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Satchu's Rich Wrap-Up
 
 
Wednesday 21st of March 2018
 
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Africa

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Macro Thoughts

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@Facebook shares fall another 4%. That's now down more than 10% in last two days For those who like their technicals, shares now below the 200-day moving average.
Africa


Facebook shares fall another 4%. That's now down more than 10% in last
two days, worst two-day performance since Sept. 2012. For those who
like their technicals, shares now below the 200-day moving average.

Conclusions


SELL @facebook.

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Mind boggling! Zuckerberg and Chief Operating Officer Sheryl Sandberg haven't yet spoken publicly about the data leak, despite the global firestorm
Africa


Facebook’s stock price fell as much as 6.2 percent in New York and the
stock was down over 11 percent since Friday’s close, giving up $60
billion in market capitalisation.

The two-day rout is the worst since July 2012, the year of Facebook’s
initial public offering at $38 a share.

Out of the 43 analysts who recommend buying Facebook shares, not one
has downgraded the stock over the crisis.

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Tencent recently overtook Facebook to become the world's fifth most valuable company @DavidInglesTV
Africa


Home Thoughts


The Rhino is a magnificent creature which connects us to our deep past.

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Rhinoceros From Wikipedia
Africa


A rhinoceros (/raɪˈnɒsərəs/, from Greek rhinokeros, meaning
'nose-horned', from rhinos, meaning 'nose', and kerato/keras, meaning
'horn'), commonly abbreviated to rhino, is one of any five extant
species of odd-toed ungulates in the family Rhinocerotidae, as well as
any of the numerous extinct species. Two of the extant species are
native to Africa and three to Southern Asia. The term "rhinoceros" is
often more broadly applied to now extinct relatives of the superfamily
Rhinocerotoidea.

Members of the rhinoceros family are some of the largest remaining
megafauna, with all species able to reach or exceed one tonne in
weight. They have a herbivorous diet, small brains (400–600 g) for
mammals of their size, one or two horns, and a thick (1.5–5 cm)
protective skin formed from layers of collagen positioned in a lattice
structure. They generally eat leafy material, although their ability
to ferment food in their hindgut allows them to subsist on more
fibrous plant matter when necessary. Unlike other perissodactyls, the
two African species of rhinoceros lack teeth at the front of their
mouths, relying instead on their lips to pluck food.[1]

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3 Emipom
Law & Politics

З Еміром Держави Катар обговорили перспективи виходу катарського
скрапленого газу на український ринок. @poroshenko
https://twitter.com/poroshenko/status/976040900202725376


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Exposed: Undercover secrets of @realDonaldTrump's data firm @CamAnalytica @Channel4News
Law & Politics


Mr Nix boasted about Cambridge Analytica’s work for Trump, saying: “We
did all the research, all the data, all the analytics, all the
targeting, we ran all the digital campaign, the television campaign
and our data informed all the strategy.”

He said: “Sometimes you can use proxy organisations who are already
there. You feed them. They are civil society organisations.. Charities
or activist groups, and we use them – feed them the material and they
do the work…

“We just put information into the bloodstream to the internet and then
watch it grow, give it a little push every now and again over time to
watch it take shape. And so this stuff infiltrates the online
community and expands but with no branding – so it’s unattributable,
untraceable.”

Executives claimed they “ran all the digital campaign, the television
campaign and our data informed all the strategy” for President Trump.

In one exchange Alexander Nix revealed the company used a secret
self-destructing email system that leaves no trace. He said: “No-one
knows we have it, and secondly we set our… emails with a self-destruct
timer… So you send them and after they’ve been read, two hours later,
they disappear. There’s no evidence, there’s no paper trail, there’s
nothing.”

“So the candidate is the puppet?,” the undercover reporter asked.

“Always,” replied Mr Nix.

Conclusions


You can have all the hardware in the world - You can spend $715b a
Year on it - but this @KremlinRussia_E @wikileaks Kushner
@CamAnalytica Mercer Bannon etc intervention has had a parabolic ROI

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05-DEC-2016:: I have no doubt that Putin ran a seriously 21st predominantly digital programme of interference which amplified the Trump candidacy
Law & Politics


I have no doubt that Putin ran a seriously 21st predominantly digital
programme of interference which amplified the Trump candidacy. POTUS
Trump was an ideal candidate for this kind of support. Trump is a
linguistic warfare specialist. Look at the names he gave his
opponents: Crooked Hillary, Lyin’ Ted, Little Marco, ‘Low-energy’ Jeb
— were devastating and terminal. The first thing is plausible
deniability. The second thing is non-linearity, you have to learn how
to navigate a linear system (the new 21st digital ecosystem) in a
non-linear way.

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05-DEC-2016:: He is right, traditional media has been disrupted and the insurgents can broadcast live and over the top
Law & Politics


From feeding the hot-house conspiracy frenzy on line (‘’a constant
state of destabilised perception’’), timely and judicious doses of
Wikileaks leaks which drained Hillary’s bona fides and her turn-out
and motivated Trump’s, what we have witnessed is something remarkable
and noteworthy.

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05-DEC-2016:: "We have a deviate, Tomahawk"
Law & Politics


The specialist is monitoring data on his mission console when a voice
breaks in, “a voice that carried with it a strange and unspecifiable
poignancy”.
He checks in with his flight-dynamics and conceptual- paradigm
officers at Colorado Command:
“We have a deviate, Tomahawk.”
“We copy.  There’s a voice.”
“We have gross oscillation here.”
“There’s some interference. I have gone redundant but I’m not sure
it’s helping.”
“We are clearing an outframe to locate source.”
“Thank you, Colorado.”
“It is probably just selective noise. You are negative red on the
step-function quad.”
“It was a voice,” I told them.
“We have just received an affirm on selective noise... We will
correct, Tomahawk. In the meantime, advise you to stay redundant.”
 The voice, in contrast to Colorado’s metallic pidgin, is a melange of
repartee, laughter, and song, with a “quality of purest, sweetest
sadness”.
“Somehow we are picking up signals from radio programmes of 40, 50, 60
years ago.”

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"It's me who made him president," Gaddafi said in an interview recorded in 2011 RT
Law & Politics


Gaddafi was speaking in Tripoli in mid-March, just a few days before
the first Western strikes that led to his downfall and killing by
militias in October, 2011.

Claims that Sarkozy allegedly received backing from Gaddafi first
surfaced in 2012, when Mediapart news agency accused him of accepting
€50 million from the Libyan leader to fund his 2007 campaign.

The former president’s alleged ties with Gaddafi came under the
spotlight again in November 2016. In an interview with Mediapart, Ziad
Takieddine, the man who introduced Nicolas Sarkozy to Muammar Gaddafi,
confessed to having brought several suitcases containing €5 million
prepared for the Libyan regime to the Ministry of the Interior in late
2006 and early 2007.

“It was a case like that. It opened like this. And the money was
inside,” Takieddine said in a film released by Mediapart.

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JINPING to MODI: "I would like to enhance communication with Mr. Prime Minister on the overall, long-term and strategic issues in China-India ties @BhadraPunchline
Law & Politics


JINPING to MODI: "I would like to enhance communication with Mr. Prime
Minister on the overall, long-term and strategic issues in China-India
ties as well as global and regional situation, so as to enhance
political mutual trust...

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.2264
Dollar Index 90.41
Japan Yen 106.44
Swiss Franc 0.9549
Pound 1.4007
Aussie 0.7697
India Rupee 65.225
South Korea Won 1071.75
Brazil Real 3.3131
Egypt Pound 17.6063
South Africa Rand 11.9501

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Gold 6 month INO 1313.50
Commodities


U.S. crude #oil futures settle at $63.54/bbl. ⬆️$1.41. +2.27%. #CME
#NYMEX Lee Saks

https://twitter.com/Lee_Saks/status/976164761078501377

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Ghana to name four lead advisors for $2.5 bln Eurobond sale @ReutersAfrica
Commodities


Ghana is set to name four banks as lead advisers for a planned sale of
up to $2.5 billion of Eurobonds, expected by June, sources close to
the transaction said on Tuesday.

The exporter of cocoa, gold and oil is seeking to raise $2.5 billion
to pay off debt and finance its 2018 budget.

Standard Chartered Bank, JP Morgan, Bank of America and Citibank will
advise on the bond sale, the sources said, with Fidelity Bank and IC
Securities participating as local partners.

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Mozambique Proposes Haircuts That Bondholders Swiftly Reject Bloomberg
International Trade


Mozambique proposed writing off some of its Eurobonds and other
external debts as it began restructuring negotiations by saying it
would struggle to repay principal for the next decade. A group of
Eurobond holders rejected the proposals as a “total non-starter."

The southern African nation told investors at a presentation in London
Tuesday that “principal amortization” on its private external debts
will be “limited” until 2028. Its ability to pay coupons and other
interest will be “very low” through 2023, it said.

Under the proposal, the government gave holders of its $727 million
Eurobond due in 2023 and about $1.4 billion of state-guaranteed loans
to ProIndicus and Mozambique Asset Management the option to swap into
one of three instruments. The first would involve no haircut, have a
16-year maturity and a coupon of 2 percent for the first five years,
stepping up to 6 percent. The second entails a 10 percent haircut, a
12-year maturity, a coupon of 1.5 percent for the first five years and
one of 5 percent thereafter.

The final instrument would mature in eight years, involved a 20
percent haircut and give holders a 2.8 percent coupon throughout. All
three instruments would amortize in the last three years.

The Eurobonds fell as much as 4.2 percent after the creditor meetings,
the biggest drop in more than a year. The securities traded 2.4
percent lower at 84 cents on the dollar by 6:35 p.m. in London.

Mozambique and its investment-banking advisers at Lazard Freres SAS
said that arrears on interest and principal had climbed to $636
million, of which $136 million was for the Eurobond.

Conclusions

Maputo is going to have to pony up a much steeper back-end return.

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Interest rate law watering down our policy role, says CBK report @dailynation
Kenyan Economy


It also says the legal caps on borrowing have undermined the
independence of the CBK.

“Following the MPC (Monetary Policy Committee) meeting in January
2018, it was noted that there was scope for accommodative monetary
policy, however, interest rate caps had created an environment of
possible perverse outcomes, thus constraining the MPC from using the
CBR (Central Bank Rate) to signal its policy stance,” it notes.

“Going forward, under the interest rate capping regime, there is no
guarantee the central bank will be able to achieve its intended
objectives. In the interest rate capping environment, use of (the) CBR
will result in perverse outcomes.”

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.@KenyaAirways reports 9 month Earnings through 31st Dec 2017 here
Kenyan Economy


Par Value:                  5/-
Closing Price:           11.40
Total Shares Issued:          5823588269.00
Market Capitalization:        66,388,906,267
EPS:             -6.82
PE:                 -1.672

Kenya Airways PLC 9-Month Results through 31st December 2017 vs. 31st March 2017
Total Income 80.799b vs. 106.277b -23.973%
Total Operating costs [79.493b] vs. [105.380b] -24.565%
Operating profit 1.306b vs. 897m +45.596%
Other costs [7.275b] vs. [11.099b] -34.454%
Loss before income tax [5.969b] vs. [10.202b] -41.492%
Loss for the period/ year [6.081b] vs. [9.956b] -38.921%
Gain on hedged exchange differences 1.250b vs. 708m +76.554%
Total comprehensive loss for the period/ year [4.831b] vs. [9.248b] -47.762%
Basic loss per share [1.04] vs. [26.61] +96.092%
Diluted loss per share [0.81] vs. [26.61] +96.956%
Cash and cash equivalents at end of period/ year 6.356b vs. 9.186b -30.808%

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3.4 Million passengers flew @KenyaAirways #KQResults @VinieO
Kenyan Economy


Conclusions

Looks like it slowed down big in Q3/Q4 2017.
We need to understand how much room there is on the balance sheet.

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.@Centum_Inv share price data here +5.714% 2018
Kenyan Economy


Par Value:                  0.50/-
Closing Price:           46.25
Total Shares Issued:          665441775.00
Market Capitalization:        30,776,682,094
EPS:             10.93
PE:                 4.231

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@KenGenKenya share price data here +6.43% 2018
Kenyan Economy


Par Value:                  2.50/-
Closing Price:           9.10
Total Shares Issued:          6243873667.00
Market Capitalization:        56,819,250,370
EPS:             1.37
PE:                 6.642

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