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NOV 14 ::Ouagadougou's Signal to Sub-Sahara Africa
What’s clear is that a very young, very informed and very connected
African youth demographic [many characterise this as a ‘demographic
dividend’] – which for Beautiful Blaise turned into a demographic
terminator – is set to alter the existing equilibrium between the
rulers and the subjects, and a re-balancing has begun.
"The supreme art of war is to subdue the enemy without fighting." - Sun Tzu, The Art of War
“All warfare is based on deception. Hence, when we are able to attack,
we must seem unable; when using our forces, we must appear inactive;
when we are near, we must make the enemy believe we are far away; when
far away, we must make him believe we are near.” ― Sun Tzu, The Art of
“Be extremely subtle even to the point of formlessness. Be extremely
mysterious even to the point of soundlessness. Thereby you can be the
director of the opponent's fate.” ― Sun Tzu, The Art of War
Sun Tzu and the art of fighting a trade war @asiatimesonline's Pepe Escobar
Law & Politics
Imagine the Chinese leadership out of the public eye for nearly two
weeks – virtually holed up, immersed in a secret debate. That is
exactly what just happened at Beidaihe, the beach resort in eastern
While there might be James Bond-ish conspiracy theories out there for
this annual ritual, there are no doubts about the key theme of
discussions: The US-China trade war.
It did not escape the notice of the senior leadership at Beidaihe of
the change of direction by the US. President Donald Trump’s
administration is taking a belligerent approach while the US National
Security Strategy in December 2017 unmistakably labeled China a
“revisionist power,” a strategic rival and for all practical purposes,
from the Pentagon’s point of view, a top threat.
Instead, what the Beijing leadership identifies is what we could
define, in Chinese culture terminology, as the “three threats.”
A threat to their foreign policy concept for the coming decades, such
as the Belt and Road Initiative, and a threat to China’s own
integration drive centered on the three strategic zones of the Greater
Bay Area, the Beijing-Tianjin-Hebei corridor and the Yangtze river
delta. And, of course, a threat to the Chinese stock market.
State media is still grappling on how to deal with it. The People’s
Daily has, politely, defined the Trump administration’s strategy as
“engagement plus containment.”
For Trump, on the record, “trade wars are good and easy to win.” That
reflects his fascination with the World Wrestling Entertainment (WWE)
ethos. Trump, in this case, is The Undertaker bent on taking Xi to the
woodshed. Xi is no more Mr. Nice Guy, Trump’s former “good friend.”
So, Xi cannot possibly believe that galvanizing the crowd like
superhero The Rock will save the day. The WWE is not about “win-win” –
that is for losers. Now, it is no holds barred. Trump accuses China of
US election interference: “Fools that are so focused on looking only
at Russia should start also looking in another direction, China.”
China’s military “adventurism” allows the Pentagon to come up with a
Space Force. China is also barred from investing in US industries
related to national security.
The US response to the reach of the Belt and Roaf Initiative is to
invest in the fuzzy “Indo-Pacific” – by committing a paltry $113
million in energy, infrastructure, and digital commerce. “Made in
China 2025” is qualified as an absolute threat to “America First.”
And China is increasingly depicted as “malign” – the buzzword of
choice that makes Trump, in this case, fully aligned with the
industrial-military-security-think tank complex.
So, how to fight a cage match with no referee? Enter Sun Tzu, China’s
legendary military strategist who wrote The Art of War. The first rule
is simple: “All warfare is based on deception.” As in Beijing gearing
up to negotiate both as a partner and a threat.
It will be long, it will be nasty, it will be protracted, going way
beyond the talks this week in the US, which importantly do not feature
Vice-President Wang “Firefighter” Qishan, a key player and Xi’s
trusted consigliere. He is more useful coordinating long-term strategy
Here, a quick flashback to the British Empire is in order. In 1793,
during the first diplomatic mission to Beijing, led by Lord Macartney
and received by Emperor Qianlong, the Brits quickly identified how the
teeming markets of China posed a “threat” to Europe and the
contemporary world trade system.
China was self-sufficient at the time and exported to Europe goods
such as silk, tea, textiles, porcelain. In fact, all the trimmings of
the luxury market in a web of silk routes or an earlier version of the
Belt and Road.
But what did they import? Not much, apart from Siberian furs, some
exotic food and ingredients for traditional Chinese medicine. Here is
Emperor Qianlong comments: “The Celestial Empire possesses all things
in prolific abundance and lacks no product within its borders. There
is, therefore, no need to import the manufactures of outside
barbarians in exchange for our own products.”
We all know how that ended – gunboat diplomacy, the Opium Wars,
Beijing being sacked in 1860, “unequal treaties” and the Chinese
“century of humiliation.”
So, the next step should be an extension of the Tesla-in-Shanghai model.
But underestimating a rising power capable of planning a concerted
global strategy in detail up to 2049 is foolish. Xi and Trump will
have the chance to have a serious face-off on Nov. 30 at the G20
summit in Argentina.
Trump may even bill it as a “win”, as in his summits with Russian
President Vladimir Putin and North Korean leader Kim Jong Un. Sun Tzu,
though, is waiting in the wings.
How US-China trade war could chip away at the 'cult of Xi' @asiatimesonline
Law & Politics
He is the most powerful leader in modern Chinese history since Mao
Zedong. Last October, President Xi Jinping’s Thought on the Socialist
Economy with Chinese Characteristics for a New Era was enshrined in
Communist Party dogma at the 19th National Congress in the fabled
Great Hall of the People.
Only Chairman Mao had been honored in this way while he was still
alive. Deng Xiaoping, the architect of China’s economic miracle,
joined the Great Helmsman after his death in 1997 with his “Socialism
with Chinese characteristics” Theory.
These fundamental doctrines are now at the heart of the CCP
constitution and are taught at universities across the country. The
cult of Xi was firmly in the ascendancy.
Fast forward 10 months, and this has turned into a summer of protest
instead of a summer of love for the president.
There are questions already being asked about his policy decisions as
the trade war with the United States drags on, the economy cools, and
‘crown jewel’ programs, such as “Made in China 2025” and the Belt and
Road Initiative, become controversial topics.
Critics have even branded these ‘New Silk Road’ superhighways as “debt traps.”
“Recent evidence provides plenty of data to justify US disappointment
and rising concern over Xi Jinping’s policies and practices,” Robert
Sutter, a professor of international affairs at the George Washington
University, wrote in a commentary for the Center for Strategic and
International Studies, a think tank based in Washington.
“There are [also] gaps and shortcomings in China’s international
economic policies, [while] there has been pervasive hedging among
independent-minded Asian governments that makes Chinese dominance
difficult,” added Sutter, the author of Foreign Relations of The PRC:
The Legacies and Constraints of China’s International Politics.
Speaking to the Study Times, a weekly newspaper affiliated with the
Party School of the Central Committee of the CCP, Zhao said:
“China only has two options: Give in to America’s bullying … or let
the other side know that Chinese people are not easily pushed around.
This trade war is different. It’s a strategic game concerning the
“[We] have no reason to compromise. [We have to] take the moral high
ground, further open the economy and make more friends
internationally. [We should also] take targeted measures to hurt the
US, [but we] need … to be prepared to accept a heavy cost for fighting
with the world’s number one country.”
So far, Xi is showing no signs of buckling. This week he strengthened
his hold on the People’s Liberation Army by demanding “absolute
loyalty” to the CCP. After all, what is at stake is his vision of the
future, embossed with Chinese characteristics for a new era.
President Trump has taken to using a vocabulary that sounds uncannily like that of New York mobsters in the waning days of organized crime, @MarkLandlerNYT
Law & Politics
For much of the 1980s and 1990s, “the Dapper Don” and “the Donald”
vied for supremacy on the front pages of New York’s tabloids. The don,
John J. Gotti, died in a federal prison in 2002, while Donald J. Trump
went on to be president of the United States.
“I know all about flipping,” Mr. Trump told Fox News this week. “For
30, 40 years I’ve been watching flippers. Everything’s wonderful and
then they get 10 years in jail and they flip on whoever the next
highest one is, or as high as you can go.”
But the president was also evoking a bygone world — the outer boroughs
of New York City, where he grew up — a place of leafy neighborhoods
and working-class families, as well as its share of shady businessmen
and mob-linked politicians. From an early age, Mr. Trump encountered
these raffish types with their unscrupulous methods, unsavory
connections and uncertain loyalties.
Mr. Trump is comfortable with the wiseguys-argot of that time and
place, and he defaults to it whether he is describing his faithless
lawyer or his fruitless efforts to discourage the F.B.I. director,
James B. Comey, from investigating one of his senior advisers, Michael
T. Flynn, over his connections to Russia.
“When I first heard that Trump said to Comey, ‘Let this go,’ it just
rang such a bell with me,” said Nicholas Pileggi, an author who has
chronicled the Mafia in books and films like “Goodfellas” and
“Casino.” “Trump was surrounded by these people. Being raised in that
environment, it was normalized to him.”
Mr. Trump honed his vocabulary over decades through his association
with the lawyer Roy Cohn, who besides working for Senator Joseph
McCarthy also represented Mafia bosses like Mr. Gotti, Tony Salerno
and Carmine Galante. He also gravitated to colorful characters like
Roger J. Stone Jr., the pinkie-ring-wearing political consultant, and
Mr. Stone’s onetime partner, Paul Manafort, the former Trump campaign
chairman who was convicted on Tuesday of eight counts of tax and bank
Defending the White House counsel, Donald F. McGahn II, after a report
in The New York Times that he had spent 30 hours speaking to the
special counsel, Robert S. Mueller III, Mr. Trump wrote on Twitter
that Mr. McGahn would never sell out his boss like a “John Dean type
“I thought of the New York Mafia social clubs, an image from my days
as a Manhattan federal prosecutor in the 1980s and 1990s,” Mr. Comey
said. “The Ravenite. The Palma Boys. Café Giardino. I couldn’t shake
the picture. And looking back, it wasn’t as odd or dramatic as I
thought at the time.”
For whom the bell tolls a poem (No man is an island) by John Donne
Law & Politics
No man is an island,
Entire of itself.
Each is a piece of the continent,
A part of the main.
If a clod be washed away by the sea,
Europe is the less.
As well as if a promontory were.
As well as if a manor of thine own
Or of thine friend's were.
Each man's death diminishes me,
For I am involved in mankind.
Therefore, send not to know
For whom the bell tolls,
It tolls for thee.
.@DeutscheBank Buys Stake in Modo to Expand Digital Payments @business
The German lender, which has been shrinking staff and operations
internationally, bought a stake in U.S. technology startup
ModoPayments so it can move funds outside of banking channels.
Deutsche Bank said the deal will help it connect to digital platforms
run by Jack Ma’s Alipay, Tencent Holdings Ltd.’s WeChat, PayPal
Holdings Inc. and M-Pesa.
“Modo’s technology will allow us to provide new transaction services
and payment alternatives for the rapidly growing digital economy,”
Michael Spiegel, Deutsche Bank’s head of cash management, said in a
statement that didn’t disclose terms of the acquisition.
Modo, founded in 2010, is based in Dallas. The move by Frankfurt-based
Deutsche Bank expands the lender’s existing digital payments business,
which sends funds between companies and consumers.
“Payments are the bloodline of banking,” John Gibbons, head of
transaction banking at Deutsche Bank, said in the statement. “Going
forward, we will be able to directly process payments to mobile
wallets and app-based payment solutions.”
Brazil's Real is getting slammed as a jailed candidate leads its presidential polls. Political uncertainty has pushed the currency to its weakest level since at least 2016. @Schuldensuehner
CURITIBA/RECIFE (Reuters) - It is Thursday outside a government
building in this tidy city in southern Brazil. Luiz Inacio Lula da
Silva, the country’s former president, is receiving visitors to plot
his political future.
Adinaldo Aparecido Batista a supporter of former Brazilian President
Luiz Inacio Lula da Silva chants "Good morning, President Lula" in
front of the Federal Police headquarters, where Lula is imprisoned, in
Curitiba, Brazil August 8, 2018. REUTERS/Rodolfo Buhrer
Never mind that this compound, the regional federal police
headquarters, doubles as a prison for corrupt politicians. Or that
Lula, as this leftist icon is universally known, is serving a 12-year
sentence for graft.
Despite his predicament, Lula is still calling the shots in his
Workers Party (PT) and engineering another presidential run,
underscoring his stature as the most popular modern political figure
in Brazil. During his two presidential terms, which ran from 2003 to
2011, the economy soared, poverty plunged and Brazil basked in the
international spotlight, winning bids to host the 2014 World Cup and
the 2016 Olympic Games.
PT lieutenants regularly visit Lula in prison to map out strategy
ahead of October’s presidential balloting, eight party insiders told
Reuters. This day’s crop included Vagner Freitas, head of Brazil’s
most powerful trade union. Lula’s vice presidential running mate
Fernando Haddad, and Gleisi Hoffmann, the PT’s president, showed up
the following day.
Outside the lock-up, vendors sold T-shirts with Lula’s bearded visage
to the partisan crowd. Occasional chants of “Lula president, Lula
innocent” filled the air.
Court hears Mnangagwa won Zimbabwe poll with 'ghost' votes @FinancialTimes
Zimbabwe’s opposition accused Emmerson Mnangagwa of using “ghost”
votes to win the first presidential election without Robert Mugabe as
it petitioned the southern African nation’s constitutional court for a
Lawyers for Nelson Chamisa, leader of the Movement for Democratic
Change, told the court on Wednesday that Mr Mnangagwa’s official 50.5
per cent victory tally was inflated by tens of thousands of suspect
They added that Zimbabwe’s election body “connived” with Mr
Mnangagwa’s ruling Zanu-PF to avoid a runoff poll by counting votes
from unofficial polling stations and inflating turnout.
“Numbers do not lie . . . a runoff is unavoidable, the election must
be set aside,” said Thabani Mpofu, Mr Chamisa’s lawyer.
If the court decides against letting the results stand, it has the
power to order a recount or a rerun of the election. It has a
fortnight to make a ruling.
The arrest of Bobi Wine has shaken Uganda. The state risks turning the popular singer into a populist icon. #FreeBobiWine - @TheEconomist
THE video for his song “Freedom” imagines Robert Kyagulanyi, better
known as Bobi Wine, trapped in a jail cell. Now the
singer-turned-politician really is locked up. On August 13th the
authorities in Uganda arrested Mr Wine, along with other MPs and
activists. Ten days later he was charged with treason. He limped into
court, unable to walk unaided; his lawyers say he was beaten by
soldiers. Opposition politicians are often arrested on bogus charges.
But Mr Wine’s detention has ignited public outrage and exposed the
generational chasm in Ugandan politics.
Mr Wine has become the unofficial spokesman for young people
disillusioned with Yoweri Museveni, Uganda’s ageing president. Calling
himself the “Ghetto President”, Mr Wine rose to fame as a dreadlocked
pop star who drove fast cars and dissed his rivals. He sang about
girls, naturally, but also about mistreated street traders. He calls
his songs “edutainment”, music with a message. In 2015 other stars
took money to record a campaign anthem for Mr Museveni. Mr Wine wrote
his own hit, calling for peaceful elections and a handover of power.
Last year Mr Wine swept into parliament as an independent and, with
other MPs, tried to stop a constitutional amendment that would let Mr
Museveni extend his rule. “We want to take power back to the people,”
he told The Economist at the time, his red tie wrapped like a bandanna
around his head. A grenade was later thrown at his house. Undeterred,
he campaigned for like-minded candidates in by-elections (they won)
and joined protests against a new social-media tax.
This month Mr Museveni and Mr Wine were in the north-western town of
Arua for another by-election. An army spokesman says a crowd threw
stones at Mr Museveni’s convoy and that Mr Wine’s driver was shot dead
in the ensuing “fracas”. The police later claimed to have found guns
in the singer’s hotel room. Nearly all of this is disputed. Mr Wine,
tweeting before his arrest, said the bullet that hit his driver was
meant for him. The charge against Mr Wine of unlawful possession of
firearms has already been dropped.
In the days after Mr Wine’s arrest young men lit fires in the streets
of Kampala and demanded his release. On August 20th protests erupted
across the city. Police and soldiers fired tear gas and bullets.
Journalists and bystanders were beaten. One man was shot dead. The
authorities forced hundreds of people to kneel on the street with
their hands in the air.
In a little over a year Mr Wine has overthrown the conventions of
Ugandan politics. For three decades the dominant figures in both the
government and the opposition have been veterans of the bush war that
brought Mr Museveni to power. Mr Wine was a toddler then. He speaks in
a way that appeals to the restless young masses—the median age in
Uganda is 16. “He sings about the situation a person faces:
unemployment, poor health, poor education,” says one young man.
Mr Wine’s critics say he has no party, no ideas and that, until now,
he has not experienced state brutality—a rite of passage for
opposition politicians. Mr Museveni condescendingly calls him “our
grandson, the indisciplined MP, Bobi Wine”. But the regime is rattled
by him. By resorting to violence, the state only accelerates his
transformation from weed-smoking celebrity to populist icon. “When
leaders become misleaders,” he sings, “then opposition becomes our
Uganda's Bobi Wine: Pop star MP charged with treason BBC
In a country where more than three-quarters of the population is under
the age of 30, Bobi Wine might have demographics on his side.
He has been described as a magnetic presence and a skilled orator, who
has the potential to galvanise the country's youth.
He told the BBC in 2017 that he wanted to be the voice of the younger
generation. "I'm here to give young people confidence," he said.
He might also have a knack for being kingmaker. In the past year,
three candidates backed by Bobi Wine have won parliamentary seats in
Ugandan police surround homes of opposition members after protests @ReutersAfrica
Ugandan police spokesman Emilian Kayima said that the opposition
leaders whose homes were surrounded had been placed under
“preventative arrest” to try to prevent further unrest.
“We have intelligence reports that these leaders were inciting people
to riot yet they have other lawful avenues, like petitioning a higher
court, to seek redress about their fate of their colleague,” Kayima
“We don’t want to experience what we went through on Monday,” he said,
referring to a demonstration in Kampala at which Ugandan police fired
tear gas and military units were deployed to disperse protesters.
10 NOV 14 ::Ouagadougou's Signal to Sub-Sahara Africa
What’s clear is that a very young, very informed and very connected
African youth demographic [many characterise this as a ‘demographic
dividend’] – which for Beautiful Blaise turned into a demographic
terminator – is set to alter the existing equilibrium between the
rulers and the subjects, and a re-balancing has begun
.@realDonaldTrump wants @SecPompeo to study "killing of farmers" in South Africa @Reuters
U.S. President Donald Trump said on Wednesday he had asked Secretary
of State Mike Pompeo to study South African “land and farm seizures”
and the “killing of farmers”, prompting Pretoria to accuse Trump of
stoking racial divisions.
The rand currency dropped more than 1.5 percent against the U.S.
dollar in early trade on Thursday after Trump’s tweet had circulated
in South Africa, before trimming its losses.
“I have asked Secretary of State @SecPompeo to closely study the South
Africa land and farm seizures and expropriations and large scale
killing of farmers,” Trump said on Twitter.
The tweet appeared to be a response to a Fox News report on Wednesday
that focused on South Africa’s land issue and murders of white
South African President Cyril Ramaphosa’s spokeswoman said Trump was
“misinformed” and the foreign ministry would seek clarification from
the U.S. Embassy in Pretoria.
“South Africa totally rejects this narrow perception which only seeks
to divide our nation and reminds us of our colonial past,” a tweet
from South Africa’s official government account said.
Ramaphosa announced on Aug. 1 that the ruling African National
Congress (ANC) plans to change the constitution to allow the
expropriation of land without compensation, as whites still own most
of South Africa’s territory.
Ramaphosa has said any measures would not hit economic growth or food
security. No land has been “seized” since the reform plans were
announced, the ANC says.
“It is regrettable that the tweet is based on false information,”
South Africa’s foreign affairs minister, Lindiwe Sisulu, said.
Far-left opposition firebrand, Julius Malema, who has led calls for
the seizure of white-owned land, told Trump to keep out of the debate.
“We want to send a strong message to the U.S. to stay out of South
Africa. You have caused enough problems in Africa,” he told
Afriforum, which mostly champions white people’s rights in South
Africa, welcomed Trump’s announcement.
“Everyone in South Africa should therefore hope that the pressure from
the USA will lead to the ANC reconsidering the disastrous route that
they want to take SA on,” AfriForum’s CEO, Kallie Kriel, said.
He added that Trump’s comment came just three months after the
organisation sent a delegation to the United States to brief Fox News
presenter Tucker Carlson, and the Cato Institute think tank, on the
situation in South Africa.
Violent crime is a serious problem across South Africa and 47 farmers
were killed in 2017-18, according to statistics from AgriSA, an
association of agricultural associations. However the same figures
show that farm murders are at a 20-year low.
Since the end of apartheid in 1994, the ANC has followed a
“willing-seller, willing-buyer” model under which the government buys
white-owned farms for redistribution to blacks.
Progress has been slow and most South Africans believe something has
to be done to accelerate change, providing it does not hurt the
economy or stoke unrest.
“Reforming the land distribution and ownership will be good for South
Africa,” said political analyst Nic Borain.
“That there will be instability and worries about property rights is
inevitable, but we don’t expect that the government will act in a way
that radically destabilises investor security.”
Trump’s tweet came days after it was announced that his wife, Melania,
would travel to Africa in October for her first major solo
international trip as first lady.
Donald Trump, white victimhood and the South African far-right @TC_Africa
In the age of smartphones and social media, the spread of ideas as
digital memes is global and unpredictable. This includes, for example,
Islamic State (IS) recruiting followers from across the globe, to the
nationalist and xenophobic ideas that were espoused respectively in
the campaigns by Brexiteers to get the UK to leave the European Union
and Donald Trump to get elected as US president.
Around the world, the right especially has shown how effective a tool
social media can be.
A good example is popular South African singer Steve Hofmeyr, who is a
foremost crusader for white right-wing causes, –especially on social
media. With 222,000 followers, his Twitter timeline not only features
local issues of so-called white victimhood, but also retweets of
prominent European extremists’ campaigns. As to be expected, he is a
strong Trump supporter.
Recently, there was a fundraising campaign to send Hofmeyr to the US
to meet with Trump. The extremist campaigner behind the proposed
“talks” said it was aimed at stopping the “genocide” of white
Afrikaners. He even sent tweets to Trump’s daughter, Ivanka, and his
wife, Melania, to help facilitate the talks.
White victimhood has crossed international borders. The idea of white
people falling victim to an “onslaught” of refugees and immigrants has
become a major factor in elections across Europe. The meaning of “PC”
is changing, with political correctness making way for patriotic
correctness. That’s what Trump’s “America First” is all about.
Trump’s campaign slogan “Make America Great Again” appealed to white
victimhood. He focused on a white electorate who feels disillusioned
by demographic and sociopolitical change in the US. They feel that
American values are in danger, and hence there is the need to “take
White victimhood is a right-wing tactic that inverts the left’s
narratives of minority discrimination and neocolonialism. This tactic
denies that there is such a thing as white privilege, and attempts to
camouflage white domination.
@BritamEA reports H1 2018 EPS -13.725% Earnings here
Closing Price: 13.25
Total Shares Issued: 2,523,486,816
Market Capitalisation: 33,436,200,312
Britam Holdings PLC H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Gross earned premiums 12.525964b vs. 11.236317b +11.477%
H1 Reinsurance premium ceded [1.748042b] vs. [1.491205b] -17.223%
H1 Net earned premiums 10.777922b vs. 9.745112b +10.598%
H1 Investment income 3.661583b vs. 2.772369b +32.074%
H1 Net unrealized fair value gains on financial assets through profit
or loss 1.566469b vs. 1.181529b +32.580%
H1 Total revenue 16.848393b vs. 14.692991b +14.670%
H1 Insurance claims and loss adjustment expenses [5.839965b] vs.
H1 Amount recoverable from reinsurers 1.258708b vs. 961.398m +30.925%
H1 Change in actuarial value of policyholder benefits [2.959043b] vs.
H1 Net insurance benefits and claims [7.540300b] vs. [6.669113b] +11.571%
H1 Operating and other expenses [4.349919b] vs. [3.898804b] +11.571%
H1 Total expenses [15.485558b] vs. [13.488406b] +14.806%
H1 PBT 1.366204b vs. 1.282214b +6.550%
H1 Income tax [385.182m] vs. [287.125m] +34.151%
Profit for the year 981.022m vs. 995.089m -1.414%
Basic and Diluted EPS 0.44 vs. 0.51 -13.725%
Total equity 28.781956b vs. 19.202168b +49.889%
Financial assets at fair value through profit/ loss 38.164085b vs.
Total Assets 112.418843b vs. 90.622836b +24.051%
Cash and cash equivalents at end of year 12.028402b vs. 8.423155b +42.802%
Number of shares: 2,523,486,816
@Kenya_Re Kenya Re-insurance Corp. Ltd. reports H1 2018 EPS -24.138% Earnings here
Par Value: 2.50/-
Closing Price: 16.75
Total Shares Issued: 699949068.00
Market Capitalization: 11,724,146,889
Leading reinsurance and insurance provider.
Kenya Reinsurance Corporation Limited H1 2018 results through 30th
June 2018 vs. 30th June 2017
H1 Gross premiums written premium 6.332446b vs. 7.504451b -15.617%
H1 Outward reinsurance premiums [396.646m] vs. [172.483m] +129.962%
H1 Net written premium 5.935800b vs. 7.331968b -19.042%
H1 Net earned premiums 6.371661b vs. 7.089182b -10.121%
H1 Investment income 1.904552b vs. 1.671447b +13.946%
H1 Total income 8.311996b vs. 8.805540b -5.605%
H1 Claims and policyholder benefits [3.581015b] vs. [3.617066b] -0.997%
H1 Reinsurers’ share of claims 218.858m vs. 9.916m
H1 Net claims and policyholder benefits [3.362157b] vs. [3.607150b] -6.792%
H1 Cedant acquisition costs [1.828188b] vs. [2.101120b] -12.990%
H1 Total outgo [6.555212b] vs. [6.511216b] +0.676%
H1 Profit before tax 1.756784b vs. 2.294324b -23.429%
H1 Profit for the period after tax 1.229749b vs. 1.622097b -24.188%
EPS 1.76 vs. 2.32 -24.138%
Total Equity 28.140232b vs. 25.908013b +8.616%
Government securities 16.687974b vs. 11.924950b +39.942%
Total Assets 43.614395b vs. 40.736039b +7.066%
Cash and cash equivalents at end of period 3.175156b vs. 5.459451b -41.841%
Remains inexpensive on a PE Basis but has been that way for Eternity.
international business, which contributes 40 per cent of the firm's reinsurance premiums, took a hit @BD_Africa
“Gross premiums written declined by 16 per cent for the six months
period ended 30 June 2018 from Sh7.5 billion to Sh6.33 billion,” said
the Nairobi Securities Exchange-listed firm in a statement.
“This is due to overall loss of business across key markets including
Ghana, Nigeria, India, Ethiopia and Nepal due to domestication.”
Kenya Re, which offers covers to more than 160 insurance companies
spread out in over 45 countries in Africa, Middle East and Asia, is
eyeing new markets across the globe in the face of stiffening
Kenya Re draws most of its gross premiums from the local market where
it will continue to enjoy mandatory cession of 20 per cent until 2020.
The guaranteed cessions to the company are backed by the government
which owns 60 per cent of the reinsurer, with the remaining shares
held by the investing public at the Nairobi bourse.
The re-insurer was in March this year in the eye of a storm after it
sent home Chief executive officer Jadiah Mwarania and replaced him
with Mr Michael Mbeshi, the reinsurer’s property management general
manager, in an acting capacity.
East African Cables reports H1 2018 EPS [1.01] Earnings here
Par Value: 0.50/-
Closing Price: 3.40
Total Shares Issued: 253125000.00
Market Capitalization: 860,625,000
Leading Kenyan cable manufacturer.
East African Cables Limited H1 2018 results through 30th June 2018 vs.
30th June 2017
H1 Turnover 872.577m vs. 1.470026b -40.642%
H1 Loss from operating activities [140.193m] vs. [84.620m] -65.674%
H1 Interest expense [279.589m] vs. [233.649m] -19.662%
H1 Loss before tax [433.559m] vs. [331.806m] -30.666%
H1 Loss for the period [303.388m] vs. [232.447m] -30.519%
H1 Basic and diluted EPS [1.01] vs. [0.76] -32.895%
Total Assets 6.394495b vs. 7.290308b -12.288%
Total Equity 1.878802b vs. 2.556409b -26.506%
Cash and cash equivalents at 30th June 210.252m vs. 65.886m +219.115%
Total Equity 1.544723b vs. 2.319471b -33.402%
The Group continues to seek alternative financing arrangements to
alleviate the working capital constraints in order to turn the
business back to profitability
The prospects for the business look bright