maintain annual production of at least 1.2 million carats for
the next 20 years, Chief Executive Officer Bruce Cleaver said in an
interview.

Those stones are “very important to our global mix and to our
customers who are looking for higher-value diamonds,” Cleaver said.

Namibia’s diamonds, which have been washed down the Orange River from
South Africa over millions of years and deposited in the ocean, are
key to De Beers because of their high quality. While not the biggest,
the gems have few flaws after being broken from larger stones on their
way to the sea bed. Only the strong and good quality ones survive,
Cleaver said.

read more


Parliament has approved a Sh77.3 billion ($750 million) loan guarantee for Kenya Airways
Kenyan Economy


“Pursuant to the provisions of Article 213 of the Constitution, and
sections 50 and 58 of the Public Finance Management Act (CAP 412C),
this House notes Sessional Paper No. 3 of 2017 on government guarantee
in support of restructuring of Kenya Airways, and approves the
Government of Kenya guarantee of $ 750 million, to the US Exim Bank
and 11 local banks, for the restructuring of Kenya Airways PLC,” Aden
Duale, Leader of Majority, said in the Motion.

Conclusions


The Stumble lower in Kenya Airways shares was triggered by a Genghis
Capital report which spoke of the Local Banks ending up with about 33%
of the Equity and an exponential dilution of existing shareholders. I
is egregious and inconceivable that Banks who lent to Kenya Airways
with their eyes wide open and at commensurate interest rates should
end up with the Lion's share of the equity in the NEWCO. It is also a
perfect example of self-harm to dilute long suffering shareholders by
such a crazy amount and speaks to the fact that minority shareholders
[79,000] had no representation at the negotiations whilst the Banks
were surely well represented. The Banks now have a GOK guarantee and
that should be it. The GOK has to revisit the ratio structure. Kenya
Airways which had stumbled -30.93% in June through this morning
rebounded by the daily maximum of +9.38% to close at 5.25 with 384,700
shares traded and unserviced Buy Side Demand of just shy of 2m shares.
The raison d'être for this rebound was Investors began to factor in
that the current proposal will not fly.

read more



Greed and lies in battle for electoral body's ballot tender
Kenyan Economy


A vicious tender war over the printing of ballots for this year's
General Election is afoot, sucking in wheeler-dealers, politicians,
members of the First Family and, most recently, opposition leader
Raila Odinga.

Jubilee on Thursday denied an allegation that President Uhuru Kenyatta
and members of his family were involved in the procurement of ballots.

It also increasingly became clear, from the revelations made by their
political rivals, that the National Super Alliance does not have clean
hands in the affair.

It was claimed they are fronting Paarl Media of South Africa who are
alleged to have met Mr Odinga on various occasions.

The two printing companies having been clashing for printing contracts
around Africa. In some places such as Uganda, the two companies
actually shared the job.

read more


05-JUN-2017 :: Markets are often characterised as a tug of war between greed and fear
Kenyan Economy


Markets are often characterised as a tug of war between greed and
fear. Well, here it appears that greed [profiteering] has triumphed
over fear [the political need to win an election].

read more


Kenya Shilling versus The Dollar Live ForexPros 103.505
Kenyan Economy


Nairobi All Share Bloomberg +14.70% 2017 [23 month closing High]

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

152.94 +0.89 +0.59%

read more


Safaricom is +21.4% in 2017 and underpins the Bull Market here in Nairobi share data
Kenyan Economy


Par Value:                  0.05/-
Closing Price:           23.25
Total Shares Issued:          40065428000.00
Market Capitalization:        931,521,201,000
EPS:             1.21
PE:                 19.215

read more










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