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Satchu's Rich Wrap-Up
Friday 13th of August 2021

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The first time I saw him, it was in the Calle Bucareli THE SKATING RINK ROBERTO BOLAÑO

The first time I saw him, it was in the Calle Bucareli, in Mexico City, that is, back in the vague shifty territory of our adolescence, the province of hardened poets, on a night of heavy fog, which slowed the traffic and prompted conversations about that odd phenomenon, so rare in Mexico City at night, at least as far as I can remember. 

Before he was introduced to me, at the door of the Café La Habana, I heard his deep velvety voice, the one thing that hasn’t changed over the years. 

He said: This is just the night for Jack. He was referring to Jack the Ripper, but his voice seemed to be conjuring lawless territories, where anything was possible. 

We were adolescents, all of us, but seasoned already, and poets, so we laughed. 

The stranger’s name was Gaspar Heredia, Gasparín to his casual friends and enemies. 

I can still remember the fog seeping in under the revolving doors and the wisecracks flying back and forth. 

Faces and lamps barely emerged from the gloom, and, wrapped in that cloak, everyone seemed enthusiastic and ignorant, fragmentary and innocent, as in fact we were. 

Now we’re thousands of miles from the Café La Habana, and the fog is thicker than it was back then, better still for Jack the Ripper. 

From the Calle Bucareli, in Mexico City, to murder, you must be thinking . . . But it’s not like that at all, which is why I’m telling you this story . .

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“Mariachis, Mexico City” (2000). Allen Frame/Gitterman Gallery. @NewYorker

Frame, who draws inspiration from literary fiction and film noir, has an archive of images that evoke menace, intrigue, and sensuality—quintessential themes in Bolaño’s mystery novels. 

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The Savage Detectives ROBERTO BOLAÑO

I’m not really sure what visceral realism is
I registered for Julio César Álamo’s poetry workshop in the literature department, and that was how I met the visceral realists, or viscerealists or even vicerealists, as they sometimes like to call themselves.

When I came out of the toilets, the light of the bar hurt my eyes. Everybody was talking at the top of their lungs. Some people were singing along to the blind man’s song, a bolero, or what sounded to me like a bolero, about a desperate love, a love that time could never heal, although with the passage of the years it became more humiliating, more pathetic, more terrible. 

Lima and Belano were carrying three books apiece, and they looked like students, like me. 

Before we left, we went up to the bar, shoulder to shoulder, and ordered three tequilas which we downed in a single gulp, and then we went out into the street, laughing.
“But I thought you were part of the group. The movement, I mean.”
“Are you kidding? Maybe if they’d chosen a less disgusting name…I’m a vegetarian. Anything to do with viscera makes me sick.”
Her mother talked about vague things that I can hardly remember: I think she mentioned a séance in Coyoacán that she’d been to recently, and the restless spirit of a 1940s rancheras singer. I couldn’t tell whether she was joking or not.
So I slipped toward the door, silently thanking Jorgito for giving me a place to sleep. 

So long, cuñado! I thought (from the Latin cognatus, cognati: brother-in-law), and steeling myself with the word, 

I slid catlike out of the room down a hallway as dark as the blackest night, or like a movie theater full of staring eyes, where everything had gone pop, and felt my way along the wall until, after an ordeal too long and nerve-racking to describe in detail (plus I hate details), 

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Whoever Controls The Narrative Controls The World
Law & Politics

"Men respond as powerfully to fictions as they do to realities [and] in many cases they help to create the very fictions to which they respond."

And then I recalled

And it all left me wondering Who exactly is controlling the Console?

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‘In Athens there is ash everywhere’ @FT

In Ancient Greece, it was customary for messengers to climb to the top of a mountain to light a fire when they needed to send an urgent signal, usually a warning about an enemy approaching. 

If life is accident and organic matter, I come from a country of distress calls and earthquakes, pine trees and rampaging summer fires.
In Athens, there is ash everywhere from the wildfire in north-east Attica. 

Text alerts sent by the authorities warn that the risk of further fires remains high. It is uncanny, a feeling like no other, to wake up and see the sky not blue but dark with smoke.
My grandfather, who had fought in the Greek army’s disastrous campaign to take Ankara, told my grandmother only one story about the massacres of Smyrna, when the multi-ethnic city burnt down in 1922. 

The same incident, which may be apocryphal, also appears in Dido Sotiriou’s Farewell Anatolia (1962), a landmark Greek novel about the fall of Hellenism in Asia Minor.
When the fire started, after the Turkish military had captured the city, everyone rushed to the waterfront. A woman in panic went to the crib to collect her baby, then ran to the streets. 

Only when she had reached the boats, watching the flames from a distance, did she realise that in her shock, she had mistakenly picked up a pillow, leaving the baby behind.
Everything suggests that the authorities are in command, hence there have been only two fatalities so far, from a falling electricity pole and smoke inhalation, but I can’t help feeling that I made the worst call of my life, taking my children closer to the fire in the name of holiday plans. 

During the hours before they leave for Piraeus at dawn, I’m fully dressed with my shoes on, holding my car keys.
Wildfires are raging across the world, while Greece is experiencing its worst heatwave in more than 30 years. 

For a whole week, you can see Evia burning from the east coast of the mainland. 

On that long and narrow island, blazes balloon through villages, thousands of people have been evacuated and electricity pylons have crashed to the ground. 

Firefighters, the coastguard and parts of the army have been deployed, but flames keep springing back, devouring compact conifer forests. Pine needles can fuel a fire to go out of control.

Forest has been burnt all the way to the shore. The US Navy is sending reconnaissance aircraft, while Switzerland, France, Israel and other countries are sending helicopters, firefighters and water-bombing planes. 

So much is already destroyed. Rabbits, sheep, dogs have been burnt, as well as churches and houses.

In July 2018, 103 people burnt to death in their homes, in their cars or as they tried to get to the sea in the conflagration of Mati, an overbuilt area 24km from the centre of Athens. It still casts a long shadow over Greece, a blank haunting us all.
Once my kids are safe on the ferry, I drive to Mati to attend a memorial service for my uncle, who recently died of Covid-19. 

I’m dreading the landscape I’m about to encounter but there are new houses, rebuilt with government subsidies, and there is vegetation.
Hours later, at the airport, an announcement is made that the reason the temperature is not cool enough is due to the low supply of energy, which has been sapped by the firefighting efforts. 

When I was growing up in the 1980s, there were fires in Greece every August, and one became used to the blend of beauty and danger: the sound of cicadas and endless blue of the Aegean mingling with arson and natural disasters. 

This time it feels as if the fires might swallow everything and once more I feel guilty returning to the greenness of England.
We know that fire is a chemical process, not an element, as my ancestors believed. 

We know that in 1950, smoke from forest fires in British Columbia left particles in the air that interfered with the spectrum, letting only blue light through. At dusk, in Canada and parts of Europe, a bright blue moon appeared. 

We know that cartographers call the blank spaces on maps sleeping beauties. What if there is hope in that?
If you climbed to any mountaintop in Greece this week, you would see flames raging through forests or thousands of hectares already carbonised, depending on where you stand. 

By now we have more sophisticated means than fire signalling to communicate but if, ever so slightly, we have reached the point where the medium is the message, we stand warned.

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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.
Law & Politics

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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23-NOV 2015 I cannot help feeling we are like frogs in boiling water. We have created massive interference in the "cosmic tuning" phenomenon
Food, Climate & Agriculture

In this book, Martin Rees puts forward six equations which govern our universe, a universe so big that we are like a grain of sand on a beach. The mathematics of these equations is so miraculous that Rees speaks to a “cosmic tuning” phenomenon.
For example; Ω ≈ 0.3: the ratio of the actual density of the universe to the critical (minimum) density required for the universe to even- tually collapse under its gravity. Ω determines the ultimate fate of the universe. 

If Ω is greater than one, the universe will experience a big crunch. If Ω is less than one, the universe will expand forever.

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.@WHO Weekly epidemiological update on COVID-19 - 10 August 2021

This week alone, over 4.2 million new cases and over 65 000 new deaths were reported, a slight increase as compared to the previous week.

The largest proportionate increases in new cases were reported by the Region of the Americas (14%) and Western Pacific Region (19%), with 1.3 million and over 375 000 new cases reported, respectively. 

Additionally, a substantial increase (46%) in the number of new deaths was reported this week in the Western Pacific Region

At the country level, the highest numbers of new cases were reported from 

United States of America (734 354 new cases; 35% increase)

India (278 631 new cases; 2% decrease)

Islamic Republic of Iran (248 102 new cases; 20% increase) 

Brazil (228 473 new cases; 8% decrease)

Indonesia (225 635 new cases; 18% decrease)

Infections have been accelerating for 7 weeks now 

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

''viruses exhibit non-linear and exponential characteristics''

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New Year's Eve: Wuhan New Years Eve 2020

The challenge Xi is facing is his bet is now a Limit Long position on Chinese Vaccines 

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08-MAR-2021 :: Xi has taken calculated risks. The muscular and multi-faceted nature of Chinese Power is seen in its handling of COVID19

.@FHeisbourg François Heisbourg: «Le coronavirus, c’est un Tchernobyl chinois à la puissance dix»
First, they staged their "exemplary handling" of the pandemic in a very loud manner, in order to avoid interest in the regime.
And then they severely punished countries that demanded an impartial international investigation, made up of the best experts. Australia, which had insisted on the need for transparency, was imposed economic sanctions and a block on its imports.
The debate on the origin of the virus remains totally open, fundamental and potentially explosive.
Controlling the COVID19 Narrative, suppressing the Enquiry, parlaying the situation into one of singular advantage marks a singular moment and Xi Jinping has exhibited Chinese dominance over multiple theatres from the Home Front, the International Media Domain, the ‘’Scientific’’ domain over which he has achieved complete ownership and where any dissenting view is characterized as a ‘’conspiracy theory’’
It remains a remarkable achievement.

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And the belief in Vaccine Efficacy is now bumping at euphoric levels. Folks I followed on Twitter for their epidemiological excellence now simply recite Vaccine / Inoculation data like a liturgy.

Today the relative viral loads in the Delta variant infections are 1260 times higher than the 19A/19B strains infections and the same variant ''shows 8 fold approximately reduced sensitivity to vaccine-elicited antibodies compared to wild type Wuhan-1 bearing D614G'' [@GuptaR_lab].

Certainly, the Vaccine has mitigated Mortality but lets see for how long because in a hyperconnected World just about everyone has to be vaccinated for the World to reach Herd Immunity. Its just not going to happen.

above calc suggests would need to vaccinate (1-1/6)/0.85 = 98% of population @AdamJKucharski 

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There needs to be truth-telling about the reduced protection of mRNA vaccines vs symptomatic Delta infections. @EricTopol

It was 95% pre-Delta.  Many are claiming it's still ~80%. It isn't.  50-60% is best estimate from all sources (not US, since we don't have the data)

“The variants are like a thoroughbred and our vaccines are like a workhorse,” noted evolutionary biologist Sally Otto.

28-MAR-2021  we are seeing a sustained acceleration in mutant viruses.

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Mirrors on the ceiling, The Pink champagne on ice
World Of Finance

I remain very bullish Long term G7 Bonds. 

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


I believe we are now headed to < than 1% $TNX

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1738
Dollar Index 92.986
Japan Yen 110.37
Swiss Franc 0.9235
Pound 1.3805
Aussie 0.7338
India Rupee 74.253
South Korea Won 1168.63
Brazil Real 5.254
Egypt Pound 15.6994
South Africa Rand 14.8098

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.@WHO Weekly epidemiological update on COVID-19 - 10 August 2021 African Region

The Region reported relatively similar numbers of weekly cases and deaths as the previous week, with just over 181 000 new cases (-1%) and over 4700 new deaths (-2%) reported this week. 

After cases peaked in June 2021, the Region has experienced a decrease in weekly reported cases since the middle of July, largely driven by declines observed in South Africa. 

However, over the past two weeks the rate of decline has slowed and nearly half of the countries in the Region (24; 49%) are now reporting increasing trends.
Most countries in the Region (31; 63%) showed decreasing trends in the number of new deaths reported. 

This decline has been driven by decreases in deaths reported from Namibia (-51%), Uganda (-42%), Zimbabwe (-39%) and Zambia (- 39%). 

Overall, the highest numbers of new cases were reported from 

South Africa (76 034 new cases; 128.2 new cases per 100 000 population; 4% decrease) 

Botswana (15 884 new cases; 675.4 new cases per 100 000; 76% increase)

Mozambique (9771 new cases; 31.3 new cases per 100 000; 26% decrease) 

The highest numbers of new deaths were reported from 

South Africa (2610 new deaths; 4.4 new deaths per 100 000 population; 3% increase)

Zimbabwe (294 new deaths; 2.0 new deaths per 100 000; 39% decrease)

Algeria (233 new deaths; 0.5 new deaths per 100 000; 10% increase).

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

"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

Africa is currently reporting a million new infections about every 26 days @ReutersGraphics

9 countries are still at the peak of their infection curve.

982,946  Active COVID-19 Cases in Africa @BeautifyData [New record High Print +89.02% above Wave 2 Record High from January 2021]

Active #Covid19 cases record 520,000 was in January 2021 @NKCAfrica

"The greatest shortcoming of the human race is our inability to understand the exponential function." - Professor Allen Bartlett

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The Zambian President says he hopes to be a winner in the Zambian Presidential Election so he passes the instruments of power to himself. @GetachewSS

Turning to 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''
any Early Warning System would be warning a Tsunami is coming

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The queue is long but 5 years is longer! Whoever you support, do not be left wishing you had stayed the course.#ZambiaDecides2021 @ssishuwa

14-OCT-2019 ::The Canary in the Coal Mine is Zambia

Zambian authorities are methodically going through the playbook for stealing this Thursday's election. @AfricaACSS


There is every reason to expect President Lungu to announce victory, but there will be little reason to believe it.

December 9, 2019 They are still popping Quaaludes in Lusaka.

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Madagascar President @SE_Rajoelina has sacked all his ministers, his office said @Reuters

"Like in a football team, you have to change when there are failures in government," he said in comments broadcast on national television.

Drinking the Kool-Aid 

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TPLF spokesperson @reda_getachew told me Tigrayan forces are prepared to take the fight to Addis Ababa in order to end the blockade on Tigray. @cathkemi

We interviewed TPLF spokesperson @reda_getachew on the expansion of the conflict in northern Ethiopia. He told me Tigrayan forces are prepared to take the fight to Addis Ababa in order to end the blockade on Tigray. The Govt denies enforcing a siege. 

9-JUL-2021 :: His Army has been defeated and now he is sending conscripts to slaughter whilst his Adversaries are fighting for their existence.


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]

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

"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."

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

‘The genie out of the bottle’ @AfricanBizMag

November 8, 2020 Ethiopia which was once the Poster child of the African Renaissance

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Ethiopia: The severity and scale of the sexual crimes committed are particularly shocking, amounting to war crimes and possible crimes against humanity. It makes a mockery of the central tenets of humanity. It must stop @AgnesCallamard

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.

How far will Ethiopia's PM go to fight rebels in Tigray? | @AJEnglish  @AJInsideStory 

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Is Africa Headed for a Financial Crisis? @ForeignPolicy @StephenPaduano

COVID-19 has exerted immense pressure on the world’s emerging markets, yet some of the pandemic’s most painful economic episodes may be yet to come. 

A rerun of the 2013 “taper tantrum,” a post-recovery collapse in oil prices, and poorly executed multilateral programs are creating economic concerns that match the enormity of many countries’ epidemiological concerns.
In sub-Saharan Africa—where a third wave is gripping many countries, and a fourth wave is gripping others—it has become increasingly difficult for governments to get ahead of these challenges. 

The World Health Organization has reported that Africa’s COVID-19 infections are doubling every 18 days, and just 1.3 percent of the continent has been vaccinated. With the health toll mounting, the economic toll rises, too.
The first challenge comes from beyond Africa’s borders, as central bankers in advanced economies deliberate an end to the monetary relief that has kept the global economy tenuously afloat for the past year. 

When the pandemic struck, investors fled from “riskier” emerging markets to the safe assets of advanced economies. 

Within the first four months of 2020, capital outflows from emerging markets reached $243 billion, producing a sharp depreciation in many currencies and a sudden spike in borrowing costs.
Over time, this pain was soothed as the major central banks took unprecedented actions to ease monetary conditions. 

Interest rates in advanced economies were slashed to near-zero levels last summer, with the yield on the 10-year U.S. Treasury bond falling to 0.5 percent and the 10-year U.K. Gilt falling to 0.15 percent.

These cuts, combined with other asset purchases and lending facilities, were critical for calming global markets and supporting the flow of credit amid the uncertainty of the early pandemic. 

As their success in soothing advanced economies entailed pushing those countries’ yields to levels where no investor could turn an acceptable profit, 

the measures also succeeded in pushing investors back to the juicier yields of emerging markets, where (in sub-Saharan Africa) investors could collect around 8 percent on a Nigerian 10-year bond, 9 percent on a South African 10-year bond, and 12 percent on a Kenyan 10-year bond.

The widening gap between emerging markets and advanced economies also revived a familiar old carry trade, in which investors would borrow cheaper, lower-yielding dollars to buy higher-yielding assets elsewhere. 

Through the end of 2020, emerging markets’ capital inflows ended up topping $360 billion, despite the health and other challenges that these countries were facing.
Yet this convenient arrangement of near-zero rates in the rich world, along with large inflows to the developing world, has been coming to an end. 

As advanced economies have recovered, the yield on the 10-year U.S. Treasury climbed back from 0.5 percent last August to 1.75 percent in March, before leveling off around 1.3 percent today. 

Higher interest rates in advanced economies have put last year’s process in reverse: As investors can now earn more acceptable returns at home, they no longer need to rush to the “riskier” assets of emerging markets. 

In fact, they will rush away. In March, $290 million fled the world’s emerging markets per day, a jarring turnaround from the inflows of the prior year.
Then there are the inflation concerns, which central banks conventionally respond to with monetary tightening. 

This would exacerbate the situation for emerging markets by driving advanced economies’ interest rates up further, encouraging further emerging market capital outflows, and strengthening advanced economies’ currencies against those of emerging markets—which makes emerging markets’ imports and foreign-currency interest payments ever more expensive. 

The International Monetary Fund (IMF) has warned the major central banks not to overreact to rising price levels, but it appears they have done so to little avail. 

Last week the Bank of England indicated that it will raise rates in the near future, contributing to worries about a second “taper tantrum.”
The haunting “taper tantrum” occurred in 2013 when then-Federal Reserve Chairman Ben Bernanke commented that he may begin “tapering” asset purchases, which increased U.S. interest rates and sent investors fleeing from emerging markets. 

In the fire sale of their assets, emerging markets’ currencies fell by an average of 13.5 percent. With investors dumping their sovereign bonds, the yields on those bonds spiked by 2.5 percent as well, given that bond prices and yields move inversely. 

Weaker currencies and higher rates proved to be a painful combination for these countries’ borrowing costs.
“I believe this time would be much more profound,” worries Carlos Lopes, the former executive secretary of the U.N. Economic Commission for Africa and a professor at the University of Cape Town. 

With emerging market debt burdens groaning under the weight of higher health care expenditures, lower tax revenues, and depleted foreign reserves, the risks of a second taper tantrum cannot be overlooked.
For sub-Saharan Africa, the most vulnerable economies would be the largest ones with the most liquid bond markets, says Mark Bohlund of REDD Intelligence, an emerging markets research firm. 

South Africa, the country that has endured the most COVID-19 infections on the continent, and Ghana, which has struggled with its debt sustainability, stand out.
New difficulties servicing debt would also exacerbate one of the continent’s greatest pre-existing problems, Lopes says, which is the “punitive interest rates” on African sovereign bonds. 

For those African countries which do have access to global capital markets, raising the funds from foreign creditors that are needed to finance basic government operations can be exceptionally expensive by global standards.

 A key reason for this is how global credit rating agencies perceive African countries.
The debt of just one country on the continent, Botswana, is above “speculative” or “junk” status, in the rating agencies’ estimation. 

Such a uniformly negative outlook on African governments is difficult to justify, Lopes argues, but the consequences are not difficult to see—particularly during the pandemic. 

Angola, Ghana, Gabon, and Zambia spend more servicing their debt than they do providing health care. In Angola’s case, interest payments are more than double its health care expenditures.
Historically reliable revenue sources such as oil are of declining help to African governments like Angola, says Bohlund. 

Oil prices have halved since 2008, dropping to levels at which no African country could turn a profit in the beginning of the pandemic, and the “reopening” rebound in oil prices these past few months is slowing down. Rabah Arezki, the chief economist of the African Development Bank, worries that serious political and economic crises will accompany oil’s decline.
“The last oil price super-cycle might already be underway, the end of which could herald an increase in the number of failed states,” Arezki warns, citing lower costs of alternative energy sources and new environmental regulations abroad.
This is particularly problematic for oil-dependent Angola, whose production has fallen by one-third since 2015; Mozambique, whose oil investments have been fatally disrupted by an insurgency in the country’s north; and Nigeria, whose output has declined as well. 

With OPEC’s agreement last month to ramp up oil production, African producers will have to reckon not only with declining sales but also with the declining prices that accompany OPEC’s supply increase.

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Nigeria will lift its ban on Twitter soon after advancing in negotiations to end its differences with the social media giant, the government said @AFP

The block shocked Nigeria's hyper-connected youth in a country where 40 million people have a Twitter account or around 20 percent of the population, according to NOI polls, a local research organisation.
Twitter has played a key role for activists in Nigeria, with the hashtags #BringBackOurGirls after Boko Haram kidnapped nearly 300 schoolgirls in 2014, and #EndSARS during anti-police brutality protests last year.

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.@StanbicKE reports H1 2021 EPS +37.171% Earnings here
N.S.E Equities - Finance & Investment

Par Value:                  5/-
Closing Price:           86.00
Total Shares Issued:          395321638.00
Market Capitalization:        33,997,660,868
EPS:             13.13
PE:                 6.550

The Kenyan Banc assurance model includes CFC Bank, CFC Financial Services and Heritage Assurance.

StanBic Holdings reports  H1 Earnings through 30th June 2021 versus through 30th June 2020

HY Total Assets 329.548058b versus 361.504509b -8.839% 

HY Loans and Advances to Banks and Customers 207.628967b versus 235.149004b -11.7% 

HY Financial Investments 82.213196b versus 84.531909b

HY Deposits from Bank & Customers 259.987992b versus 287.034028b -9.422% 

HY Interest Income 6.901256b versus 6.303938b

HY Non-Interest Revenue 5.481674b versus 4.960321b

HY Total Income 12.382930b versus 11.264259b +9.9255 

HY Credit impairment charges [1.502316b] versus [1.982306b]

HY Income after Impairment Charge 10.880614b versus 9.281953b

HY Total Operating expenses [6.059807b] versus [5.151253b] +17.627% 

HY Profit before Taxation 4.820807b versus 4.130700b +16.70% 

HY Profit after Taxation 3.502354b versus 2.553005b +37.17% 

HY EPS 8.86 versus 6.46 +37.151%

Interim Dividend 1.70 


Interesting that they delivered +37.151% increase in H1 EPS versus a -8.839% reduction in the balance sheet

The Interim Dividend will be well received as a Signal

Its attractive on a Forward PE Basis 

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

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