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Satchu's Rich Wrap-Up
 
 
Thursday 19th of July 2018
 
Morning
Africa

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Macro Thoughts
Law & Politics

 


My latest op-ed for @ProSyn Trump May Kill the Global Recovery by Nouriel Roubini @Nouriel

In a sharp departure from this time last year, the global economy is now being buffeted by growing concerns over US President Donald Trump's trade war, fragile emerging markets, a slowdown in Europe, and other risks. It is safe to say that the period of low volatility and synchronized global growth is behind us.




Fast-forward to 2018, and the picture looks very different. Though the world economy is still experiencing a lukewarm expansion, growth is no longer synchronized. Economic growth in the eurozone, the United Kingdom, Japan, and a number of fragile emerging markets is slowing. And while the US and Chinese economies are still expanding, the former is being driven by unsustainable fiscal stimulus.

Worse still, the significant share of global growth driven by “Chimerica” (China and America) is now being threatened by an escalating trade war. The Trump administration has imposed import tariffs on steel, aluminum, and a wide range of Chinese goods (with many more to come), and it is considering additional levies on automobiles from Europe and the rest of the world. And currently the renegotiation of NAFTA is stalled. Thus, the risk of a full-scale trade war is rising.

The danger now is that a negative feedback loop between economies and markets will take hold. The slowdown in some economies could lead to even tighter financial conditions in equity, bond, and credit markets, which could further limit growth.

Another big difference in 2018 is that Trump’s policies are creating further uncertainty. In addition to launching a trade war, Trump is also actively undermining the global economic and geostrategic order that the US created after World War II.

Conclusions 


05-FEB-2018 :: Dear @Nouriel [The End of] Halcyon Days @TheStarKenya


Wikipedia has an article on: halcyon days and it reads thus,

From Latin Alcyone, daughter of Aeolus and wife of Ceyx. When her husband died in a shipwreck, Alcyone threw herself into the sea whereupon the gods transformed them both into halcyon birds (kingfishers). When Alcyone made her nest on the beach, waves threatened to destroy it. Aeolus restrained his winds and kept them calm during seven days in each year, so she could lay her eggs. These became known as the “halcyon days,” when storms do not occur. Today, the term is used to denote a past period that is being remembered for being happy and/or successfuL





09-JUL-2018 :: Tariff wars, who blinks first? @TheStarKenya




09-JUL-2018 :: President Trump has now turned his attention to Xi Jinping and thrown him the Keys challenging him to a "Chickie Run."




 

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Markets are fully aware of the risks posed by a global trade war - how can they not be? - which seems to be edging closer by the day. @ReutersJamie
World Of Finance

Markets are fully aware of the risks posed by a global trade war - how can they not be? - which seems to be edging closer by the day. But they're extremely complacent too. My latest

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Now we know who was behind the crash in US govt bonds in April/May. Putin has liquidated #Russia's US Treasury holdings.
World Of Finance

Now we know who was behind the crash in US govt bonds in April/May. Putin has liquidated #Russia's US Treasury holdings. In just 2mths, Russia sold a whopping $81bn in treasurys, a liquidation flow that was likely responsible for the blow out in rates.

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Home Thoughts
Africa

Cottar's 1920s Safari Camp @CNNTravel 

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Misc.

Cautious that “all advice can only be a product of the man who gives it” — a caveat other literary legends have stressed with varying degrees of irreverence — Thompson begins with a necessary disclaimer about the very notion of advice-giving:

To give advice to a man who asks what to do with his life implies something very close to egomania. To presume to point a man to the right and ultimate goal — to point with a trembling finger in the RIGHT direction is something only a fool would take upon himself.

And yet he honors his friend’s request, turning to Shakespeare for an anchor of his own advice:

“To be, or not to be: that is the question: Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous fortune, or to take arms against a sea of troubles…”

And indeed, that IS the question: whether to float with the tide, or to swim for a goal. It is a choice we must all make consciously or unconsciously at one time in our lives.


He acknowledges the obvious question of why not take the path of least resistance and float aimlessly, then counters it:

The answer — and, in a sense, the tragedy of life — is that we seek to understand the goal and not the man. We set up a goal which demands of us certain things: and we do these things. We adjust to the demands of a concept which CANNOT be valid. When you were young, let us say that you wanted to be a fireman. I feel reasonably safe in saying that you no longer want to be a fireman. Why? Because your perspective has changed. It’s not the fireman who has changed, but you.

To put our faith in tangible goals would seem to be, at best, unwise. So we do not strive to be firemen, we do not strive to be bankers, nor policemen, nor doctors. WE STRIVE TO BE OURSELVES.

But don’t misunderstand me. I don’t mean that we can’t BE firemen, bankers, or doctors—but that we must make the goal conform to the individual, rather than make the individual conform to the goal. In every man, heredity and environment have combined to produce a creature of certain abilities and desires—including a deeply ingrained need to function in such a way that his life will be MEANINGFUL. A man has to BE something; he has to matter.

As I see it then, the formula runs something like this: a man must choose a path which will let his ABILITIES function at maximum efficiency toward the gratification of his DESIRES. In doing this, he is fulfilling a need (giving himself identity by functioning in a set pattern toward a set goal) he avoids frustrating his potential (choosing a path which puts no limit on his self-development), and he avoids the terror of seeing his goal wilt or lose its charm as he draws closer to it (rather than bending himself to meet the demands of that which he seeks, he has bent his goal to conform to his own abilities and desires).

In short, he has not dedicated his life to reaching a pre-defined goal, but he has rather chosen a way of life he KNOWS he will enjoy. The goal is absolutely secondary: it is the functioning toward the goal which is important. And it seems almost ridiculous to say that a man MUST function in a pattern of his own choosing; for to let another man define your own goals is to give up one of the most meaningful aspects of life — the definitive act of will which makes a man an individual.

Noting that his friend had thus far lived “a vertical rather than horizontal existence,” 

A man who procrastinates in his CHOOSING will inevitably have his choice made for him by circumstance. So if you now number yourself among the disenchanted, then you have no choice but to accept things as they are, or to seriously seek something else. But beware of looking for goals: look for a way of life. Decide how you want to live and then see what you can do to make a living WITHIN that way of life. But you say, “I don’t know where to look; I don’t know what to look for.”

And there’s the crux. Is it worth giving up what I have to look for something better? I don’t know—is it? Who can make that decision but you? But even by DECIDING TO LOOK, you go a long way toward making the choice.

I’m not trying to send you out “on the road” in search of Valhalla, but merely pointing out that it is not necessary to accept the choices handed down to you by life as you know it. There is more to it than that — no one HAS to do something he doesn’t want to do for the rest of his life.

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Political Reflections
Law & Politics

In dictatorial states, a failure to applaud the Leader has often been a matter of treason. Last February, following the State of the Union address, President Trump flew to Blue Ash, Ohio, for a rally and accused the Democrats in Congress of that very crime. Their crime was a failure to stand and applaud sufficiently for the President of the United States.

“You’re up there and you’ve got half the room going totally crazy, wild—they loved everything, they want to do something great for our country,” Trump said. “And you have the other side, even on positive news . . . they were like death and un-American. Un-American. Somebody said ‘treasonous.’ I mean, yeah, I guess, why not? Can we call that treason? Why not? I mean, they certainly didn’t seem to love our country very much.”

It’s unlikely that anyone remembers that moment in Blue Ash—a moment that would be an enduring stain on any other President—and the reason is obvious: Trump’s penchant for bald deception and incoherence is not an aberration. It is his daily practice. The vague sense of torpor and gloom that so many Americans have shouldered these past two years derives precisely from the constancy of Trump’s galling statements and actions.

And yet what happened in Helsinki on Monday will not be so easily forgotten. Just as the President’s comments following the torchlit white-supremacist march last year in Charlottesville made it clear that racism was at the core of his character and his political strategy, the contemptible remarks he delivered alongside Vladimir Putin seemed to mark a turning point, even for some of his most ardent defenders. In the course of a single European journey, Trump set out to humiliate the leaders of Western Europe and declare them “foes”; to fracture long-standing military, economic, and political alliances; and to absolve Russia of its attempts to undermine the 2016 election. He did so clearly, repeatedly, and with conviction. Republicans in Congress (but not enough of them) and a selection of commentators on Fox News declared that Trump’s performance in Helsinki had been disgraceful.

The President’s attempt to reverse the damage—clearly the result of a panicked White House staff—only worsened the matter. Speaking from the White House Cabinet Room on Tuesday, Trump tried to take his listeners for fools as he explained that he had merely been misunderstood by the press. This was one of the most shameless walk-back attempts in the history of the American Presidency. Reading from prepared notes, which always lends to his delivery a hostage-like cadence, Trump tried to half-apologize to the American intelligence community for equating its analysis with that of Putin and the F.S.B. And, with that, the lights suddenly went out. The President sat in darkness. Even before the worldwide commentariat had a chance to voice its incredulity, the White House electrical system had called bullshit on Trump. Or was it a higher power?

“Whoops,” the President said as the lights flickered back on. “They just turned off the lights. That must be the intelligence agencies!” Good one! Then the President declared, once more for the disbelievers, that he had “full faith and support for America’s great intelligence agencies.” He repeated it with the same conviction as a schoolchild being made to write on the chalkboard, over and over, that he is sorry that he stole from the lunchroom.


Trump is not a man given to contrition—as a student of Roy Cohn, he learned the “never apologize, never explain” approach to human relations—and, even now, he could not quite bring himself to accept one of his intended talking points, that, yes, yes, he really did believe that Russia was the singular actor interfering in the 2016 election. “Could be other people,” he said, going off script, and directly contradicting himself. “A lot of people out there.”

Then Trump’s unwinding became even more alarming. He tried to convince his listeners that his press conference in Helsinki, which he echoed afterward in his interview with Sean Hannity, was but a tiny slip, a flubbed contraction:

I thought that I made myself very clear by having just reviewed the transcript. Now, I have to say I came back and I said, “What is going on? What’s the big deal?” So I got a transcript, I reviewed it, I actually went out and reviewed a clip of an answer that I gave. And I realize that there is a need for some clarification. It should’ve been obvious, I thought it would be obvious, but I would like to clarify just in case it wasn’t. In a key sentence in my remarks, I said the word ‘would’ instead of “wouldn’t.” The sentence should have been “I don’t see any reason why I wouldn’t or why it wouldn’t be Russia.” So just to repeat it, I said the word “would” instead of “wouldn’t” and the sentence should’ve been, and I thought it would be maybe a little unclear on the transcript or unclear on the actual video. The sentence should have been, “I don’t see any reason why it wouldn’t be Russia.” Sort of a double negative. So you can put that in and I think that probably clarifies things pretty good by itself.

Trump’s performances in Europe, and now in Washington, clarified nothing. They only raised dark suspicions and aroused the sickening feeling that we are living in the pages of the most lurid espionage novel ever written. Robert Mueller and his investigators may never get to the end of the mysteries that they are exploring. They may never get to the end of the myriad corruptions, furtive connections, and double-dealings. But the collection of guilty pleas and indictments that have resulted are not to be dismissed.

Over and over, Trump has said that it’s a “good thing, not a bad thing” that the United States has a “good relationship” with Putin. And it is true that American Presidents have always met with adversaries. George Bush and Barack Obama both had the pleasure, on repeated occasions, of Putin’s acquaintance. But summit meetings are not a matter of exchanging friendship rings. They are matters of asserting and arguing interests, in finding hard-fought areas of agreement and progress; they demand patient preparation (which Trump refuses) and principle (which Trump lacks). Anything less courts confusion, misunderstanding, and even disaster. That was true in Singapore, and it was true in Helsinki.

At the press conference in Helsinki, Trump proved himself, at best, a heedless amateur, blind to the bogus arguments and offers being made by a shrewd adversary. “President Putin was extremely strong and powerful in his denial today, and what he did is an incredible offer,” Trump said. “He offered to have the people working on the case come and work with their investigators with respect to the twelve [Russian intelligence officers who were indicted by Mueller]. I think that’s an incredible offer.” Incredible is the word, and not just for the offer. Trump’s incredible journey to Europe was an act contrary to the interests of his country. Now we will see who, particularly in the Republican Party, will stand up not to applaud the Great Leader but to find the capacity to say what is obvious and what is true.

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It might be a Daddy thing, must have been a hard nut. @realDonaldTrump looks for validation from Kim @RT_Erdogan @PutinRF_Eng
Law & Politics


whatever it is @LeonLidigu its the behaviour of a vassal but then this is the Grandmaster we are talking about. It might be a Daddy thing, must have been a hard nut. @realDonaldTrump looks for validation from Kim @RT_Erdogan @PutinRF_Eng 

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Trump first tried to avoid answering by telling the assembled media 'thank you,'usually a sign that he won't take questions. But he then responded, lowering his voice, 'No.'
Law & Politics

Reporter asked during a cabinet meeting whether Russia is still targeting the U.S., Trump first tried to avoid answering by telling the assembled media “thank you,” usually a sign that he won’t take questions. But he then responded, lowering his voice, “No.”

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International Markets
World Of Finance

 Atlanta Fed is currently projecting a 4.5% increase in real GDP for the 2nd quarter. If accurate, would be the 4th best quarter of the expansion @charliebilello

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.1641
Dollar Index 95.07
Japan Yen 112.80
Swiss Franc 0.9992
Pound 1.3069
Aussie 0.7411
India Rupee 68.795
South Korea Won 1131.91
Brazil Real 3.8512
Egypt Pound 17.9025
South Africa Rand 13.2745

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Tuesday 17th of July 2018 @Netflix is my 2nd recommended Trade of the Year after Twitter which i recommended on January 2nd
Information & Communication Technology


And thats the point - The new market is the international one and Netflix is only just getting started. Buy Netflix heavily at the current price of $349.00.

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Commodities
Commodities

Commodity Markets at a Glance WSJ

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Emerging Markets


The victor will inherit a fast-deteriorating economy -- the rupee has been devalued four times since December -- that will probably soon require a bailout from the International Monetary Fund



The victor will inherit a fast-deteriorating economy -- the rupee has been devalued four times since December -- that will probably soon require a bailout from the International Monetary Fund. Khan is seen as being more likely to go to the IMF, while the PML-Nawaz may seek assistance from China before approaching the multilateral lender. The two parties were neck-and-neck in a Gallup Pakistan poll released earlier this month.

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#HowAfricaTweets 2018 @PortlandAfrica
Africa

Portland’s fourth study into ‘How Africa Tweets’ has found African governments are not immune from global issues such as fake news, the rise of bots and external influence on elections.
Our study is the first to identify and analyse who is shaping African Twitter conversations during elections over the past year.
The study found that 53 per cent of the leading voices on Twitter around ten elections on the continent during the past year came from outside the country in which the elections were contested.
Bots, and accounts displaying machine-like behaviour, were active across all elections, particularly in Kenya, where they accounted for a quarter of all influential accounts.
One of the more surprising findings from the study was the limited influence politicians had on the conversation. Rwanda was the exception, where 1 in every 3 influential handles was a political account – the highest figure across all elections analysed. 
This doesn’t mean politicians weren’t being talked about. Many of the top hashtags included references to politicians or political parties, including #UmaAngolaParaTodos in Angola, #Weah in Liberia and #Kagame in Rwanda.
Therefore, influencing narratives now also requires “getting inside the loop” – going to where people are, rather than relying on them coming to you.While Twitter remains a platform that people use to access their news, the use of social media has evolved and Twitter’s in uence, whilst still profound, has somewhat been diluted by the growth of closed networks such as Facebook messenger, WhatsApp and Telegram.
The majority (53%) of key influencers came from outside the countries where the elections were held
In Kenya, bots accounted for a quarter of influential voices. Rwanda was the opposite, with bots accounting for just four per cent of influential voices.
Politicians and political parties were not the main drivers of conversation in their countries, with local journalists and news outlets having a greater influence. In Kenya, the number of politicians influencing the Twitter discussion doubled between the first and second election, but still failed to reach ten per cent. In Senegal, no politicians were identifed among the influential handles. However, there were some exceptions: Rwanda had the highest number 1 of influential politicians and governmental organisations: 1 in every 3 influential handles
Non-domestic news outlets and journalists accounted for 1 in 5 of the handles fuelling discussion and debate around the year’s elections.
Senegal was one of the only countries where local influencers dominated election discussions, comprising almost 72 per cent of handles tweeting on the election.
Senegalese journalists and news organisations were the leading influencers, accounting for a quarter of all handles.
While journalists and news organisations were the leading influencers, accounting for 34 per cent of influential handles, politicians and government bodies were second, accounting for 31 per cent.
Rwanda was also one of the few countries where local influencers drove the debate, with 77 per cent of influential accounts based in the country.
Of the journalists and news organisations identified as influencers, 77 per cent were based in Rwanda. It was a similar story with the political and governmental accounts identified as influential, with 93 per cent based in Rwanda.
Journalists and news organisations comprised one-third of the influential Twitter handles tweeting on Kenya’s August election. Bots accounted for about a quarter, while business leaders accounted for ten per cent of handles. The vast majority of influential accounts were Kenyan. Of the bot and business accounts identified, 89 per cent and 86 per cent of the respective accounts were Kenyan. The majority (57 per cent) of journalist and news organisation accounts were located in Kenya too; the share of outside influence was, however, high, with 43 per cent of accounts located outside the country, a re ection of the large international press corps reporting on the elections.
A conversation aligned to pivotal electoral issues A review of the conversation driven by journalists and news organisations showed a focus on the debates and key issues being discussed around the election. Business leaders joined in the conversation mostly around #KenyaDecides, and focused their tweets on discussions around the presidential debates, the importance of Kenyans having a choice in the election, as well as offering praise to government officials.
Journalists & media professionals and news organisations accounted for 51 per cent of influencers during the Angolan election.
Bots were second, representing nine per cent of influencers, while business leaders and professionals were third, accounting for eight per cent of influential accounts.
The Liberian election was the only election in which the host country did not even rank in the top ten most popular locations of influencers.
Instead, influencers from the US, Nigeria, South Africa and Kenya drove the debate. A similar story was found when analysing the leading media accounts, with almost 98 per cent based in neighbouring countries, Europe or the US.
As was the case during the August general election, journalists and news organisations represented the leading influencers, accounting for 30 per cent of influential handles.
Second, were bots comprising 28 per cent of influencers.This was the only election where bots represented the highest number of influencers.This means bots made up the highest share of influencers in both Kenyan elections, accounting for 26 per cent of all influential users who took part in Twitter conversations - 25 per cent for the August election and 28 per cent for
the October election. As the volume of influential automated accounts increased slightly between the two elections, so did the involvement of politicians. In the second Kenyan election the share of influential political accounts more than doubled from three to seven per cent.
Every bot account identified as an influencer was observed to be based outside the country - or with an unknown location - with none featuring their location in Equatorial Guinea. This was the same for journalists and media accounts identified as influential.
Somaliland Over 98 per cent of journalists and news organisations identi ed as in uencers were observed to be based outside the country. This was among the highest score recorded across the African elections analysed.

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Africa
There has been a sense of anxiety among many in Africa around what the changing global geopolitical landscape means for the continent’s prospects and whether policymakers should be concerned by it. Despite a new and more insular policy orientation in the West — largely centered around migration and security interest from alternative regions and partners, namely in Asia, could go some way in offsetting some of the negative repercussions of this shift. Asian countries, and in particular the big three economies (China, India and Japan), have adapted a more muscular approach to globalisation in recent years. Given this more outward focus, Africa has increasingly started to feature on their radars. The competition for influence, both within Asia and beyond will see Asian trade and investment seek out new growth partners and strategic markets for its ambitious global agenda. Now, as the “Sun rises in the East,” African states are well placed to benefit from this.

To be sure, interest from all three powers is growing. Since 2015, all three countries have held summits in an attempt to solidify and improve their relationships with countries in Africa. India kicked off this trend in October 2015 with the India Africa Forum Summit in New Delhi. This was followed by FOCAC in Johannesburg in December 2015. Lastly, in 2016 Japan held TICAD in Nairobi — in Africa for the first time, since its inception. In each of these summits, sizeable pledges of financial ($10 billion, 60 billion and 30 billion respectively) and technical assistance were made to Africa.

Whilst critics will argue that these are simply cosmetic PR exercises which do not yield any real benefit, they were important symbolic gestures, at a time when African economies were buckling under the brunt of commodity price declines and in need of assistance. Further, with nationalistic elements on the rise in Europe and the West, such support provided comfort in the face of growing insularity from the West. As such, these summits should be seen as important events in the context of a “new scramble for Africa” and a shift in strategic global alignment.

Without the financial muscle to compete, India has had to consider alternative approaches — primarily through a strategic alliance with Japan.

However, this competition is not limited to Asia. Africa has emerged as a new arena for this battle to play out. In particular, East Africa has garnered a great deal of attention, given its strategic location to Asia. Indeed, at last year’s AfDB meeting in Ahmedabad, the two countries launched the Africa-Asia corridor, with a pledge of a $200 billion in proposed projects, amid much excitement and fanfare.

Unlike the Belt and Road Initiative, which entails development of both land corridor (new economic belt) and ocean (marine silk road), AAGC will essentially be a sea corridor linking Africa with India and other countries of Southeast Asia and Oceania by rediscovering ancient sea routes and creating new sea corridors that will link ports in Jamnagar (Gujarat) with Djibouti in the Gulf of Aden and similarly the ports of Mombasa and Zanzibar will be connected to ports near Madurai; while Kolkata will be linked to Sittwe port in Myanmar.

The idea aims for Indo-Japanese collaboration to develop quality infrastructure in Africa, complemented by digital connectivity, which would undertake the realisation of the idea of creating free and open Indo-Pacific region.

Despite trailing in terms of the quantum of investments relative to China, India and Japan has a number of distinct comparative advantages which can be used to foster a mutually beneficial relationship with Africa. From India’s side, the strength and experience of its corporate sector, cultural and political linkages, an engaged and active diaspora, along with the experience of Indian businesses (such as Bharti, Tata and Godrej) in navigating complex ethnically, culturally and linguistically diverse landscapes and societies are key strengths.

Combined with Japan’s technical and technological knowhow, the partnership’s potential as a counterweight to China, has generated significant excitement. As noted by Watson, “India and Japan are calculating that the African people are hungry for a more equitable and transparent alternative, even if it means more expensive projects or longer timelines.”

Ultimately, this will depend on how policymakers on the continent use their leverage. Being “streetwise” is key — the strategic competition between the rivals should be exploited, with pragmatic rather than ideological levers of economic diplomacy prioritised to maximise a country’s economic interests. Rather than adopting an either-or approach to strategic allies, or picking one side over the other, African policymakers should exploit all interest based on their economic value. Kenya has thus far demonstrated huge skill and dexterity is straddling these competing influences both between Asian and Western powers. Indeed, the “economic diplomacy” adopted by Kenya since 2013 offers a blueprint for other continental leaders to expanding cooperation in trade, investment and technical assistance.
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Ethiopia says reforms "to unleash private sector" @ReutersAfrica
Africa


Ethiopia is open to selling off a host of state-owned firms, either partially or entirely, as part of a major economic reform drive designed to “unleash the potential of the private sector”, its information minister said on Wednesday.

Ethiopia's newly elected Prime Minister Abiy Ahmed addresses the House of Peoples' Representatives in Addis Ababa, Ethiopia April 19, 2018. REUTERS/Tiksa Negeri/File Photo
In an interview with Reuters, Ahmed Shide said the government of Prime Minister Abiy Ahmed - which has announced a stream of reforms since coming into office in April - would retain majority holdings in the state-run airline, logistics, telecoms and energy companies.

However, everything else from hotels to sugar farming to cement production could be up for sale, with the sole exception of the tightly controlled financial services sector whose fate was yet to be decided, he said.

“The main objective of this is to encourage private sector development in the country,” Ahmed said, making clear that Ethiopia was turning the page on decades of reliance on the state to drive economic growth in the nation of 100 million people.

“The role of the private sector is very fundamental. We did a lot of state development projects. Now we need to unleash the potential of the private sector,” he said.

Ahmed did not give a time-frame for the privatisations but said Addis was tendering for advice from global business consultancies including McKinsey and PwC.

“The detailed planning is not complete but precautions will be made not to have mistakes,” he said. “So we will do it with caution.”

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Angola cuts borrowing costs for the first time in four years
Africa

Angola’s central bank cut benchmark borrowing costs for the first time in four years, and the same man who presided over the last easing in July 2014 is again in charge of policy.

The Banco Nacional de Angola’s Monetary Policy Committee, led by Governor Jose Lima de Massano, reduced its key rate to 16.5 percent from 18 percent, it said in a statement on Tuesday. Massano, who served as head of the bank for five years until January 2015, was reappointed in October after two previous governors each lasted less than 18 months in the job.

See a table showing the history of Angolan interest-rate decisions

Inflation for Luanda, the capital, has slowed for eight consecutive months, reaching 20 percent in June from a record-high 42 percent in December 2016. The rate could fall even lower and the cost of credit is expected to decline, the central bank said.

Under Massano, the central bank also ended a currency peg held since April 2016. The bid to end a shortage of dollars led to a 34 percent drop in the kwanza this year, the biggest decline among 20 African currencies tracked by Bloomberg. The OPEC member’s economy was battered by the crash in oil prices four years ago and is yet to recover.

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Ramaphosa's shine fades as reality bites South African economy
Africa

“‘Ramaphoria’ was not there in the first place -- it was just a media and business construct,” said Xolani Dube, an analyst at the Xubera Institute for Research and Development in the eastern city of Durban

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Ghana's economy seen up to 40 pct bigger after data overhaul -officials
Africa


The major commodity exporter is recalculating its gross domestic product based on measurements from 2013 instead of 2006 to more accurately reflect recent activity in the petroleum, communication technology and construction sectors, the statistics office said.

“The indication is that this year’s rebasing will add 30 percent or more to the size of the economy... It could be up to 40 percent,” a senior official close to the government’s economic management team told Reuters.

“It’s likely to be around 30-40 percent expansion”, another official told Reuters.

Ghana’s $47 billion economy ranks eleventh in Africa after Tanzania, according to IMF estimates for 2017. A 30 percent expansion will move it up one spot.

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Once the domain of billionaire French art dealer Alec Wildenstein and his eccentric wife Jocelyne "The Cat Woman" Wildenstein, Ol Jogi Ranch @CNNTravel
Africa

Once the domain of billionaire French art dealer Alec Wildenstein and his eccentric wife Jocelyne "The Cat Woman" Wildenstein, Ol Jogi Ranch is now dedicated to the preservation of endangered species.

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