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Satchu's Rich Wrap-Up
 
 
Wednesday 04th of July 2018
 
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Here is where ex pm NajibRazak will be spending the night down at basement lock up before he's produced before KL sessions court tmrw to face five charges
Law & Politics


Here is where ex pm #NajibRazak will be spending the night down at
basement lock up before he’s produced before KL sessions court tmrw to
face five charges incl criminal breach of trust, abuse of power and
receiving gratification , charges that will put him behind bars for
years

read more





Law & Politics


Shadowed by public suspicion since 2006, when two of his bodyguards
murdered a Mongolian model, Najib was still being described in 2010 by
the Economist as “a British-educated economist” who was supposedly a
“more sure-footed, and less scandal-prone, leader than many expected.”
Najib is now accused of purloining nearly $700 million from the state
exchequer, spending part of it on Hermes bags for his wife. (He denies
the charges.)

The general loathing of venal, nepotistic and unaccountable elites
grew so intense in Malaysia that it overcame even the country’s
entrenched loyalties and patronage networks that had, as in Mexico,
kept the same party in power for decades.

read more


China's 'political warfare' aims at South China Sea @asiatimesonline
Law & Politics


When the Arbitral Tribunal at The Hague ruled in July 2016 that
China’s claim to most of the South China Sea was illegal under
international law, Beijing’s propaganda organs angrily stated that
Beijing “will neither acknowledge nor accept” the ruling.

Two years later, in the wake of a rising outcry against China’s rapid
militarization of the contested maritime region, the Global Times
mouthpiece newspaper thundered in June that China will “act tougher”
with foreign naval vessels traversing the South China Sea and that its
firmer posture “could lead to military conflicts.”

China’s propaganda organs are doing precisely what propaganda organs
are designed to do: implement, including via threats, Beijing’s
“political warfare” – a little understood but vital weapon in China’s
growing arsenal aimed at achieving regional and global hegemony.

“China’s worldwide political warfare is a critical component of its
security strategy and foreign policy,” says Anders Corr, a New
York-based expert in China’s influence operations.

“With well-orchestrated political warfare campaigns, China has
achieved significant successes in tilting the regional, and even
global, balance of power in recent years. Only recently have a few
countries been willing to acknowledge it and confront it.”

If, as military theorist Carl Von Clausewitz wrote, “war is the
extension of politics by other means”, then it’s fair to say that
China’s political warfare is “an extension of armed conflict by other
means.”

There is a dizzying array of terms in the public lexicon associated
with the tools governments employ for influence, including
psychological operations, public diplomacy, public affairs, public
relations, disinformation, censorship, misinformation, information
warfare, soft power, hard power and sharp power.

What is unique about China’s political warfare–and perhaps most
difficult for the countries China has targeted to understand–is that
it entails all of these practices together. It is, in effect, total
war.

China’s political warfare also employs what its practitioners
reverently call “the three warfares”, that is strategic psychological
warfare, overt and covert media manipulation, and the use of law
(known as “lawfare”) to defeat enemies.

Roberts says Beijing can now deny freedom of navigation and block
rival Southeast Asian claimant states from accessing resources there.
China has repeatedly asserted it is willing to fight to retain its
newfound control over the maritime area.

Doctrinally, China will employ political warfare before, during, and
after any hostilities it initiates in the South China Sea.

read more



28-AUG-2017 :: China Rising
Law & Politics


Apart from a few half-hearted and timid FONOPs [freedom of navigation
operations], China has established control over the South China Sea.
It has created artificial Islands and then militarised those
artificial islands across the South China Sea. It is a mind-boggling
geopolitical advance any which way you care to cut it.

read more





Currency Markets at a Glance WSJ
World Currencies


Euro 1.1667
Dollar Index 94.52
Japan Yen 110.41
Swiss Franc 0.9917
Pound 1.3203
Aussie 0.7405
India Rupee 68.575
South Korea Won 1115.10
Brazil Real 3.8985
Egypt Pound 17.9115
South Africa Rand 13.6244

read more



World Currencies


30y Bund yields have dropped below 1%, to the lowest level in 14mths,
on speculation that the ECB will introduce an “operation twist”
(reinvest proceeds from maturing bonds into longer-dated securities)
after it ends its asset-purchase plan.

read more














Emerging Markets


Frontier Markets

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#SouthSudan Pres Kiir asks national parliament to amend constitution & extend his term for another 3 years without elections @JubaDailyNews
Africa


#SouthSudan Pres Kiir asks national parliament to amend constitution &
extend his term for another 3 years without elections, Kiir's term in
office is due to expire by August. South Sudan has never had any
presidential elections ever since becoming an independence nation in
2011

read more


After Uganda introduces unpopular "social media tax", Ugandans scrambled to use VPNs to dodge paying the tax a VPN comparison site - says number of Ugandan visitors to its service rose 1567%!!!! via @thenextweb
Africa


#DRCongo: The security situation continues to deteriorate in
several regions across the country, with dramatic impact on civilians
– UN Human Rights Chief Zeid @UNHumanRights

https://twitter.com/UNHumanRights/status/1014124784240734211

#DRCongo: The security situation continues to deteriorate in
several regions across the country, with dramatic impact on civilians
– UN Human Rights Chief Zeid at #HRC38:

http://ow.ly/1IeJ30kMhvt

read more


2-JAN-2018 :: I like what I am seeing in Angola
Africa


I like what I am seeing in Angola. I am keen on being long on Angolan
risk. The devil is in the detail of the execution, however. I would
probably look to be long Angola Eurobonds.

read more


OPEC member Angola halves currency gap with black market
Africa


A foreign-currency shortage in Angola, an OPEC member, is easing as
oil prices approach $80 a barrel and the central bank weakens the
kwanza. The gap between the official value and the black-market rate
on the streets of the capital, Luanda, has almost halved to 33 percent
from 61 percent at the start of the year. Businesses’ ability to
access dollars is “gradually normalizing,” Jose Massano, the governor
of the Banco Nacional de Angola, said in an emailed response to
questions last week.

read more





There were heavy foreign outflows from #Nigeria's stock exchange in May, according to @nsenigeria data @PaulWallace123
Africa


There were heavy foreign outflows from #Nigeria's stock exchange in
May, according to @nsenigeria data. N130bn ($363m) of gross outflows,
the most since at least the start of 2014. Due to the emerging-market
selloff and, possibly, investor nervousness ahead of Feb. elections.

read more




Startups in Africa have already raised more money in 2018 than they did last year via @qzafrica
Africa


Halfway through the year, with 118 deals completed, startup funding on
the continent has reached $168.6 million—surpassing last year’s total
of $167.7 million, according to a report by WeeTracker. The total
funding is also nearly a four-fold increase on the $47.2 million
raised in the first half of 2017.

Fintech remains the most attractive sector as investors continue to
bet on the promise of startups focused on making payments and banking
easier in Africa.

Fintech also accounts for four of the 10 largest deals completed this
year, receiving $95 million in funding—more than half of total amount
raised on the continent. In the two largest deal Cellulant, a digital
payments solutions company which operates in 11 African countries,
raise $47.5 million in its Series C round while Branch, an online
micro-lending platform, has raised $20 million.

Even though Nigeria was the biggest funding destination for volume of
deals with 29 completed, Kenya accounted for the most funds raised
with $82.8 million—nearly three times the total of funding received by
Nigerian startups.

read more


Ethiopia's dams threaten thousands of Kenyans - environmentalists @kainvestor
Africa


Some 300,000 Kenyans who depend on Turkana - the world's biggest
desert lake - could run short of drinking water and fish if Ethiopia
moves ahead with plans to construct two more dams on a river upstream,
activists said.

The United Nations cultural agency (UNESCO) put Kenya's Lake Turkana,
on its list of endangered World Heritage Sites last week because of
the "disruptive effect" of an existing Ethiopian dam and irrigated
sugar estates over Kenya's northern border.

"We are concerned that these projects will have implication on the
local communities who depend on the lake for fishing and for their
livelihood," said Guy Debonnet, a conservation expert with UNESCO.

"Ethiopia is planning two new dams on the Omo river which will only
make the situation worse."

Kenya

read more






Kenya fund managers warn new transaction tax may curb investment
Africa


The demand that a 0.05 percent tax be paid on amounts in excess of
500,000 shillings that move through the financial system, dubbed by
Rotich as a Robin Hood tax, could cut investment returns in the
pension industry by as much as 5 percent, Einstein Kihanda, chairman
of the Fund Managers Association, said in a letter addressed to
Rotich.

“The likely impact of this action is asset shrinkage, reduction in
private savings and because it actually incentivizes investors to
minimize trading activity, a decline in the liquidity of our capital
markets,” said Kihanda, whose industry body represents members who
manage 1.2 trillion shillings of assets.

read more



The law effectively benefits the rich, not 'Wanjiku' @dailynation @HabilOlaka
Africa


All the surveys revealed that the law is not achieving the intended
objective but instead precipitated tight conditions of lending,
occasioning a two per cent credit expansion in the private sector —
down from 20 per cent in 2015. Moreover, in the space of a year, we
have seen 1.2 million fewer loans. The average loan size also
increased by 47 per cent — a shift towards big business and middle-
and upper-class borrowers.

The law effectively benefits the rich, not ‘Wanjiku’. This shouldn’t
be the case, especially because the banking industry (the most
regulated of all industries in Kenya) is supervised by CBK, which has
at its disposal various policy tools, including the Prudential
Guidelines, to moderate industry practices.

Cytonn observed that while the caps may solve the issue of bank
spreads, it would lock out SMEs and other “high-risk” borrowers and
that the law was based on “an unreasonable premise that the highest
extra risk premium in the Kenyan market is four per cent”.

read more






"For 100 Kenyan shillings ($1), you get one litre of the freshest milk in Wajir County," she says, opening a vending machine advertising "fresh, hygienic and affordable camel milk" @zoetabary
Africa


"Camel milk is everything," said Noor Abdullahi, a project officer for
U.S.-based aid agency Mercy Corps. "It is good for diabetes, blood
pressure and indigestion."

But temperatures averaging 40 degrees Celsius (104 degrees Fahrenheit)
in the dry season, combined with the risk of dirty collection
containers, mean the liquid can go sour in a matter of hours, he
added, making it much harder to sell.

To remedy this, an initiative is equipping about 50 women in Hadado, a
village 80km from Wajir, with refrigerators to cool the milk that
remote camel herders send them via tuk-tuk taxi, plus a van to
transport it daily to Wajir.

read more








 
 
N.S.E Today


A Chinese central bank official told Bloomberg that the yuan won't be
weaponized in a trade war.
Ex PM of Malaysia Najib Razak spent the night down at a basement lock
up before being produced before a KL court to face five charges incl
criminal breach of trust, abuse of power and receiving gratification
,charges that will put him behind bars for years.
Sic transit Gloria Mundi
Pankaj Mishra wrote that ''political energies imperceptibly built up
in Malaysia, where in May young people — 40 percent of the electorate
— helped unseat their outrageously sleazy prime minister, Najib
Razak''
WTI Crude Oil topped $75.00 a barrel yesterday [highest since November
2014] before Profit taking set in after Saudi comments that they were
ready to heed Donal Trump's call to turn on the spigot.
Bloomberg currency index measuring carry-trade returns from eight
developing markets, funded by short positions in the greenback,
slumped 8.8% in the April-June quarter, the most since 2011
After Uganda introduced its unpopular “social media tax”, Ugandans
scrambled to use VPNs to dodge paying the tax a VPN comparison site –
says the number of Ugandan visitors to its service rose 1567%!!!! via
@thenextweb
The demand that a 0.05 percent tax be paid on amounts in excess of
500,000 shillings that move through the financial system, dubbed by
Rotich as a Robin Hood tax, could cut investment returns in the
pension industry by as much as 5 percent, Einstein Kihanda, chairman
of the Fund Managers Association, said in a letter addressed to
Rotich.
“The likely impact of this action is asset shrinkage, reduction in
private savings and because it actually incentivizes investors to
minimize trading activity, a decline in the liquidity of our capital
markets,” said Kihanda, whose industry body represents members who
manage 1.2 trillion shillings of assets.
Its incredible!
Dr. Patrick Njoroge the CBK Kenya Governor forecast a 6.3% FY 2018 GDP
expansion at a @MoodysInvSvc East Africa Summit I attended this
morning.
The Nairobi All Share which had retreated -13.619% since April 5th,
rebounded today.



N.S.E Equities - Commercial & Services


Safaricom rebounded +1.785% to close at 28.50 and was trading session
highs of 29.25 +4.46% at the closing Bell. Buyers outpaced Sellers by
a factor of 4 to 1 signalling extremely sound Buy Side Interest at
levels of 27.00-28.00 from whence we have rebounded violently
severally.



N.S.E Equities - Finance & Investment


KCB Group closed unchanged at 45.25 and traded 1.620m shares.



N.S.E Equities - Industrial & Allied


EABL rebounded +0.469% off a 2018 closing Low to close at 214.00 and
traded 409,700 shares worth 88.068m.

KenGen closed unchanged at 7.00 and traded 159,200 shares with Buyers
for more than 10x the volume traded on the Buy Side of the Board.

ARM Cement which sank -80.38% since the beginning of the year through
4th June when it closed at a more than decade low of 2.55, closed
unchanged at 3.35 which marks a +31.37% bounce since June.
Interestingly ARM closed out the session trading 3.60 +7.56%.



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