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Satchu's Rich Wrap-Up
 
 
Friday 06th of March 2020
 
Afternoon,
Africa

Register and its all Free.

The Latest Daily PodCast can be found here on the Front Page of the site
http://www.rich.co.ke

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The number of coronavirus cases globally approached 100,000 #COVID19
Africa


The number of coronavirus cases globally approached 100,000 as the
outbreak in the U.S. gathered pace, and China and South Korea
continued to report new infections and deaths.
China, where the pathogen originated, reported 143 more cases for
Thursday and 30 additional deaths, down from highs reported in
February.
The total number of confirmed cases in the country rose to 80,552.
South Korea confirmed 518 new infections, for a total of 6,284, and
said the death toll rose to 42. Most of the infections still are in
the southern city of Daegu.
Key Developments:
Global cases 97,866; death toll 3,383
Tokyo hospital rations masks for staff
South Korea blasts Japan over quarantine plan
Pence visits surgical-mask maker to encourage more production

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Daily Dow changes this week: @RampCapitalLLC
Africa


Mon: +1294
Tues: -786
Wed: +1173
Thur: -972
Fri: ¯_(ツ)_/¯

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A pestilence isn't a thing made to man's measure; therefore we tell ourselves that pestilence is a mere bogy of the mind, a bad dream that will pass away. ― Albert Camus, The Plague
Africa


“In this respect, our townsfolk were like everybody else, wrapped up
in themselves; in other words, they were humanists: they disbelieved
in pestilences.
A pestilence isn't a thing made to man's measure; therefore we tell
ourselves that pestilence is a mere bogy of the mind, a bad dream that
will pass away.
But it doesn't always pass away and, from one bad dream to another, it
is men who pass away, and the humanists first of all, because they
have taken no precautions.”

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08-JAN-2018 :: The Crypto Avocado Millenial Economy.
Africa


The ‘’Zeitgeist’’ of a time is its defining spirit or its mood.
Capturing the ‘’zeitgeist’’ of the Now is not an easy thing because we
are living in a dizzyingly fluid moment.

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How Pandemics Change History @NewYorker
Africa


In his new book, “Epidemics and Society: From the Black Death to the
Present,” Frank M. Snowden, a professor emeritus of history and the
history of medicine at Yale, examines the ways in which disease
outbreaks have shaped politics, crushed revolutions, and entrenched
racial and economic discrimination.
Epidemics have also altered the societies they have spread through,
affecting personal relationships, the work of artists and
intellectuals, and the man-made and natural environments.
Gigantic in scope, stretching across centuries and continents,
Snowden’s account seeks to explain, too, the ways in which social
structures have allowed diseases to flourish.
“Epidemic diseases are not random events that afflict societies
capriciously and without warning,” he writes. “On the contrary, every
society produces its own specific vulnerabilities. To study them is to
understand that society’s structure, its standard of living, and its
political priorities.”
I spoke by phone with Snowden last Friday, as reports on the spread of
covid-19 tanked markets around the world, and governments engaged in
varying degrees of preparation for even worse to come.
During our conversation, which has been edited for length and clarity,
we discussed the politics of restricting travel during epidemics, how
inhumane responses to sickness have upended governments, and the ways
that artists have dealt with mass death.
I want to start with a big question, which is: What, broadly speaking,
are the major ways in which epidemics have shaped the modern world?
One way of approaching this is to examine how I got interested in the
topic, which was a realization—I think a double one.
Epidemics are a category of disease that seem to hold up the mirror to
human beings as to who we really are.
Were you trying to make a point about how the way we respond to these
things is often a function of our racial or ethnic or religious views
rather than our general humanity, and that the response has shown the
flaws of human beings in some way? Or were you making a different
point?
I think I was trying to make two points. I think the causal chain
works in both directions. Diseases do not afflict societies in random
and chaotic ways.
They’re ordered events, because microbes selectively expand and
diffuse themselves to explore ecological niches that human beings have
created.
For example, the slaughter of people after the 1848 revolution in
France, in Paris in particular, or after the Paris Commune.
Part of the reason that this was so violent and sanguinary was that
people who were in command saw that the working classes were dangerous
politically, but they were also very dangerous medically.
They had the very possibility of unleashing disasters on the full of society.
I think that was really a part of this metaphor of the dangerous
classes, and I think that led to, say, the inhumanity of the slaughter
of 1871 after the Paris Commune had been put down.
What have you made of China’s response to this current coronavirus?
That’s a really interesting question to ask, and it’s one that I think
we’re going to need to think about long and hard, because it has a
number of aspects to it that are really complicated.
The first thing is the strong-arm methods introduced by the Chinese on
January 23rd, when they introduced cordon sanitaire, which is a
wholesale quarantine by cordoning off with soldiers and policemen
whole geographical areas and communities.
In this case, in Wuhan, a city of some eleven million, and then the
Hubei Province, which has almost sixty million people, they decided to
impose a lockdown.
That is something which harkens back to plague measures and that has
been repeated over and over, including in the Ebola epidemic. The
problem with the cordon sanitaire is that it’s clumsy. It’s a
sledgehammer. It arrives too late and it breaks down that fundamental
element of public health, which is information.
That is to say that, threatened with the lockdown, people don’t
coöperate with authorities. Authorities therefore no longer know
what’s going on and people take flight, which spreads the epidemic.
I was very startled to see that this was the response of the Chinese
government at the outset. It differs from the norms of public health,
which have developed since the plague years, which stress case
findings of individuals, then tracing and isolation.

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When the plague hit Venice in 1630, instead of shutting down the churches, they held masses, public prayers asking for her intercessions to save the people of Venice. By 1631 the plague was gone. @ccpecknold
Africa


When the plague hit Venice in 1630, instead of shutting down the
churches, they held masses, public prayers and processions with
Madonna Nicopeia, asking for her intercessions to save the people of
Venice.  By 1631 the plague was gone.

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Best thing for me from the Moscow meeting between Erdogan and Putin was the Turkish delegation in front of Putin and standing under the statue of Catherine the Great who defeated the Turks several times during the XVIII century @Hevallo
Law & Politics


Best thing for me from the Moscow meeting between Erdogan and Putin
was the subservient stature of the Turkish delegation in front of
Putin and standing under the statue of Catherine the Great who
defeated the Turks several times during the XVIII century.
#TwitterKurds

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Anticpating the question "but these are really small numbers. We are a country of 327 million." @biancoresearch
Law & Politics


Answer, two types of people in the world

* Those that do not take this seriously
* Those that understand exponential growth

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A pestilence isn't a thing made to man's measure; therefore we tell ourselves that pestilence is a mere bogy of the mind, a bad dream that will pass away. ― Albert Camus, The Plague
Law & Politics


“In this respect, our townsfolk were like everybody else, wrapped up
in themselves; in other words, they were humanists: they disbelieved
in pestilences.
A pestilence isn't a thing made to man's measure; therefore we tell
ourselves that pestilence is a mere bogy of the mind, a bad dream that
will pass away.
But it doesn't always pass away and, from one bad dream to another, it
is men who pass away, and the humanists first of all, because they
have taken no precautions.”
― Albert Camus, The Plague

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Crazy thought. What if the best response to mitigating the economic impact of the coronavirus outbreak but (man, this is so crazy) effective healthcare policy. Insane, I know.
Law & Politics


Crazy thought. What if the best response to mitigating the economic
impact of the coronavirus outbreak isn't monetary policy or fiscal
policy but (man, this is so crazy) effective healthcare policy.
Insane, I know.

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They are born, put in a box; they go home to live in a box; they study by ticking boxes; they go to what is called "work" in a box, they talk about thinking "outside the box" and when they die they are put in a box.
Law & Politics


They are born, put in a box; they go home to live in a box; they study
by ticking boxes; they go to what is called “work” in a box, where
they sit in their cubicle box; they drive to the grocery store in a
box to buy food in a box they talk about thinking “outside the box”;
and when they die they are put in a box.

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24-FEB-2020 :: "The greatest shortcoming of the human race is our inability to understand the exponential function." #COVID19 #coronavirus #2019nCoV
Law & Politics


What is becoming increasingly clear Is that the Worlds Economists and
Policy Makers are linear in their thinking and are flummoxed by the
exponential multiplicative nature of the #nCoV2019
"The greatest shortcoming of the human race is our inability to
understand the exponential function." - Professor Allen Bartlett
@macronomics1

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One mystery about #Covid19 are the two genetic insertions highlighted in the red box, that started the rumors of bioengineering. @davegreenidge57
Law & Politics


Chinese scientists learned in 2015, just *two insertions from *bats on
a  #coronavirus will change  #MERS & #SARS from harmless, into deadly
pathogens.

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What are the odds that a SARS-like coronavirus with overlapping genetics from HIV mutated and crossed over into humans @scottburke777
Law & Politics


What are the odds that a SARS-like coronavirus with overlapping
genetics from HIV mutated and crossed over into humans, next door to a
laboratory which had been enhancing coronavirus with HIV for over a
decade? And conversely, what are the odds it leaked out of the
laboratory?

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#coronavirus far more likely than Sars to bond to human cells due to HIV-like mutation, scientists say @SCMPNews #COVID19
Law & Politics


The mutation could not be found in Sars, Mers or Bat-CoVRaTG13, a bat
coronavirus that was considered the original source of the new
coronavirus with 96 per cent similarity in genes, it said.
This could be “the reason why SARS-CoV-2 is more infectious than other
coronaviruses”, Li wrote in a paper released on Chinarxiv on Sunday.
Meanwhile, a study by French scientist Etienne Decroly at
Aix-Marseille University, which was published in the scientific
journal Antiviral Research on February 10, also found a “furin-like
cleavage site” that is absent in similar coronaviruses.

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.2250
Dollar Index 96.614
Japan Yen 105.907
Swiss Franc 0.9458
Pound 1.2961
Aussie 0.6613
India Rupee 73.6625
South Korea Won 1190.41
Brazil Real 4.6072
Egypt Pound 15.6344
South Africa Rand 15.6344

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2-SEP-2019 :: the China EM Frontier Feedback Loop Phenomenon. #COVID19
Emerging Markets


This Phenomenon was positive for the last two decades but has now
undergone a Trend reversal.
The Fall-out is being experienced as far away as Germany Inc.
The ZAR is the purest proxy for this Phenomenon.
African Countries heavily dependent on China being the main Taker are
also at the bleeding edge of this Phenomenon.

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@narendramodi's Government Taking Hindu Nationalist Agenda To 'New Level' @bpolitics
Emerging Markets


India has suffered the biggest decline in civil and political
liberties among the world’s largest democracies as Prime Minister
Narendra Modi’s government takes “its Hindu nationalist agenda to a
new level,” a new report has found.
A series of moves taken by the Modi-led Bharatiya Janata Party
government since it was re-elected by a sweeping majority in May have
hurt the rights of its Muslim minority population, according to the
latest global report by Freedom House, a U.S.-based nonprofit
organization that conducts researches and advocacy on democracy and
human rights.
“The Indian government’s alarming departures from democratic norms
under Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP)
could blur the values-based distinction between Beijing and New
Delhi,” the report titled “Freedom in the World 2020: A Leaderless
Struggle for Democracy” found.
It comes as the United States Commission on International Religious
Freedom holds a public hearing on India’s new religion-based
citizenship law, which fast-tracks citizenship for religious
minorities from three neighboring nations but excludes Muslims.
Taken together with a proposed national register of citizens, the new
law is seen as a way for Modi’s government to marginalize Muslims.
A spokesman for the Ministry of External Affairs, Raveesh Kumar, did
not immediately respond to a request for comment.
In the past the government has strongly rejected any outside
criticisms of its laws and said the citizenship act provides
protection for persecuted minorities.
Rule of Law
The Citizenship Amendment Act, which was passed by an overwhelming
majority in India’s Parliament on Dec. 11, is one of the series of
moves the Freedom House cites as harmful to India’s Muslims, who
constitute some 14% of its nearly 1.3 billion population.
Other actions include the Aug. 5 abrogation of nearly 70 years of
constitutional autonomy in India’s portion of the Muslim-majority
region of Kashmir and the detention of local political leaders which
has continued for more than seven months now.
That same month some 1.9 million people, mostly Muslims, in the
northeastern state of Assam faced the risk of losing their Indian
citizenship as Modi’s government seeks to enforce a National Register
of Citizens to weed out illegal migrants.
Millions in India Could End Up in Modi’s New Detention Camps
“These three actions have shaken the rule of law in India and
threatened the secular and inclusive nature of its political system,”
the Freedom House report said.
The country slipped four spots on the report’s global ranking to
number 71. The rankings do not include the Indian-controlled portion
of the Himalayan Kashmir region, which the report ranks much lower.
Some 195 countries and 15 territories were assessed through 2019 and
ranked out of 100 based on a series of civil and political liberty
measures.
Despite the slip in ranking India kept its “free” status as
functioning electoral democracy.
Other democracies like Australia and Canada slipped one spot as did
India’s neighbor and rival Pakistan.
While the U.S. ranking remained unchanged it was marked out, along
with India, as a democracy where leaders were pursuing populist
agendas without paying regard to its critics or minorities.

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Chief Minister of the Gujarati government was @narendramodi who had been appointed to the position five months before. As the riots accelerated, Modi became invisible @NewYorker
Emerging Markets


“No sectarian riot ever happens in India unless the government wants
it to,” Mander told me. “This was a state-sponsored massacre.”
 “If we raise the self-respect and morale of fifty million Gujaratis,”
he said, “the schemes of Alis, Malis, and Jamalis will not be able to
do us any harm.” The crowd let out a cheer
In 2007, when @narendramodi appeared on CNN-IBN, journalist Karan
Thapar asked him “Why can’t you say that you regret the killings?”
“What I have to say I have said at that time,” Modi replied his face
hardening.Modi grew agitated. “I have to rest,” he said. “I need some
water.”
Modi showed her copies of Barack Obama’s books. “He said, ‘Maithili,
look at this. I want to be like him someday,’ ” she recalled. She was
struck by his canniness. “I thought Modi was either going to be Prime
Minister or he was going to jail.”
Amit Shah, Modi’s deputy, told a group of election workers that the
Party’s social-media networks were an unstoppable force. “Do you
understand what I’m saying?” he said. “We are capable of delivering
any message we want to the public—whether sweet or sour, true or
fake.”

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The Graveyard Talks Back Fiction in the time of fake news @thecaravanindia Arundhati Roy
Emerging Markets


Graveyards in India are, for the most part, Muslim graveyards, because
Christians make up a minuscule part of the population, and, as you
know, Hindus and most other communities cremate their dead.
The Muslim graveyard, the kabristan, has always loomed large in the
imagination and rhetoric of Hindu nationalists. “Mussalman ka ek hi
sthan, kabristan ya Pakistan!”—Only one place for the Mussalman, the
graveyard or Pakistan—is among the more frequent war cries of the
murderous, sword-wielding militias and vigilante mobs that have
overrun India’s streets.
In cities such as Delhi, meanwhile, the homeless and destitute
congregate in shrines and around graveyards, which have become resting
places not just for the dead, but for the living, too.
I will speak today about the Muslim graveyard, the kabristan, as the
new ghetto—literally as well as metaphorically—of the new Hindu India.
And about writing fiction in these times.
In some sense, The Ministry of Utmost Happiness, my novel published in
2017, can be read as a conversation between two graveyards. One, a
graveyard where Anjum—born as a boy to a Muslim family in the walled
city of Delhi—makes her home and gradually builds a guest house, the
Jannat Guest House—the “Paradise” Guest House—and where a range of
people come seeking shelter.
The other, the ethereally beautiful valley of Kashmir, which is now,
after thirty years of war, covered with graveyards, and in this way
has become, metaphorically, almost a graveyard itself. So, a graveyard
covered by the Jannat Guest House, and a Jannat covered with
graveyards.
Today marks the one hundred and ninety-third day of the Indian
government’s shutdown of the internet in Kashmir.
After months of having no access to mobile data or broadband, seven
million Kashmiris, who live under the densest military occupation in
the world, have been allowed to view what is known as a white list—a
handful of government-approved websites
The anthem of this new uprising, the slogan that is reverberating
through towns and college campuses and crossroads across the country,
is a variation of the iconic chant of the Kashmiri freedom struggle,
“Hum kya chahtey? Azadi!”—What do we want? Freedom!
That slogan is the refrain within a set of lyrics that describes
peoples’ anger, their dream, and the battle ahead. This is not to
suggest that any one group can claim ownership of the Azadi slogan—it
has a long and varied history.
It was the slogan of the Iranian revolution, which recently celebrated
its fortieth anniversary, and of a section of the feminist movement in
our subcontinent in the 1970s and 1980s.
But over the last three decades, it has, more than anything else,
become known as the anthem of the Kashmiri street.
Let me spend a moment on the subtitle of my talk: “Fiction in the time
of fake news.” Fake news is at least as old as fiction is—and, of
course, both can often be the same thing. Fake news is the skeletal
structure, the scaffolding over which the specious wrath that fuels
fascism drapes itself. The foundation on which that scaffolding rests
is fake history—possibly the oldest form of fake news. The history
being peddled by Hindu nationalists, that hackneyed tale of spurious
valour and exaggerated victimhood in which history is turned into
mythology and mythology into history, has been very ably perforated
and demolished by serious scholars. But the tale was never meant for
serious scholars. It is meant for an audience that few serious
scholars can hope to reach. While we laugh in derision, it is
spreading like an epidemic and blossoming in the popular imagination
like a brain-deadening malignancy. There is also something deeper,
more disturbing, at work here, which I cannot dwell on, though I will
gesture toward it. If any of my assertions startle you, please know
that I have elaborated on them at length in a book called The Doctor
and The Saint.
Because every human is really a walking sheaf of identities—a Russian
doll that contains identities within identities, each of which can be
shuffled around, each of which may defy some and simultaneously comply
with other “normal” conventions by which people are crudely and often
cruelly defined, identified and organised.
Particularly so in this feudal, medieval society of ours, one that is
pretending to be modern yet continues to practise one of the most
brutal forms of social hierarchy in the world.
Anjum lives in the graveyard for years, at first as “a ravaged, feral
spectre, out-haunting every resident djinn and spirit, ambushing
bereaved families who came to bury their dead with a grief so wild, so
untethered, that it clean outstripped theirs.”
Gradually, she recovers and begins to build a house for herself, each
room enclosing a grave. This eventually turns into the Jannat Guest
House.
“One day Kashmir will make India self-destruct in the same way. You
may have blinded all of us, every one of us, with your pellet guns by
then. But you will still have eyes to see what you have done to us.
You’re not destroying us. You are constructing us. It’s yourselves
that you are destroying. Khuda Hafiz, Garson bhai.”
The destruction—it has begun.
And, yes, if in a dream you’ve eaten fish, it means you’ve eaten fish.

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FIRST CASE OF COVID-19 CORONAVIRUS REPORTED IN SA a suspected case of COVID-19 has tested positive. #COVID19 @DrZweliMkhize
Africa


Fellow South Africans This morning, Thursday March 5, the National
Institute for Communicable Diseases confirmed that a suspected case of
COVID-19 has tested positive. #COVID19

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Debt, virus and locusts create a perfect storm for Africa @TheAfricaReport
Africa


The year began with promise for sub-Saharan Africa.
All the major institutions tracking African growth said so:
The African Development Bank pronounced in its Economic Outlook that
Africa’s economic outlook continues to brighten. Its real GDP growth,
estimated at 3.4% for 2019, is projected to accelerate to 3.9% in 2020
and to 4.1% in 2021.
The IMF said in its World Economic Outlook sub-Saharan Africa growth
is expected to strengthen to 3.5% in 2020–21 (from 3.3% in 2019).
The World Bank predicted ”Regional growth is expected to pick up to
2.9% in 2020”
Interestingly the World Bank added a caveat which was prescient:
A sharper-than-expected deceleration in major trading partners such as
China, the Euro Area, or the United States, would substantially lower
export revenues and investment.
A faster-than-expected slowdown in China would cause a sharp fall in
commodity prices and, given Sub-Saharan Africa’s heavy reliance on
extractive sectors for export and fiscal revenues, weigh heavily on
regional activity.
Those forecasts are now defunct and it’s only March.
The Coronavirus has to date barely made landfall on the African
continent with only 5 countries reporting infections but a Virus is in
its essence non-linear, exponential and multiplicative and it would be
a Shakespeare-level moment of hubris if policy makers were to pat
themselves on the back.
Diagnostic kits were only recently availed and if South Korea had
tested the same number of People as the entire African Continent, they
too would be reporting single digit cases.
We all know now ”what exponential disease propagation looks like in
the real world. Real world exponential growth looks like nothing,
nothing, nothing … then cluster, cluster, cluster … then BOOM!” and
therefore we will know soon whether we really have dodged the
#Coronavirus Infection Bullet.
The issue at hand now is around the violence of the blowback from the
China #Coronavirus feedback loop phenomenon.
The virus is not correlated to endogenous market dynamics but is an an
exogenous uncertainty that remains unresolved and therefore, it is a
”Black Swan”.
Fantasy predictions of a V shaped recovery in China have been dashed.
In fact China cannot just crank up the ‘Factory’ because that will
risk a second round effect of infections.
Therefore, I expect negative GDP Growth through H1 2020 in China as my
base case.
Standard Bank’s Chief Economist has calculated that a one percentage
point decrease in China’s domestic investment growth is associated
with an average 0.6 percentage point decrease in Africa’s exports.
Those countries heavily dependent on China being the main taker of
their commodities are at the bleeding edge of this now negative
feedback loop phenomenon. Commodity prices [Crude Oil, Copper, Coal]
have crashed more than 20% since the start of the year.
You don’t have to be a rocket scientist or an Economist to calculate
which countries in are directly in the line of fire. Angola, Congo
Brazzavile, DRC, Equatorial Guinea, Zambia, Nigeria and South Africa
spring immediately to mind.
Notwithstanding comments by the always upbeat and bright-eyed
President Adesina of the African Development Bank that Africa is not
facing a debt crisis.
He told Bloomberg, “Debt is not a problem, it’s very bad debt that’s a
problem,”.
The point is this.
SSA Countries with no exception that I can think off have gorged on
borrowing and balance sheets are maxed out.
Africa’s sovereign issuance in the Eurobond markets totaled $53bn in
2018 and 2019 and total outstanding debt topped $100bn last year.
Debt burdens have increased and affordability has weakened across most
of Sub-Saharan Africa, while a shift in debt structures has left some
countries more exposed to a financial shock, said Moodys in November
last year.
Very few of the investments made are within spitting distance of
providing an ROI [Return on Investment].
Rising debt service ratios are best exemplified by Nigeria where the
Government is spending more than half of its revenue servicing its
debt.
More than 50% of SSA GDP is produced by South Africa, Nigeria and Angola.
South Africa reported that GDP in Q4 2019 shrank by a massive 1.4%.
Annual growth at 0.2% is the lowest yearly growth since 2009 and the
tape is back at GFC times.
The rand which has been in free fall has a lot further to fall in 2020.
And this is before the viral infection.
Nigeria’s oil revenue is cratering and there is $16bn of ”hot money”
parked in short term certificates which is all headed for the Exit as
we speak. A Currency Devaluation is now predicted and predictable.
South Africa, Nigeria and Angola are poised to dive into deep recession.
East Africa which was a bright spot is facing down a locust invasion
which according to the FAO could turn 500x by June.
It is practically biblical.
“If I shut up heaven that there be no rain, or if I command the
locusts to devour the land, or if I send pestilence among my people;”
– 2 Chronicles 7:13-14
This is a perfect storm. Buckle up, and let’s stop popping the Quaaludes.

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According to the information I have EIPHI Ethiopia has so far tested a mere 23 #COVID19 cases
Africa


On average, 1500 passengers per day arrive from China Ethiopia scans
all passengers from Asia for symptoms, which means taking their
temperature.

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East Africa Eyes 2 Million Jobs From Continent-Wide Trade Pact @bpolitics @herbling
Africa


Eastern Africa could gain about two million jobs from increased
economic activity if a continent-wide free-trade agreement is
successfully implemented, starting July 1.
The region will earn an extra $1.1 billion in increased “exports of
processed foods, textiles, clothing and light manufacturing,”
according to estimates in a report on the impact of the African
Continental Free Trade Area published on Thursday.
Manufacturers in the region currently operate at as much as 40% below
potential, according to the document co-authored by the United Nations
Economic Commission for Africa and Trade Mark East Africa, an
aid-for-trade organization.
The report comes as countries weigh potential gains and benefits from
the agreement that could create the single-largest trading bloc in the
world, covering a market of 1.2 billion people with a combined gross
domestic product of $2.5 trillion.
South Africa, which has the continent’s most-industrialized economy,
estimates forfeiting tariffs on about 70 billion rand ($4.5 billion)
worth of trade when the agreement kicks in.
The accord requires member states to gradually lower or eliminate
tariffs on 90% of goods to facilitate the movement of capital and
people, and create a liberalized market for services.
Kenya, Rwanda, Uganda and Ethiopia in eastern Africa are among 29
countries that have ratified the deal against a threshold of 22 for it
to become operational.
All but one of the African Union’s 55 member states signed the
initial-step documents of the deal.
The AfCFTA, as it’s known, “will allow our business community to
access a much wider market of other African countries,” Kenya’s East
African Community Cabinet Secretary Adan Mohamed said in a statement
after publication of the report in Nairobi.
“With the advanced integration of EAC, we’ve witnessed first-hand the
benefits of trading more with each other.”
However, the agreement is also likely to lead to loss of some tax
earnings. Kenya, the region’s largest economy, is at risk of losing
3.2% tariff revenue after the continental agreement kicks in,
according to Andrew Mold, UNECA’s head of the eastern Africa office.
A total tariff-revenue loss for Kenya, Uganda, Ethiopia, Tanzania and
Rwanda is estimated at $248 million in the report.
The revenue loss might be an acceptable price to pay for the wider
economic benefits from the trade pact, according to the report.
Immediate losses “could be regarded as redistribution of income from
governments to consumers and producers,” it read.
East Africa should create job opportunities for its working-age
population that’s expected to rise to 8.6 million people in the next
15 years, according to Trade Mark East Africa Chief Executive Officer
Frank Matsaert.
“Through our trade facilitation work across East Africa, we have seen
how eliminating barriers to trade, boosts regional businesses and
grows returns for investors, employment for citizens and revenue for
governments,” Matsaert said.

Kenya

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Kenya fines 5 banks $3.75 mln under anti-money laundering laws @Reuters @Nasdaq
Africa


Kenya's chief prosecutor said on Thursday five commercial banks must
pay a fine of 385 million shillings ($3.75 million) for violating
anti-money laundering laws, adding his office reserved the right to
prosecute them in the future.
The five are KCB Group KCB.NR, Equity EQTY.NR, Co-op Bank Kenya
COOP.NR, StanChart Kenya SCBK.NR and Diamond Trust DTK.NR.
The charges related to the theft of nearly $100 million from the
National Youth Service (NYS). Dozens of senior government officials
and business people were charged in May 2018 with various crimes.
Thursday's announcement was second time the banks had faced fines. In
2018, the central bank fined the five banks nearly $4 million for
failing to report suspicious transactions.
Chief Prosecutor Noordin Haji told reporters that further
investigations found the lenders had failed to put in place adequate
systems to combat money laundering and failed to know their customers
as the law required.
He was deferring prosecuting the banks, he said, to see if they met a
deadline to improve their practices.
The chief executives of the five lenders, who flanked Haji as he
addressed the news conference, declined to comment.

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