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Tuesday 02nd of July 2019 |
Morning Africa |
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If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox as your Browser. 0930-1500 KENYA TIME Normal Board - The Whole shebang Prompt Board Next day settlement Expert Board All you need re an Individual stock.
The Latest Daily PodCast can be found here on the Front Page of the site http://www.rich.co.ke |
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Can the #G20 summit end trade wars and political infighting? #G20OsakaSummit @AJEnglish @AJInsideStory Africa |
Leaders of the world's wealthiest economies are in Japan to discuss the biggest challenges to global free trade. The group of 20 summit, or G20, has been held every year for the past two decades. This year's summit in Osaka is supposed to unite leaders around issues such as free trade and climate change. But political tensions and the trade war between the United States and China are creating divisions. Can the participants find consensus? And how relevant is this meeting for the rest of the world?
Presenter: Divya Gopalan Guests: Felicitas Weber - project lead at the Business and Human Rights Resource Centre @FelWeber John Kirton - director of the G20 Research Group, an independent network of global scholars providing analysis on the G20 @jjkirton Aly-Khan Satchu - economist and CEO of Rich Management
Macro Thoughts
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As he crept through various dry, scaly hands reached out to touch him, one of them refusing to let go of his ankle until he stomped hard on its wrist Tears of the Trufflepig by Fernando A. Flores Africa |
A kilometer and a half away, a disheveled, barefoot man limped low to the ground like a lame coyote through a shantytown, where completely destitute people lived in small huts made of cardboard, scavenged wood, car parts, and old furniture. As he crept through various dry, scaly hands reached out to touch him, one of them refusing to let go of his ankle until he stomped hard on its wrist. The barefoot man’s bloodied clothes were in tatters, and the thinning hair from his balding head was a mess. He moved like a spider with two missing legs, and his mouth was sewn shut in the traditional headhunting manner, with the huarango thorns stitched in the cicatrix pattern. You get used to Bellacosa’s philosophical melancholy, until he’s in real danger, and he’s able to accept the beauty of a world shot through with violence and disaster: He looked up at the gray sky as if it was a safe waiting to be cracked, and the light snow over the frozen lake was like a Sunday pastry. What beautiful battlefields we tread on, Bellacosa said to himself.
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He looked up at the gray sky as if it was a safe waiting to be cracked, and the light snow over the frozen lake was like a Sunday pastry. Fernando A. Flores Africa |
What beautiful battlefields we tread on, Bellacosa said to himself.
verses of popular corridos exalt El Gordo Pacheco, a kingpin who kidnaps renowned scientists and forces them to engineer chimeras—silver-coated “moonfoxes,” ivory-billed parakeets—for black-market connoisseurs. @Harpers http://bit.ly/2YmN8Hb
Flores expertly lampoons the narcotraficante predilection for exotic collecting and baroque violence. But his bigger target is authenticity fetishism, the backward-looking, vinyl- loving, locavore culture that distracts, like Nero’s fiddle, from natural and social disaster. Like the contemporary craze for goji berries, ancient wheat, reduced camel-hump fat, and other superfoods, filtering is one of many diversions in a dying world where just about everybody’s head is sunk deep in the sands of nostalgia.
The novel’s hard-boiled protagonist, Esteban Bellacosa, loses his brother to the headshrinkers. He leads a lonely life in the fictional border city of MacArthur, Texas, listening to Chopin, lighting devotional candles for his deceased wife and daughter, and whiling away the hours at sleepy taco shops with cute young waitresses.
The satire peaks when Paco and Esteban infiltrate an illegal banquet of jet-setting epicures at a fortified pop-up restaurant. They’re on the paleo diet—paleogenetic, that is—which includes such delicacies as Galápagos tortoise gumbo, goose-butter beefsteak from medieval cattle, and, for an amuse-bouche, “lightly fried gizzards of Mare aux Songes dodo birds” (with aioli). It’s Jurassic Park meets Noma Tulum, the Michelin-starred chef René Redzepi’s ephemeral outpost in the ancient Mayan port recently recast as Mexico’s Williamsburg. Flores conjures a Boschian feast worthy of the sixth extinction; the lotus-eating rich blithely court annihilation in pursuit of unearthly delights.
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Hong Kong on Edge After Historic Night of Vandalism and Tear Gas @bpolitics Law & Politics |
Hong Kong began picking up after historic protests left the legislature ransacked, the streets littered with spent tear gas canisters and the city’s Beijing-backed leader promising to push back against further unrest. The defacement of the only democratically elected legislature under Beijing control came on the anniversary of the former British colony’s return to Chinese rule. After an annual flag-raising ceremony that also marked the start of her third year in office, Lam promised to win back the public’s trust by governing in a more inclusive way.
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01-JUL-2019 :: #G20, Xi and @realDonaldTrump a visit to the DMZ and a limit Short in the Eurodollar market. @TheStarKenya International Trade |
These headline big ticket Events like the G20 which was held in Osaka are I find simply unputdownable and a Hollywood Bollywood level spectacle. The UK and South African Houses of Parliament are similarly unputdownable. Returning to the G20, We had Trump and Xi going Toe to Toe for the main course but this was preceded by Babette's Feast of hors d'oeuvres. [South Koreans served 12 cold Korean starters on the official menu -- among them steamed sea urchin with tofu and mini-hamburgers. The main dish was a sirloin steak made of US beef, accompanied by bulgogi sauce, pickled garlic leaves at a dinner for President Trump ahead of his handshake visit to the DMZ, which I will speak to momentarily] Bolsanaro waited 25 minutes for Xi and then cancelled which must be a first for the Supreme Leader. We had Daddy's little Princess Ivanka doing her ''Disney'' thing. MBS, of course, loomed over proceedings. Prime Minister Trudeau arrived well prepared clutching a clunky briefcase, Tito Mboweni took Photos with Vladimir. Theresa May did a Xi Jinping with Vladimir [Pulling a Face looking away as if there is an assault happening on your olfactory senses at the very moment the Photo is taken]. Trump has now found a way of deflecting the prima facie charge of Russian interference in the 2016 Election and it is the equivalent of
''You Bad Bad Boy Vlad. Don't do it again, you hear.'' or words to that effect.
And I thought I noticed Vladimir was quite impressed with the role play and the ''political'' subtlety around the Trump side step.
The Big Issues were Climate Change [Macron had made this his red line], longevity and the Digital Economy but of course the Big Set Piece Event was Saturdays Trump Xi Sit Down. President Xi Jinping played his hand with extreme courtesy finesse and some old fashioned etiquette seeking out Trump the day before at the Official Photo session. This was a subtle triangulation move.
The Read Out was as follows.
President Xi Jinping and his US counterpart, Donald Trump, agree to restart China-US #Trade consultations. @ChinaDaily “We’re right back on track and we’ll see what happens,” U.S. President Donald Trump told reporters Reuters The 80-minute meeting with Xi was “excellent, as good as it was going to be,” Trump added. “Cooperation and dialogue are better than friction and confrontation,” Xi said. Trump responded that a fair trade deal with China would be “historic” and he hoped “We can go on to do something that truly will be monumental and great for both countries.” "Let's wait and Xi" said Citibank. ''A lot of people are drawing a lot of unwarranted conclusions about the course of the US-China relationship based on a meeting, which probably didn’t resolve very much, and a press conference with a guy who is liable to say anything and completely reverse it a day later'' said @prchovanec
Marco Rubio tweeted ''If President Trump has agreed to reverse recent sanctions against #Huawei he has made a catastrophic mistake'' which speaks to my first overarching Point that being President Trump is not the ''Decider'' in this matter. What we have witnessed is good Theatre but entirely meaningless. I think both sides are making an economic calculation. Trump wants to keep the US Economy ''blowing hot'' into his reelection. And Xi understands that this negotiation is much more than a ''Reality TV'' show 90 minute engagement and a Time-out will give some respite from what is now becoming a sharp slow down with asymmetric cliff edge downside risks . Therefore, this is a Christmas truce (German: Weihnachtsfrieden; French: Trêve de Noël was a series of widespread but unofficial ceasefires along the Western Front of World War I around Christmas 1914]. However, this is 1914 and not 1918.
In the Spirit of ''Reality TV'' which of course sinks or swims on ratings, President Trump detoured into the DMZ AND became the first sitting US president to cross into North Korea after meeting Mr Kim at the demilitarised zone. The Ratings were off the charts. Of course, the Folks in Tehran must be calculating that they need to speed up Iranium enrichment and get a proper deterrent and then they too will be holding hands with President Trump. Trump will parlay these DMZ Photo Ops into a major Foreign Policy success.
The markets flew higher in June. The Dow Jones Industrial Average posted its best June since 1938! Gold blew through $1,400.00 for the first time since 2013. Bitcoin which dropped $2,000.00 in a blink of an eye last week remains up around +200% in 2019. Interest Rates nose-dived specifically in the US where the market has now priced in a halving of the FED Fund rate from 2.50% to 1.25% over the next 12 months. You might not know this but I was a Short End Trader in my previous Career in the City of London and I made my first reputation-making Trade at Credit Suisse First Boston all those years ago in the Eurodollar market. And if I were back at that Desk I would be limit Short the Eurodollar [US interest rates] market as from Monday.
Reality will soon intrude on this Reality Show.
China | #Manufacturing PMI: The most important point is that the employment component ⬇ deeper into contraction territory to 46.9 (lowest since Feb. 2009; v 47.0 prior) @C_Barraud https://twitter.com/C_Barraud/status/1145295789180280832
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Currency warrior: why @realDonaldTrump is weaponising the dollar @FT International Trade |
“He is using the importance and attractiveness of the US market to the rest of the world as a coercive tool to get others to bend to his will,” says Mr Smith. “Does the very aggressive use of these economic tools make it more urgent for countries to find ways to avoid the US market? Probably. However, the urgency may not mean that most countries will be successful in finding effective workarounds.” Data compiled by Gibson Dunn show 1,474 entities were subject to sanctions designations in 2018 — 50 per cent higher than in any previous year for which it has kept records. “Anything Trump creates to foment uncertainty and instability will only end up strengthening the dollar,” says Mr Prasad. Over time, other countries will indeed get tired of this and shift away from the dollar as a unit of account and a medium of exchange, he adds, but “in the foreseeable and longer future the dollar’s role as the dominant store of value is unlikely to be challenged.”
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Currency Markets at a Glance WSJ World Currencies |
Euro 1.1290 Dollar Index 96.773 Japan Yen 108.37 Swiss Franc 0.9868 Pound 1.2644 Aussie 0.6984 Reserve Bank Of Australia Cuts Its Cash Rate Target By 25bps To 1.0%, As Expected India Rupee 68.975 South Korea Won 1167.44 Brazil Real 3.8413 Egypt Pound 16.71 South Africa Rand 14.1359
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Angola Plans to Continue Wealth Fund After $2 Billion Withdrawal @business Africa |
Angola’s sovereign wealth fund may have to continue running with fewer funds than its initial $5 billion capital after the southern African nation withdrew $2 billion to invest in infrastructure projects, President Joao Lourenco said. “The majority of countries that have sovereign wealth funds started with less funds than we did,” President Joao Lourenco said in an interview with broadcaster Televisao Publica de Angola on June 28. “We can very well have a fund with less than $5 billion in value.” On June 27, the country said it would use $2 billion from the fund to build or finish infrastructure projects including classrooms, medical equipment and road improvements. Taking $2 billion from the fund, known as Fundo Soberano de Angola, “will not finish” it, Lourenco said.
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A different set of newspaper headlines in Kenya following the passing of Safaricom CEO Bob Collymore. @bankelele Kenyan Economy |
Mr. Bob Collymore was a unique CEO and a Friend. He was very down to earth and that was reflected in his range of Friends from Bill Gates to Kenyan Musicians. In his Friendships he ranged far and wide. I think a lot of empathy came from being brought up by a single Mother. Bob presided over a 500% increase of Safaricom's share price over his tenure and that spoke to his intelligence and subtlety as a CEO. Bob was much more than that. I recall a time when Bob was asking Nishet about the Koran and I discovered later that he had read every single Religious Book from the Koran to the Upanishads. May God rest his Soul in peace.
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