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Satchu's Rich Wrap-Up
Monday 12th of October 2020

The falcon cannot hear the falconer; Things fall apart; the centre cannot hold
World Of Finance

‘’At the moment of vision, the eyes see nothing’’. The moment of Vision’’ is in essence a non-linear thing, its a moment of deep insight. 

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Goodbye V? IMF will gather next week under cloud of worst recession since Great Depression @Schuldensuehner
World Of Finance

Goodbye V? IMF will gather next week under cloud of worst recession since Great Depression, and a recovery dependent on scientists finding vaccine. While IMF flagged small upward revision to its 2020 forecast, experts warn of ‚reverse square root’ recovery 

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Space Image of the Day Stonehenge, four thousand year old monument to the Sun, provides an appropriate setting for this delightful snapshot of the Sun's children gathering in planet Earth's sky. @Radiocom1G

While the massive stone structure dates from around 2000 B.C., this arrangement of the visible planets was recorded  on the evening of May 4th, 2002 A.D. 

Bright Jupiter stands highest above the horizon at the upper left. A remarkable, almost equilateral triangle formed by Saturn (left), Mars (top), and Venus (right) is placed just above the stones.

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Panicking @10DowningStreet dumps @realDonaldTrump and woos @JoeBiden @thesundaytimes
Law & Politics

Ministers have been told to forge links with the White House frontrunner Joe Biden after “writing off” Donald Trump’s chances of re-election, amid fears that the UK could be left out in the cold if the former vice-president wins.

Boris Johnson has been warned that Trump is on course for a landslide defeat with his Democratic opponents set to land a historic “triple whammy” by seizing control of the presidency, the Senate and the House of Representatives.

“They’re writing off Trump in No 10 now.”

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#COVID19 The world recorded more than one million new cases of the coronavirus in just the last three days, the highest total ever in such a short span @nytimes

A hot spot has emerged in Britain, which has suffered the highest number of virus-related deaths in Europe. Spain and France, which set a record Friday with 20,339 new cases and then again Saturday with 26,896, are also experiencing a second wave of soaring cases. 

Argentina, which has seen more than 90,000 new cases in the past seven days, is a hot spot in South America, as are Brazil and Colombia.

However, the United States is one of the largest contributors to the surging global tally. 

On Friday, the country recorded more than 900 new deaths and more than 58,500 new cases, the highest number of new cases it has reported in a single day since mid-August. 

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Forte augmentation synchronisée du nombre de cas Covid-19 dans de nombreux pays européens.@vincentglad

- Grande-Bretagne : +147% en une semaine

- Suisse : +137%

- Pologne : +81%

- Italie : +74%

- Allemagne : +57%

- Pays-Bas : +54%

- France : +34%

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Next year should spell new leader for the Tories @thetimes @ClareFoges
Law & Politics

Now is the winter of our discontent

Made glorious summer by this sun of York;

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Winter of Discontenet
Law & Politics

After Callaghan returned from a summit conference in the tropics at a time when the hauliers' strike and the weather had seriously disrupted the economy, leading thousands to apply for unemployment benefits, his denial that there was "mounting chaos" in the country was paraphrased in a famous Sun headline as "Crisis? What Crisis?" Conservative leader Margaret Thatcher's acknowledgement of the severity of the situation in a Party Political Broadcast a week later was seen as instrumental to her victory in the general election held four months later after Callaghan's government fell to a no-confidence vote.

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@BorisJohnson [asked] How do you plead with an algorithm?’’
Law & Politics

@BorisJohnson spoke of ‘’Smart cities [which] will pullulate with sensors, all joined together by the “internet of things”, bollards communing invisibly with lamp posts..... [and asked] How do you plead with an algorithm?’’

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1819

Dollar Index 93.061

Japan Yen 105.49

Swiss Franc 0.9106200

Pound 1.3040

Aussie 0.7229

India Rupee 73.0725

South Korea Won 1148.25

Brazil Real 5.5271

Egypt Pound 15.7203

South Africa Rand 16.4911

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Stock gains this year: @JonErlichman
World Of Finance

Zoom: +624%

Tesla: +419%

Peloton: +333%

Etsy: +231%

Docusign: +204%

Square: +199%

Shopify: +176%

Nvidia: +134%

Teladoc: +161%

Pinterest: +133%

PayPal: +82%

Amazon: +79%

Netflix: +67%

Snapchat: +65%

Salesforce: +64%

Apple: +59%

eBay: +54%

Adobe: +52%

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Sky is the limit, folks…@TaviCosta

“Even if policy actions ultimately prove to be greater than needed, they will not go to waste” - Jay Powell

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#Tunisia 4,360 new #COVID19 cases yesterday most in Africa followed by #Morocco (3,443) and #SouthAfrica (2,544). @jmlukens

South Africa average growth rate increased 11% past two weeks.  Tunisia total diagnosed cases growing on average 9.5% per day past week.

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.@StanbicKE Growth strengthens to 29-month high in September
N.S.E Equities - Finance & Investment

Kenyan output expands at fastest rate since April 2018

New order growth reaches strongest since start of 2016

The latest PMI survey data indicated a strong upturn in Kenyan private sector output in September, with growth reaching the most marked for nearly two-and-a-half years as the government relaxed coronavirus disease 2019 (COVID-19) restrictions. 

Customer demand expanded at the sharpest rate since January 2016, leading to a quicker rise in backlogs. As a result, job numbers were broadly stable after falling in the six previous months. 

Nevertheless, future expectations dipped to their lowest since the series began in 2014.

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‘Rape, beatings and death’ at Kakuzi the Kenyan farm that helps feed the UK’s avocado habit @thesundaytimes
Kenyan Economy

Court papers allege guards at estate in Kenya that supplies @Tesco  @sainsburys & @LidlGB  have committed human rights abuses 

Guards working for Kakuzi, a farming estate the size of Manchester, are accused of extreme violence against the local community in 79 claims.

The allegations, dating from 2009 to January this year, include battering a 28-year-old man to death for allegedly stealing avocados, the rapes of 10 women, and attacks on villagers walking on paths through Kakuzi land. Former employees of Kakuzi are among the claimants.

The case has stirred uncomfortable echoes of colonial-era exploitation and raised difficult questions for British supermarkets, including Tesco, Sainsbury’s, Lidl and Marks & Spencer, who have all been supplied with avocados from Kakuzi. 

Among the barristers instructed in the case is Amal Clooney, the London-based human rights specialist.

The lawsuit is directed at the farm’s British parent company, Camellia, whose headquarters are at Linton Park, a grade I listed former stately home in Kent. 

Camellia has farming interests in several other Commonwealth countries, including India, Bangladesh and Malawi.

Speaking from near Kakuzi on Friday, the 45-year-old mother of the 28-year-old man who died claimed that the estate’s security guards beat her son after accusing him of stealing avocados on his way home across the property.

Kakuzi guards told police the man had sustained his injuries falling from a tree. Although avocado trees can grow to more than 30ft, the fruit hangs much lower and can often be picked without climbing.

The victim died of his injuries in a Nairobi hospital and his mother, whose identity is protected by the lawsuit, was unable to see him before he died. 

“He was killed on allegations of stealing avocado fruit. You cannot compare avocado with human life,” she said. An avocado costs 75p by the time it reaches Tesco.

“It changed my life completely. My son used to help me a lot because I don’t have a husband — we separated.”

Kakuzi representatives said the “very unfortunate incident” was reported to police, who continue to investigate the circumstances surrounding the death. 

They said they forwarded a request to the director of public prosecutions to hold an inquest and that a civil case had been settled, apparently with the man’s father. The mother has rejected any settlement.

For villagers living on or around the estate it is impossible to avoid using Kakuzi land. 

The farm has been rapidly expanding its avocado planting to meet soaring demand and employs around 470 security guards working in shifts. Its land is also used to farm macadamia nuts, blueberries, timber and livestock.

Villagers say they live in fear of Kakuzi guards, hiding if they see them coming. The guards are armed with “rungus”, long wooden clubs that were a traditional Masai weapon and remain legal in Kenya. Some also have panga knives.

“These guards are very hostile to us,” said a 44-year-old man who claimed to have been beaten badly in 2018. “They treat us as suspects. Any time they get you walking through Kakuzi you’re always suspected to be a thief.”

Kakuzi responded that its crops need to be protected from theft, given the vast scale of the farming operation, its proximity to Nairobi and the fact that a hectare of avocados is worth more than £27,000.

Yet the court papers suggest the guards’ behaviour has gone far beyond theft protection. A 61-year-old woman from Gateya village near the farm said she was collecting firewood in one of Kakuzi’s forests in July 2016 when she was accosted by two security guards.

She said on Friday: “One started asking for money from me [a sum of around 36p]. I told him I did not have it. He said, ‘If you don’t have it, that’s OK but now you have to do anything I tell you.’ I told him that I will not do anything.”

She claims she was then assaulted. “He forced me to the ground. Immediately he was on top of me and then he ripped off my pants. I was not able to move, I was not able to do anything, so he raped me. When he was done the other one came on top of me and he also finished what he wanted to do.”

She said she was so ashamed that she did not tell her daughters and endured months of pelvic pain. When she sought medical advice the following year she was told she was HIV positive.

“Just seeing these guards, my heart starts beating fast and I’m so scared,” the woman said. “Just the sight of their uniform horrifies me.”

Camellia, which employs about 78,000 people worldwide, made a profit last year of £15m after tax on a turnover of £291.5m. 

The firm has argued that Kakuzi, which is listed on the Nairobi and London stock exchanges, is run by its own board on behalf of its largely Kenyan shareholders, although both companies share some executives.

The parent company said in a statement: “Camellia bought a 50.7% stake in the 1990s but doesn’t have operational or managerial control of Kakuzi, nor does it control the board.”

The lawsuit, brought by the UK law firm Leigh Day, argues that the Camellia group was negligent because it managed Kakuzi closely and executives worked for both companies and would have been aware of incidents of human rights abuses.

Daniel Leader, the barrister leading the case, said: “Instead of providing remedy to these victims, the corporate response to date shows that the company has little understanding of how to respond appropriately to serious human rights issues.”

Wilson Odiyo, Kakuzi’s assistant general manager for corporate affairs, responded in a statement last week: “We take any accusations of criminality extremely seriously. When things go wrong — as they will in a company that employs over 3,000 people where the land is criss-crossed by public roads and paths — Kakuzi does what you would expect a reasonable employer to do. We investigate the cause, make amends where we can, work with the authorities to ensure justice for those affected and learn for the future.”

In July 2018 a visiting UN team reported hearing “credible accounts” of abuse and urged Kakuzi “to supplement police investigations of alleged wrongdoing with its own credible investigations and to strengthen its training and oversight mechanisms for security guards”. 

Yet the attacks did not stop and the lawsuit details further allegations this year.

Camellia’s Kenyan farm traces its roots back to the colonial era. A pair of English adventurers arrived in Kenya in 1906 in the hope of “obtaining sport and reducing an adverse bank balance”. 

Lord Cranworth and his friend Donald Seth-Smith acquired 10,117 hectares of land in Makuyu, halfway between Nairobi and Mt Kenya.

More than a century later, legal battles over land ownership are still being fought between the Kakuzi company — owners of the original Makuyu estate — and villagers who say they were displaced to make way for farmland.

The post-colonial lawsuits and allegations of violence are threatening to turn into an embarrassment for British companies under pressure to monitor their supply chains for human rights abuses.

Mary Kambo, a programme manager at the Kenya Human Rights Commission, which has been documenting abuses at the farm, said: “The UK retailers who continue to source from Kakuzi are flouting principles of responsible business conduct that require sourcing companies to ensure that their supply chains are devoid of human rights violations.

“These retailers — which include Lidl, Tesco and Sainsbury’s — are aware of the reports by victims of Kakuzi abuse because the Kenya Human Rights Commission filed a formal complaint with the Ethical Trading Initiative severally in 2019.”

The three British supermarkets all said last week that they were investigating the claims of abuse. Marks & Spencer said it no longer received avocados from Kakuzi but declined to comment on how recently it had stopped selling them. It was named in Kakuzi’s accounts as being a client as recently as June. Waitrose said it stopped selling Kakuzi produce in 2017.

Supermarket responses

Sainsbury’s said: “We continue to work closely with other UK retailers and the Ethical Trading Initiative (ETI) to urgently investigate and address these reports.

Tesco said: “Any form of human rights abuse in our supply chain is unacceptable. We have been working closely with the ETI to investigate this issue.”

Lidl said: “Given the systemic nature of the allegations, a working party was established with multiple stakeholders, including several other retailers and suppliers, to undertake a full independent investigation from which an action plan was agreed, and its implementation is being monitored by the ETI.”

The parent company of the Kenyan farm involved said: “Camellia understands that, as anyone would expect, Kakuzi is investigating these very serious allegations.”

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Kakuzi Ltd. share price data
N.S.E Equities - Agricultural

Par Value:                  5/-

Closing Price:           385.00

Total Shares Issued:          19600000.00

Market Capitalization:        7,546,000,000

EPS:             36.4

PE:                 10.577

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Kenya: Crown Paints is set to raise Sh711.8M through a rights issue. — Business Daily H/T @moneyacademyKE
N.S.E Equities - Commercial & Services

The company plans to sell a total of 71.1m shares to existing shareholders, pricing the offer at Sh10 per share.

This represents a 76.4% discount to its share price of Sh42.5

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by Aly Khan Satchu (www.rich.co.ke)
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October 2020

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