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Satchu's Rich Wrap-Up
Wednesday 17th of August 2022

Whose consequence will be Regime Change in Western Capitals long before Moscow.
Law & Politics

According to pollster Levada oft-cited by @nytimes 68% of Russians feel their country is on the "right track" and Putins approval rating remains above 80%. Quite a contrast with US where 71% say US is on "wrong track" and Bidens rating is 40% @AliAbun


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State pension on average £185.15 per week, depending on your NI contributions. @Depheruk
Law & Politics

State pension on average £185.15 per week, depending on your NI contributions. @Depheruk

The average fuel bill will be £80.72
The average food bill will be £46.25
The council tax £28.84
The water bill £8.18
The TV £3.05
The phone £12.64
Total left on average £5.47
Thousands will Die

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Who drafted these syndicated responses? @hevivafrei
Law & Politics

Who drafted these syndicated responses? @hevivafrei

I had to stop the montage for two reasons: 1) Any more images and the print would be illegibly small, and 2) I felt like I was going crazy at the absolute idiocy and insanity of the world in which we are currently living. Who drafted these syndicated responses?

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Currency Markets at a Glance WSJ
World Currencies

Currency Markets at a Glance WSJ

Euro 1.01824
Dollar Index 106.329
Japan Yen 134.3430
Swiss Franc 0.94984
Pound 1.212155
Aussie 0.701625
India Rupee 79.30685 
South Korea Won 1308.99
Brazil Real 5.1455000
Egypt Pound 19.130100
South Africa Rand 16.38770 

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Jul 3 One can create inorganic cascade like price moves in the derivatives market and thereby control the physical commodity.

Jul 3 One can create inorganic cascade like price moves in the derivatives market and thereby control the physical commodity.

Western markets are turbo finiancialized and for an eternity, Western banks and Central Banks have been able to distort the commodity price complex with little difficulty. 
Take the Gold market for example where derivatives are 100x the underlying. 
One can create inorganic cascade like price moves in the derivatives market and thereby control the physical commodity. 
There are plenty of examples of these inorganic price moves. In essence, the Tail wags the dog. 
The challenge is where the Supply/Demand balance is precarious and a small adjustment [reduce Supply or increase Demand] tips the situation into disequilibrium. 

The Tail will no longer wag the Dog and the Dog will simply run amok.

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A perplexing, ever changing matrix, a Squid Game where asset values have to be maintained to support the majesty of the debt, a meta verse paid for by the serfdom of the ordinary Joe. @hendry_hugh

A perplexing, ever changing matrix, a Squid Game where asset values have to be maintained to support the majesty of the debt, a meta verse paid for by the serfdom of the ordinary Joe. Where are the opiates that will keep the many in their chains? Why do the stakes keep rising?

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9 DEC 19 :: Time to Big Up the Dosage of Quaaludes

9 DEC 19 :: Time to Big Up the Dosage of Quaaludes

we were all popping Quaaludes [Quaaludes ‘’to promote relaxation, sleepiness and sometimes a feeling of euphoria. It causes a drop in blood pressure and slows the pulse rate. These proper- ties are the reason why it was initially thought to be a useful sedative and anxiolytic It became a recreational drug due to its euphoric effect’’].

Everyone knows how this story ends. When the music stops, everyone will dash for the Exit and the currency will collapse 

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Germanys Expanding Partnership with Morocco: Strengthening Supply Chain Resilience is the Driving Factor @MIPAInstitute @michaeltanchum

The deepening partnership between Germany and Morocco has been driven by the private sector, providing an enduring foundation for cooperation. 

During the 2021 diplomatic crisis over Berlin’s position toward Rabat’s autonomy plan for the Sahara region, German-Moroccan business-to-business relationships remained largely unaffected. 

The fraying of global supply chains is now bringing Germany and Morocco into a closer economic partnership. 

The sudden supply shocks caused by Russia’s war against Ukraine have accelerated that process. 

In the years just prior to the COVID-19 pandemic, global supply chains were already shortening as companies and countries in Europe placed greater emphasis on resilience rather than on just-in-time inventories serviced by distant Asian suppliers. 

This structural transformation meant bringing sourcing and manufacturing closer to European end-markets. The drive to “nearshore” while maintaining a competitive advantage has provided an impetus to German and other international firms to locate manufacturing facilities in Morocco, which has focused on cultivating an appropriate business ecosystem.
In terms of trade, Germany ranks as Morocco’s eighth largest export market, with Morocco’s 2021 exports to Germany totaling $1.2 billion..  

Germany is Morocco’s seventh largest import supplier with German goods totaling sightly over $3 billion.  

Despite a slight widening of the gap during 2021 due to COVID19, the trade imbalance between Morocco and Germany is relatively narrow because Moroccan exports to Germany between 2010 and 2019 grew at more than double the rate of growth of German exports to Morocco. 

The near parity reflects Morocco’s growing importance as a key participant in German manufacturing value chains. 

During the same 2010-2019 period, German direct investment in Morocco increased from €0.18 to €1.32 billion.
The 2013 signing of the Rabat Declaration by Germany and Morocco’s foreign ministers helped catapult German-Moroccan economic cooperation to a higher level.  

While the declaration emphasized “institutional reforms on democracy and civil society, human rights and good governance,” it also committed to the two countries to “harnessing potential in the areas of trade and investment in the fields of renewable energy, tourism, agribusiness, electronics, mechanical industry, medical equipment, automotive and aerospace industries.” 

Although accompanied by less ceremony and pomp than the subsequent 2016 signing of a strategic partnership agreement between China and Morocco, the Rabat Declaration paved the way for deeper German engagement with Morocco’s economy that has witnessed a 600% rise in German investment in Morocco from 2010 to 2021.
The Foundation: German-Moroccan Automotive Value Chains
The bedrock of the German-Moroccan economic partnership are the automotive manufacturing value chains.  

Automotive products, both vehicles and parts, comprise Morocco’s largest category of exports to Germany, constituting about 21% of overall exports to Germany prior to Russia’s invasion Ukraine.  

The rise of Morocco’s automotive sector was facilitated by Rabat’s 2014-2020 Industrial Acceleration Plan (Plan d’accélération industrielle), which, along with Rabat’s concurrent development of high-speed, high-volume capacity transportation, incentivized foreign automotive manufacturers to locate their plants in Morocco, with German firms represented among them. 

Morocco’s automotive manufacturing ecosystem revolves primarily around Renault and Peugeot’s factories supported by approximately 200 international suppliers operating their own local manufacturing plants,
Morocco’s importance in automotive supply chains has been recently highlighted by the sudden shutdown of Ukraine’s automotive wiring harness manufacturing plants following Russia’s 24 February 2022 military invasion. 

Essential components for automobile manufacturing, wiring harnesses are devices that bundle wires in a protective housing to optimize space.  

Performing the vital function of protecting a vehicle against electrical fires and short circuits that could result from vibrations and abrasions, no passenger car or commercial vehicle can be built without them.  

The inability of Ukraine’s factories to produce the critical component has already led to a wiring harness shortage, forcing manufacturers in Germany, such as BMW, Mercedes-Benz, Porsche, Volkswagen, and Ford, to cut production at their plants.
German automakers have looked to Morocco’s wiring harness factories to fill the shortfall. 

Among these are the factories of the German firm Leoni, a global leader in the manufacture wires, cables and wiring systems. 

A decade ago, Leoni was designated core supplier to Groupe PSA for just-in-time delivery Peugeot-Citroën factories in France, Spain, Austria, Russia and Slovakia. 

An early participant in the rise of Morocco’s automobile manufacturing ecosystem, Leoni has established ten production plants in Morocco.  

Between 2017 and 2022, Leoni invested more than €60 million in the construction of several manufacturing sites across the kingdom, employing about 17,400 Moroccans. 

Leoni has increased production in its Morocco plants to cover lost output from Ukraine.
Rabat’s 2014-2020 Industrial Acceleration Plan, with strategic foresight, also set out to strengthen the resilience of its automotive wiring sector by attracting new manufacturers to establish factories in Morocco.  

In 2018, another leading German supplier of automotive wiring and cables, Kromberg & Schubert, opened a €41.5 million plant in Kenitra, employing over 3,000 Moroccans. 

When Czech car manufacturer Škoda, a wholly owned subsidiary of Volkswagen, faced a shortage of wiring harnesses due to the disruption of its Ukrainian supply, Škoda turned Kromberg & Schubert’s Kenitra plant to secure supplies, and the plant increased its production accordingly.
Germany’s most recent participant in Morocco’s automotive ecosystem is the automotive cable and unlocking systems manufacturer Stahlschmidt, which  in June 2022 inaugurated first phase operations in what will be its new €11 million plant in the Automotive City area  near Renault factory in the industrial zone of the Tanger Med port. 

The size of Stahlschmidt’s overall investment may indicate that the company anticipates shifting its Polish and Hungarian manufacturing operations to Morocco.  

Germany’s ability to increasingly rely on Morocco derives from the overall robustness of Morocco’s automotive manufacturing ecosystem. 

Renault, which operates a factory in Casablanca in addition to its Tanger Med factory, sources 60% of the inputs for its Moroccan manufactured cars locally based suppliers. 

In 2021, prior to Russia’s invasion of Ukraine, car manufacturing conglomerate Stellantis, which also operates Peugeot’s factory in Kenitra, planned to increase its purchase of Moroccan-made parts from €600 million to €3 billion by 2025.
Morocco’s careful cultivation of its automotive manufacturing ecosystem has led Morocco to play an increasingly important role in associated higher value-added, manufacturing processes, notably the production of semiconductors.  

Franco-Italian STMicroelectronics, Europe’s leading integrated device manufacturer, operates an important auto chip production facility in Bouskoura, on the outskirts of Casablanca and connected by rail link to the rest of the country’s auto manufacturing chain

Expanding the scope of Morocco’s semiconductor manufacturing capacity, the company inaugurated a new production line in its Bouskoura plant in 2021 to manufacture auto chips for American electric car pioneer Tesla. 

Through EV autochip production, Morocco has positioned itself to become North Africa’s first all-electric passenger car manufacturer. 

In August 2021, Stellantis announced that its German auto manufacturing subsidiary Opel would begin electric vehicle (EV) production in Morocco at the Kenitra plant of its sister company Peugeot.
Morocco’s entrance into EV manufacturing will have constructive spillover effects for the development of its mining sector. 

Morocco possesses the world’s 11th  largest cobalt reserves and ranks as the 13th largest exporter of the hard-to-get metal needed to make Lithium-ion batteries used in electric vehicles.  

Moroccan reserves potentially could service Opel’s EV production.

Beyond the Automotive sector: Engineering and Business Outsourcing
While Morocco progresses to more advanced manufacturing processes, its labor cost remains quite competitive, being about one quarter of the labor cost in Spain and half that of the major Eastern European countries such as Poland

Morocco’s subsequent 2021-2025 Industrial Acceleration Plan places a special emphasis on technological innovation and Morocco’s continued progress in higher value-added manufacturing is attracting more German firms, such as Opel. 

The German automaker’s production of electric cars in Morocco points to another important trend – engineering outsourcing. 

Opel’s new two-seater EV model was also developed at Stellantis’s Africa Technical Center (ATC)  in Casablanca, the design and engineering R&D laboratory originally founded by Groupe PSA.  

The engineers at the ATC are now responsible for motor control theory for the entire conglomerate.  

Utilizing its growing pool of engineers, Morocco has created five engineering outsourcing centers – in Casablanca, Rabat, Tangiers, Fes, and Oujda whose services the German firm FEV and other international companies utilize. 

Rabat anticipates the engineering outsourcing sector in Morocco to grow at 23% compounded annual growth rate through 2025. 
Morocco has undertaken a parallel effort in developing business solutions, information technology, and customer relations outsourcing. 

Beyond the five aforementioned locations, the government has also invested in the outsourcing sector in Agadir, to promote development in the country’s more outlying regions. 

The major breakthrough in this sector also involved German-Moroccan business-to-business relations. 

In 2018, Germany’s Bertlesmann and Morocco’s Saham merged their customer relationship management businesses to form Majorel, which has become a market leader in Europe, the Middle East, and Africa, for customer experience management and business process outsourcing. 

One of the fastest growing industries in Morocco, business outsourcing earns $1.4 billion in export turnover.  

The industry also dovetails with the growing trend of major corporations using Morocco as a sales and distribution hub for their North African and West African markets.  

German firms from BASF to Bayer to Bosch have established marketing and distribution centers in Casablanca. 

Accordingly, the German logistics and freight company Dachser is expanding its storage capacity in Morocco to handle the growing demand.
Private sector business cooperation between Germany and Morocco has provided a steady foundation for relations between the two states. 

The growing trend of German firms establishing manufacturing and distribution facilities in Morocco is now accelerating the deepening of the relationship. 

In marked contrast, Germany and Morocco’s two green hydrogen projects, which evolved within a development cooperation framework facilitated by the German Development Agency GIZ and financed by the German development bank KfW, came to a virtual standstill as a result of the 2021 diplomatic crisis. 

Now the leading project in Morocco is an $850 million green ammonia plant being developed by the Ireland-headquartered hydrogen technology firm Fusion Fuel and built by the Athens-based Middle East construction company Consolidated Contractors.
Germany’s growing need to create more resilient and cost-effective value chains will lead German firms from an increasingly wide range manufacturing industries to consider relocating to Morocco. 

By shifting from a development framework to Euro-Africa connectivity perspective focused on the advancement of private sector manufacturing value chains, Berlin could utilize the opportunity to develop a strategic partnership with Morocco that would enhance Germany’s geopolitical position in the Mediterranean Basin and Africa.

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@StanChartKE Standard Chartered Bank Kenya Ltd. HY EPS 13.87 +9.29%
N.S.E Equities - Finance & Investment

Par Value:                  5/-
Closing Price:           140.00
Total Shares Issued:          343510571.00
Market Capitalization:        48,091,479,940
EPS:             23.49
PE:                 5.960

.Standard Chartered reports HY 22 Earnings through 30.06.22 versus 30.06.21

HY Total Assets 364.291624b versus 345.646341b

HY Kenya Government Securities 100.771b versus 98.686940b

HY Fair Value through Other comprehensive income [FVOCI] 0

HY Loans and Advances [net] 128.52b versus 130.275b

HY Customer Deposits 286.911b versus 278.186884b

HY Total Interest Income 11.520107b versus 11.032585b

HY Total Interest Expenses 1.506065b versus 1.917199b

HY Net Interest Income 10.014b versus 9.115386b

HY Total NonInterest Income 5.542167b versus 4.997609b 

HY Total Operating Income 15.556209b versus 14.112995b

HY Other Oerating Expenses 3.434861b versus 2.490384b

HY Total Other Operating Expenses 7.986878b versus 7.315323b

HY Profit before Tax 7.569331b versus 6.797672b

HY Profit after Tax 5.41177b versus 4.879064b

HY EPS 13.87 versus 12.69 +9.29%

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@imbankke I & M Holdings Ltd reports HY 2022 EPS 2.83 +15.98%
N.S.E Equities - Finance & Investment

Par Value:                  
Closing Price:           17.00
Total Shares Issued:          826810738.00
Market Capitalization:        14,055,782,546
EPS:             4.92
PE:                 3.455

I & M Holdings reports HY 2022 Earnings versus HY 2021 

HY Total Assets 231.069562b versus 204.457979b

HY Financial Assets at Fair Value through profit and Loss 15.036750bb versus 13.611659b

HY Kenya Government Securities 34.819286b versus 26.684665b

HY Other Securities 16.862911b versus 14.133463b

HY [FVOCI] Kenya Government Securities 47.281667b versus 43.136579b

HY [FVOCI] Other Securities 7.403447b versus 5.981226b

HY Loans and Advances to Customers [net] 231.069562b versus 204.457979b

HY Customer Deposits 3113.178863b versus 276755255b

HY Total Interest Income 17.455393b versus 14.635382b

HY Total Interest expenses 6.934043b versus 5.769826b

HY Net Interest Income 10.521350b versus 8.865556b

HY Total Non Interest Income 5.057835b versus 3.943803b

HY Total Operating Income 15.579185b versus 12.809359b

HY Loan Loss Provision 1.309276b versus 1.052772b

HY Total Other Operating Expenses 8.596979b versus 7.207822b

HY Profit before Tax 6.982206b versus 5.869460b

HY Profit After tax 4.925700b versus 4.249653b

HY Profit After tax Exceptional Items and non controlling interest 4.681250b versus 4.033987b

HY Fair Value changes in Financial Assets at FVOCI [5.555076b] versus [161.591m]

HY EPS 2.83 versus 2.44 +15.98%

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by Aly Khan Satchu (www.rich.co.ke)
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August 2022

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