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Tuesday 16th of July 2019 |
Morning Africa |
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The Latest Daily PodCast can be found here on the Front Page of the site http://www.rich.co.ke
Macro Thoughts |
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President Trump has been bashing the Federal Reserve Chairman and at least did not summarily dismiss him like Reccip Tayyip Erdogan summarily dismissed his Central Bank Chief a few short days ago but the net effect is the same, Africa |
2. The Populists are now in charge, Central Bankers are now doing the bidding of their ''Leaders'' and Erdoganomics [where if Trump lays sanctions on Turkey for the purchase of the Russian S-400 Missile Defence System, the economy could crumble like a stale biscuit] might well be the Precursor for where this all ends up. The ''Parrot'' is as dead as it was in the Monte Python sketch
Mr. Praline: Never mind that, my lad. I wish to complain about this parrot what I purchased not half an hour ago from this very boutique. Owner: Oh yes, the, uh, the Norwegian Blue...What's,uh...What's wrong with it? Mr. Praline: I'll tell you what's wrong with it, my lad. 'E's dead, that's what's wrong with it! Owner: No, no, 'e's uh,...he's resting. Mr. Praline: Look, matey, I know a dead parrot when I see one, and I'm looking at one right now. Owner: No no he's not dead, he's, he's restin'! Remarkable bird, the Norwegian Blue, idn'it, ay? Beautiful plumage! Mr. Praline: The plumage don't enter into it. It's stone dead. Owner: Nononono, no, no! 'E's resting! Mr. Praline: All right then, if he's restin', I'll wake him up! (shouting at the cage) 'Ello, Mister Polly Parrot! I've got a lovely fresh cuttle fish for you if you show... (owner hits the cage) Owner: There, he moved! Mr. Praline: No, he didn't, that was you hitting the cage! Owner: I never!! Mr. Praline: Yes, you did! Owner: I never, never did anything...
Specifically, with respect to the United States, stoking up the Fire with rate cuts is a very dangerous situation because according to my calculations, the FED will need to be raising rates into the Election, something that will turn Trump apoplectic I am sure.
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@StPaulsLondon St Paul's Cathedral Africa |
St Paul's Cathedral, London, is an Anglican cathedral, the seat of the Bishop of London and the mother church of the Diocese of London. It sits on Ludgate Hill at the highest point of the City of London and is a Grade I listed building. Its dedication to Paul the Apostle dates back to the original church on this site, founded in AD 604.[1] The present cathedral, dating from the late 17th century, was designed in the English Baroque style by Sir Christopher Wren.King Æthelred the Unready was buried in the cathedral on his death in 1016; his tomb is lost. The cathedral was burnt, with much of the city, in a fire in 1087, as recorded in the Anglo-Saxon Chronicle.[7][page needed]
The present structure of St Peter upon Cornhill was designed by Christopher Wren following the Great Fire of London in 1666. It stands upon the highest point in the area of old Londinium, and medieval legends tie it to the city's earliest Christian community. In 1995, however, a large and ornate 5th-century building on Tower Hill was excavated, which might have been the city's cathedral.[8][9]
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Africa Isn't Being Re-Colonized @bopinion Africa |
There’s a big difference between military conquest and development with overseas capital and know-how.
Colonialism involves domination through violence. The many small Chinese entrepreneurs moving to Africa to set up shop do not have the backing of a mighty state or an armada of warships. They are on their own, and as author and development researcher Irene Yuan Sun reports in her book, “The Next Factory of the World: How Chinese Investment Is Reshaping Africa,” these independent capitalists often lose everything they have to fires, crime or other local hazards.
What’s more, Sun’s research shows that these Chinese entrepreneurs generally hire locals. Despite much-publicized cases of Chinese companies importing Chinese workers to Africa, this is the exception rather than the rule. Something like 95% of Chinese manufacturing companies in Africa hire local workers, and 54% hire managers locally, while 73% offer apprenticeships or professional training programs for locals.
Skeptics may believe that Chinese factory owners’ profits, which can run to more than 20% , represent exploitation by foreigners. But because most Chinese entrepreneurs live in Africa near the factories they run, much of that profit gets spent locally, and is thus pumped back into the local economy. Furthermore, although wages are low and factory conditions are often harsh or dangerous -- sadly typical for countries in the early stages of industrialization -- a profit margin of 20% still means that the bulk of the businesses’ expenditures are flowing to workers and suppliers, many of whom are African.
The profits reaped by these expatriate Chinese entrepreneurs don't represent colonialist resource exploitation. Instead, they represent the win-win nature of industrialization. Unlike economies based on natural resources, industrial economies are not zero-sum games -- they represent the creation of wealth through human ingenuity and labor. Just because Chinese factory owners are winning doesn’t mean African workers are losing.
Of course, in the long run, Africans should and will become owners and capitalists themselves. African managers in Chinese factories will learn the tricks of the trade and then strike out on their own. But for now, foreign investment in African manufacturing looks similar to the early stages of industrialization in China itself. Under Deng Xiaoping and his successors, China threw open the doors to foreign capital, offering itself as a low-cost production platform for foreigners. That was only the first stage, however, as Chinese workers learned from the foreigners and eventually moved up the value chain.
So private Chinese investment in Africa isn't a form of colonialism, and the Japanese, German, and Indian multinationals now setting up shop in Africa aren't colonizers. This is how development works.
But there is one type of Chinese involvement in Africa that does threaten to become something akin to colonialism -- Chinese government infrastructure loans. Chinese government banks are lending African governments large amounts of money to build roads, bridges, ports and so on, often secretly. Although some of that infrastructure will be beneficial for African countries, some projects will not recoup their costs. When that happens, small African countries will be left holding the bag, owing money to the mighty Chinese government. China will then hold substantial leverage over its African debtors.
If that’s not old-style colonialism, it’s too close for comfort. African governments should be wary of Chinese state-owned banks offering lavish loans. Instead, they should focus on soliciting private investment in manufacturing industries, while providing infrastructure, education and other public goods on their own. This strategy will ensure that Africa’s road to industrialization is as rapid and smooth as possible without the taint of colonialism.
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.@MoodysInvSvc's - East African countries' infrastructure spending will support growth but weigh on fiscal strength Africa |
Focus on infrastructure spending will support economic expansion But recurring fiscal deficits will constrain sovereign creditworthiness, aggravating already deteriorating debt metrics Although East African governments' pro-growth fiscal policies will support economic expansion over the next two years, recurring fiscal deficits will constrain their creditworthiness at a time when they have less capacity to absorb future balance sheet shocks, Moody's Investors Service said in a report today. In June, each of the five Moody's-rated East African sovereigns - Kenya, Ethiopia, Rwanda, Tanzania and Uganda - presented budgets for the next fiscal year, some of which included large infrastructure spending plans that will lead to continued fiscal deficits.
"In the next two years, we expect that fiscal deficits will be below those necessary to stabilize debt in all East African countries except for Uganda, where the debt burden is expected to rise, compared to declining or broadly stable debt burdens in the rest of the region," said Lucie Villa, a Moody's Vice President – Senior Credit Officer and the report's co-author.
"However, risks to the medium-term fiscal outlook persist and stem from fiscal slippage or interest rate increases beyond our forecasts, as well as economic and socio-political shocks that would likely result in a deterioration in government fiscal positions."
Although fiscal deficits over the past five years have already contributed to weaker debt metrics, weighing on Moody's assessment of the countries' fiscal strength, Tanzania and Ethiopia have been posting smaller deficits than regional peers, leading to a more moderate rise in their debt levels.
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@vivendi's Canal+ acquires African film studio ROK @ReutersAfrica Africa |
French pay-TV group Canal+ has acquired African film and television studio ROK, marking the first international acquisition in Nigeria’s film industry, popularly known as Nollywood. Lagos-based ROK, which announced the deal on Monday, owns a large library of films and animation series in Nigeria and produces movies and TV series for distribution platforms. Nollywood is one of the world’s biggest film production hubs and Canal+, owned by Vivendi, aims to expand in Africa as stiff competition from streaming services such as Netflix and Amazon has caused the group to lose subscribers in France. With more Africans buying TVs - and streaming services not widely accessible due to relatively high data costs - the continent is fertile ground for satellite pay-TV companies to provide original content and generate customer loyalty. “ROK will produce thousands more hours of Nollywood content to deliver movies and original TV series for Canal+ Group’s audiences,” ROK said in a statement. It did not say how much Canal+ had paid for the company. Under the deal, Canal+ acquired ROK’s production, content distribution and publishing channels, from IROKO Ltd, Africa’s digital content distributor for Nigerian films. ROK founder Mary Njoku will continue as general director of ROK Productions. ROK will produce Nollywood content for Canal+ group’s French-speaking African audience, to be distributed via IROKO’s subscription video on demand app. Last year, Vivendi said that Canal+ aimed to add 1.5 million African subscribers by 2020 to bring the total to about 5 million, up from 1 million five years ago. Rights to European and African soccer have long been a draw in Africa and Canal+ has invested heavily in locally produced content. IROKO incubated ROK in 2013 and has produced over 540 films and 25 original TV series in Africa. It said ROK reaches 15 million subscribers on satellite TV services on the continent.
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Ebola virus reaches Congolese city of Goma Africa |
The Ebola virus has reached the Congolese city of Goma, home to 2 million people and a transport hub for central Africa, for the first time since an epidemic began in the Democratic Republic of the Congo nearly a year ago. The DRC health ministry said a man who had arrived in the regional centre on Sunday had been quickly transported to an Ebola treatment centre. Authorities said they had tracked down all the passengers on the bus the man had taken from Butembo, one of the towns hardest hit by the disease. “Because of the speed with which the patient was identified and isolated, and the identification of all the other bus passengers coming from Butembo, the risk of it spreading in the rest of the city of Goma is small,” the health ministry said. The virus has killed more than 1,600 people in the DRC and two others who returned home across the border to neighbouring Uganda. About 700 people have recovered from infections. The 46-year-old did not show signs of illness at three medical checkpoints on the 18-hour journey, though he gave different names, indicating a desire to hide his identity, officials said. He has now been sent back to Butembo for further care. While in Butembo, the pastor held regular services in seven churches, during which he laid his hands on worshippers, including people who were ill, the health ministry said.
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