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Satchu's Rich Wrap-Up
 
 
Friday 05th of August 2022
 




I’ve seen this rodeo before. Jim Rogers, chairman of Rogers Holdings Inc. in Singapore. @yoolimleenews
World Of Finance

I’ve seen this rodeo before.”  Jim Rogers, chairman of Rogers Holdings Inc. in Singapore. @yoolimleenews

“Whatever happened at Zilingo, there will be a lot more dramas in the next couple of years as the big worldwide recession impedes hot shots from raising money,” said veteran investor Jim Rogers, chairman of Rogers Holdings Inc. in Singapore. “I’ve seen this rodeo before.” 

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Vanity of vanities! All is vanity
World Of Finance


Vanity of vanities! All is vanity

Vanity[a] of vanities, says the Preacher,
vanity of vanities! All is vanity.
A generation goes, and a generation comes,
but the earth remains forever.
The sun rises, and the sun goes down,
and hastens[b] to the place where it rises.
What has been is what will be,
and what has been done is what will be done,
and there is nothing new under the sun.
Is there a thing of which it is said,
“See, this is new”?
It has been already
in the ages before us.
There is no remembrance of former things,[c]
nor will there be any remembrance
of later things[d] yet to be
among those who come after.

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Luck is luck. Luck isn’t structural... Luck is running out Zoltan Pozsar
World Of Finance


Luck is luck. Luck isn’t structural... Luck is running out Zoltan Pozsar

Luck is luck. Luck isn’t structural... Luck is running out; central banks were lucky to have price stability as a tailwind when they had to fight crises of FX pegs, par, repo, and the cash-futures basis. Those were the easy crises. The ones you can print your way out of with QE.
But not this time around...

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Kurtz: You’re neither. You’re an errand boy, sent by grocery clerks, to collect a bill. @EpsilonTheory
World Of Finance


Kurtz: You’re neither. You’re an errand boy, sent by grocery clerks, to collect a bill. @EpsilonTheory 
Today? LOL. Ego is a powerful drug, and it takes events like those of the past eight years to draw it out of your system. Today I finally know who I am in Apocalypse Now, who we ALL are in its narrative arc terms.

I am a villager.

We are all villagers in Kurtz’s world, an unnatural, literally insane world created by proclamation and fiat. 

Sure, our standard of living may be a little bit better than in the picture above, but the essential hollowness is the same. Maybe worse.

. Through monetary and fiscal policies that have pulled forward future growth and productivity into the present, they have not only stolen wealth and prosperity from our children and our children’s children, but they have also created a political dynamic that has hollowed-out the Constitution and its attendant political norms.

 I think that QE1 was exactly why central banks were invented in the first place – to provide emergency liquidity in incredible quantities when everyone else is too scared to do it. 

It’s like that scene in Pulp Fiction when John Travolta plunges the syringe of adrenaline straight into Uma Thurman’s heart. The Fed is Travolta, Thurman’s heart is the global economy, and the adrenaline is QE1.
No, the problem wasn’t QE1. The problem was QE2 and QE3 and QE-infinity. The problem was turning a $2 trillion balance sheet with the completion of QE1 into a $9 trillion balance sheet today! 

The problem was turning a one-time straight-in-the-heart shot of adrenaline into a permanent intravenous mainline of adrenaline.


Mistah Kurtz – he dead
A penny for the Old Guy
We are the hollow men
We are the stuffed men
Leaning together
Headpiece filled with straw. Alas!
Our dried voices, when
We whisper together
Are quiet and meaningless
As wind in dry grass
Or rats’ feet over broken glass
In our dry cellar
T.S. Eliot, The Hollow Men (1925)

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With debt to GDP ratios as high as after WW2, is it convinceable that central banks will raise interest rates high enough to fight inflation? @f_wintersberger
World Of Finance


With debt to GDP ratios as high as after WW2, is it convinceable that central banks will raise interest rates high enough to fight inflation? @f_wintersberger

Ask yourself: Did central banks (the Fed) hike rates aggressively after WW2, or did it inflate the debt away?

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Paolo Pellegrin’s Photographic Quest for the Sublime @NewYorker
Misc.


Paolo Pellegrin’s Photographic Quest for the Sublime @NewYorker 

At 2:30 a.m., on January 10th, Paolo Pellegrin, the Italian photographer and winner of ten World Press Photo awards, was loading his gear into the back of a Toyota truck on the edge of the Namib Desert. 

The sky was a void except for millions of stars. With the aid of a headlamp, Pellegrin fumbled through his bag. 

He pulled out a small plastic vial of medicine, broke off the top, and put a drop in each eye. “I almost never forget this,” he told me.

“To find silence, you need silence,” Pellegrin had observed, and as we drove in darkness no one spoke. 

After a half-mile hike, we reached the edge of the Deadvlei Pan. Here, a thousand years ago, a river snaked from the Naukluft Mountains, through the desert, to the Atlantic Ocean, fifty miles west. 

A grove of trees developed taproots, pushing a hundred feet down into the sand to search for water as the river disappeared. 

Then, six or seven hundred years ago, there was no more water to reach. 

The trees died, but the roots were so deep, and the air so dry, that they stayed standing, mummified, atop a layer of solid white clay, in a basin of bright-orange dunes.

Pellegrin hesitated for a moment at the edge of the clay. “It’s not a silent silence—it’s very pregnant,” he said. 

He crept toward the middle of the pan to study the shape of the trees. Jagged, broken, towering, ancient—“a sacred little graveyard for all time,” he said.

An order of “Rembrandt!” meant to cast the light diagonally down and across the face, so that one side was illuminated and the other was in muted shadow, hidden by the bridge of the nose, except for a streak of soft white light across the eye.

a Russian oligarch taught him how to construct memory palaces, placing individual thoughts in an imaginary, three-dimensional space, to be retrieved at will.

“there exists within the fields of mathematics and philosophy what is called the ‘infinite monkey theorem,’ stating that a monkey hitting keys at random on a typewriter given an infinite amount of time will eventually write the completed works of William Shakespeare.”

 But in 2017 he spent a month flying over Antarctica, with a group of nasa pilots and scientists, and found that the scale, the emptiness, and the infinite took over his mind. 

 a recognition that one is “helpless against the might of nature, dependent, abandoned to chance, a vanishing nothing in the face of enormous powers,” as one of Pellegrin’s favorite philosophers, Arthur Schopenhauer, wrote, in “The World as Will and Representation,” in 1818.

He has sweated through forests and jungles, and destroyed two cameras while photographing winter storms on a beach in Iceland, as huge, freezing waves crashed against the rocks at his feet. 

“It’s such a privilege, really, to be so close to something so powerful, so raw, and to feel and get a whiff of it—even be touched by it—and still get away,” Pellegrin told me.

“I’m really not going there to take pretty pictures,” he insisted. “I’m looking for, well—I don’t know what, exactly.” He paused and exhaled slowly, and then the idea arrived. “I’m searching for the sublime.”

An hour before sunset, we set off with a local guide into the Kalahari dunes, stained red by iron oxide. 

The dunes begin in South Africa and extend beyond the Okavango Delta, in Botswana, he explained—but the patterns of the dunes hardly change. 

Through artistic expression, Luigi instructed his children, “you have to pay for the oxygen you breathe.”

“There’s this Robert Capa quote—‘If your pictures aren’t good enough, you’re not close enough,’ ” he told me. 

“Very true! It always comes back to reducing or annulling distance. But that is only part of the equation. The other part is that if you’re not good enough, then you’re not reading enough. 

And the idea there is that photography is not actually about taking pictures—taking pictures is incidental. It’s a by-product, in a sense, of everything else. What you’re really doing is giving form—photographic form—to a thought, to an opinion, to an understanding of the world, of what is in front of you. And so if we think in these terms, then you have to improve the quality of your thoughts.”

For five years, Pellegrin studied and practiced on the streets of Rome. He was drawn to the fringes and the forgotten, the lives of drifters, circus performers, Roma families, and the city’s unhoused. 

Through his lens—and through images often printed in Newsweek and the Times Magazine—viewers saw Yasir Arafat, Muammar Qaddafi, Kate Winslet, the body of the Pope.
Another time, he was trekking through a remote jungle in the Republic of the Congo with a local anthropologist in search of what they believed to be a tribe that had had almost no contact with the outside world; suddenly, a group of children ran toward them, shouting greetings in Mandarin. 

Later, Pellegrin and the reporter Scott Anderson, a longtime collaborator of his, spent several days in Siberia with two hulking Russian brothers, neither of whom spoke English. 

One night, after lighting a campfire, one of the Russians procured a short-wave radio. “Louis Armstrong,” he noted, as “What a Wonderful World” rattled through the tiny speaker. “Yes, yes!” Pellegrin said.

“My first four years of Magnum, I was unstoppable,” he continued. “But so was he—this darkness on the periphery.” The glaucoma’s progression mirrored his own, and he was too negligent or busy to address it

Today, Pellegrin speaks of blindness as a kind of spectral presence in his mind—not because it is imminent but because for nearly as long as he has been a professional photographer he has been grappling with the implications of what it would mean if it were. 

He found inspiration in a passage about a group of devoted calligraphers in Orhan Pamuk’s novel “My Name Is Red.” 

“They would copy the Quran with beautiful, meticulous handwriting, all of their lives,” he told me. “And to go blind, at the end of their lives, was seen as the completion of their opus, their life’s work. They had spent all of themselves and all of their vision.” He added, “They gave their eyes to God.”

“Guarda l’eleganza e la perfezione del disegno, delle forme,” Pellegrin said—“Look at the elegance and the perfection of the design, of the forms.” 

The slopes of the sand were in some places so smooth and evenly lit that you could not make out the shape of the curves. It was constantly changing, particle by tiny particle, and “yet it is always perfect,” Pellegrin said. 

Always a different shape, never a wrong one. The American poet A. R. Ammons observed in his book “Sphere,” from 1974, that “the shapes nearest shapelessness awe us most, suggest the god.”

. “How do you render an experience of the sublime? You address the idea of infinity,” he said. “Now the macro can become the micro, and vice versa. Space becomes a mental state.”

In one of the most striking images, a mountain ridge appears as a scar in the snow, a mere slice in the white vastness. 

“I wanted to make a picture like a Fontana cut,” he said, referring to Lucio Fontana, the Argentine-Italian painter who in the nineteen-fifties began slashing his canvases. 

Fontana’s process required gruelling preparation; the outcome looked as if it had been done in one stroke. 

“They think it’s easy to make a cut or a hole,” Fontana once said. “But it’s not true. You have no idea how much stuff I throw away.”

We set off north, through Namibia’s desolate Skeleton Coast. More than a thousand shipwrecks litter these sands, from as far back as 1530. 

Local bushmen refer to this vast patch of desert and fog and surf as “the land God made in anger”; to Portuguese mariners it was “the Gates of Hell.” 

Abandoned whaling stations rust in the sun, and jackals tread carefully amid the ruins of metal and shattered glass. Some bottles are still corked, with rancid booze.

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In the war in Kosovo, “all the training, all the time, the effort, the doubt—it just came together,” Pellegrin said.Photograph by Paolo Pellegrin / Magnum @NewYorker
Law & Politics


In 1999, he went to Kosovo. It was his first time working in an active-shooting war, and he stayed in the region for much of the next two years. 

Here the theoretical and the technical coincided with the real. 

Displaced Kosovar Serbs, marching in snow, appear as spectres through foggy glass; an Albanian refugee couple in a car look lost in anguish, as their windshield reflects the shadows of people grasping at a barbed-wire fence; the death of a Serbian man, murdered by Albanians, is shown not with his body but in the faces of the women who mourn what we understand to be the corpse laid out in front of them. 

“In photography, we have our little rectangle, through which we see the world,” Pellegrin said. 

“But then sometimes you can go beyond it,” suggesting a larger truth or horror by excluding the main event.

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A blue wildebeest, caught in motion during a sunset drive.Photograph by Paolo Pellegrin / Magnum / Gallerie d’Italia - Turin @NewYorker
Africa


A blue wildebeest, caught in motion during a sunset drive.Photograph by Paolo Pellegrin / Magnum / Gallerie d’Italia - Turin @NewYorker 
He showed me an image that he had taken during our sunset safari drive: a blue wildebeest, caught in motion. 

The photograph was blurred in such a way as to obscure any particular qualities of this wildebeest, and in that way it elevated the image to the abstract: wildebeest the species, wildebeest the idea. 

The image evoked the cave paintings of Lascaux, drawn by hunter-gatherers some seventeen thousand years ago. 

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@VarunAditya_ @IsharaKenya
Africa


@VarunAditya_  @IsharaKenya 


“A photograph has to tell a story,” he says.

 “It has to be unique and be able to stop someone scrolling for at least 5 seconds to observe it. If an elephant is walking across the horizon, try to add a nearby tree. If it is moving away, sometimes that conveys more of a story than if it is standing still.”

He has traveled around India, Malaysia, Madagascar, Europe, South America and elsewhere, but the Masai Mara is his number one choice. 

“It’s all about the beautiful horizons, the dramatic clouds and the crazy colours at sunrise and sunset,” he says. 

“You can get action, drama, solitude and so many elements that can make a frame more enticing such as rain, fog, the lone trees — all giving the opportunity for countless different moods and pictures in one place,” he adds. 

“No wonder this place is a Mecca for wildlife photographers.”

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'That big thing may be that he who rules Taiwan rules the world'' @bopinion @nfergus
Law & Politics

'That big thing may be that he who rules Taiwan rules the world'' @bopinion @nfergus
The Matter is concluded 

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China will use long-range artillery and the DF-17 hypersonic missile for the first time in an exercise that began off the coast of Taiwan. @narrative_hole
Law & Politics


China will use long-range artillery and the DF-17 hypersonic missile for the first time in an exercise that began off the coast of Taiwan. @narrative_hole

The missiles would fly over Taiwan for the first time, and Chinese forces would enter an area within 12 nautical miles of the island.

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23-AUG-2021 :: Xi Jinping is on a winning streak ever since he started salami slicing his then adversary President Obama.
Law & Politics


23-AUG-2021 :: Xi Jinping is on a winning streak ever since he started salami slicing his then adversary President Obama.

It is inevitable he will roll the dice on Taiwan 

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1-4-2-1
Law & Politics


1-4-2-1

1-4-2-1. The first 1 refers to defending what has since come to be called the homeland. 

The 4 refers to deterring hostilities in four key regions of the world. 

The 2 means the U.S. armed forces must have the strength to win swiftly in two near-simultaneous conflicts in those regions. 

The final 1 means that we must win one of those conflicts “decisively,” toppling the enemy’s regime.

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May 29 Vanity of Vanities! All is vanity
Law & Politics



May 29 Vanity of Vanities! All is vanity

@FukuyamaFrancis The democratization of authority spurred by the digital revolution has flattened cognitive hierarchies along with other hierarchies, and political decision-making is now driven by often weaponized babble.
At a time when what is required is agile multi disciplinary thinking we have ''weaponized babble''


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Yes, this was true in March, when the @bank_of_russia doubled interest rates to 20% and closed trading in financial markets. @x1skv
Law & Politics


Yes, this was true in March, when the @bank_of_russia doubled interest rates to 20% and closed trading in financial markets. @x1skv

But the situation turned around by June: demand for loans is on the rise and lending standards are easing, bond placements in reached avg. 2021 levels

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The concept that the Middle East is a void that needs to be filled by one great power, so other great powers do not fill it, is largely obsolete @GhassanSalame
Law & Politics

The concept that the Middle East is a void that needs to be filled by one great power, so other great powers do not fill it, is largely obsolete as it ignores the large impact local powers have acquired during the past three decades and the weakening of world powers’ hand.

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Dubai has been a huge beneficiary following the EU sanctions on Russia energy. I would say most physical guys trading Russia bbls are now in Dubai. In the past they would have set up in Geneva @MenthorQpro
Law & Politics

Dubai has been a huge beneficiary following the EU sanctions on Russia energy. Litasco just moved head of trading down there. Rosneft trying to set up there too. I would say most physical guys trading Russia bbls are now in Dubai. In the past they would have set up in Geneva

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Currency Markets at a Glance WSJ
World Currencies

Currency Markets at a Glance WSJ

Euro 1.023105
Dollar Index 105.932
Japan Yen 133.4145 
Swiss Franc 0.95697
Pound 1.213910
Aussie 0.696050 
India Rupee 79.0855 
South Korea Won 1298.080 
Brazil Real 5.2123 
Egypt Pound 19.138600 
South Africa Rand 16.622300

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


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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Jul 3 Western markets are turbo finiancialized
World Of Finance


Jul 3 Western markets are turbo finiancialized 

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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Measured in the number of contracts, according to Commodity Futures Trading Commission data compiled by Peak Trading. The trades popularity was fading when Russia invaded Ukraine in late February and gave grains fresh momentum. @shortl2021
Commodities

This roller coaster price ride will likely result in a rebound  in grain prices once the last speculator is washed out & the dire supply-demand situation reasserts itself. But probably too late to get a farmer supply-side response, particularly vis a vis fertilizer use. @shortl2021 
https://twitter.com/shortl2021/status/1555153136519725062?s=20&t=Zuq0QkV88JTAfWk4HTBEqw

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I think there’s every reason to believe he staged a coup,” I was told by one former diplomat.
Africa


I think there’s every reason to believe he staged a coup,” I was told by one former diplomat. 

And [how the] U.A.E. approached Sisi and outlined the terms of their financial support before Morsi’s overthrow.

“For a tiny country in the Persian Gulf to overthrow the ruler of Egypt and put their guy in, that’s a big achievement.”

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Why Egypt may need to devalue the pound The country has a funding problem 1/5 @ZiadMDaoud
Africa


Why Egypt may need to devalue the pound The country has a funding problem 1/5 @ZiadMDaoud

It’ll need $41b by end-2023 to pay for:
- the current account deficit
- maturing debt

International reserves ($33b, chart) can only partially cover these before completely running out

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Egypt other funding sources are limited: 2/5 @ZiadMDaoud
Africa


 Egypt other funding sources are limited: 2/5 @ZiadMDaoud

- Hot money has fled 
- Market borrowing is expensive
- GCC may demand IMF deal
- Commercial banks are out of ammunition -- net foreign assets are negative (chart)

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Devaluation would reduce funding needs 3/5 @ZiadMDaoud
Africa


Devaluation would reduce funding needs 3/5 @ZiadMDaoud

How? 
It’ll cut the trade deficit by making:
- exports more competitive
- imports more expensive
But it’s not a free lunch: 
It’ll add to an inflation rate that's already in double digits (chart)

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How far should devaluation go? 4/5 @ZiadMDaoud
Africa


How far should devaluation go? 4/5 @ZiadMDaoud

We estimate the pound needs to weaken to 24.6 against the dollar 
That's about 23% depreciation from the current level
Calculations are in the table below 
and full analysis on 
@theterminal

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The IMF wants more pound flexibility Egypt needs the IMF money 5/5 @ZiadMDaoud
Africa


The IMF wants more pound flexibility Egypt needs the IMF money 5/5 @ZiadMDaoud

And has been a regular borrower from the fund in recent years (image)
But it’s also concerned about the side effects of devaluation
So may end up weakening the currency but by less than the economy needs

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The U.N. group "obtained solid evidence of the presence of, and military operations conducted by, RDF (Rwandan Defence Force) members in Rutshuru territory between November 2021 and July 2022," the report said.
Africa


The U.N. group "obtained solid evidence of the presence of, and military operations conducted by, RDF (Rwandan Defence Force) members in Rutshuru territory between November 2021 and July 2022," the report said. 


RDF members conducted joint attacks with M23 fighters against Congo's army and Congolese armed groups, and provided the rebels with weapons, ammunition and uniforms, it said.

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"The public has grown weary of all the byzantine alliances among the political elites," @mutigam Africa head for global think tank @CrisisGroup @Reuters
Law & Politics


"The public has grown weary of all the byzantine alliances among the political elites," @mutigam Africa head for global think tank @CrisisGroup @Reuters
 "Politicians are being forced to discuss issues that really matter."

"Why should I line up for four hours to vote?" asked Okumu, a part-time student. "There's no difference between the two."
The number of registered voters aged 18-34 has dropped more than 5 percent since the 2017 election, despite population growth of around 12 percent.

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How the purchasing power of the shilling fell 45pc under Uhuru @BD_Africa
Kenyan Economy


How the purchasing power of the shilling fell 45pc under Uhuru @BD_Africa 


The purchasing power of Sh1,000 has fallen by nearly half in the past 10 years of President Uhuru Kenyatta’s administration, hitting household budgets hard due to slower growth in wages.
A Sh1,000 note in July 2013 is today worth Sh548.60 in real terms, eroding the buying power of the shilling.
For example, a half litre packet of milk that cost Sh38 in 2013 is today retailing at Sh58, while the average price of a kilo of beef has jumped to Sh521 from Sh343 a decade ago.
A litre of petrol is today retailing at Sh159.94 in Nairobi, up from Sh111.30 in July 2013. Without the subsidy being paid by the government, it would be retailing at Sh209.78.
Electricity charges have also gone up, with the lowest tariff going from Sh10.16 per unit in 2013 to Sh15.94 today.
On the flip side, wages have failed to keep up with the pace of inflation. 

A person who was earning Sh100,000 in 2013 is now getting Sh96,200 in real terms— once the average wage increase has been adjusted for inflation.

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CIC Insurance Group Limited reports HY 2022 EPS +133%
N.S.E Equities - Finance & Investment


CIC Insurance Group Limited reports HY 2022 EPS +133% 


Closing Price:           1.98
Total Shares Issued:          2615538528.00
Market Capitalization:        5,178,766,285
EPS:             0.23
PE:                 8.609

CIC Insurance Group reports HY Earnings through 30th June 2022 versus HY through 30th June 2021

HY Gross Written Premium 13.225081b versus 10.757630b

HY Net Earned Premium 8.605274b versus 7.141672b

HY Investment and Other Income 2.045593b versus 2.632753b

HY Total Income 10.650867b versus 9.774425b

HY Claims and Policyholder benefits [5.921607b] versus [5.807086b]

HY Operating & Other Expenses [4.063358b] versus [3.398836b]

HY Total Expenditure [9.984965b] versus [9.205922b]

HY Finance Cost [202.323m] versus [231.755m]

HY Profit Before Taxation 463.579m versus 336.748m

HY Profit After taxation 376.395m versus 259.520M

HY EPS 0.14 versus 0.06 +133% 

HY Cash and Cash Equivalents 4.259033b versus 3.642860b 

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Kenya Re-insurance Corp. Ltd. reports HY 2022 EPS +57.89% Earnings
N.S.E Equities - Finance & Investment


Kenya Re-insurance Corp. Ltd. reports HY 2022 EPS +57.89% Earnings


Par Value:                  2.50/-
Closing Price:           2.03
Total Shares Issued:          2799796272.00
Market Capitalization:        5,683,586,432
EPS:             1.06
PE:                 1.915

Kenya Re reports HY 2022 Earnings through 30th June 2022 versus through 30th June 2021

HY 2022 Gross written Premium 11.008172b versus 9.588630b

HY 2022 Less change in unearned premiums [473.116m] versus [129.776m]

HY 2022 Less retrocession premiums [765.329m] versus [769.904m]

HY 2022 Net Earned Premiums 9.769726b versus 8.688950b

HY 2022 Investment Income 1.861377b versus 1.896506b

HY 2022 Commissions recovered 176.938m versus 114.936m

HY 2022 Total Income 11.844767b versus 10.732319b

HY 2022 Net Claims and Benefits [6.514279b] versus [6.283172b]

HY 2022 Cedant Acquisition Costs [2.845327b] versus [2.215203b]

HY 2022 Operating and Other Expenses [0.997383b] versus [1.060138b]

HY 2022 Provision for doubtful debts [[299.063m] versus [411.373m]

HY 2022 Total Claims, Benefits and Other Expenses [10.656051b] versus [9.969886b]

HY 2022 Profit Before Tax 1.188716b versus 0.762433b

HY 2022 Profit after Tax 832.101m versus 533.703m

HY EPS 0.30 versus 0.19

Commentary

Gross written premiums grew by 15% from KShs 9.59 billion in June 2021 to KShs 11.0 billion in June 2022. 

Net earned premiums grew by 12% from KShs 8.69 billion in 2021 to KShs 9.77 billion in 2022
Investment income dropped by 2% from KShs 1.90 billion in June 2021 to KShs 1.86 billion in June 2022
Claims incurred as at June 2022 grew by 4% to KShs 6.51 billion up from KShs 6.28 billion as at June 2021.
Cedant acquisition costs increased by 28% from KShs. 2.22 billion in June 2021 to KShs. 2.85 billion in June 2022 . 

Operating expenses decreased by 6% from KShs. 1.06 billion in June 2021 to KShs.1.00 billion in June 2022.
Profit before tax as at June 2022 stood at KShs 1.19 billion, an increase of 56% from profit before tax of KShs 0.76 billion as at June 2021

The asset base increased from KShs 55.82 billion in December 2021 to KShs 57.45 billion in June 2022, a growth of 3%. 

The Shareholders funds increased from KShs 37.04 billion in December 2021 to KShs 37.63 billion in June 2022, a growth of 2%.
DIVIDENDS
The Board of Directors does not recommend payment of interim dividend

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