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Satchu's Rich Wrap-Up
Tuesday 28th of May 2019

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The tangled fate of Leonardo's Salvator Mundi has taken another twist after it was claimed that the @MuseeLouvre will refuse to attribute the painting solely to him @thetimes

Ben Lewis, author of The Last Leonardo, said sources at the Paris
museum had told him its curators did not believe the $450 million
painting was solely by the Renaissance master.
The Louvre, which has the largest collection of Leonardo paintings in
the world, has asked Louvre Abu Dhabi if it can borrow Salvator Mundi
for its autumn exhibition on the artist.
Lewis told the Hay Festival that the owner of the painting would not
allow it to be exhibited if it was not attributed to Leonardo.
The painting was rediscovered in 2005 when two American art dealers
bought it for $1,175. After substantial restoration — and its
inclusion in the Leonardo show at the National Gallery in London in
2011, when it was listed as being solely by the artist — it was sold
at Christie’s in New York in 2017 for $450 million, including auction
house fees.
It emerged that the buyer was an emissary for Mohammed bin Salman, the
crown prince of Saudi Arabia, and that he had apparently agreed for
Louvre Abu Dhabi to exhibit the painting. However, the museum
cancelled its unveiling last year without explanation.
There have been increasing concerns about the authenticity of the
painting and its condition. It is thought that it is being stored in a
free port in Switzerland.
Lewis, a visiting fellow at the Warburg Institute in London, was asked
at the festival what the chances were of it being shown.
“That is the $450 million question,” he said. “We don’t know if Louvre
Paris has told Abu Dhabi that it is willing to exhibit it as an
autograph Leonardo. My inside sources at the Louvre tell me that not
many Louvre curators think this is an autograph Leonardo da Vinci and
if they did exhibit it, they really want to exhibit it as workshop,
which adds to the case that it is very unlikely it will be shown. It
is the painting that dare not show its face.”
Fewer than 20 extant paintings are accepted as having been solely
executed by Leonardo. Scholars debate how much was done by Leonardo
and how much by workshop assistants under his supervision. Mona Lisa
is regarded as an autograph work but there is continuing debate over
how much workshop involvement there was in the National Gallery’s The
Virgin of the Rocks.

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MBS, alleged owner of Leonardo Da Vinci's Salvator Mundi which is a painting of Christ as Salvator Mundi (Latin for "Savior of the World") dated to 1500

The painting shows Jesus, in Renaissance dress, giving a benediction
with his right hand raised and two fingers extended, while holding a
transparent rock crystal orb in his left hand. The rock crystal orb of
course reappeared during Trump's visit to the Desert Kingdom. The
Painting is currently in the Louvre in Abu Dhabi because the
''optics'' of this $450m purchase did not sit well with being the son
and heir to the Kingdom.  The King is called the Custodian of the Two
Holy Mosques (خادم الحرمين الشريفين) after all. MBS is also the Proud
Owner of the Serene [yacht] which he bought for 500m Euros in 2015,
while  vacationing in the south of France. Bruce Reidel alleges MBS
sleeps on the Serene off Jeddah because he too lives in fear of his

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Austria's Chancellor Sebastian Kurz has been removed from office in a stunning culmination of a scandal wherein a political ally was caught red-handed on tape discussing bribes from a woman he thought was the niece of a Russian oligarch.
Law & Politics

The so-called "Ibiza-gate" scandal, named after the Spanish island
where the video was secretly filmed in 2017, resulted in far-right
Freedom Party (FPOe) leader and Vice-Chancellor Heinz-Christian
Strache resigning his posts.

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Trump, standing next to Abe, called "Chairman Kim" a "very smart man," downplayed Pyongyang's missile tests and talked up "great waterfront property" in North Korea ripe for development? @asiatimesonline
International Trade

Shinzo Abe isn’t known for his “art of the deal” – that’s Donald
Trump’s shtick. But in Tokyo, the Japanese prime minister flipped the
script on his US counterpart.
President Trump arrived in Japan on Saturday plagued by a world of
troubles. Impeachment talk intensified at the same moment his
much-hyped China trade deal was collapsing, and as Kim Jong Un resumes
the missile-test programs that Trump claimed to have ended.
But a deal was not to be. Prime Minister Abe distracted Trump from the
bilateral trade pact, the big economic win he covets so badly, with
the art of distraction.
The day at the sumo dojo was great fun. Trump and Abe yucking it up
for the cameras was diplomatic gold.
The well-done steak dinners. The golf outing. The first audience with
Japan’s new emperor and the palace banquet. The planned Japanese
warship visit. Trump meeting with the families of Japanese nationals
abducted by North Korea in decades past. It all made for quite a
Visuals aside, there is no US-Japan deal to speak of – or even the
broad strokes of one – because Abe is trying to avoid one. Forget
claims that Abe is waiting until after upper house elections in July.
Expect Abe’s Liberal Democratic Party to come up with fresh excuses
come August for why Tokyo needs more time.
The second came at a business round table after Trump’s arrival in
Tokyo. Trump ribbed Toyota Motor CEO Akio Toyoda for the supposedly
unfair advantage Japanese automakers enjoy in the US.
“Japan has had a substantial edge for many, many years,” Trump said.
“But that’s OK, maybe that’s why you like us so much,” Trump told
chieftains of leading Japanese companies including Honda, Nissan and
The exchange exposed the dilemma facing Japanese officials: How do you
negotiate with someone who seems to understand neither trade nor basic
Japanese automakers directly employ upwards of 1.5 million Americans.
Add in related industries in Alabama, Louisiana, Ohio and Tennessee
and the number of jobs approaches 3 million.

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27-MAY-2019 :: China vs. US War Ballistic @TheStarKenya
International Trade

Trade War turns ballistic

For quite a while, the consensus view has been that the US and China
would after all the theatrics reach some kind of Deal. President Trump
is highly tuned to the markets and in fact something of a c21st
Artiste. His Positive ''Trade War'' Tweets are timed around the US
Market hours and designed to soothe, massage and finesse US asset

''Trump predicts 'fast' trade deal with China''

and he turns more negative in Chinese Trading hours.
This is next-level Gaming of a very sophisticated nature and there are
few Leaders if any that I can recall that have appreciated the Purity
of the Market Signal and played the game at this Yehudi Menuhin
virtuouso level. Of course, Carl Icahn has stayed real close. Trump's
head spinning and high velocity tweets lulled the markets and as Joerg
Wuttke pronounced ''Xi got Trump wrong [and the Chinese economy is ill
prepared for what comes next]'' Xi misread the signals. The Point
being in the Trade War Trump is no longer the Decider. In the US,
There is clearly a consensus baseline for a Full-On Toe to Toe
Slugfest as it were.
In China, however, There is only one Decider that Decider was
pronounced as much by Xinhua in a historical announcement in March
The Central Committee of the Communist Party of China “proposed to
remove the expression that ‘the president and vice-president of the
People’s Republic of China shall serve no more than two consecutive
terms’ from the country’s constitution.”  In one fell swoop, President
Xi Jinping was President for Life. President Xi is on a Pedestal and
is faced with the Strong Man Conundrum. The Political Brand will not
permit a retreat let alone a Surrender.
Friedrich Wu, a professor at Nanyang Technological University in
Singapore sums up the feelings of many when he describes them as “a
list of surrender demands for China to acquiesce to”. [FT]
“If there is a decoupling between the two economies, so be it. The
Chinese people can endure more pain than the spoiled and hubristic
The FT said
''Xi Jinping, the Chinese Communist president, is preparing to lead
his country into an all-out trade conflict with the world’s leading
economic and technological power,  But just as Chinese forces
ultimately fought the US to a stalemate in Korea by pitting sheer
troop numbers and a far greater tolerance for mass casualties against
superior American firepower, Mr Xi reckons he can direct a successful,
society-wide struggle in the trade dispute''
Notwithstanding all the hyperbole and very partisan commentary, the
following are the plain Truths. The US exported $120bn of goods to
China last year, China shipped $540bn of goods to the US. This
disequilibrium is the essential and overarching point. Furthermore, I
estimate that 80% of the Tariff Increase is actually going to have to
be absorbed by the Chinese Manufacturer and only 20% by the US
Consumer. If you study the basket of Chinese Goods, they are
commoditised and replaceable.  Furthermore, its now a racing certainty
that Trump will place 25% tariffs on around $300 billion of additional
Chinese imports, setting a 25% Tariff on all $540b of Chinese imports.
The US Economy is in fact more of an Island [autarkic] Economy than
Huawei is a Proxy and that has gone ballistic.
Driving Huawei out of the United States and Europe is “10 times more
important” than a trade deal with China, according to former White
House chief strategist Steve Bannon. He also said he would dedicate
all his time to shutting Chinese companies out of US capital markets.
Essentially, My Base-Line is that the Trade War is headed off the
charts into Territory the market still continues to price as a
''Tail'' Risk. [Tail risk is the additional risk of an asset moving
more than 3 standard deviations from its current price, above the risk
of a normal distribution]
Sunchartist tweeted
The following commodities falling by > 3 standard deviation PTA,
Rubber, Zinc, copper,   Coking Coal in 3 std deviations.  The margin
calls on retail China oil futures meant they fell much more than Brent
or WTI  It will be an interesting few weeks ahead of us.
The Markets across the World shivered in May, some caught a Fever and
some on the Periphery have become as delirious as victims of cerebral
malaria. The Markets are still pricing in a benign [but much less
benign than a month ago] Outcome. We need to consider what a non
benign or even maximum non benign outcome looks like. The Chinese
Currency which is -8.8% on a Year on Year basis is surely a very
visible proxy. And if this all turns ballistic as is my baseline
scenario then this is going to fly through 7.00 like a hot knife
through butter and the Chinese will surely use the value as currency
as Push-Back. If they do they will be pushing at an open door. Its
clear that directionally money wants to leave China and a great deal
of the 2019 surge in Bitcoin is surely correlated to Chinese Flight
Capital. Therefore, my prediction is when the currency slides its
going to slide real quick and Dollar Call Options are an interesting
risk adjusted trade.
I wrote last week about the China Emerging and Frontier markets loop
Phenomenon which has been super positive for more than 2 decades and
is now in a Major Trend Change and has turned negative. I would be
adding to short positions in the Australia Dollar [a Global Trade
Proxy and Global Trade is slowing] and the South African Rand. The
Periphery will get smashed as we are seeing it unfold in Lusaka.
My Guest at Mindspeak today is the preeminent China Scholar Professor
Howard French Author of most recently ''Everything Under the Heavens:
How the Past Helps Shape China's Push for Global Power'' and I look
forward to gaining further insights on this.

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Editorial: The US wants to rob China of not only its money but also its future. #TradeWar http://bit.ly/2X8fAMs
International Trade

#环球时报 Editorial: The US wants to rob China of not only its money
but also its future. #TradeWar

The Chinese people are so confused: What on earth does the US want
with China? Does it want fair trade or does the US refuse to accept
China's development and seek to break the Chinese economy as its
ultimate goal?

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The Impact of US-China Trade Tensions @IMFNews
International Trade

The raising of US tariffs to 25 percent on $200 billion of annual
Chinese imports on May 10, together with the announced Chinese
retaliation, marks the latest escalation in the US–China trade
The impact of previously imposed tariffs by the US and subsequent
retaliation by China is already evident in trade data. Both the
countries directly involved and their trading partners have been
affected by rising tariffs.
In 2018, the US imposed tariffs sequentially on three “lists” of goods
from China, targeting first $34 billion of annual imports, then $16
billion more, and finally an additional $200 billion.
As a result, US imports from China have declined quite sharply in all
three groups of the goods on which tariffs were imposed.
In cases where there was a delay between announcement and
implementation of tariffs, as in the case of the $16 billion and $200
billion lists, or plans to phase in the tariff increase, as in the
case of the $200 billion list, we observed an increase in import
growth in advance of the effective dates.
This suggests that importers stocked up ahead of the tariffs,
accounting for the sharper decline in imports thereafter.
Research by Cavallo, Gopinath, Neiman and Tang, using price data from
the Bureau of Labor Statistics on imports from China, finds that
tariff revenue collected has been borne almost entirely by US
There was almost no change in the (ex-tariff) border prices of imports
from China, and a sharp jump in the post-tariff import prices matching
the magnitude of the tariff.
For example, US imports from Mexico increased significantly among some
goods on which the US imposed tariffs. After the $16 billion list was
implemented in August, a sharp decline of nearly $850 million in
imports from China was almost offset by about $850 million increase
from Mexico, leaving overall US imports broadly unchanged.
For other countries such as Japan, Korea and Canada, one can observe
smaller increases in US imports relative to the levels in
September-November 2017.
Of course, aggregate data could be masking other factors driving the
bilateral trade patterns, such as the use of inventories. For example,
there was little or no change in imports from third countries in the
case of photosensitive semiconductor devices.

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This was most clearly observed in the case of soybeans, where US exports to China fell dramatically in 2018 after China imposed tariffs @IMFNews
International Trade

The other channel by which producers could be affected is through
market segmentation in the price of traded goods. This was most
clearly observed in the case of soybeans, where US exports to China
fell dramatically in 2018 after China imposed tariffs. The United
States was China’s dominant soybean supplier, along with Brazil, in
2017. With the tariffs, the price of US soybeans fell while that of
Brazilian soybeans increased, as US exports to China dropped to near
zero and Brazilian exports to China trended higher. Though prices have
since re-converged and soybean exports to China have resumed to some
extent, US soybean farmers suffered, while those in Brazil benefited
from trade diversion and market segmentation.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1187
Dollar Index 97.75
Japan Yen 109.29
Swiss Franc 1.0042
Pound 1.2660
Aussie 0.6918
India Rupee 69.65
South Korea Won 1188.38
Brazil Real 4.043
Egypt Pound 16.828
South Africa Rand 14.50

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China Piglet Average price +111% since February. @sunchartist

Imports bring down wholesale prices but slaughtered pig need to be
replaced at some point.  There aren't enough pigs in the ROW to
replace China loss of stock

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Investors Scour Emerging Markets in Search for Trade War Gains
Emerging Markets

Brendan McKenna, a strategist at Wells Fargo in New York, says that
investors should bet against any currencies with a high exposure to
Chinese risk. In particular, he’s betting against the Korean won, the
Philippine peso and the Taiwanese dollar.
Outside of Asia, he says the usual suspects that are susceptible to
trade risk will be hard hit, and people should stay away from the
Brazilian real, Mexico’s peso, the Chilean peso and the South African

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What Are Frontier Markets and Why Invest in Them? @BW
Frontier Markets

If emerging markets are the wild child of the investment family,
offering potentially higher rewards in return for greater risk, then
what about their smaller sibling, frontier markets?
These include countries such as Sri Lanka, Kazakhstan and Nigeria
where stock exchanges and currency markets are too small or
underdeveloped to be classified as emerging markets.
While frontier markets may bring investors more exotic thrills, and
spills, they also somewhat counterintuitively can be a safe haven when
markets are rocky.
1. What are frontier markets?
In the investing hierarchy, they are the bottom rung of three. At the
top are developed markets (such as the U.S. and U.K.), in the middle
are emerging markets (such as China and Russia). The denomination is
not so much a judgment on a country’s wealth or stage of development
as about its markets.
Depending on who’s doing the classifying, there are around 30 frontier
markets, mostly in the Middle East, South Asia, Africa and Eastern
2. How are they determined?
According to MSCI Inc., the world’s biggest index compiler, frontier
markets need to meet subjective criteria, including “at least some”
openness to foreign ownership and “at least partial” ease of capital
Objective requirements include at least two companies worth about $800
million each.
Next Big Thing?
MSCI's list of frontier markets
*The West African Economic and Monetary Union, including Benin,
Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, Togo
** Argentina to be reclassified as emerging market after May 28
3. How are they different from emerging markets?
Everything’s on a smaller scale. Frontier markets have a combined
market value of $715 billion; emerging-market stocks are worth $20
Trading volumes are relatively minuscule as are the number of listed
companies; while Vietnam has more than 1,500, Burkina Faso counts just
three and Benin one.
Foreign participation tends to be much lower than in emerging markets
and there are tighter restrictions on who can own shares.
4. Who invests in them and why?
Mainly local and state investors. Among the overseas crowd, it’s
mostly active funds that get involved. Passive investments such as
exchange-traded funds make up just 10% of estimated foreign flows.
One of the main investor attractions is getting into a market before
the crowds arrive. That can lead to outsized growth as an economy
prospers and financial infrastructure develops.
Pakistan’s main stock index grew at an annual clip of more than 25% in
U.S. dollar terms in the eight years through end-2016, shortly before
it got promoted to an emerging market.
5. How have they performed?
Some markets have rewarded long-term investors handsomely. Vietnam’s
benchmark index rose by an annual average 9.8% in the decade through
2018 in local-currency terms -- including a 48% jump in 2017 and a 27%
drop in 2011.
That underlines the idiosyncratic nature of frontier markets and their
increased sensitivity to local affairs. Sri Lanka’s main stock index
fell 10% as a political crisis in October was followed by deadly
terrorist attacks in April.
As a group, the picture has not been especially rosy. Frontier markets
under-performed their emerging counterparts in the four most recent
calendar years, but over the past year they have edged ahead.
Frontier markets outperformed in a tough year for risk-hungry investors
6. Can they be safe havens?
They are less vulnerable to external shocks so can be a secure spot to
sit out a surge in market turbulence. Frontier markets are less
correlated with the rest of the world’s markets due to their limited
financial links. They are also less correlated with one another due to
their geographic diversity.
So while individual frontier nations may experience high volatility,
the poor correlation makes a basket of frontier stocks gyrate less.
However, like emerging markets, they are likely to bare the brunt of
any concerted global selloff; both asset classes lost about 50% of
their value in 2008. Indeed, frontier markets are a risky asset class
where investments can be locked up either because of a debt default,
currency meltdown or capital controls.
There’s also the risk of hyperinflation in some markets.
7. Is emerging-market status every frontier market’s dream?
Not necessarily. Being upgraded to an emerging market can attract
heaps more foreign investment and boost a country’s efforts to open up
its financial sector.
On the other hand, frontier markets that were once a big fish in a
small pond can become lost in the emerging-market ocean.
Pakistan’s market, for example, failed to attract sizable investment
flows after its elevation to an emerging market in 2017 and
experienced the worst foreign selloff since the 2008 financial crisis.
8. Are frontier markets disappearing?
The frontier market class is shrinking, as more countries graduate to
become emerging markets. In the past five years, some giants of the
asset class have stepped up, including Qatar, the United Arab
Emirates, Pakistan and, as of May 28, Argentina. Kuwait, which
accounts for one quarter of the MSCI Frontier Markets Index, may also
get promoted in June.
These frontier heavyweights have been replaced by smaller territories
that cannot make up the loss in market value. Although the
frontier-market universe has lost some of its bulk, the smallest
countries benefit as funds are forced to diversify their allocations.

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Malawi's Mutharika narrowly wins presidential race with 38.57 % of the vote @ReutersAfrica

President Peter Mutharika won Malawi’s presidential election with
38.57% of votes, the electoral commission said on Monday, narrowly
securing another five-year term after delays over suspected tampering.
Voters in the southern African nation cast ballots for a president and
parliament last Tuesday in a bruising race between Mutharika and two
former allies, Lazarus Chakwera and Deputy President Saulos Chilima,
with results due at the weekend.
But on Saturday a court granted the opposition an injunction after the
electoral commission (MEC) received 147 cases of irregularities,
including results sheets with sections blotted out or altered with
correction fluid.
Reports of tampering sparked protests in some opposition strongholds.
The court lifted the injunction of Monday, and the electoral
commission confirmed Mutharika’s narrow victory.
“I hereby declare Arthur Mutharika as the winner of the presidential
election held on 21 May,” chairwoman of the MEC Justice Jane Ansah

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@raad_zeid on #Ethiopia: "The country has changed for the better, they have a gifted prime minister. But we are now seeing ethnic tensions violently emerge ... we saw the same situation unfold in Myanmar. We need to be vigilant." #OsloFF

Former UN High Commission for Human Rights @raad_zeid on #Ethiopia:
"The country has changed for the better, they have a gifted prime
minister. But we are now seeing ethnic tensions violently emerge … we
saw the same situation unfold in Myanmar. We need to be vigilant."

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02-JUL-2018 :: Ethiopia Rising. @TheStarKenya

He is evidently a Virilian and Gladwellian Figure.
“To create one contagious movement, you often have to create many
small movements first.” “Look at the world around you. It may seem
like an immovable, implacable place. It is not, With the slightest
push—in just the right place—it can be tipped.”—Malcolm Gladwell .

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Sudan opposition pushes ahead with two-day strike from Tuesday @ReutersAfrica

KHARTOUM (Reuters) - Sudan’s alliance of opposition and protest groups
said on Monday that it would push ahead with a general two-day strike
starting on Tuesday, in an escalation of tensions with the ruling
transitional military council over the move to democracy.
Talks between the Transitional Military Council (TMC) and the
Declaration of Freedom and Change Forces (DFCF) alliance are at a
standstill after weeks of negotiations over who will have the upper
hand after the ouster of long-time president Omar al-Bashir last
month, civilians or the military.
Wagdy Saleh, a representative of a coalition within the DFCF, told a
news conference called by the alliance that the TMC had demanded a
two-thirds majority, of eight to three, on the sovereign council that
will lead the country.
The deputy head of the TMC, Lieutenant General Mohamed Hamdan Dagalo,
said earlier on Monday that the council was ready to hand over power
swiftly, but said the opposition was not being serious about sharing
power and wanted to confine the military to a ceremonial role.
“By God, their slogans cheated us. I swear we were honest with them
100%,” Hemedti said at a dinner with police. “That’s why, by God
Almighty, we will not hand this country except to safe hands.”
Hemedti said the military council respects many members of the
opposition movement, including Sadiq al-Mahdi, Sudan’s last
democratically elected prime minister, who was overthrown by Bashir.
Mahdi, who heads the Umma Party that is part of the alliance, rejected
the strike on Sunday.
However, his son, Al-Sadeeq Sadiq al-Mahdi, told Al Arabiya TV after
Hemedti’s remarks: “Our stated position is not a rejection of the
principle of strike, but our logic is that there is no need to
escalate now.”
The TMC has suggested that if an agreement cannot be reached between
the two sides, elections should be held.
“We are not saying we will not negotiate,” Hemedti said. “But we have
to guarantee that all the Sudanese people are participating in the
“We do not cheat, nor do we want power,” Hemedti said, adding that
elections could be held in as little as three months in order to
“...choose a government from the Sudanese people.”
Mubarak Ardol, who represents the Sudan People’s Liberation
Movement-North, said at the news conference that it was essential to
have an accurate and transparent census before elections can be held
because millions of Sudanese remain displaced or refugees and would
therefore be excluded.
“Elections cannot be held in the current situation,” Ardol said.
The DFCF said Tuesday’s strike would encompass public and private
enterprise, including the civil aviation, railway, petroleum, banking,
communications and health sectors.
If an agreement is not reached with the TMC, the DFCF will escalate by
calling for an open strike and indefinite civil disobedience until
power is handed to civilians, Saleh said.
The military ousted and detained Bashir on April 11, ending his
30-year rule after 16 weeks of street protests against him spearheaded
by the Sudanese Professionals’ Association, part of the DFCF.
Hemedti said on Monday: “These people’s goal is for us to hand over to
them and return to our barracks.”

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On Monday, the local RTGS dollar was trading at 5 to the U.S. dollar compared to 5.5 on Friday. On the black market, the unit was weaker at 7.50 versus 7 on Friday, traders said.

Guvamatanga, permanent secretary for ministry of finance said that
$500 million out of last year’s $4.3 billion export earnings was still
being kept offshore.
Another $400 million was outstanding from the January to May 2019
exports, which earned $1.4 billion, he said. Exporters were also
keeping $800 million in local foreign currency accounts, he added.
“There is $1.7 billion that should be available in this economy to pay
for the pharmaceuticals, to pay for the fuel and all the requirements
we need as an economy,” Guvamatanga said.
Exporters have 90 days to repatriate earnings to the country, but some
of them take longer.
Some, speaking on condition of anonymity, said they were reluctant to
sell their money on the official market, where traders say the central
bank is influencing the exchange rate.
They also said they were worried that once they had sold their money,
there would be delays in getting dollars again on the local interbank
market when they wanted to pay for imports.
Guvamatanga said the government “does not have the intention
whatsoever to grab exporters’” dollars.
Zimbabwe last week hiked fuel prices by around half, the second sharp
rise in four months, a day after the central bank effectively removed
a subsidy by ending oil importers’ access to U.S. dollars at a
favourable ratE
state power utility ZESA said last month it had applied to the energy
regulator to raise its tariff by 30 percent for maintenance of its
grid and after the price of diesel and other inputs went up.
Finance Minister Ncube told the parliamentary committee although
electricity was still cheaper compared to regional peers, at 2.5 U.S.
cents per kilowatt hour, any further tariff increase would hit
consumers hard.
“Any ill-advised sharp tariff rate increase combined with the power
outages will be most unpopular and unwelcome and will certainly
trigger another round of price increases and inflation,” Ncube said.

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"Al-Shabab are like djinns [spirits]. They are everywhere," said one young man via @BBCAfrica @mary_harper @JBKB2

Jinn or djinn (singular: jinnÄ«, djinni, or genie; Arabic: الجن‎
al-jinn, singular الجني al-jinnī) are supernatural creatures in
Islamic mythology


The Quran says that the jinn are made of a smokeless and "scorching
fire",[1] but are also physical in nature, being able to interfere
physically with people and objects and likewise be acted upon.

They are usually invisible to humans, but humans do appear clearly to
jinn, as they can possess them. Jinn have the power to travel large
distances at extreme speeds and are thought to live in remote areas,
mountains, seas, trees, and the air, in their own communities. Like
humans, jinn will also be judged on the Day of Judgment and will be
sent to Paradise or Hell according to their deeds.[10]

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Airtel Africa Plans London Share Sale to Help Reduce Debt @business

The Africa unit of Bharti Airtel Ltd. plans an initial public offering
in London to help reduce debt at the continent’s second-largest mobile
The offer by the wireless carrier on the London Stock Exchange would
comprise new shares and the sale would seek a free float of at least
25%, the company said Tuesday in a filing. It is also considering a
listing in Nigeria, it said.
The sale of shares to the public could raise about $1 billion, people
familiar with the matter said earlier this month. The London listing
could be this month and aims to start trading in June, said the
people, who asked not to be identified because the matter is private.
Airtel Africa Ltd. already raised $1.25 billion last year from
investors including Temasek Holdings Pte and SoftBank Group Corp.,
giving it an equity value of about $4.4 billion.
JP Morgan Securities Plc is sole sponsor for the planned sale,
according to the statement. BofA Merrill Lynch, Citigroup and JP
Morgan are joint global coordinators and bookrunners.
The business has operations in 14 African markets including Kenya,
Tanzania, Nigeria and Ghana, according to Bharti Airtel’s latest
annual report.
Bharti Airtel, backed by billionaire Sunil Mittal, has spent heavily
to defend its position in India against disruptive upstart Reliance
Jio Infocomm Ltd.

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Tanzania Targets Big Increase in Mineral Revenue @business

Tanzania intends to collect 470.9 billion shillings ($205.5 million)
from minerals in 2019-20, compared with a projected income of 310.6
billion shillings in the fiscal year ending June 30.
The East African nation plans to boost production and exports, open
new mineral trading centers, curb smuggling and ensure closer
supervision of the industry, Mining Minister Doto Biteko told
lawmakers Monday. By the end of March, Tanzania had collected 244.3
billion shillings from the industry, he said.
The state expects to open seven new centers for trading minerals in
the next financial year in addition to the 21 already in operation,
Biteko said. The Mining Commission has put on notice for revocation
1,131 licenses after investors failed to comply with the country’s
regulations, he said.
By the end of March, a total of 13,177 applications for mining
licenses had been submitted and 4,831 permits had been granted. About
nine companies expressed interest in constructing smelters and
refineries in the country, the minister told lawmakers.

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South Africa All Share Bloomberg +3.32% 2019

Dollar versus Rand 6 Month Chart INO 14.50


Egypt Pound versus The Dollar 3 Month Chart INO 16.8499


Egypt EGX30 Bloomberg +7.09% 2019


Nigeria All Share Bloomberg -3.92% 2019


Ghana Stock Exchange Composite Index Bloomberg -2.21% 2019


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The top brands in Africa according to the 2017/18 survey @RencapMan

 1. @Nike [cc @EliudKipchoge] 2. @Samsung 3. @adidas 4. @CocaCola 6.
@MTNza 8. @Toyota 9. @gucci 17. @SafaricomPLC @Vodacom M-Pesa 26.

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Monetary Policy Committee press release. @CBKKenya
Kenyan Economy

NFNF inflation remains below 5%
CAD narrowed to 4.5% of GDP in the 12 months to April 2019
FX reserves at an ATH at $10.056 billion (6.4 months import cover)
Private sector credit growth 4.9% in the 12 months to April 2019,
compared to 4.3% in March

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Domestic sugar production in metric tonnes: @mihrthakar
Kenyan Economy

2013 - 600,210
2014 - 592,668
2015 - 631,957
2016 - 638,340
2017 - 377,126
2018 - 485,498

CAGR -3.47%

Production in 2018 down 24% from 2016 peak.

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.@SafaricomPLC has been named as one of the most admired listed brands in the continent by @brandafrica. The company jumped 11 slots to an overall position 17 from 28 the previous year.
Kenyan Economy

The Kenyan telco was lauded alongside other African and international
brands such as Nike and MTN during the 7th annual Brand Africa 100:
Africa’s Best Brands.
The company jumped 11 slots to an overall position 17 from 28 the previous year.
“MTN (South Africa), Dangote (Nigeria) and Safaricom (Kenya) are the
most admired highest listed brands on sub-Saharan Africa’s leading
bourses, the JSE (Johannesburg Stock Exchange), Nigeria Stock Exchange
and Nairobi Securities Exchange respectively,” reads part of the
Nike retains the overall number one brand in Africa spontaneously
recalled by consumers.
“The presence of multiple mobile money brands on the list, including
Safaricom M-Pesa (ranked 13), Orange Money (18), MTN Mobile Money (19)
and Tigo (23), underscores the impact of not only M-Pesa as the
catalyst but mobile as a key enabler for financial access,” said the

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@SafaricomPLC SCOM is +20.72% in 2019
Kenyan Economy

Closing Price:           26.80
Total Shares Issued:          40065428000.00
Market Capitalization:        1,073,753,470,400
EPS:             1.58
PE:                 16.962

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Kenya Shilling versus The Dollar Live ForexPros
Kenyan Economy

Nairobi All Share Bloomberg +4.96% 2019


Nairobi ^NSE20 Bloomberg -6.55% 2019


Every Listed Share can be interrogated here


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by Aly Khan Satchu (www.rich.co.ke)
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May 2019

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