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Satchu's Rich Wrap-Up
Thursday 18th of November 2021

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Crypto's Belief System May Have a Trust Problem @markets
World Currencies

There is also much to discuss on crypto, which exists as a method to do away with the need to trust in institutions altogether, and instead rely on an algorithm. 

It might be better to find a way to improve trust in the institutions we have, or create new ones, rather than come up with a system that does an end run around our need to trust each other altogether. Ho is clear that money developed as a means of establishing trust:

You can get dizzy trying to pin down just what money is, and a popular misconception about how money arose is that money was a way to improve the barter system.

In fact, a better way to think about money is that money was a way to keep track of trust. 

In hunter-gatherer societies, a lot of economic life was governed by gift exchange. I shared my hunt as a gift, in the hope that you will share your hunt next time. 

As societies grew, it became more and more difficult to keep track of who owes who a favor. 

People began using markers to keep track of favors. The earliest markers became the earliest form of writing. Other markers developed into money.

Ho also suggests, rather controversially these days, that we still behave as though we have a lot of trust in our financial institutions. 

Think about how readily people spend money online, and read their credit card numbers into a phone or type them into a browser, and you get the point. 

He also suggests that interest rates still function as the best measure of strong trust in a system is a low interest rate.

 “We can back out mathematically, based on the interest rate that is charged, the probability that the parties involved think they will be repaid. For now interest rates remain low, and I think that does tell us something.” 

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U.K. warned the European Union not to start a trade war if Boris Johnson’s government suspends part of Brexit settlement over Northern Ireland @bpolitics
Law & Politics

“I hope everyone can step back from that,” U.K. Brexit Minister David Frost told BBC Radio on Wednesday. 

“I don’t see why it would help for the response to that from the European Union to be sanctions, retaliation and making trade more difficult.”
The sticking point for the EU is that the U.K. is seeking to walk back on commitments it made only two years ago when it signed the original Brexit divorce deal, including agreeing to an effective customs border in the Irish Sea to avoid the creation of a hard border on the island of Ireland.
If the U.K. isn’t happy with the outcome of the latest negotiations, it has said it will activate Article 16 of the Northern Ireland protocol, which allows either side to suspend parts of the deal to address issues such as diversion of trade. 

One potential EU reaction to such a move would be to terminate the wider trade agreement with the U.K.
“I don’t understand why that would help the situation here,” Frost said. “Article 16 is a legitimate option within the treaty.”
The EU would consider Britain invoking Article 16 as an inflammatory move, since it would be a unilateral action while negotiations are ongoing to address the problems raised by the U.K. 

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@WHO Weekly epidemiological update on COVID-19 - 16 November 2021

During the week 8 to 14 November 2021, the increasing trend in new global weekly cases continued, with over 3.3 million new cases reported – a 6% increase as compared to the previous week. 

The Region of the Americas, the European and the Western Pacific Regions all reported increases in new weekly cases as compared to the previous week, while all other regions reported stable or declining trends. 

Similarly, the European Region reported a 5% increase in new deaths, while the other regions reported stable or declining trends. 

Globally, just under 50 000 new deaths were reported, similar to the previous week. 

The highest numbers of new cases were reported from 

United States of America (550 684 new cases; 8% increase)

Russian Federation (275 579 new cases; similar to the previous week’s figures)

Germany (254 436 new cases; 50% increase) 

United Kingdom (252 905 new cases; similar to the previous week’s figures)

Turkey (180 167 new cases; 9% decrease).

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COVID-19 infections are still rising in 56 countries. @ReutersGraphics

17 countries are still near the peak of their infection curve

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1366
Dollar Index 95.68
Japan Yen 114.15
Swiss Franc 0.9285
Pound 1.3488
Aussie 0.7277
India Rupee 74.2065
South Korea Won 1181.335
Brazil Real 5.53
Egypt Pound 15.75
South Africa Rand 15.53

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WHO regional overviews Epidemiological week 8-14 November 2021 African Region .@WHO

The case incidence rates in the African Region have continued to decline since July, with a 33% decrease reported as compared to the previous week. 

However, 31% (15/49) of the countries in the region reported an increase of >10% in new cases as compared to the previous week

Over 500 new deaths were reported this week, similar to the previous week's figures. 

The highest numbers of new cases were reported from 

South Africa (1926 new cases; 3.2 new cases per 100 000 population; similar to the previous week)

Ethiopia (1584 new cases; 1.4 new cases per 100 000; a 25% decrease)

Cameroon (1371 new cases; 5.2 new cases per 100 000; a 26% decrease).
The highest numbers of new deaths were reported from 

South Africa (157 new deaths; <1 new death per 100 000 population; similar to the previous week’s figures)

Ethiopia (82 new deaths; <1 new death per 100 000; similar to the previous week’s figures)

Nigeria (55 new deaths; <1 new death per 100 000; a 450% increase)

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Africa is currently reporting a million new infections about every 84 days @ReutersGraphics

All countries are currently below the peak of their infection curve.

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Security, climate dominate as U.S. Secretary of State @SecBlinken kicks off Africa tour @Reuters

U.S. Secretary of State Antony reiterated calls for an unconditional ceasefire in the Ethiopian conflict on Wednesday on the first leg of an African trip which will take in Kenya, Nigeria and Senegal.
Blinken also appealed to Sudan's military leaders to free prisoners taken in the coup there last month and to return to the path of democracy, saying some of the financial assistance that was frozen might be restored if civilian leadership returned.
The war in northern Ethiopia, the coup in Sudan and Somalia's long-delayed elections dominated the agenda, along with climate change, as Blinken and Kenya's foreign minister Raychelle Omamo addressed the media in Nairobi.
Blinken described Ethiopia's year-old war as "a growing risk to the unity and the integrity of the Ethiopian state".
He pledged support for mediation efforts by former Nigerian President Olusegun Obasanjo, now the Africa Union's High Representative for the Horn of Africa, and said there was still time for a ceasefire to succeed.
"I strongly believe there is an opportunity and an absolute necessity for all the parties to stop, to talk, to move back, for humanitarian assistance to flow and also to be at the table together," he said.

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Sudan's military dominates the grey economy (smuggling and contraband), owns vast stakes in legit economy and generally runs the Central Bank. Dismantling army's control of economy key to Sudan's future. @RAbdiAnalyst

Sudan's military dominates the grey economy (smuggling and contraband), owns vast stakes in legit economy and generally runs the Central Bank. Dismantling army's control of economy key to Sudan's future.
Hamdok reforms were beginning to hurt. One reason army moved against him.
Dismantling army's control of economy key to Sudan's future.

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Kenya’s imports from Tanzania doubled to Sh20.5 billion in the first half of the year @BD_Africa
Kenyan Economy

Data from the Kenya National Bureau of Statistics (KNBS) shows imports from Tanzania grew from Sh10.8 billion in the corresponding period last year.
The value of goods exported to Tanzania also grew to Sh17.8 billion from Sh14 billion but the balance of trade remained in favour of Tanzania.
The Tanzanian president’s visit to Nairobi — which, among others, saw the two countries sign a deal to build a gas pipeline from Dar es Salaam to Mombasa — touched off a series of joint trade meetings aimed at flattening barriers to the flow of goods.

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.@KCBGroup declares interim dividend as profit doubles to Sh25bn @BD_Africa
N.S.E Equities - Finance & Investment

“This is the strongest quarter for us since the Covid-19 pandemic struck 20 months ago, with clear signs of economic recovery across key sectors,” chief executive Joshua Oigara said in a statement.
“While we are cautiously optimistic of the prospects, especially due to the dynamic nature of the healthcare crisis, we project that the worst is behind us.”
He added that KCB is close to concluding its acquisition of African Banking Corporation Tanzania Limited (BancABC Tanzania).
KCB recently completed its buyout of Banque Populaire du Rwanda (BPR). London-based Atlas Mara Limited signed agreements to sell the two banks to the Kenyan lender.
“This twin acquisition will bolster the group’s market share in these two key markets and grow the contribution of international businesses to the group,” KCB said in a statement.

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

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