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Satchu's Rich Wrap-Up
 
 
Tuesday 07th of August 2018
 
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US reimposes economic sanctions on Iran @FT
Law & Politics


Washington intensified pressure on Iran on Monday with the
reimposition of a series of tough economic sanctions as the Islamic
regime grapples with widespread social unrest.

President Donald Trump confirmed he would reinstate sanctions on
Tehran that had been waived as part of the 2015 Iran nuclear deal from
which he withdrew the US in May.

The sanctions, which take effect on Tuesday, prohibit Iran from using
US currency. They also bar trading in cars and metals and minerals
that include gold, steel, coal and aluminium. Iran will also be barred
from buying US and European aircraft.

“Individuals or entities that fail to wind down activities with Iran
risk severe consequences,” Mr Trump said.

The move marks the latest milestone in Mr Trump’s effort to unwind the
Obama-era nuclear agreement, which he called a “horrible, one-sided
deal”. In November, the US will reimpose another tranche of sanctions
that bar imports of Iranian energy and prevent financial institutions
from conducting transactions with Iran’s central bank.

Iran slammed the decision. Mohammad Javad Zarif, the Iranian foreign
minister, said that the “bullying, economic power and political
pressure [from Washington] may have led to some disruptions [in Iran]
but today the US is isolated in the world”.

Iran’s economy has been rocked by a decline of more than 50 per cent
in the value of the rial, the Iranian currency, against the US dollar
this year. Soaring prices and joblessness have fuelled public dissent.

John Bolton, US national security adviser, said the fall in the rial
and other economic troubles showed that the threat of sanctions had
already had a “major effect” in Iran.

US officials said that although Mr Trump was increasing pressure on
the regime, he was willing to meet the Iranian leadership — an offer
that was previously rejected by Iran— in the same way he met North
Korean dictator Kim Jong Un in Singapore.

“Negotiations are meaningless when sanctions are imposed against
Iranian children and people,” Mr Rouhani said on state television.
“First, you should drop your knife.”

He said the primary goal of 79-year-old Ayatollah Khamenei was “to
preserve his rule for as long as he’s alive”, adding: “He has defied
the US for four decades and his instincts will be to shun Trump. But
if the economic pressure becomes too great he may have to swallow a
bitter pill and accede to negotiations with the US.”

The White House’s policy has faced resistance from Europe where
France, Germany and Britain want to preserve the Iran deal even
without US participation.

German, French and British foreign ministers said in a statement that
was joined by Federica Mogherini, Brussels’ top diplomat, that the EU
“deeply regrets” the reimposition of sanctions. “Preserving the
nuclear deal with Iran is a matter of respecting international
agreements and a matter of international security,” they said.

The US played down the lack of EU support. Mr Bolton said that “in
overwhelming proportions” companies in the bloc were “deciding that
they would rather do business in the United States than in Iran.
European businesses are terminating their activities in Iran to a very
considerable extent.”

US officials denied that the Trump administration was trying to
engineer regime change. One official said the “policy has not been
regime change, it is to modify the Iranian regime’s behaviour”.

The officials declined to say if the administration would provide
waivers to countries, such as Japan and India, that want to keep
buying some energy from Iran. “Our goal is to get imports of Iranian
oil to zero,” said one, adding that the administration would discuss
requests from other countries “on a case-by-case basis”.

Conclusions


Financial warfare has proven effective. But It has spread contagion
and created a negative feed back loop in the Region [Turkish Lira,
Dubai et al].
This is a very resilient Regime and the MEK are a bunch of Chancers.

read more


China Daily described as "wishful thinking" President Trump's belief that a fall in Chinese stocks was a sign of his winning the trade war
Law & Politics


China Daily described as “wishful thinking” U.S. President Donald
Trump’s belief that a fall in Chinese stocks was a sign of his winning
the trade war and an example of his “ability to elasticize the truth.”

On Monday, the Communist Party’s People’s Daily newspaper singled out
Trump, saying he was starring in his own “street fighter-style
deceitful drama of extortion and intimidation”.

read more



26 Jul 2018 Actually I think @POTUS has taken Xi down a few notches.
Law & Politics


Actually I think @POTUS has taken Xi down a few notches. @ianbremmer
and in what is a game of Chicken has open Xi's eyes to the downside
risk which looks precipitous and of a Fat Tail nature

read more



"Trump will compliment anyone who flatters his self-perception the truest kompromat on Trump is his own personality" by @michaeldweiss via @nybooks
Law & Politics


"Trump will compliment anyone who flatters his self-perception,
whether they run beauty pageants, discotheques, or Stalinist
slave-states... the truest kompromat on Trump is his own personality."

In March 1986, Yuri Dubinin arrived in New York to assume his post as
the Soviet ambassador to the United Nations. Dubinin’s daughter,
Natalia, was already a diplomat serving at the Soviet mission, and she
picked her father up at the airport and drove him into a city to which
he’d never before been. (He wouldn’t stay long—within weeks of his
arrival, Dubinin was reposted as Soviet ambassador to the United
States and relocated to Washington, D.C.) Their first stop, Natalia
told the newspaper Komsomolskaya Pravda, was a Tetris-like black
skyscraper on Fifth Avenue. Professing himself impressed by what he
saw in this monument to American capitalism, the graying apparatchik
asked to meet its owner. So the Dubinins traveled to the top floor and
were introduced to Donald Trump.

It was a mutually delightful encounter. “The first thing I saw in the
city is your tower,” the ambassador exclaimed to the developer (it
must have been an exceptionally cloudy day on the Grand Central
Parkway). “Trump melted at once,” Natalia recalled. “He is an
emotional person, somewhat impulsive. He needs recognition. And, of
course, when he gets it he likes it. My father’s visit worked on him
like honey to a bee.”

read more


Saudi state airline @Saudi_Airlines suspends flights to and from Toronto @Reuters
Law & Politics


Saudi state airline Saudia said in a post on its official Twitter
account that it was suspending flights to and from Toronto, the latest
in a series of measures the kingdom announced on Monday in its
diplomatic row with Canada.

The kingdom froze new trade and investment with Canada on Sunday after
Ottawa urged Riyadh to free arrested rights activists. It also
recalled its ambassador and gave the Canadian ambassador 24 hours to
leave the country.

read more



Train derailed next to a Mnangagwa poster promising a modern railway transportation system. prophetic? @povozim
Law & Politics


Conclusions


On balance I think the International Community will re-engage but with
more circumspection.

read more


Currency Markets at a Glance WSJ
World Currencies


Euro 1.1550
Dollar Index 95.33
Japan Yen 111.34
Swiss Franc 0.9961
Pound 1.2945
Aussie 0.7395
India Rupee 68.835
South Korea Won 1125.48
Brazil Real 3.7361
Egypt Pound 17.8805
South Africa Rand 13.4270

read more










This Dubai builder expects the U.A.E.'s property slump to last for years
Emerging Markets


“This is positive. But rents are down 30 percent since 2016 and it
will take two or three years before prices start increasing.

Lower oil revenue and weaker economies in the surrounding Gulf
countries have hurt growth in the U.A.E., while rising costs have
reduced the appeal of its biggest city, Dubai. Property sales are on
pace for the worst year since 2012, down more than a third in the
first half of 2018 to $10.8 billion, according to the Dubai Land
Department.strq

Frontier Markets

read more


Zimbabwe opposition says supporters abducted as 27 appear in court @ReutersAfrica
Africa


Zimbabwe’s main opposition said on Monday security forces were
abducting its members in night raids to intimidate the party and stop
it challenging President Emmerson Mnangagwa’s win in national
elections.

read more


Boasts of bullet trains, divisions cost #Zimbabwe opposition dearly in elections
Africa


Emmerson Mnangagwa’s victory in the parliamentary and presidential
ballots has left Chamisa’s Movement for Democratic Change without
enough seats to prevent the ruling Zimbabwe African National
Front-Patriotic Front from changing the constitution. It’s also
exposed the opposition’s missteps in the lead-up to the July 30 vote,
even after Chamisa revitalized the alliance in the wake of former
leader Morgan Tsvangirai’s death in February.

The MDC’s alliance with six other parties was fractious at best,
according to analysts including Rashweat Mukundu at the Zimbabwe
Democracy Institute in Harare, the capital. That led it to field
multiple candidates in areas where a single ticket might have boosted
its tally.

“The MDC could’ve scooped an extra 10 seats to block Zanu-PF’s
two-thirds majority if they didn’t split the vote by fielding two or
more candidates for some single seats,” Mukundu said. “If they want to
win, they’re going to have to focus on uniting the opposition and
finding common purpose and cohesion.”

For instance, across the two western Matabeleland provinces, the MDC
fielded multiple candidates in each constituency, splitting the vote
and allowing Zanu-PF to clean up in a region analysts had said would
never vote for Mnangagwa because of his role in the gukurahundi
massacres of the 1980s. Mnangagwa was minister of state security at
the time of the killings, in which at least 20,000 people died.

Aside from a wobbly alliance, many older Zimbabweans also saw Chamisa
as young -- he’s 40 -- brash, over-confident and given to rash
promises.

At a campaign rally in March, Chamisa told supporters in the northern
town of Chinhoyi that his government would build a bullet train
between Harare and the southern city of Bulawayo. In May, said the MDC
planned to build an airport in the eastern town of Murehwa, a
smallscale-farming town that has no large industries.

“It’s to Chamisa’s credit that he managed to re-energize the party
sufficiently to mount a formidable challenge to Zanu-PF,” said
University of Zimbabwe political science lecturer Eldred Masunungure.
“But he didn’t get enough momentum and some of his comments about
bullet trains, freeways and airports may have been seen as childish by
serious supporters.”

Maintaining that momentum will determine where the MDC, Zimbabwe’s
first credible opposition party since the end of white-minority rule
in 1980, goes from here, Masunungure said.

Chamisa has said the MDC will take legal action to overturn the
election, saying it will “use all legal and constitutional means” to
challenge the outcome. He insists that the MDC’s own tally of the vote
shows he won 56 percent of the vote, compared with the 44.3 percent
the Zimbabwe Electoral Commission says he got. Mnangagwa won 50.8
percent of ballots cast, according to the ZEC.

Local and Western observers have cast doubt on the fairness of the
vote, but haven’t commented yet on the counting and verification
process. David Coltart, a former senator for the alliance, said on
Twitter on Monday that the MDC has assembled “an outstanding team of
lawyers” to challenge the vote in court.

Regardless of the outcome of the legal action, Chamisa’s strong
showing in the election signifies he’ll have a role to play in
Zimbabwean politics over the next five years, author and former
journalist Geoff Nyarota said.

“He has a proven following of almost equal magnitude to Mnangagwa and
an important role to play in the future of our country if he chooses
to present himself as a humble and unassuming statesman,” said
Nyarota, a Nieman Foundation scholar and U.S.-based journalism
lecturer since his exile from Zimbabwe in 2003. “If he doesn’t, he’ll
antagonize even his own supporters.”

read more


China's base in Sri Lanka part of its dominant Indian Ocean presence @asiatimesonline
Africa


Sri Lanka recently announced it was shifting its naval base from Galle
to Hambantota Port – considered “China-controlled” with a major role
in China’s Belt and Road initiative. Sri Lanka has informed China that
Hambantota cannot be used for military purposes, while China says the
Hambantota Port project is meant to help Sri Lanka become a logistics
hub in the Indian Ocean.

But these are standard Chinese checkers; China said Gwadar in Pakistan
was only being developed for commercial purposes, yet Chinese marines
are already deployed in Gwadar and Chinese naval ships are being
stationed there along with Pakistani vessels.

Sri Lanka and China both deny that the Hambantota agreement includes a
clause that it cannot be used for military purposes, which makes it
explicit that Hambantota will be a joint China-Sri Lanka military base
under the pretext that warships are being deployed to protect
commercial traffic – same as Gwadar.

The magnitude of Chinese investments in Sri Lanka is part of China’s
“debt trap” policy, whereby loan repayment includes strategic gains.
Chinese nuclear submarines docking at Colombo since the early 2000s
never docked at Sri Lanka Port Authority berths in Colombo mandated
for military vessels, but instead docked at Colombo South Container
Terminal (CSCT), a deep-water facility built, controlled and run by
China – in clear violation of the China-Sri Lanka protocol.

CSCT is a “Chinese enclave” within a Sri Lankan-administered harbor.
That is the advantage of the debt trap, and much has happened since
then, including Hambantota being leased to China for 99 years.

The Chinese-Sri Lankan military base in Hambantota must be viewed in
conjunction with other China bases in the Indian Ocean Region (IOR).
Gwadar and Djibouti are already operationalized. In fact, China has
targeted high-grade lasers at US pilots from its Djibouti base.

China is constructing its second overseas military base in Pakistan,
at Jiwani on the Gulf of Oman, which is much closer to the Strait of
Hormuz than Gwadar; the crow-flight distance between Jiwani and
Chabahar port in Iran is just 35 kilometers, whereas Gwadar is 72km
from Chabahar.

The Chinese troop presence at Jiwani and Gwadar in conjunction with
the Pakistani ports of Pasni, Omara and Karachi (all connected by road
to the China-Pakistan Economic Corridor) will not only provide control
of the entire Pakistani coast to China, the continuum will carry on to
Africa. With an existing airstrip, Jiwani, which is being showcased as
joint China-Pakistan naval and airbase base, could become China’s
Eastern Indian Ocean Regional Command, with China’s Western Indian
Ocean Regional Command at Djibouti.

India’s plans for a military facility on Assumption Island of
Seychelles remain jinxed without approval from the Seychelles
Parliament, but Chinese plans for “strategic supply bases” in the IOR
for warship berthing, fixed-wing reconnaissance aircraft operations
and stationing naval staff ashore included Seychelles right from the
initial planning.

Recent reports indicate China is looking to establish a joint Ocean
Observation Station at Makunudhoo, the westernmost atoll in the
northern Maldives in proximity of India. There is speculation that the
facility will have military applications with provision of even a
military base.

Hambantota, Gaadhoo, Makunudhoo, Gwadar, Jiwani in conjunction Chinese
port development activities in Bangladesh, Myanmar, Thailand and other
parts of the IOR form a strategic matrix that indicates SCS 2.0 is
under way. It should be of serious concern to the world.

read more


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


Good Morning from Durban, South Africa. Durban is the southern-most
and largest Port on the Indian Ocean in Africa [in 2017 the port
catered for 9,821 vessels and processed 22,785,7619 metric tons of
cargo] and has the largest population of Indians outside India. The
Indians in Durban and all along the Indian Ocean coast-line from
Mombasa to Beira to Durban were brought to Africa by the monsoon
winds.

Professor Felipe Fernández-Armesto explains ''The precocity of the
Indian Ocean as a zone of long-range navigation and cultural exchange
is one of the glaring facts of history'', made possible by the
''reversible escalator'' of the monsoons. The Indian Ocean Economy
preceded the Atlantic Ocean Economy, where the Europeans only learnt
how to ''crack the code'' of the Atlantic winds [and a new 'Western'
culture arose on both sides of the ocean] long after the Indian Ocean.

As we scan the Blue Economy it is worth appreciating that Maritime
shipping is the lifeblood of Africa, with over 90% of the continent’s
imports and exports transported by sea. 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.

Overlay the Geopolitics and its worth noting that the Geopolitics has
become much more fluid. Fluidity has been engendered by the
spectacular arrival of Prime Minister Abiy in Ethiopia [which is
land-locked, of course but a key Future Taker of Port facilities] who
has made peace with President Afawerki's Eritrea and is surely set to
undercut Djibouti and even LAPPSET, both Projects which seem to me to
have been predicated to some degree on a permanent Freeze between
Ethiopia and Eritrea. 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.

Bloomberg reported that Hambantota Port has 'become a cautionary tale
for Xi’s Belt and Road aspirations. The idea was to take an
inconsequential harbor visited by fewer than one ship a month on
average and turn it into a modern, bustling seaport adorning a
southern Belt and Road maritime route. It hasn’t turned out so well.
Hambantota (population at the time 11,200) got a new port. The port at
Hambantota, was partly funded during the Rajapaksa administration by a
loan from the Export-Import Bank of China. By the time Rajapaksa was
voted out of office in 2015, more than 90 percent of Sri Lanka’s
government revenue was going toward servicing debt. Last year, with
Xi’s Belt and Road plan in full flow, a new Sri Lankan government
moved to ease the debt. In return for $1.1 billion, it basically
handed the seaport over to China.

 “All these huge projects are a waste,” says Sisira Kumara
Wahalathanthri, a local politician who opposes the current Sri Lanka
government. “No ships are coming to the port. No flights are coming to
the airport.”

I am bullish on the Blue Economy and in particular the Indian Ocean
Economy which is set to relive its glory days. 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



South Africa All Share Bloomberg -4.44% 2018
Africa


Dollar versus Rand 6 Month Chart INO 13.4270

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

Egypt Pound versus The Dollar 3 Month Chart INO 17.8805

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

Nigeria All Share Bloomberg -4.61% 2018

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

Ghana Stock Exchange Composite Index Bloomberg +10.87% 2018

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

read more


Tanzania wants to build pipeline to pump gas to Uganda
Africa


State-run Tanzania Petroleum Development Corporation (TPDC) said on
Monday that the pipeline would start from its capital Dar es Salaam,
then pass through Tanga port on the Indian Ocean and to Mwanza, a port
on Lake Victoria before crossing the border to Uganda.

read more



Outperformance versus region likely to stay in place as Ivory Coast catches up in manufacturing output of products like cement with region
Africa


Advanced from 15th place in Africa in World Bank's Logistics
Performance Index in 2016 to 2nd behind South Africa in this year's
edition.

read more




Safaricom CEO defends company's dominance as he returns to work
Kenyan Economy


Kenya’s dominant telecoms operator Safaricom does not hinder
competition, its chief executive Bob Collymore told lawmakers on
Monday as he returned to work after a nine-month absence for medical
treatment.

The country’s industry regulator recommended in a draft proposal in
May that Safaricom, which controls 67 percent of Kenya’s mobile
market, should offer rivals access to its transmission sites and its
vast network of mobile money outlets to increase competition in the
sector.

“Thirty million customers have made a conscious decision to come onto
Safaricom’s network,” Collymore told a parliamentary committee when
asked if Safaricom was hindering competition.

The committee is looking into whether any measures should be taken to
boost competition in the market following the Communications Authority
of Kenya’s (CA) draft proposal.

Collymore said he was confident authorities would not seek to punish
the success of Safaricom, which is 35 percent-owned by South African
group Vodacom with the Kenyan government and Britain’s Vodafone also
holding stakes.

“I didn’t get the sense from the committee that they are looking to
cut Safaricom down to size,” he said.

“They are really genuinely examining whether there is anything else
that needs to be done to encourage more competition in the market
place.”

Collymore, who has been receiving medical treatment for an undisclosed
illness, appeared to be in good health during a three and a half hour
appearance before parliament’s communication and information committee
and told Reuters that he would actively run the company again from now
on.

He has been in charge since 2010, during which time he has overseen a
surge in the company’s share price and dividends as he delivered
strong results.

The other big players in the market are Bharti Airtel’s Kenyan unit,
which has a 19.7 percent market share, and Telkom Kenya, controlled by
London-based Helios Investment, with 8.6 percent of the market.

Safaricom’s share price continued to rise during Collymore’s absence.
It gained 11 percent during the past nine months, despite a wobble
after the CA’s proposal, with the company forecasting in May that
profit before interest and taxes would rise 7-12 percent in the year
through April 2019.

“The team has done a fantastic job in my absence, you saw the results
in the full year,” Collymore told Reuters after the committee hearing.

“Now it is a little bit more about refocusing on the strategy in the
company, ensuring that the strategy remains relevant; it is
refreshed.”

read more


Safaricom blames regulator for underinvestment by Kenyan rivals
Kenyan Economy


Safaricom Plc accused Kenya’s telecommunications regulator of failing
to enforce investment requirements for smaller competitors in return
for their licenses, meaning the market share of East Africa’s biggest
listed company went unchallenged.

Kenyan lawmakers are studying a report by U.K.-based advisory group
Analysys Mason that found Safaricom to be a dominant player in mobile
money and mobile communications. It recommended the company open up
its mobile-money platform known as M-Pesa to transfers from competing
services at prices determined by the regulator. It also proposed that
the company be broken up if competition doesn’t improve.

Failures by the Communications Authority “have contributed to the
large disparity in the number of base transceiver stations owned by
Safaricom, compared to other operators and we should not be punished
for this,” the Nairobi-based company said in a submission to
parliament.

The CA-commissioned study didn’t find that Safaricom abuses its
dominance and proposed multiple regulatory interventions without
providing evidence of market failure, the company said.

“Competition must be investment led,” Safaricom’s director of
corporate affairs, Stephen Chege, told lawmakers. “If you invest you
are likely to get the customers you’re crying you don’t have today,
simply because you have not put in the infrastructure for them.”

Safaricom, 40 percent owned by Newbury, England-based Vodafone Plc,
has a 67 percent market share. Its closest rival is the local unit of
Bharti Airtel Ltd., with 19.7 percent. Safaricom’s M-Pesa is also a
market leader and processed about 1.88 trillion shillings ($18.7
billion) in the second quarter.

read more





@SafaricomPLC share price data here
Kenyan Economy


Par Value:                  0.05/-
Closing Price:           28.00
Total Shares Issued:          40065428000.00
Market Capitalization:        1,121,831,984,000
EPS:             1.38
PE:                 20.290

Safaricom FY Results for the year ended 31st March 2018 vs. 31st March 2017
FY Voice revenue 95.64b vs. 93.46b +2.333%
FY Mpesa Revenue 62.91b vs. 55.08b +14.216%
FY SMS Revenue 17.72b vs. 16.68b +6.235%
FY Mobile data revenue 36.36b vs. 29.33b +23.969%
FY Fixed service revenue 6.67b vs. 5.24b +27.290%
FY Other service revenue 5.24b vs. 4.32b +21.296%
FY Service revenue 224.54b vs. 204.11b +10.009%
FY Handset revenue and other revenue 8.98b vs. 8.70b +3.218%
FY Total revenue 233.72b vs. 212.89b +9.784%
EPS 1.38 vs. 1.21 +14.050%

read more




Kenya Shilling versus The Dollar Live ForexPros
Kenyan Economy


Nairobi All Share Bloomberg -0.26% 2018

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

Nairobi ^NSE20 Bloomberg -11.28% 2018

http://j.mp/ajuMHJ

Every Listed Share can be interrogated here

http://www.rich.co.ke/rcdata/nsestocks.php

read more



 
 
N.S.E Today


The US reimposed economic sanctions on Iran which of course send Crude
Oil Prices spiralling higher.
The sanctions, which take effect on Tuesday, prohibit Iran from using
US currency. They also bar trading in cars and metals and minerals
that include gold, steel, coal and aluminium. FT
“Individuals or entities that fail to wind down activities with Iran
risk severe consequences,” Mr Trump said.
Iran’s economy has been rocked by a decline of more than 50 per cent
in the value of the rial, the Iranian currency, against the US dollar
this year.
US officials said that although Mr Trump was increasing pressure on
the regime, he was willing to meet the Iranian leadership — an offer
that was previously rejected by Iran— in the same way he met North
Korean dictator Kim Jong Un in Singapore.
Mr Rouhani said on state television. “First, you should drop your knife.”
Financial warfare has proven effective. But It has spread contagion
and created a negative feed back loop in the Region [Turkish Lira,
Dubai et al].
This is a very resilient Regime and the MEK are a bunch of Chancers.
The Turkish Lira recovered from a flash crash which saw it drop almost
7% at one point yesterday.
The Turkish Lira is down 30% versus the dollar in 2018.
Many have fought the markets and the markets have always won. and
Erdogan is deluded if he thinks he can ''buck'' the markets.
Dubai rents are down 30 percent since 2016 Lower oil revenue and
weaker economies in the surrounding Gulf countries have hurt growth in
the U.A.E., while rising costs have reduced the appeal of its biggest
city, Dubai.
Property sales are on pace for the worst year since 2012, down more
than a third in the first half of 2018 to $10.8 billion, according to
the Dubai Land Department [Bloomberg]
Safaricom's CEO Bob Collymore returned with a bang.
“Thirty million customers have made a conscious decision to come onto
Safaricom’s network,” Collymore told a parliamentary committee when
asked if Safaricom was hindering competition. [Reuters]
“The team has done a fantastic job in my absence, you saw the results
in the full year,” Collymore told Reuters after the committee hearing.
“Now it is a little bit more about refocusing on the strategy in the
company, ensuring that the strategy remains relevant; it is
refreshed.”
The Kenya Shilling was last trading at 100.40 and is the best
performing SSA currency versus the Dollar in 2018.
The Dollar remains muscled up on the FX Exchanges and particularly
against EM currencies which have gotten creamed.
Trading continues to remain subdued wit turnover clocking 392.977m



N.S.E Equities - Commercial & Services


Safaricom had 4 Buyers for every Seller closed unchanged at 28.00 but
is biased higher as evidenced by the weighted average price which was
28.22 but rounded down. Safaricom traded 5.167m shares worth 145.843m.
Safaricom is outperforming the All Share by 1,100 basis points in
2018.



N.S.E Equities - Finance & Investment


Equity Group thrust +1.507% higher to close at 50.50 and closed out
the session at session highs of 51.00 +2.51%. Equity traded 1.469m
shares.
KCB Group firmed 25cents to close at 48.75 and was trading at session
highs of 49.25 +1.55% at the finis line. KCB traded 697,800 shares.



N.S.E Equities - Industrial & Allied


EABL eased -0.89% to close at 223.00 and traded 410,700 shares. EABL
is underperforming the Nairobi All Share by 672 basis points in 2018.
EABL reported FY Earnings last week where Tanzania was an Outlier.

KenGen rebounded +1.64% to close at 6.20 and was trading at 6.30
+3.28% at the finish line. It remains egregiously oversold and will
run towards 7.00
KPLC closed -1.666% at 5.90. KPLC is -35.16% in 2018 and its woes very
much in the public domain.

Unga rallied +10% to close at 44.00 and above the rejected Buy-Out
Offer Price of 40.00

--



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