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Satchu's Rich Wrap-Up
 
 
Wednesday 04th of August 2021
 
Morning
Africa


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At the Bend of the Road @GuernicaMag @AubeReyLescure
Misc.



The flyers are pasted to dusty window panes in roadside cafés, stapled to skinny utility poles along fields, pinned on the overloaded cork boards of pilgrim hostels. It is July, 2015. 

Three months ago, along the Camino de Santiago, a Christian pilgrimage trail through Spain, France, Italy, and Portugal that is increasingly popular with secular walkers and international travelers, a woman disappeared. Her name is Denise Thiem

Nine hundred kilometers of road, a horizontal line drawn across the Iberian peninsula, is a long way to walk. 

In the desert-like mezeta, the stretch between Burgos and Léon seems to consist of nothing but interminable wheat fields, there is little for eyes to rest on but the wavelets of heat distorting the horizon, the occasional utility pole, the flyers.

Before I saw the flyer, the mezeta had the parched romanticism of an old Western movie set. Now it begins to thrum with something sinister.

In the book I am listening to while walking, women are being killed.
I’d heard that Roberto Bolaño’s 2666 was difficult to stomach, but downloaded the book because of its sheer length—thirty-nine hours. 

Enough to fill a few days of walking. I love Bolaño, and had looked forward to letting his hefty tome slowly dissolve into my brain, accompanying me as the relentless sun beat down on scorched fields, saving me from stretches of boredom.
Set mostly in the town of Santa Teresa in the Sonoran desert, a thinly fictionalized version of Ciudad Juárez, 2666 contains an infamous section detailing the murders of women, hundreds of pages that read like a Mad Lib of police records. 

The victims are factory workers, waitresses, prostitutes, schoolgirls, neighbors. “In this city they killed little girls,” a television psychic cries at one point. 

Bodies keep being found. Bolaño lists the facts of each crime clinically, unflinchingly, leaving the reader a mix of desensitized and dazed. 

I listen to this as I walk along highways sprawling out of cities, along rural paths coiled around patchworks of fields. 

The women whose horrid deaths bloom in myriad ways against my eardrums feel far from these country trails and pastel dawns, yet sharpen my sense that I am alone, vulnerable, exposed.

She goes on: “But the worst phobias, in my opinion, are pantophobia, which is fear of everything, and phobophobia, fear of fear itself. If you had to suffer from one of the two, which would you choose?”
The fear of fear itself, the detective answers.
“Think carefully,” the director cautions. “If you’re afraid of your own fears, you are forced to live in constant contemplation of them.”

The next year, I enlist my then-boyfriend to accompany me on another Camino, through the Basque Country’s turquoise coves and pine forests, through the pastures of Cantabria and the rugged mountains of Asturias and into the Celtic gloom of Galicia. 

I never once worry: he is by my side and gregarious, and we always catch up to friends we’ve met along the way and drink one-euro glasses of Verdejo together in ancient plazas.

I remember what my mother told me when I was a little girl: don’t show your fear, because those who can smell it will come for you.

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All the questions asked in 1989 as Soviet troops left are asked again as NATO packs up. When will Kabul fall? Will there be talks? How long can the President hold on @bbclysedoucet
Law & Politics


All the questions asked in 1989 as Soviet troops left are asked again as NATO packs up. When will Kabul fall? Will there be talks? How long can the President hold on - like President #Najibullah am recording here.. #Afghanistan

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‘’You remember those twin statues of the Buddha that I told you about? Carved out of a mountain in Afghanistan, that got dynamited by the Taliban back in the spring?
Law & Politics


‘’You remember those twin statues of the Buddha that I told you about? Carved out of a mountain in Afghanistan, that got dynamited by the Taliban back in the spring? Notice anything familiar?" Thomas Pynchon
"Twin Buddhas, twin towers, interesting coincidence, so what." "The Trade Center towers were religious too. They stood for what this country worships above everything else, the market, always the holy fuxxing market." Thomas Pynchon

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Many new models, however, show that doubling CO2 would lead to warming of more than 5 degrees C, exceeding all expectations @YaleE360
Food, Climate & Agriculture



Next week, the United Nations Intergovernmental Panel on Climate Change (IPCC) will unveil its latest scientific assessment, widely considered the most authoritative review of climate research. 

But ahead of its release, scientists have had to grapple with the fact that several next-generation models used in the assessment project that the Earth will warm far faster than previous estimates, Science reported.
“You end up with numbers for even the near-term that are insanely scary — and wrong,” Gavin Schmidt, director of NASA’s Goddard Institute for Space Studies, told Science.
For each IPCC report, scientists compile the results of numerous climate models from around the globe showing how the planet will respond to varying levels of emissions. 

Past models showed that a doubling of atmospheric carbon dioxide would lead to warming of 2 degrees C to 4.5 degrees C

Many new models, however, show that doubling CO2 would lead to warming of more than 5 degrees C, exceeding all expectations, Science reported.

Because intensive human-caused climate change has persisted how for more than a half-century, however, scientists can now use data on actual warming in recent decades to refine temperature projections, and the IPCC is likely to do so, Science reported. 

Research shows that using global warming data from the last few decades can reduce uncertainty and lower the most extreme projections. 

A 2020 paper evaluated current warming trends, data on past climate change, and research on climate feedback effects, and determined that doubling the concentration of atmospheric carbon dioxide would warm the Earth between 2.6 degrees C and 3.9 degrees C, substantially narrowing the projected temperature range offered by climate models.
While a robust scientific record of recent warming is helping to produce more precise projections, it also a worrying reminder of how long humans have been altering the climate, Aurélien Ribes, a climate scientist at France’s National Centre for Meteorological Research, told Science. “Observations now provide a clear view for what climate change will be.”

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In chaos theory, the butterfly effect is the sensitive dependence on initial conditions in which a small change in one state of a deterministic nonlinear system can result in large differences in a later state.
Food, Climate & Agriculture


Lorenz wrote:
"At one point I decided to repeat some of the computations in order to examine what was happening in greater detail. I stopped the computer, typed in a line of numbers that it had printed out a while earlier, and set it running again. I went down the hall for a cup of coffee and returned after about an hour, during which time the computer had simulated about two months of weather. The numbers being printed were nothing like the old ones. I immediately suspected a weak vacuum tube or some other computer trouble, which was not uncommon, but before calling for service I decided to see just where the mistake had occurred, knowing that this could speed up the servicing process. Instead of a sudden break, I found that the new values at first repeated the old ones, but soon afterward differed by one and then several units in the last decimal place, and then began to differ in the next to the last place and then in the place before that. In fact, the differences more or less steadily doubled in size every four days or so, until all resemblance with the original output disappeared somewhere in the second month. This was enough to tell me what had happened: the numbers that I had typed in were not the exact original numbers, but were the rounded-off values that had appeared in the original printout. The initial round-off errors were the culprits; they were steadily amplifying until they dominated the solution." (E. N. Lorenz, The Essence of Chaos, U. Washington Press, Seattle (1993), page 134)[7]
Elsewhere he stated:
One meteorologist remarked that if the theory were correct, one flap of a sea gull's wings would be enough to alter the course of the weather forever. The controversy has not yet been settled, but the most recent evidence seems to favor the sea gulls.

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On #forestfires: I made the following charts based on The European Forest Fire Information System (EFFIS). @arifcemgundogan
Food, Climate & Agriculture

As of 2 Aug 2021, Turkey's total burnt forest area in 2021 already reached 3X of the 2008-2020 annual average. This is unprecedented

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27-JAN-2020 :: X #Wuhan- Coronavirus #nCoV2019 President Xi warned The Corona virus is ‘accelerating’ [and the] country [is] facing ‘grave situation’.
Misc.


The only explanation left is artificial DNA modification, possibly by the Wuhan Institute of Virology

Epidemiologists speak of Tipping Points. 

Malcolm Gladwell described the ‘’Tipping Point’’ as the name given to that moment in an epidemic when a virus reaches critical mass. It’s the boiling point. It’s the moment on the graph when the line starts to shoot straight upwards. 

In an article in 2014 about Ebola I called it the moment of ‘’escape velocity’’ and wrote ‘’viruses exhibit non-linear and exponential characteristics’’

Paul Virilio wrote ‘’With every natural disaster, health scare, and malicious rumor now comes the inevitable “information bomb”–live feeds take over real space, and tech- nology connects life to the immediacy of terror, the ultimate expression of speed’’
And in his book City of panic he described The city reconstructed through the use mediatized panic.

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February 16, 2020 ̳‘Who Ya Gonna Believe, Me or Your Own Eyes‘‘
Misc.


A Non Linear and exponential Virus represents the greatest risk to a Control Machine in point of fact

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The Virus remains an exogenous uncertainty that is still not resolved #COVID19
Misc.



We emerged from the below captioned 6 weeks ago. 



If you have a "normal" pandemic that is fading, but "variants" that [are] surging, the combined total can look like a flat, manageable situation. @spignal
https://bit.ly/38kpMcc

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As delta surges globally, its infectiousness creates huge opportunity for error in replication. @fibke
Misc.


Delta's R0 is ~6 and its viral load in the infected is 1,000x higher than the Wuhan strain.


19-JUL-2021 :: COVID-19





Today the relative viral loads in the Delta variant infections are 1260 times higher than the 19A/19B strains infections @GuptaR_lab

Thread
We now further define Delta immune evasion using a panel of 38 monoclonal antibodies, showing significant loss of potency of NTD and RBD targeting antibodies. @GuptaR_lab 


Far from ebbing, the virus has gained virule


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Nations w/ record new #COVID19 daily cases past week. @jmlukens
Misc.


Iran record 37,189 new cases yesterday above 31,066/day avg up 41% past 2wks.  Japan record 12,340 daily cases 31-Jul-2021 above 9,955/day avg up 220% past 2wks.

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09-MAY-2021 :: The Lotos-eaters However, I am resetting my target Yield to 1.25% now.
World Of Finance




Conclusions

I believe we are now headed to < than 1%



09-MAY-2021 The Lotos-eaters




The Consensus View appears to be that the Global economy is going to accelerate big time and that its going to BOOM!  I beg to differ

Given the volume of money Printing and the extraordinary stimulus I have to say that the US Recovery is actually really weak and I believe it will be very short lived and the Penny will drop soon with the Bond Market and the Shorts will be forced to cover.




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And we become Japan: a nation pushing on strings, to no avail. @coloradotravis
World Of Finance



And the more of it we do, the less potent our monetary creating abilities. Velocity falls.


19-JUL-2021 :: limit long the US Ultra Bond because I recall Japan and the words of that iconic Eagles song ''Hotel California''



Mirrors On The Ceiling The Pink champagne on ice



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Anybody can be decisive during a panic It takes a strong Man to act during a Boom. VS NAIPAUL
World Of Finance


“The businessman bought at ten and was happy to get out at twelve; the mathematician saw his ten rise to eighteen, but didn’t sell because he wanted to double his ten to twenty.”

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.1871
Dollar Index 92.079
Japan Yen 109.10
Swiss Franc 0.9037
Pound 1.3934
Aussie 0.7401
India Rupee 74.1462
South Korea Won 1143.48
Brazil Real 5.1973
Egypt Pound 15.6997
South Africa Rand 14.2861

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Tencent vows fresh gaming curbs after 'spiritual opium' attack zaps $60 billion @Reuters.
World Of Finance



China's Tencent Holdings Ltd (0700.HK) said on Tuesday it would further curb minors' access to its flagship video game, hours after its shares were battered by a state media article that described online games as "spiritual opium".
Economic Information Daily cited Tencent's "Honor of Kings" in an article in which it said minors were addicted to online games and called for more curbs on the industry. 

The outlet is affiliated with China's biggest state run news agency, Xinhua.
The broadside re-ignited investor fears about state intervention in China after Beijing had already targeted the property, education and technology sectors to curb cost pressures and reassert the primacy of socialism after years of runaway market growth. 
"They don’t believe anything is off limit and will react, sometimes overreact, to anything on state media that fits the tech crackdown narrative,” Ether Yin, partner at Trivium, a Beijing-based consultancy.
China's largest social media and video game firm saw its stock tumble more than 10% in early trade, wiping almost $60 billion from its market capitalisation. 

The stock was on track to fall the most in a decade before trimming losses after the article vanished from the outlet's website and WeChat account.
In the article, the newspaper singled out "Honor of Kings" as the most popular online game among students who, it said, played for up to eight hours a day.
"'Spiritual opium' has grown into an industry worth hundreds of billions," the newspaper said.

"....No industry, no sport, can be allowed to develop in a way that will destroy a generation."
Opium became a sensitive subject in China after it ceded Hong Kong island to Britain "in perpetuity" in 1842 at the end of the First Opium War, fought over the export of the drug to China where addiction became widespread.
Tencent in a statement said it will introduce more measures to reduce minors' time and money spent on games, starting with "Honor of Kings". It also called for an industry ban on gaming for children under 12 years old. 
The company did not address the article in its statement, nor did it respond to a Reuters request for comment.
The article also hit rivals' shares. NetEase Inc (9999.HK) dropped more than 15% before paring losses to sit around 8% lower in late afternoon trade. 

Game developer XD Inc (2400.HK) fell 8.2% and mobile gaming company GMGE Technology Group Ltd (0302.HK) dropped 15.6%.
Outside of gaming, investors were also caught off guard by the State Administration For Market Regulation (SAMR) on Tuesday saying it would investigate auto chip distributors and punish any hoarding, collusion and price-gouging. 

The semiconductor stock index (.CSIH30184) subsequently fell more than 6%. 
A separate opinion piece published by the China News Service on its official Twitter-like Weibo account hours after the Economic Information Daily article took a different tone, saying that blame could not be placed on any one party, including game developers, for child addiction to online video games.
"Schools, game developers, parents, and other parties need to work together," said the news outlet, which is also state-run.
Chinese regulators have since 2017 sought to limit the amount of time minors spend playing video games and companies including Tencent already have anti-addiction systems that they say cap young users' game time.
But authorities have in recent months placed fresh focus on protecting child wellbeing, and said they want to further strengthen rules around online gaming and education. 

Last month, they banned for-profit tutoring in core school subjects, attacking China's $120 billion private tutoring sector. 
That added to other regulatory action in the technology industry, including a ban on Tencent from exclusive music copyright agreements and a fine for unfair market practices. read more
At one point on Tuesday, Tencent was briefly de-throned as Asia's most-valuable firm by market capitalisation by chipmaker Taiwan Semiconductor Manufacturing Co Ltd 

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China owns 40% stake in the Pakistan Stock Exchange, now China can name PSX director, CFO, & CRO @michaeltanchum
Emerging Markets


How China's investments have captured Pakistan's economy
$65 billion in investments
China goes to regions where others fear to tread
China owns 40% stake in the Pakistan Stock Exchange, now China can name PSX director, CFO, & CRO

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Remember Ebola: stop mass COVID-19 deaths in Africa @Nature @mfallah1969
Africa



As I write, mass fatalities from COVID-19 have begun in Africa. 

Overall, only 1.1% of people in low-income countries have received at least one vaccine dose. 

In my own Liberia, the proportion of people who have had both doses is just 0.18%. 

Recorded cases in the country jumped by 144% between 1 June and 21 July. This is probably an undercount.
The disease is more deadly here than elsewhere: the current case fatality rate in Africa is 18% higher than the global average

Rates are worse among the critically ill. About half of those who are admitted to intensive care die within 30 days (African COVID-19 Critical Care Outcomes Study Investigators Lancet 397, 1885–1894; 2021).
Enough statistics. The number of graves being dug each day in Liberia recalls the 2014 Ebola catastrophe. 

Like Ebola, COVID-19 infects and kills a disproportionate number of health-care workers, and Liberia already has far too few.
My social media used to be alive with wishes for happy birthdays and anniversaries. Now it is inundated with “rest in peace”. 

The moment for high-income nations to come to the aid of Africa, a continent they depend on for an abundance of human and natural resources, has almost passed.
I was head of case detection in Liberia during the Ebola crisis in 2014, when the world took eight months to act. I remember weeping in the homes of entire families swept away by the disease. 

Now I spend my days advocating that global leaders avoid repeating the mistakes of that outbreak. 

Lately my focus has been on increasing West Africa’s access to equipment needed to safely administer oxygen to patients. 

Oxygen supplies are also a concern: Sierra Leone, for instance, has only 2 oxygen-production plants for 7.8 million people. 

Uganda has the capacity to produce about 3,000 oxygen cylinders a day, but the likelihood is that in the coming months it will need many, many more.
Let me tell you about two brothers who attended church with my aunt. The younger, a family man and valued member of his community, fell ill on a Monday. 

He was incorrectly diagnosed with and treated for malaria and typhoid fever, which are common here. 

Despite government warnings that cases of COVID-19 were rapidly increasing, neither the man nor his family or caregivers realized this risk until Wednesday, when he had difficulty breathing and was rushed to a private hospital. 

With all of the oxygen cylinders in use by the dozen people with COVID-19 already there, his family watched, helpless, as he died, unable to breathe. 

They approached funeral home after funeral home to find one with space for his body. 

The man’s eldest brother, who had retired to Liberia after a career in the United States, agreed to cover all the expenses, but also died from COVID-19 even before the younger man’s funeral.
Africa was largely spared by the pandemic in 2020, but not this year. We lack vaccines and we are gasping for air.
Had the global north delivered on its promises to provide vaccines, many deaths could have been averted. 

By the beginning of July, fewer than 50 million of the 700 million doses that the COVAX initiative promised to deliver to Africa this year had arrived. 

They might yet arrive by December, but, by then, it will be too late for many.
During the worst period of the Ebola outbreak for Liberia, in July, August and September 2014, I saw people die in the streets. 

The world largely left us to combat a global health threat alone. One Ebola treatment unit built for 34 people had to serve 74 patients. The sick would wait for someone to die to free up space. 

Yet when a handful of Ebola infections reached developed countries, some US$3.5 billion poured in to fight the outbreak. 

This enormous sum came too late to save many of the 11,300 who died in West Africa. Less than a decade later, here we are again.
Last October, before vaccines were available, the head of the Africa Centres for Disease Control and Prevention issued a call in these pages to ensure that provision was made to get vaccines to the poorest countries (J. N. Nkengasong et al. Nature 586, 197–199; 2020). 

In January, as rich countries were rolling out vaccine distribution, I helped to organize a call for action with 30 Ebola veterans and 81 global health professionals who, recognizing the threat COVID-19 poses to Africa, petitioned the World Health Assembly to act to secure vaccines. Why are we still waiting?
As I and my peers across African health ministries see it, rich countries are hoarding vaccines, allowing doses to expire while unvaccinated people who want to be immunized die.
Let me say this as an African: our world as we know it is on the brink; we face massive death tolls, and the collapse of economies and nations. What is the real meaning of humanity? 

For all lives to be given the same value, irrespective of geography or economy.
In the aftermath of the Second World War, the United States developed the Marshall Plan to enable devastated countries in Western Europe to recover. 

It was an inspiring moment in human history. The current human calamity must be stopped with a new Marshall Plan, whereby prosperous nations freely share vaccines, manufacturing capacity and resources — if not for the sake of their consciences, then for health security.
Regions where COVID-19 cases are allowed to soar are the places where the next variant will emerge. That could undo all the advances made with the vaccine roll-out in developed countries.

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The first known emergence of Ebola Zaire—the hottest subtype of Ebola virus— happened in September, 1976, when the virus erupted simultaneously in fifty-five villages near the Ebola River.
Africa



The first known emergence of Ebola Zaire—the hottest subtype of Ebola virus— happened in September, 1976, when the virus erupted simultaneously in fifty-five villages near the Ebola River.
Ebola Zaire is a slate-wiper in humans. It killed eighty- eight per cent of the people it infected.
Apart from rabies and the human immunodeficiency virus, H.I.V., which causes aids, this was the highest rate of mortality that has been recorded for a human virus.
Ebola was spread mainly among family members, through contact with bodily fluids and blood.
Many of the people in Africa who came down with Ebola had handled Ebola-infected cadavers. It seems that one of Ebola’s paths wends to the living from the dead.

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19-JUL-2021 :: Now lets turn to Africa. lets look at the Virus first
Africa



"Over the past month, #Africa recorded an additional 1 million cases. This is the shortest time it’s taken so far to add one million cases." Dr @MoetiTshidi #COVID19 @WHOAFRO
"Comparatively, it took around three months to move from 4 million to 5 million cases." - Dr @MoetiTshidi #COVID19

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ZAMBIA Rivals close as polling day nears @Africa_Conf
Africa



Ahead of the 12 August vote the ruling party offers handouts and grand projects while the opposition points to the crashing economy
Against a backdrop of falling support for President Edgar Lungu and a sliding economy, the Patriotic Front government is showering farmers and civil servants with handouts and good news stories in the hope of retaining power in the general election on 12 August.

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''War makes for bitter men. Heartless and savage men,” Abiy said in his Nobel prize lecture. @FT @davidpilling
Africa



Things fall apart; the centre cannot hold


Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere The ceremony of innocence is drowned;
The best lack all conviction, while the worst Are full of passionate intensity.

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At least 30 bodies float down river between Ethiopia’s Tigray and Sudan @Reuters
Africa



The bodies were found in the Setit River, known in Ethiopia as the Tekeze, which is the current de facto borderline between territory controlled by Tigrayan forces and those controlled by Amhara forces allied with Ethiopia’s federal government.

“They were shot in their chest, abdomen, legs... and also had their hands tied,” he said adding that he had been able to identify three bodies belonging to Tigrayans from Humera

“We found nine...They tied them up with a rope and they were swollen, but there’s no marks of them being hit or shot,” he said.

On Monday, an Ethiopian government-run Twitter account said accounts of floating bodies circulating on social media were due to a fake campaign by Tigrayan “propagandists”.

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"Unless there is a dramatic change soon, Ethiopia could be on a path to state failure," said Mr @Dibjir @BBCWorld
Africa


"Five years ago the Ethiopian army was the most powerful in the region. The fact it couldn't secure Tigray shows how the situation has deteriorated."

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9-JUL-2021 :: The Contagion will surely boomerang as far as Asmara and destabilise the Horn of Africa for the forseeable future.
Africa



In the Horn of Africa the Prime Minister of Ethiopia who cloaked his messianic zeal in the language of Mandela 1994 is unlikely to last more than twelve months.

His Army has been defeated and now he is sending conscripts to slaughter whilst his Adversaries are fighting for their existence. 

The Contagion will surely boomerang as far as Asmara and destabilise the Horn of Africa for the forseeable future.
If I could I would be limit short the Ethiopian Birr [It trades at 60 to the $ on the black market]

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November 8, 2020 @PMEthiopia has launched an unwinnable War on Tigray Province.
Africa






Ethiopia which was once the Poster child of the African Renaissance now has a Nobel Prize Winner whom I am reliably informed

PM Abiy His inner war cabinet includes Evangelicals who are counseling him he is "doing Christ's work"; that his faith is being "tested". @RAbdiAnalyst

@PMEthiopia has launched an unwinnable War on Tigray Province


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19-JUL-2021 :: There is a clear attempt at rendering South Africa ungovernable. @Pol_Sec_Analyst
Africa





There is a clear attempt at rendering South Africa ungovernable. 

To use state paralysis as a bargaining chip to achieve a political objective. Call this what it is, its an insurgency @Pol_Sec_Analyst
We are getting closer and closer to the Virilian Tipping Point
This week’s violence has stretched the social fabric to breaking point and left the economic powerhouse of the continent on a knife-edge. — Karl Maier
Phase Two: looting was just the start say investigators and intelligence @mailandguardian
A source close to Zuma told the M&G that it would be wise to remember that the instigators are soldiers. They know where to hit and how to plan economic sabotage.
“The plan was not for the looting but to hit the white capital that supports [President Cyril] Ramaphosa so that they will go to him and say; ‘Stop what you are doing. This is hurting us now.’ They will now strike where they don’t expect it. Zuma must be released, and Ramaphosa must go,” said the source.
According to an ANC national executive committee (NEC) leader, Ramaphosa was warned by intelligence that this was the first phase of a programme that aims to destabilise the country.
The NEC member said they were told that the instigators are equipped with heavy machinery and the looting is only phase one.
“This is what we are hearing. The second phase is to burn resources and this is what I foresee will happen soon,” said the source.
I am limit short the ZAR

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Egypt's @AlsisiOfficial calls for first bread price rise in decades @Reuters
Africa



Egyptian President Abdel Fattah al-Sisi said it was time to increase the price of the country's subsidised bread, revisiting the issue for the first time since 1977 when then president Anwar Sadat reversed a price rise in the face of riots.

Sisi on Tuesday did not specify the amount of any potential increase, but any change to the food support system in the world's largest wheat importer would be highly sensitive. 

Bread was the first word in the signature slogan chanted in the 2011 uprising that unseated former president Hosni Mubarak.
Bread is currently sold at 0.05 Egyptian pounds ($0.0032) per loaf to more than 60 million Egyptians, who are allocated five loaves a day under a sprawling subsidy programme that also includes the likes of pasta and rice, and costs billions of dollars.
"It is time for the 5 piaster loaf to increase in price," Sisi said at the opening of a food production plant. 

"Some might tell me leave this to the prime minister, to the supply minister to (raise the price); but no, I will do it in front of my country and my people.
"It's incredible to sell 20 loaves for the price of a cigarette."
Previous attempted changes to the subsidy programme, which caused deadly bread riots in 1977, were agreed as part of former President Anwar Sadat's loan deal with the International Monetary Fund (IMF).
Sisi's government has also turned to the IMF, which granted a $12 billion loan in 2016 and a one-year $5.2 billion loan last year, but specified that food subsidies should only reach those most in need.
The loan programme also required higher fuel and electricity prices.
"I'm not saying we make it significantly more expensive, to as high as it costs to make it, 65 or 60 piastres, but (increasing the price) is necessary," Sisi said.
"Nothing stays stagnant like this for 20 or 30 years, with people saying that this number can't be touched."
The Egyptian supply ministry will immediately begin studying raising the bread price and will present its findings to the cabinet as soon as possible following Sisi's remarks, minister Ali Moselhy told local newspaper El-Watan.
Sisi has sought to rein in Egypt's massive subsidy programme by targeting those deemed to be sufficiently wealthy while leaving bread prices untouched.
Hussein Abu Saddam, head of the farmer's syndicate, told Reuters: "The decision is right and comes at a very suitable time. It helps us finish with the old practices and customs, in which the president was always afraid of touching bread prices, fearing the outcry of the poor."
A hashtag which translates as "except the loaf of bread" trended on Twitter in Egypt by Tuesday afternoon with more than 4,000 tweets.
Last year the country shrank the size of its subsidised loaf of bread by 20 grams, allowing bakers to make more fixed-price loaves from the standard 100kg sack of flour.
"I hope that this is not poorly received, as if we are planning to make a big jump in prices ... we are only talking about achieving balance," Sisi added.
In its 2021/22 budget, Egypt allocated 87.8 billion Egyptian pounds ($5.6 billion) to subsidise supply commodities and support farmers.
Of that amount, 44.8 billion pounds are allocated towards the bread subsidy.
The government set a wheat price assumption of $255.00 per tonne in fiscal year 2021/2022, from $193.90 a tonne the previous year, according to the budget. Egypt last bought wheat on Monday for $293.74 a tonne c&f.
Wheat prices globally have rallied over supply concerns during the coronavirus pandemic.

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The dollar volume of crypto received by users in Nigeria in May was $2.4bn, up from $684m last December, according to blockchain research firm Chainalysis
Africa



An array of factors, from political repression to currency controls and rampant inflation, have fuelled the stunning rise of cryptocurrencies in Nigeria. 

In February, the government took fright and banned cryptocurrency transactions through licensed banks. 

In late July, it announced a pilot scheme for a new government-controlled digital currency – hoping to reduce incentives for those wanting to use unregulated crypto.

Remittances into Nigeria from those working abroad, which were worth more than $17bn in 2020

The reality that cryptocurrencies cannot effectively be stopped had gradually dawned on the government, said the operator of one Nigerian crypto trading platform, speaking anonymously after having been targeted by the authorities. 

“They know they can’t really stop it. It’s out of their control, and what scares them is they are not used to being in this position.”

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Turning to Africa
Africa


We are getting closer and closer to the Virilian Tipping Point
“The revolutionary contingent attains its ideal form not in the place of production, but in the street''
Political leadership in most cases completely gerontocratic will use violence to cling onto Power but any Early Warning System would be warning a Tsunami is coming



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Sameer Africa Ltd. reports HY Earnings
N.S.E Equities - Industrial & Allied



Par Value:                  5/-
Closing Price:           3.50
Total Shares Issued:          278342393.00
Market Capitalization:        974,198,376
EPS:             0.16
PE:                 21.875

Sameer reports 6 months ended 30t June 2021 

HY Revenue 323.171m versus 440.982m -27%

HY Cost of Sales [42.099m] versus [314.589m]

HY Gross Profit 281.072m versus 126.393m

HY Other Operating expenses [58.404m] versus [128.403m]

HY Operating Profit 226.452m versus 5.120m

HY Finance Costs [29.326m] verssu [44.487m]

HY Profit [Loss] before Income Tax 202.631m versus [29.287m]

HY Profit [Loss] after Tax 154.462m versus [58.555m]

HY EPS 0.58 versus [0.23]

Cash at End of period 179.586m versus [97.008m]

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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August 2021
 
 
 
 
 
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