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Satchu's Rich Wrap-Up
 
 
Wednesday 31st of March 2021
 
Morning
Africa

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Itamaraty Palace Spiral Staircase designed by #Oscar Niemeyer icekev
Misc.



I return to t.s eliot

To lead you to an overwhelming question ... Oh, do not ask, “What is it?”

Let us go and make our visit.

This strange dream like sequence of non linear time has been the overwhelming experience for what feels like an eternity now.

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Xi Jinping is both Sun Tzu ‘'The supreme art of war is to subdue the enemy without fighting'' And hard edged at the same time.
Law & Politics


He has brought Hong Kong to heel, he is prowling around Taiwan like a Lion prowled around our Tent one night in the Tsavo

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Data from #Covid19 worldwide as of March 30: + 513 944 cases in 24 hours @CovidTracker_fr
Misc.


Data from #Covid19 worldwide as of March 30: + 513 944 cases in 24 hours, i.e. 128 159 565 in total + 11,534 deaths in 24 hours, i.e. 2,804,234 in total

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9 of 10 Countries with most avg #COVID19 cases per day registered an increase in daily cases past 2wks. @jmlukens
Misc.


COVID-19 avg 2wk case/day increase

#India: 114%

#Turkey: 103%

#Poland: 67%

#Germany: 63%

#Ukraine: 61%

#France: 52%

#Argentina: 49%

#US: 19%

#Brazil: 12%

#Italy: -8%

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Stages of COVID denial: @dgurdasani1
Misc.



Cases have levelled off Stop fear mongering!

Cases increasing R just above 1 - relax- we're ok.

Accelerating exponential rises It's a casedemic - few deaths

Hospitals reaching capacity We could've never predicted this

New variants of concern Who knew?

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28-MAR-2021 :: The Pandemic Is a Portal
World Of Finance




The Virus remains an exogenous uncertainty that is still not resolved though all the virologists who have metastasized into vaccinologists will have you believe its all sunlit uplands from here.

We are once again entering an exponential escape velocity Phase #COVID19

Folks I followed on Twitter for their epidemiological excellence now simply recite Vaccine / Inoculation data like a liturgy.

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


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Brazil on edge The Folha de São Paulo newspaper said that never before in Brazilian history had the heads of all three branches of the military resigned out of disagreement with a president.
Misc.



Earlier this month Bolsonaro – whose handling of the pandemic and opposition to lockdown have been internationally condemned – sparked outrage by issuing a veiled threat to declare a “state of siege”.

Polls suggest Bolsonaro still enjoys the support of about 30% of the population but is considered the chief culprit for Brazil’s Covid calamity by 43% of citizens and rejected by almost half the country. “He is weak,” Cantanhêde claimed. “He is cornered.”

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As far as @WHO is concerned all hypotheses remain on the table. This report is a very important beginning, but it is not the end. We have not yet found the source of the #COVID19 virus @DrTedros
Misc.



As far as @WHO is concerned all hypotheses remain on the table. This report is a very important beginning, but it is not the end. We have not yet found the source of the #COVID19 virus, and we must continue to follow the science and leave no stone unturned as we do.



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There is no natural Pathway for the Evolution of COVID19.
Misc.



Today only the Paid for Propagandists and Virologists and WHO will argue that there is a ''zoonotic'' origin for COVID19. 

It is remarkable that the Propaganda is still being propagated more than a year later. 

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A potential leak "requires further investigation, potentially with additional missions involving specialist experts" [Kudos] @DrTedros said @AFP @YahooNews
Misc.


He added that the international team had difficulty accessing raw data during the mission to China, demanding "more timely and comprehensive data sharing" in future. 

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



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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’Zoonotic’’ origin was one that was accelerated in the Laboratory.
Misc.


There is also a non negligible possibility that #COVID19 was deliberately released

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It is remarkable that the Propaganda is still being propagated more than a year later.
Misc.



Today only the Paid for Propagandists and Virologists and WHO will argue that there is a ''zoonotic'' origin for COVID19. 

It is remarkable that the Propaganda is still being propagated more than a year later. 

There is no natural Pathway for the Evolution of COVID19.

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"Let’s say, for instance that a Florida panther rampaged through the South Bronx, injuring many people. It would be immediately reasonable to wonder: How could that possibly happen?." @R_H_Ebright
Misc.


"Let’s say, for instance that a Florida panther rampaged through the South Bronx, injuring many people. It would be immediately reasonable to wonder: How could that possibly happen? Florida panthers don’t live anywhere near the Bronx and aren’t normally so ferocious."

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01-MAR-2020 :: The Origin of the #CoronaVirus #COVID19
Misc.



“If they can get you asking the wrong questions, they don't have to worry about answers.”― Thomas Pynchon, Gravity's Rainbow

 “There's always more to it. This is what history consists of. It is the sum total of the things they aren't telling us.”

“A paranoid is someone who knows a little of what's going on.”

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Currency Markets At A Glance WSJ
World Currencies



Euro 1.1733

Dollar Index 93.188

Japan Yen 110.67

Swiss Franc 0.94218

Pound 1.3745

Aussie 0.7609

India Rupee 73.3985

South Korea Won 1130.47

Brazil Real 5.7743

Egypt Pound 15.7180

South Africa Rand 14.8902

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15-MAR-2021 :: Africa Emerging from The Pandemic @AfDB_Group #2021AEO
Africa




In the discussion alongside the release on Friday President Adesina pronounced that

The amount of debt Africa has is not sustainable (70- 75% of GDP) and it is in the hands of commercial creditors ($370 bn). 

Also ODA has plummeted from 54% to 27%, while commercial borrowing has grown from 17% to 40%.

Professor Stiglitz expanded ''You can't squeeze water out of a stone'' and floated the option that the Pandemic could be a Trigger for calling for a ''force majeure'' 

Stiglitz added ''A Standstill is not sufficient You need to move to a Debt Restructuring ...It has to be comprehensive''

Both Adesina and Stigliz addressed the new complexities around the Debt dynamics 

and how ''The current international financial architecture makes orderly sovereign debt restructuring complex to achieve. The fundamental difficulty with sovereign debt is that there are no formal bankruptcy procedures, as there are in corporate bankruptcies''

''There is good debt and there is ''hamburger'' debt''


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BREAKING: Fierce fighting between Sudanese army and Amhara militia backed by #Ethiopia soldiers reported in #Sudan's Qadarif state which borders Ethiopia. @MoradNews
Africa


The 4-hour gun battle resulted in killing of one Sudanese soldier & several Amhara, Ethio troops according to Sudanese media.

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@PMEthiopia has launched an unwinnable War on Tigray Province.
Africa




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

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

@PMEthiopia has launched an unwinnable War on Tigray Province.




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Joe Hanlon: “The whole gas gamble was bet on a promise of security, and Nyusi - and Mozambique - lost the bet.” @jsphctrl
Africa


Yes, on the other hand these companies have managed to work in lots of dangerous places, but I’m finding it hard to disagree.

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31 OCT 16 :: Mozambique from Boom to Bust - A Cautionary Tale
Africa



I said "Mozambique could be the next Qatar." as we stuffed ourselves with wonderfully flavour some tiger prawns.



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Update on the number of Active #covid19 cases in #Africa. @BeautifyData
Africa


As at yesterday, #Ethiopia: 44,530 active cases, and #Comoros: 25 active cases.

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South Africa's Minerals Council, warning of a potential "major surge" in COVID cases and deaths, says the mining industry's employees "should be discouraged wherever possible from travelling over Easter" @geoffreyyork
Africa


South Africa's Minerals Council, warning of a potential "major surge" in COVID cases and deaths, says the mining industry's employees "should be discouraged wherever possible from travelling over Easter, with CEOs, management and union leadership seen to be leading by example"

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I & M Holdings Ltd reports FY 2020 EPS -21.65% Earnings here
N.S.E Equities - Finance & Investment



Par Value:                  

Closing Price:           42.90

Total Shares Issued:          826810738.00

Market Capitalization:        35,470,180,660

EPS:              9.77 

PE:                 4.3909


I&M Holdings Plc reports FY Earnings through 31st Dec 2020 versus through Dec 2019 

FY Assets 358.099793b versus 315.290674b

FY Kenya Government Securities [held at amortised cost 36.732012b versus 18.925430b

FY Kenya Government Securities [FVOCI] 36.635314b versus 10.757407b

FY Loans and Advances to Customers [net] 187.301266b versus 175.329426b

FY Customer Deposits 262.681402b versus 229.736509b

FY Total Interest Income 27.848575b versus 27.163847b

FY Total Interest Expense 12.248980b versus 11.654006b

FY Net Interest Income 15.599595b versus 15.509841b

FY Total Non Interest Income 8.637753b versus 8.285541b

FY Total Operating Income 24.237348b versus 23.795382b

FY Loan Loss Provision 2.472836b versus 0.636455b

FY Staff Costs 4.464503b versus 4.662868b

FY Other Operating Expenses 3.623504b versus 3.143687b

FY Total Operating Expenses 12.606382b versus 10.097311b

FY Exceptional Item [share of Profit of Joint venture] [678.962m] versus 905.037m

FY Profit [Loss] after Exceptional Items 10.952004b versus 14.603108b

FY Profit [Loss] after Tax and exceptional items and non controlling interest 8.073855b versus 10.309038b

FY EPS 9.77 versus 12.47

FY Dividend 2.25 versus 2.55

FY Loan Loss Provisions 10.841449b versus 8.625013b 

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I&M Holdings Plc - Audited financial results for the FY2020. @tradingroomke
N.S.E Equities - Finance & Investment




The Group’s PAT down 21% to Kes 8.41 Bn from Kes 10.77Bn in 2019. 

Board recommends Kes 2.25 dividend per share & bonus issue of 1:1




Conclusions


Trailing PE is 4.3909 which is cheap versus its Peers

Bonus share will also underpin the price as will 5.244% dividend Yield 

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Housing Finance reports FY 2020 Loss after Tax 1.7068b Earnings
N.S.E Equities - Finance & Investment



Par Value:                  5/-

Closing Price:           4.17

Total Shares Issued:          352416667.00

Market Capitalization:        1,469,577,501

EPS:             -4.44

PE:               


Housing Finance reports FY Earnings through 31st Dec 2020 versus through 31st Dec 2019 

FY Total Assets 55.445251b versus 56.454918b

FY Loans and Advances to Customers [net] 36.998473b versus 38.779738b

FY Customer Deposts 39.944490b versus 37.399987b

FY Total Interest Income 4.265509b versus 5.167176b

FY Total Interest Expenses 2.399249b versus 3.148869b

FY Net Interest Income 1.866260b versus 2.018307b

FY Total Non Interest Income -.512466b versus 1.352606b

FY Total Operating Income 2.378726b versus 3.370913b

FY Loan Loss Provision 405.069m versus 350.441m

FY Total Other Operating Expenses 4.058476b versus 3.510843b

FY Profit before Tax and exceptional Items [1.679750b] versus [0.139930b]

FY Profit before Tax after exceptional Items [1.775883b] versus [0.137802b]

FY Profit after Tax and exceptional Items [1.706864b] versus [0.110108b]

FY EPS [4.44] versus [0.29]


Conclusions

Self explanatory. 


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@HFGroupKE 2020 results: @MwangoCapitaL
N.S.E Equities - Finance & Investment



- Net Interest Income down 5% to Kshs. 1.9B

- Loan Loss Provisions up 33% to Kshs. 405M

- Loss after tax of 1.71B [vs 110M loss in 2019]

- No dividend

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Eveready East Africa Ltd reports FY 2020 Earnings here
Africa




Par Value:                  1/-

Closing Price:           1.10

Total Shares Issued:          210000000.00

Market Capitalization:        231,000,000

EPS:             -0.33

PE:        

  

Kenyan battery manufacturer


Everready reports FY 2020 Earnings through 31st December 2020 versus December 2019

FY Sales 133.59m versus 190.667m

FY Cost of Sales [105.655m] versus [154.013m]

FY Gross Profit 27.935m versus 36.654m

FY Overhead Expenses [84.012m] versus [163.516m]

FY Profit [loss] before Tax [49.937m] versus [106.895m]

FY Profit [Loss] after Tax [69.010m] versus [303.544m]

FY EPS [0.33] versus [1.45]

No dividend 

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Just a one-hour flight from Nairobi, Kenya, Lamu Island is attracting a portion of the art-world elite and global “affluencers” seeking to continue life—and culture—uninterrupted during the pandemic @AirMailWeekly
Africa



Just a one-hour flight from Nairobi, Kenya, Lamu Island (specifically, its Shela village) is attracting a portion of the art-world elite and global “affluencers” seeking to continue life—and culture—uninterrupted during the pandemic.

Zero masks are worn indoors and outdoors, a quarantine is not required upon entry, and there are no coronavirus I.C.U.’s on the island. 

The only thing you need to do to get to Lamu is show proof of a negative test, a policy that, incredibly, has kept it almost entirely coronavirus-free.

Obviously, it’s gorgeous—white beaches, crystalline waters, palm trees, and so on. 

The island lies on the edge of the continent, not far from Somalia, with the occasional Somali-pirate abduction threat. The relative risk just adds to the charm.



It’s also pretty conservative—local women wear hijabs or burkas at all times and rarely venture into the sea, and the muezzin prays every sunrise at full volume. 

There are no roads or cars, just donkeys. Most houses have no glass windows, only holes in the walls and mosquito nets. Twenty years ago there were elephants here.

None of that seems to bother the hundreds of posh visitors that have flocked there since the start of the pandemic, some permanently, to swim and snorkel in the day and to launch and attend art exhibitions, film screenings, and raves into the night. 

The few who are trying to keep day jobs working remotely from Lamu are quickly making the island a poster child for (pre-scandal) WeWork.


Visitors feed local donkeys carrots with great enthusiasm, some, such as Lola Bute, daughter of Cardiff Castle’s Marquess of Bute, constantly posting their Marrakech-style poses on Instagram—without tagging the location. (Plausible deniability.) 

There’s a certain fear of getting caught here, especially if you’re from Europe and your compatriots are weeks into their third lockdown. Sourdough, anyone?


Among those who own houses on the island are Nicholas Logsdail, O.B.E., owner of Lisson Gallery, and Chris Hanley, who produced Buffalo ’66 in 1998. 

Princess Caroline of Monaco built the renowned Beach House in Shela and restored three villas. 

Heiress Jemima Goldsmith and ex-husband Imran Khan, the current Pakistani prime minister, send their sons here. 

And Marina Abramović filmed Confession, a performance video where she tells a donkey her deepest secrets, on a beach near Shela.


The place usually peaks on New Year’s Eve, but this year the actor Dominic West waited until February to arrive with his wife, Catherine FitzGerald. 

They reportedly chose Lamu to re-start their marriage after West’s affair with Lily James.


That month, on the island’s Diamond Beach village, photographer Guillaume Bonn, who popularized the term “Mosquito Coast” in his 2015 New Yorker article, screened a documentary on Peter Beard, who died in 2020. 

The event was packed and included both pre- and post-screening parties.

And while all of the world’s major art fairs—Basel, Frieze, Venice, TEFAF, the Armory—either shut down or went virtual, a new, totally in-person art fair called Lamu Conceptual launched on February 19. 

The following week, British artist Vanessa Garwood unveiled a big portrait show with a painting of Kenyan humanitarian worker Umra Omar.

Omar is running to become the next governor of Lamu County. She loves mingling with visitors and is a big fan of the organic farm Natural Lamu. Their soap bars are superior to Le Labo’s.


The epicenter of all social life here is the Peponi Hotel. It’s the new Chateau Marmont, but with tasty fish and margaritas, dhow-boat races and dolphin activities, noisy toasts, and Swahili coffeepots. 

It’s buzzing every night and very hard to get a room there. The hotel is so big it has two permanent employees at the airport to help arriving guests into a boat that takes them straight to Shela Beach. It’s a lot like Venice, except Lamu’s water taxis don’t cost $120 per journey.

Most importantly, do not travel to the island of Zanzibar. Even though it’s just 40 minutes away by plane, as soon as your passport gets stamped in Tanzania, other countries (including the U.K.) will force you to spend $2,000 on a hotel quarantine upon arrival, and it won’t be the Peponi.

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