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Satchu's Rich Wrap-Up
 
 
Friday 10th of August 2018
 
Morning
Africa

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Tesla plunges, wiping out tweet-fueled rally in just 2 days @tesla @elonmusk
Africa


#Tesla plunges, wiping out tweet-fueled rally in just 2 days. No
evidence of financing has emerged for $82bn buyout. SEC was said to be
looking at carmaker before Musk’s posts.

read more




Where's the money coming from, @Elonmusk? @business
Africa


The unusual chain of events made it seem as if Musk had essentially
done all of this on his own—an idea that wasn’t entirely contradicted
by a 57-word statement, released the following day by six of the
company’s nine directors, which contended that discussions on the
possible buyout had started only a week earlier. The statement was so
carefully worded that it was unclear whether there had been in-depth
discussions or if Musk had simply mentioned it a few times before
being moved to tweet. The board didn’t indicate who would provide the
funding, only saying that funding had been “addressed.” The board,
which has been criticized by shareholder rights activists for being
largely composed of people close to Musk, including his brother,
Kimbal (not among those who signed the statement), also didn’t mention
whether a special committee had been formed to consider the proposal.
To buy Tesla at the proposed valuation, Musk, who owns about 20
percent of the shares, would need to come up with $66 billion—a
daunting sum even for someone with the auto chief’s capacity for
virtuosic self-promotion. The company already has $10 billion in debt,
and because Musk has promised to make huge investments in the coming
years to build a factory in China, develop a compact SUV, and roll out
a commercial semitruck, the automaker will require billions more.
Tesla’s credit was downgraded by Moody’s Corp. earlier this year, and
Musk has spent the past few months aggressively cutting costs to avoid
having to raise additional funds in 2018. Now he’ll have to come up
with tens of billions of dollars even before the company has proven it
can consistently manufacture its less expensive Model 3 sedan at
production rates high enough to make the car profitable.
The universe of possible funders is small. Tesla is unprofitable,
making it hard to see why traditional leveraged buyout investors—who
pay off buyout debt with the cash flow of companies they take
private—would be interested in backing a deal. No bank or investment
fund so far has indicated it was aware of Musk’s plan. That leaves a
handful of large tech companies—Apple, Google, and SoftBank—and
sovereign wealth funds as possible candidates. On Aug. 8, Bloomberg
News reported that Musk had met in 2017 with Masayoshi Son, CEO of
SoftBank Group Corp., about a potential deal, which didn’t
materialize.

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Turkish lira sinking: @ReutersJamie
Africa


-10% today
-16% this week
-20% this month
-38% this year

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Have a look forwards on the Lira. This blowout we're seeing in the spot market is pushing the 12-month outright price to 6.9 now @DavidInglesTV
Africa


Have a look forwards on the Lira. This blowout we're seeing in the
spot market is pushing the 12-month outright price to 6.9 now - that's
a further 20% drop in the Turkish Lira's value. Nuts

read more











Each year more than 100 million sharks are killed worldwide, threatening the survival of most species.
Africa


Each year more than 100 million sharks are killed worldwide,
threatening the survival of most species. The slaughter is in part
driven by the high price paid for shark fins on the Asian market.

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Canada is gravely concerned about additional arrests of civil society and women's rights activists in #SaudiArabia, including Samar Badawi @CanadaFP
Law & Politics


Canada is gravely concerned about additional arrests of civil society
and women’s rights activists in #SaudiArabia, including Samar Badawi.
We urge the Saudi authorities to immediately release them and all
other peaceful #humanrights activists.

Conclusions

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Saudi Arabia is starting to weaponize its wealth via @bopinion
Law & Politics


Indeed, it’s this apparent Saudi willingness to “weaponize” its
overseas investments that should give western governments and business
leaders pause for thought everywhere – and might explain in part why
Canada’s allies have been slow to offer backing to Freeland and her
prime minister, Justin Trudeau.

We’ve seen this style of economic warfare before – in the 1970s, Arab
states wielded the “oil weapon” –  but this latest attack comes after
a dramatic increase in Riyadh’s foreign investments.

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Toppling Qaddafi without building a new order may go down as the single dumbest action the @NATO alliance ever took. IT TOOK THE LID OF AFRICA @tomfriedman In @nytimes
Law & Politics


Toppling Qaddafi without building a new order may go down as the
single dumbest action the NATO alliance ever took. IT TOOK THE LID OF
AFRICA, leading to some 600,000 asylum seekers and illegal migrants
flocking to Italy’s shores in recent years." -- @tomfriedman In
@nytimes

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A backlash is being felt at the highest levels of the government, possibly hitting a close aide to Xi, his ideology chief and strategist Wang Huning @Reuters
Law & Politics


Wang, who was the architect of the “China Dream”, Xi’s vision for
China to become a strong and prosperous nation, has been taken to task
by the Chinese leader for crafting an excessively nationalistic image
for the country, which has only provoked the United States, the
sources said.

“He’s in trouble for mishandling the propaganda and hyping up China
too much,” said one of the sources, who has ties to China’s leadership
and propaganda system.

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Only in 28-AUG-2017 My Piece in @TheStarKenya was headlined China Rising
Law & Politics


& now Xi Jinping is an existential ''Chickie-run'' Gig with @POTUS
just when he chose to put himself on a Pedestal. - Hubris Shakespeare
at a Geopolitical Scale

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Russian ruble breaking out the range it's been trading in since April @annmarie
International Trade


RUB under pressure from both the publication in Russia media of a
PROPOSED sanctions bill for alleged election meddling & ACTUAL
sanctions set to hit August 22 for the UK Novichok attack

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Currency against US Dollar, past year. @spectatorindex
Law & Politics


Venezuela: -2,000,000%
Sudan: -170%
Argentina: -57%
Angola: -57%
Turkey: -54%
Iran: -30%
Brazil: -20%
Ethiopia: -18%
Pakistan: -16%
Tunisia: -11%
Sweden: -10%
Russia: -10%
Nicaragua: -8.4%
Indonesia: -8%
Myanmar: -8%
Haiti: -8%
India: -7.2%

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.1465
Dollar Index 96.09
Japan Yen 110.99
Swiss Franc 0.9966
Pound 1.2785
Aussie 0.7315
India Rupee 68.915
South Korea Won 1129.33
Brazil Real 3.8008
Egypt Pound 17.8590
South Africa Rand 13.8874

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How to lose $3 billion of Bitcoin
World Currencies


Accusations of tax evasion and police corruption, a kidnapper who was
kidnapped, a fugitive politician, and billions in bitcoin lost. This
is crypto-trading Gujarat-style.

The ingredients are part of an investigation in Indian Prime Minister
Narendra Modi’s home state into allegations that investors poured cash
into a bitcoin-based Ponzi scheme that could exceed the country’s
largest banking scandal. The fallout extends as far as Texas and has
embroiled a former lawmaker, tarnishing Modi’s ruling party months
before an election.

Gujarat’s Surat, formerly a large seaport and now a center for
diamonds, is at the heart of the scandal.Photographer:Karen
Dias/Bloomberg

It began in February, when property developer Shailesh Bhatt charged
into the Home Minister’s office in Modi’s home state of Gujarat,
claiming he had been kidnapped by a group of policemen and told to pay
200 bitcoin, worth some $1.8 million at the time, for his release. He
said he had nowhere else to go.

The state’s elite Criminal Investigation Department was called in and
the evidence it has uncovered points to a potential fraud on an epic
scale. Eight policemen have been indicted and suspended pending trial.
The abduction was allegedly spearheaded by Bhatt’s associate, Kirit
Paladiya, and masterminded by Paladiya’s uncle Nalin Kotadiya, a
former lawmaker in Modi’s ruling Bharatiya Janata Party, according to
Ashish Bhatia, the lead CID investigator. Bhatt has been charged too,
as the allegations of kidnapping widened.

Paladiya is now in jail, facing charges of abduction and extortion,
and Bhatt and Kotadiya are both absconding, according to police.
Kotadiya posted a video via Whatsapp in April denying wrongdoing and
saying he’d informed authorities about the crypto scam, said Prashant
Dayal, a senior Gujarati journalist who broke the story.

In the video, reposted on Youtube, Kotadiya says Bhatt is responsible
for the scam and threatens to release evidence that could implicate
other politicians. Both Bhatt and Paladiya have denied wrongdoing,
according to their lawyers.

Between late 2016 and early 2017, Bhatt invested in BitConnect, a
cryptocurrency firm that was being promoted in Gujarat by a man called
Satish Kumbhani, according to Bhatia, the CID investigator, in an
interview at his office late June.

Kumbhani is one of the founders of BitConnect, which has allegedly
scammed individuals across the globe, according to Crypto Watchdogs, a
group of six investors who’ve filed a U.S. federal lawsuit against the
company. The firm recruited clients worldwide to deposit bitcoin and
receive BitConnect coins they could lend at interest rates of more
than 40 percent a month. The interest they earned was higher if they
recruited others to invest. Attempts to contact the company and
Kumbhani for comment were unsuccessful.

As the price of bitcoin soared last year from less than $1,000 to more
than $19,700, so did BitConnect’s value. Bhatt and other investors in
Gujarat poured bitcoin worth $3.2 billion into Bitconnect, according
to Bhatia.

The vast inflows from Indian investors were partly the result of
Modi’s shock move in November 2016 to invalidate banknotes worth 15
trillion rupees in an effort to curb tax evasion, according to a
chartered accountant in Gujarat. Modi, who faces federal elections in
early 2019, ruled the state as chief minister for more than a decade
before becoming prime minister in 2014 with the promise of stamping
out corruption.

As a result of Modi’s 2016 demonetization, about 45 billion rupees
($650 million) flowed to Gujarat’s port city of Surat, to be hidden
away in assets including cryptocurrencies, said the accountant, who
asked not to be identified because his clients include some of the
city’s biggest diamond and textile traders.

Surat, the heart of the scandal, is famed for its entrepreneurial
merchants who travel the world to set up a “dhandha,” or family
business. Their tight-knit communities dominate Antwerp’s diamond
trade and own a quarter of U.S. motels.

In the days following Modi’s demonetization -- when Indians were given
about 60 days to bank their higher-value banknotes or lose them --
Google marked a surge in queries from the country on how to launder
untaxed cash, or black money. Most of the searches came from Gujarat,
Google Trends show.

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The U.S. forecasts a 50% cut in Iran oil sales, sources say @business
Commodities


The assessment forecasts a range of likely cuts of 700,000 to 1
million barrels a day -- a significant reduction for the Islamic
Republic but short of the announced U.S. goal of halting all sales of
Iranian crude. Iran exported an average of about 2.1 million barrels
of oil per day over the last year, according to data compiled by
Bloomberg. Any significant reduction would be a blow to Iran’s
battered economy.

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Pakistan poised for $4bn loan from Saudi-backed bank @isdb_group @FT
Emerging Markets


Pakistan plans to borrow more than $4bn from the Saudi-backed Islamic
Development Bank as part of its attempts to restore dangerously low
stocks of foreign currency.

Two officials have told the Financial Times that the Jeddah-based bank
has agreed to make a formal offer to lend Islamabad the money when
Imran Khan takes over as prime minister. They added that they expect
Asad Umar, Mr Khan’s proposed finance minister, to accept.

“The paperwork is all in place,” said one senior adviser in Islamabad.
“The IDB is waiting for the elected government to take charge before
giving their approval.”

The person added that the loan would not cover Pakistan’s expected
financing gap of at least $25bn during this financial year but was “an
important contribution”.

Mr Khan, Pakistan’s former cricket captain, is expected to take over
as prime minister in the coming days, after his Pakistan
Tehreek-e-Insaf party won the most seats in last month’s election —
though it fell short of an outright majority.

One of his first jobs will be to repair the country’s balance of
payments problem, with high imports and stagnant exports having bled
the country of much of its foreign exchange reserves.

Speaking to reporters in Islamabad this week, Mr Umar, who served as
the PTI’s shadow finance minister while in opposition, warned: “The
situation is dire. We’ve got $10bn dollars of central bank reserves,
we’ve got somewhere between $8bn and $9bn in short-term liabilities,
and therefore your net reserves are close to nothing.”

Officials have already drawn up plans to borrow up to $12bn from the
International Monetary Fund — though such a bailout is likely to come
with strings attached, such as a demand to see the details behind
billions of dollars’ worth of Chinese loans.

Mr Umar is therefore exploring what other options remain open to him,
of which the IDB loan is one. Officials said the loan would be used
mainly to pay for oil imports, with higher crude prices having
contributed to Pakistan’s problems.

One official at the Pakistani central bank who has been involved in
negotiations with the IDB said the loan had the backing of the Saudi
government “which wants to play a part in rescuing Pakistan from its
present crisis”.

Islamabad and Riyadh have moved closer in recent months after Pakistan
agreed to send an undeclared number of troops to “train and advise”
security forces there. The Pakistan government insists that the
soldiers will not be used to fight in Yemen however, something the
Saudis had previously requested.

Despite the promise of money from the IDB, economists warn that Mr
Khan’s new government will still have to enact potentially unpopular
spending cuts and tax rises to help repair the government’s balance
sheet.

“The budget deficit shot up to about 7 per cent of gross domestic
product during the last financial year,” said Waqar Masood Khan, a
former finance ministry official. “Bringing that down to the target of
4 per cent is not going to be easy.”

Frontier Markets

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06-AUG-2018 :: The Indian Ocean Economy and a Port Race @TheStarKenya
Africa


Today from Massawa, Eritrea [admittedly on the Red Sea] to Djibouti,
from Berbera to Mogadishu, from Lamu to Mombasa to Tanga to Bagamoyo
to Dar Es Salaam, through Beira and Maputo all the way to Durban and
all points in between we are witnessing a Port race of sorts as
everyone seeks to get a piece of the Indian Ocean Port action.

China [The BRI initiative], the Gulf Countries [who now appear to see
the Horn of Africa as their hinterland], Japan and India [to a lesser
degree] are all jostling for optimal ‘’geo-economic’’ positioning.

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President Isaias Afwerki today received at State House senior Saudi delegation led by Foreign Minister Adel Al- Jubeir @hawelti
Africa


President Isaias Afwerki today received at State House senior Saudi
delegation led by Foreign Minister Adel Al- Jubeir. The Saudi Foreign
Minister delivered to President Isaias letter from King Salman bin
Abdulaziz on enhancement of historical and brotherly ties of both
countries

read more


HE PM Abiy Ahmed today met Saudi Arabia's Minister of Foreign Affairs HE Adel Al-Jubeir @fitsumaregaa
Africa


The two parties discussed bilateral and regional issues. #Ethiopia and
#KSA agreed to further deepen the strong cultural, political and
commercial relations.

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Overlay the Geopolitics and its worth noting that the Geopolitics has become much more fluid @TheStarKenya
Africa


Investments in Ports have a long lead time and I am not certain that
those same investments are able to re-calibrate at the speed with
which the Geopolitics is moving.  The Big Risk is that some these Port
investments will be ‘’Hambanota’’-ed.

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06-AUG-2018 :: There will be Winners and Losers. Everyone is drinking the Indian Ocean "Kool-Aid" right now.
Africa


Unlike the marvellous song ‘’Everyones a Winner’’ by Hot Chocolate,
but There will be Winners and Losers. Everyone is drinking the Indian
Ocean ‘’Kool-Aid’’ right now.

read more



Kabila names his dauphin @africa_conf
Africa


The President finally named a successor at the eleventh hour and ended
the third-term controversy. Storms still lie ahead

The drama over who will be allowed to run in the presidential
elections due in December has dragged the political system to the
brink as growing armed conflict increase instability and fear. But on
8 August President Joseph Kabila approved his former interior minister
Emmanuel Ramazani Shadary as his chosen successor. A regime hardliner
and securocrat from the eastern province of Maniema, Shadary is
expected to maintain a tight grip on the security apparatus and
protect Kabila's financial and other interests if he wins. He was
placed under sanctions by the European Union in 2017 for his role in
brutally supressing street protests. The secretary general of Kabila's
People's Party for Reconstruction and Democracy, Shadary may be
intended to keep the presidential seat warm for Kabila, much in the
way that Russian President Vladimir Putin stepped down as president to
avoid breaching a two-term limit, before taking the job again after a
period away.

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The surreal moment when Kabila's chosen successor, Shadary (front, grey suit), along with a crowd of ministers, presidential advisers and FCC members Video via @WTBClowes
Africa


The surreal moment when Kabila's chosen successor, Shadary (front,
grey suit), along with a crowd of ministers, presidential advisers and
FCC members, nearly couldn't get into the electoral commission to
register as a candidate--the lock was jammed--and nearly got squished.

read more


Fears rise that Kabila will remain Congo's 'string-puller' @FT
Africa


Joseph Kabila broke a two-year silence on Wednesday by finally
indicating that he would not run for re-election in the Democratic
Republic of Congo’s long-delayed polls in December.

The president’s decision, which was welcomed by opposition politicians
and western governments, opens the door to a first transfer of power
in the country in 17 years. But Mr Kabila’s choice of successor has
raised questions about his true intentions and willingness to
relinquish control.

“Ultimately Kabila ceded to national and international pressure,”
Martin Fayulu, an opposition leader and presidential candidate, told
the Financial Times from Kinshasa. “He could not resist the Congolese
people and the international community any longer.”

Mr Kabila was supposed to step down in 2016 but elections were delayed
and he clung to power, leading to violent protests across the country,
a slowdown in economic activity and creeping isolation. Last month Mr
Kabila delayed a visit by António Guterres, the UN secretary-general,
and refused to meet Nikki Haley, the US ambassador to the UN.

If elections are held in December and Mr Kabila hands over the reins
to a democratically elected successor, Congo could begin rebuilding
those fractured relations. Ms Haley welcomed Wednesday’s announcement
as a “historic opportunity” for Congo to grasp its first, peaceful
transfer of power.

But Mr Kabila’s choice of Emmanuel Ramazani Shadary to represent his
ruling Common Front for Congo suggests he may have other ideas.

A former minister of interior, Mr Shadary was sanctioned by the EU in
2017 for his role in repressing political protests. He is also
considered to be one of Mr Kabila’s closest allies.

“Shadary is a divisive figure, both within the FCC grouping and
internationally,” said Indigo Ellis, an Africa analyst at Verisk
Maplecroft. “Kabila will, therefore, almost certainly remain the
string-puller behind the scenes.”

A founding member of the president’s party and former governor of the
sparsely populated Maniema province in the east of the country, Mr
Shadary has been close to Mr Kabila since the president’s father
seized power in 1997, but lacks his own political base.

Some members of the opposition believe that lack of personal support
is the reason that more powerful figures in the coalition, such as
Aubin Minaku, the head of the parliament, and the former prime
minister Matata Ponyo Mapon, were overlooked.

“He [Shadary] does not have an enormous base that would bother Kabila,
and he does not have the same wealth as others,” said opposition
leader Mr Fayulu.

Mr Kabila’s Common Front for Congo, also known as the FCC, is a
sprawling coalition of more than a dozen political parties, held
together by the access to power and public positions that loyalty to
the president provides. The selection of a successor therefore risked
fracturing that loyalty and was shrouded in secrecy.

The coalition gathered at the president’s farm on Tuesday for two
hours but still no name emerged. Discussions were restricted to a tiny
coterie of trusted advisers.

“Mr Shadary was chosen by Kabila and Kabila alone,” said Patrick
Muyaya, a lawmaker and member of the FCC. “I don’t think the coalition
would have selected someone under sanction by the EU,” he told the FT
from Kinshasa.

For now the coalition appear to have accepted the choice.

What happens in Congo in the next five months is critical for regional
stability and parts of the global economy. Congo neighbours nine
countries and violence can easily spill over its borders. Fighting in
the central Kasai region last year alone saw tens of thousands of
Congolese flee across the frontier into Angola.

Congo is also Africa’s biggest copper producer and the source of more
than 60 per cent of the world’s cobalt, the critical ingredient in the
lithium-ion batteries needed to power the next generation of electric
vehicles.

The country has received billions of dollars in investment since Mr
Kabila came to power in 2001 but still struggled to overcome decades
of conflict and corruption. Analysts say that a smooth exit is vital
to ushering in a new period in Congo’s complicated history.

The prognosis is mixed. Mr Kabila’s promised departure ends two years
of uncertainty and should mean that further US sanctions against his
inner circle and an escalation in international tensions are avoided.
At the same time it sets the stage for a vicious electoral battle
between a frustrated opposition and a powerful but fragmented ruling
coalition.

“President Kabila not presenting himself as a candidate is a crucial
first step” said Ida Sawyer, deputy Africa director at Human Rights
Watch. “But tough pressure from DR Congo’s partners must continue for
the country to see a truly democratic transition and to prevent more
repression and bloodshed.”

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Zimbabwe The great observer gamble @Africa_Conf
Africa


Mnangagwa's team may have done enough to allow the most enthusiastic
business people and governments to step up re-engagement. Much will
depend on the strength of the opposition's case at the election
tribunal and the credibility of its handling by the courts.

But with US sanctions set to continue, there seems little prospect in
the short-term of a deal on Zimbabwe's arrears to the World Bank and
African Development Bank, let alone new flows of cash from the IMF (AC
Vol 58 No 24, Destruction in his wake). Contrary to the state-owned
press insistence, there are no plans for a $2 billion credit line from
Beijing to reboot the economy, despite its strong approval of
Mnangagwa.

There is a hard-headed view that Zimbabwe's economic morass is too
deep, and its financial structures and parallel currency systems too
fragile to be susceptible to a unilateral fix. Instead, new flows of
cash, some from highly questionable sources, will come in.

Financial toes will be dipped in the water, in search of what could be
spectacular returns if the deals are cleverly structured. How these
will help Zimbabweans, with the public health and education systems in
chaos and jobless rates close to 90%, is another question.

read more


Zambia's Yields on its Eurobonds rose above 12% today, their highest in more than two years @markets @PaulWallace123
Africa


Zambia's also having a tough day in the markets. Yields on its
Eurobonds rose above 12% today, their highest in more than two years,
as investors continue to question if the government can handle its
debt load. @markets

read more


24 APRIL 2018 - big ticket blow-up in any African country might all be the catalyst [Zambia looks a likely candidate]. @BDliveSA's @RonakGopaldas
Africa


According to Aly-Khan Satchu, a Nairobi-based investment analyst,
"liquidity has so far muted political risk and concerns from some bond
vigilantes are that African governments are dangerously overloaded on
debt. Therefore this could well be the calm before a storm. The
question is what might trigger this pivot. A non-benign interest rate
structure, a sharp deterioration in the US-China trade war or big
ticket blow-up in any African country might all be the catalyst
[Zambia looks a likely candidate].

read more



Nigerian stocks dropped to a more than nine-month low on Thursday
Africa


The stock index fell for the fifth straight session, down 0.4 percent
to 36,154 points. Stocks have fallen 5.1 percent so far this year,
after climbing 42 percent last year.

read more




Africa is experiencing a "massive trend of increased use (of skin bleaching), particularly in teenagers and young adults," said Lester Davids, a physiology professor
Africa


"The older generation used creams -- the new generation uses pills and
injectables. The horror is that we do not know what these things do in
high concentrations over time in the body."

Where statistics about Africa's skin-bleaching industry exist, they
are often old or unreliable.

But evidence from the range of products, suppliers and services points
to a continent-wide market that may number tens of millions of people
and possibly more.

In Nigeria alone, 77 per cent of women -- by extrapolation, more than
60 million people -- are using lightening products on a "regular
basis", the World Health Organization (WHO) said in 2011.

read more


What may strike next, the @WHO fears, is something no doctor has ever heard of, let alone knows how to treat. It's come to be known as Disease X. @WIRED
Africa


In 2013 a virus jumped from an animal to a child in a remote Guinean
village. Three years later, more than 11,000 people in six countries
were dead. Devastating—and Ebola was a well-studied disease. What may
strike next, the World Health Organization fears, is something no
doctor has ever heard of, let alone knows how to treat. It’s come to
be known as Disease X.

Since René Descartes adopted the letter x to denote a variable in his
1637 treatise on geometry, it has suggested unknowability: the
mysterious nature of x-rays, the uncertain values of Generation X, the
conspiratorial fantasies of The X-Files. It’s also been used as code
for experimental—in the names, for instance, of fighter jets and
submarines. That’s an apt association: Disease X may leapfrog from
animals to humans like Ebola, but it could instead be engineered in a
lab by some rogue state.

Still, far from asking us to resign ourselves to an unpredictable
future horror, Disease X is a warning to prepare for the worst
possible scenario as best we can. It calls for nimble response teams
(a critical failure in the Ebola epidemic) and broad-spectrum
solutions. The WHO has solicited ideas for “platform technologies,”
like plug-and-play systems that can create new vaccines in months
instead of years. As Descartes showed us in mathematics, only by
identifying an unknown can we begin to find an answer.

read more





Tough economic conditions/ outlooks = credit rating cuts for 5 African countries so far in 2018: #Zambia #Kenya #Angola #Tunisia #Gabon (fx debt). All 5 cuts by @MoodysInvSvc. @gregorylbsmith
Africa


Tough economic conditions/ outlooks = credit rating cuts for 5 African
countries so far in 2018: #Zambia #Kenya #Angola #Tunisia #Gabon (fx
debt). All 5 cuts by @MoodysInvSvc. Compare to 15 downgrades in 2017
(across the credit agencies & 8 countries) +1 2017 upgrade #Senegal.

read more






Former Nairobi City County Governor Evans Kidero & another have this afternoon appeared before Milimani Anti Corruption court @ODPP_KE
Kenyan Economy


Former Nairobi City County Governor Evans Kidero & another have this
afternoon appeared before Milimani  Anti Corruption court charged with
several counts relating to management and embezzlement of public funds

read more


@StanbicKE reports H1 EPS 2018 +104.78% Earnings
Kenyan Economy


Par Value:                  5/-
Closing Price:           92.00
Total Shares Issued:          395321638.00
Market Capitalization:        36,369,590,696
EPS:             10.9
PE:                 8.440

The Kenyan Banc assurance model includes CFC Bank, CFC Financial
Services and Heritage Assurance.

Stanbic Holdings H1 2018 Earnings here
H1 Loans and Advances [Net] to Customers 154.034135b versus 133.516337b +15.367%
H1 Intangible assets - Goodwill 9.349759b versus 9.349759b
H1 Total Assets 278.780976b versus 234.258513b +19.005%
H1 Deposits from Banks and customers 215.772057b versus 177.860070b +21.315%
H1 Total Income 11.178106b versus 9.169368b +21.907%
H1 Non-Interest Revenue 5.569913b versus 4.156997b +33.9988%
H1 Credit Impairment [253.269m] versus [1.817986b]
H1 Profit Before Tax 5.194482b versus 2.207897b +135.26%
H1 Profit After Tax 3.552326b versus 1.737229b +104.48%
H1 EPS 8.99 versus 4.39 +104.78%
H1 Dividend 2.25 versus 1.25 +80%
Cash and Cash Equivalents at period End 45.932735b versus 18.579702b

Conclusions

They were lapping a very big impairment in 2017 [related to South
Sudan if I recall correctly]
These are bulked up earnings which promise a lot.

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Kenya Shilling versus The Dollar Live ForexPros 100.36
Kenyan Economy


Nairobi All Share Bloomberg +1.61% 2018
http://www.BLOOMBERG.COM/quote/NSEASI:IND

Nairobi ^NSE20 Bloomberg -10.49% 2018
http://j.mp/ajuMHJ

Every Listed Share can be interrogated here
http://www.rich.co.ke/rcdata/nsestocks.php

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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August 2018
 
 
 
 
 
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