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Satchu's Rich Wrap-Up
Monday 22nd of August 2022

These became known as the “halcyon days,” when storms do not occur. Wikipedia has an article on: halcyon days and it reads thus

These became known as the “halcyon days,” when storms do not occur. Wikipedia has an article on: halcyon days and it reads thus,

From Latin Alcyone, daughter of Aeolus and wife of Ceyx. When her husband died in a shipwreck, Alcyone threw herself into the sea whereupon the gods transformed them both into halcyon birds (kingfishers).
When Alcyone made her nest on the beach, waves threatened to destroy it. Aeolus restrained his winds and kept them calm during seven days in each year, so she could lay her eggs.
These became known as the “halcyon days,” when storms do not occur. Today, the term is used to denote a past period that is being remembered for being happy and/or successful

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This car bombing wasn't a message to Russia. It was a performance for America. @ClintEhrlich
Law & Politics

This car bombing wasn't a message to Russia. It was a performance for America. @ClintEhrlich

No one I talked to in Russia's national-security establishment gave Dugin any weight. Most had never heard of him. 
He was far more famous in the West than he was influential inside the Kremlin.
This car bombing wasn't a message to Russia.
It was a performance for America.

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Germany Risks a Factory Exodus as Energy Prices Bite Hard
Law & Politics

Germany Risks a Factory Exodus as Energy Prices Bite Hard

Europe’s industrial heartland faces a potential exodus as manufacturers of German car parts, chemicals and steel struggle to absorb power prices that rocket to new highs almost every day.
Power and gas prices in Germany more than doubled in just two months, with year-ahead electricity -- a benchmark for the continent -- soaring past 540 euros ($545) per megawatt hour. Two years ago, it was 40 euros.

“Energy inflation is way more dramatic here than elsewhere,” said Ralf Stoffels, chief executive officer of BIW Isolierstoffe GmbH, a maker of silicone parts for the auto, aerospace and appliance industries. 

“I fear a gradual deindustrialization of the German economy.”
The nation relied on gas from Russia to fuel its power plants and factories, but now it’s preparing for an unprecedented challenge to keep lights on and businesses running after Russia slashed those flows. 

Temporary shutdowns due to high prices have been seen before, with fertilizer and steel production curbed in December and March.
Now, prices are seeing an even more sustained rally that’s tightening the squeeze. 

European gas for next month settled Thursday at a record high of 241 euros per megawatt-hour, about 11 times higher than usual this time of year.

While the government is limiting the increases faced by households to some extent, businesses aren’t immune to those soaring costs, and many are set to pass on increases to customers or even shut altogether.
“Prices are placing a heavy burden on many energy-intensive companies competing internationally,” said Matthias Ruch, a spokesman for Evonik Industries AG, the world’s second-largest chemical producer with plants in 27 countries.
The company is substituting as much as 40% of its German natural gas volumes with liquefied petroleum gas and coal, and passing some higher costs on to customers. 

But the notion of relocating is a nonstarter, a spokesman said.

Still, there’s evidence that Germany’s industrial position is slipping. 

In the first six months of this year, the volume of chemical imports rose by about 27% from the same period last year, according to government data analyzed by consultancy Oxford Economics. 

Simultaneously, chemical production fell, with output in June down almost 8% from December.
The International Monetary Fund said last month that Germany is set to be the worst performer in the Group of Seven nations this year due to industry’s reliance on Russian natural gas.
Europe’s largest copper producer, Hamburg-based Aurubis AG, aims to minimize gas use and pass on power costs to customers, CEO Roland Harings said Aug. 5. 

Sugar giant Suedzucker AG devised emergency energy plans in the event Russia completely cuts off gas supply to Germany, a spokesperson said by email.
BMW AG is stepping up its preparations for a potential shortage. The Munich-based automaker runs 37 gas-powered facilities that generate heat and electricity at plants in Germany and Austria, and it’s considering using local utilities instead.
Packaging firm Delkeskamp Verpackungswerke GmbH plans to close a paper mill in the northern city of Nortrup because of high energy costs, with 70 workers losing their jobs.
A prolonged ascent for energy prices may wind up transforming the continent’s economic landscape, said Simone Tagliapietra, senior fellow at Brussels-based think tank Bruegel.
“Some industries will go under serious stress and will have to rethink their production in Europe,” he said.

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The leader of Germany @Bundeskanzler Olaf Scholz gave a speech today. The crowd chants “Liar, Liar, Liar”. @KimDotcom
Law & Politics

The leader of Germany  @Bundeskanzler Olaf Scholz gave a speech today. The crowd chants “Liar, Liar, Liar”. @KimDotcom

Winter is coming with an economic collapse and huge costs for Germans. Scholz commits political suicide by supporting the US proxy war with Russia.

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Now Is The Winter Of Our Discontent
World Of Finance

Now Is The Winter Of Our Discontent

“Now is the winter of our discontent” is the opening of a speech by William Shakespeare from Richard III.
It was also used to describe the profound industrial unrest that took place in 1978—9 in the United Kingdom.
Prime Minister Callaghan was asked by a reporter
"What is your general approach, in view of the mounting chaos in the country at the moment?" and replied:
Well, that's a judgment that you are making. I promise you that if you look at it from outside, and perhaps you're taking rather a parochial view at the moment, I don't think that other people in the world would share the view that there is mounting chaos.

The next day's edition of The Sun headlined its story "Crisis? What crisis?"

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28-OCT-2013 Iranian revolution in 1979 when Ayatollah Khomeini overthrew Mohammad Reza Pahlavi, the Shah of Iran.
Law & Politics

28-OCT-2013 Iranian revolution in 1979 when Ayatollah Khomeini overthrew Mohammad Reza Pahlavi, the Shah of Iran.

In this situation, there are powerful vested interests fully invested in the status quo. 

If the pax Americana in the Middle East were a three legged stool with the US the most important leg, then Israel and Saudi Arabia are the other two legs of that stool. 

Neither Riyadh nor Tel Aviv are aligned with President Obama’s Iranian rapprochement and Saudi Arabia in particular has become increasingly forthright and is even threatening its own pivot and away from the US.

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Currency Markets at a Glance WSJ
World Currencies

Currency Markets at a Glance WSJ
Euro 1.003765 
Dollar Index 108.16
Japan Yen 137.1705
Swiss Franc 0.95895 
Pound 1.183505
Aussie 0.690135 
India Rupee 79.8747
South Korea Won 1339.605 
Brazil Real 5.1705000 
Egypt Pound 19.172500
South Africa Rand 17.003700

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DRC - RUSSIA Gilbert Kabanda Congolese Minister of Defence takes part in the conference on international security in Russia. sources report that DRC intends to ask Moscow for arms support diplomatic support and military cooperation

RDC🇨🇩- RUSSIE 🇷🇺: Gilbert Kabanda, ministre congolais de la défense prend part à la conférence sur la sécurité internationale en Russie. Plusieurs sources signalent que la RDC compte solliciter à Moscou des appuis en armement, de soutien diplomatique et une coopération militaire.

DRC 🇨🇩 - RUSSIA 🇷🇺 : Gilbert Kabanda, Congolese Minister of Defense takes part in the conference on international security in Russia. Several sources report that the DRC intends to ask Moscow for arms support, diplomatic support and military cooperation.

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28 OCT 19 :: From Russia with Love

28 OCT 19 ::  From Russia with Love

“This is not accidental, as Africa increasingly becomes a continent of opportunities''
‘’These opportunities include natural resources, infrastructure de- velopment and increasing consumer demand from a growing population, Putin specified.
But, he said, Russia was going to be a different kind of superpower, one that does not engage in “pressure, in- timidation and blackmail” to “exploit” sovereign African governments.
“Our African agenda is positive and future-oriented. We do not ally with someone against someone else, and we strongly oppose any geopolitical games involving Africa.”

“Russia regards Africa as an important and active participant in the emerging polycentric archi- tecture of the world order and an ally in protecting international law against attempts to undermine it,” said Russian deputy foreign minister Mikhail Bogdanov back in November 2018.
Andrew Korybko writes Moscow invaluably fills the much-needed niche of providing its partners there with “Democratic Security”, or in other words, the cost-effective and low-commitment capabilities needed to thwart colour revolutions and resol- ve unconventional Wars (collectively referred to as Hybrid War).

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Ghana is suffering from its highest inflation in 20 years, with a 31.7% year-on-year rise in July. @africanbizmag

Ghana is suffering from its highest inflation in 20 years, with a 31.7% year-on-year rise in July. @africanbizmag

As its fiscal position and debt (78% of GDP) worsen in a tough external environment, a deal with the IMF could be its only chance to recover and restore credibility in the eyes of investors.

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Ghana’s currency has dropped for 15 straight weeks and the depreciation may extend. The cedi has weakened almost 40% this year, making it the world’s worst-performing currency.

Ghana’s currency has dropped for 15 straight weeks and the depreciation may extend. The cedi has weakened almost 40% this year, making it the world’s worst-performing currency. 

Ghana’s central bank increased its interest rate by 300 basis points to 22%, the biggest margin on record. 

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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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Ruto, the current deputy-president, secured 50.5% of the vote, eclipsing veteran contender Raila Odinga, who earned 48.9%, according to the official results. Over 22m cast their votes, around 56.17% of Kenya’s 54m population @africanbizmag
Law & Politics

Ruto, the current deputy-president, secured 50.5% of the vote, eclipsing veteran contender Raila Odinga, who earned 48.9%, according to the official results. Over 22m cast their votes, around 56.17% of Kenya’s 54m population @africanbizmag

"Our view is that the figures announced by [electoral commission chairman Wafula] Chebukati are null and void and must be quashed by a court of law,” he told a news conference. 

He was emboldened to do so after four of the seven commissioners of the Independent Electoral and Boundaries Commission said they could not certify the result.
Vice-chairperson Juliana Cherera argued that 142,000 votes had not properly been accounted for, which she argued might be enough to affect the outcome. 

The four commissioners were overruled (as is his constitutional right) by chairman Wafula Chebukati. 

But a challenge by Odinga could again lead the Supreme Court to rule on the election's legitimacy – they are no strangers to doing so after overturning Uhuru Kenyatta's initial victory against Odinga in 2017.

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@WilliamsRuto poll victory signals shift from Kenya’s political dynasties @FT
Law & Politics

@WilliamsRuto  poll victory signals shift from Kenya’s political dynasties @FT 

Kenya’s founding father Jomo Kenyatta once wrote that his Kikuyu ethnic group, the country’s largest, governed itself according to “democratic principles”.
But, in a country whose electorate has long voted on ethnic lines and for established political dynasties, it came as a shock to his political heirs when the Kikuyu people in Kenyatta’s home region of Mount Kenya voted overwhelmingly for deputy president, William Ruto, a Kalenjin. 

Ruto’s party, the UDA, and its allies also swept through all nine governorships of Mount Kenya.
“We underestimated the extent to which our people have been taken hold of by UDA,” said Jeremiah Kioni, secretary-general of Jubilee, the party of outgoing president and Kenyatta’s son, Uhuru, who endorsed veteran opposition leader, Raila Odinga.
Ruto, who cast himself as a “hustler” facing off against political titans, secured victory on a narrow margin this week and Odinga, a Luo who was making his fifth attempt at the presidency, is challenging the election result in the courts.
It is unclear when Ruto will take power but his triumph heralds a move away from ethnic voting and independence-era politicians. 

Although nationwide Ruto was declared winner by a razor-thin margin of 1.64 per cent of Kenya’s total votes, he bagged a landslide victory in Mount Kenya, Kenyatta’s home territory.
With an average turnout of roughly 67 per cent, slightly above the national average of about 65 per cent, Ruto bagged some 80 per cent of the votes while Odinga had over 18 per cent in the combined nine counties of the Mount Kenya region, according to data from Equal Politics, a platform sourcing official results.
“We certainly are very democratic. We’ve grown up together with Uhuru, but he has denied us, betrayed us, so, all of us voted for Ruto,” said Margaret Njeri Mubuu, a neighbour of the Kenyatta family in the town of Mutomo

She is also the leader of a group of almost three dozen Kikuyu in Mutomo who voted in block for Ruto.
For the first time since the return of multi-party politics in the 1990s, there was no Kikuyu candidate running for Kenya’s presidency. 

Transcending ethnicities, Ruto delivered a “hustler nation” cross-ethnic message with promises to invest heavily in agriculture, which resonated among farmers in Mount Kenya who are facing higher food and fertiliser prices.
“People no longer vote on an ethnic basis,” said Gabriel Kagombe, who was elected as member of parliament for Mutomo under Ruto’s party, the UDA. 

“Ruto said that this nonsense of people voting on a tribal basis, and having no other consideration at the ballot other than tribe, must come to an end. He has managed to kill tribalism in this country. It’s the dawn of a new era.”
A growing detachment of the elite from its power base also contributed to Ruto’s victory

While the Kenyattas have become one of Kenya’s richest families, people in Mutomo complain of a lack of both a hospital and a secondary school, of clean water, and land grabbing by the “deep state”.
Uhuru Kenyatta was so confident of his support in the region that he didn’t visit “the people. Ruto took advantage of that and went down to the remotest villages of Mount Kenya and talked to the lowest of the market vendors. He took a strong populist approach and his populism won,” said Peter Kagwanja, who campaigned for Odinga and is head of the Africa Policy Institute, a think-tank in Nairobi.
“The president ignored the region, people were just fed up,” said Justin Muturi, Speaker of Kenya’s National Assembly and spokesperson for the communities of Mount Kenya. 

“They just felt William Ruto was the better option. People resonated with his down-to-earth approach and economic message and the concerns of the people. They felt that he was closer to them than Uhuru Kenyatta. It has nothing to do with being Kikuyu or not anymore.”
The results in Mount Kenya point to a shift away from ethnic politics, which had in previous polls led to deadly post-election violence. 

“This time we didn’t care about the tribe. We just voted for a man we believed in, a man who had stood with us through the times and needed our support,” said Cecily Mbarire, the governor-elect of Embu with Ruto’s party, once an ally of Kenyatta.
The same families have dominated the Kenyan political scene since the 1960s when Jomo Kenyatta and Odinga’s father, Jaramogi Oginga Odinga, competed for power in the aftermath of independence from Britain.
Ruto, a protégé of the late president Daniel arap Moi, delivered his Rift Valley voters to Uhuru Kenyatta in 2013 and 2017 against Raila Odinga, on the understanding that he would succeed the president in 2022. 

The Kikuyu took that to heart, they said. But Uhuru Kenyatta instead flipped to throw his weight behind his one-time enemy, Raila Odinga. 

By doing so, he “broke” the Kikuyu principle of keeping one’s word, or kiriiko, said Joel Kumuru, an 87-year-old farmer from Mutomo who voted for Ruto this time.
This was “a betrayal,” said George Keingati, a member of the Kikuyu group in Mutomo. “It doesn’t matter if Ruto is a Kalenjin, he is one of us now, he listens to us.” 

The switch also confused voters. “This time, he was telling us that Ruto was not good, but the one who was competing against them before, Raila, now he’s good. How? It doesn’t make sense,” said Joseph Kamau, a 27-year-old Kikuyu mechanic from Nyeri.
Odinga has until Monday to make a legal appeal. The court then has two weeks to decide. 

Kikuyu voters warn that Odinga’s attempt to push for a rerun is unwelcome. “We voted them out now and if they try to come again, we will vote them out again, and in larger numbers, we’ll bring more people,” Mubuu said.
Echoing the losses felt by Odinga and Kenyatta, Gideon Moi, a son of the longstanding former president, lost his seat in the senate. 

“It is an erosion of this power group,” said Macharia Munene, a Nairobi-based political analyst. 

“People are turning away from that, saying that they are no longer going to be taken for granted.” 

For Kagwanja: “Old dynasties are gone, possibly new dynasties will come. Ruto himself is evolving as a dynasty.”

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Next Africa: No Honeymoon for Kenya’s Ruto After Tense Victory
Kenyan Economy

Kenya’s President-elect William Ruto faces multiple challenges from day one after a hard-fought election victory, not least a potential legal challenge from defeated rival Raila Odinga.
Growth in the Kenyan economy, East Africa’s largest, is projected to slow this year and the cost of living — notably elevated prices for corn flour and fuel — is at its highest in five years

Public debt is at a record $72 billion and millions of people are jobless, a situation exacerbated by the worst drought in decades and clashes in water-scarce areas.
Ruto made several pledges during his campaign, such as slowing borrowing and investing in mass-job-creating industries. That included putting at least $4 billion in farming and small businesses.
The challenges follow an election that showed Kenya is progressing in other ways, having avoided the violence that has marred past votes. 

Its startups are another bright spot, being among the biggest fund raisers in Africa, which suggests more wealth creation is to come.

But even as Ruto drafts executive orders and policy announcements, he faces an immediate hurdle from Odinga’s rejection of the election outcome. 

If the runner up goes to the Supreme Court, the judges will have 14 days to hear and determine his case.
“The expectations of the people of Kenya are huge and therefore we do not have the luxury of wasting any time,” Ruto told elected leaders under his coalition.
The population will agree — time is of the essence.

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Kakuzi Ltd. reports Half year Results through 30th June 2022 HY 22 EPS 17.41 +75.32%
N.S.E Equities - Agricultural

Kakuzi Ltd. reports Half year Results through 30th June 2022 HY 22 EPS 17.41 +75.32% 

Par Value:                  5/-
Closing Price:           400.00
Total Shares Issued:          19600000.00
Market Capitalization:        7,840,000,000
EPS:             16.34
PE:                 24.480

Kakuzi reports Half year Results through 30th June 2022 versus  through 30th June 2021

HY 22 Sales 1.026492b versus 0.888949b

HY 22 Profit before fair value gain in non-current biological assets and income tax 471.842m versus 256.094m

HY 22 Fair value gain in non-current biological assets 22.826m versus 20.569m

HY 22 Profit before income tax 494.668m versus 276.663m

HY 22 Profit for the period 341.27m versus 194.638m

HY 22 EPS 17.41 versus 9.93 +75.32% 

HY 22 Cash and cash equivalents at the end of the period 840.966m versus 1.198311b


· Strong bottom line growth. Pretax profit up 60% to Kshs 494.7 million
· Anticipating higher avocado exports, this ‘ON’ year cropping cycle
· Diversification strategy gains steam
· Domestic sales for macadamia and blueberries as part of revenue stream diversification
stepped up
· All set for avocado exports to China


They made more money HY 22 than FY 21 

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WPP Scangroup reports Half year Results through 30th June 2022 HY 22 EPS [0.11] versus 0.10
N.S.E Equities - Commercial & Services

WPP Scangroup reports Half year Results through 30th June 2022 HY 22 EPS [0.11] versus 0.10

Par Value:                  1/-
Closing Price:           3.57
Total Shares Issued:          432155985.00
Market Capitalization:        1,542,796,866
EPS:             -0.04
PE:                 -89.250

WPP Scangroup reports Half year Results through 30th June 2022 versus  through 30th June 2021

HY 22 Gross Profit 1.040261b versus 1.107677b

HY 22 Interest Income 100.352m versus 99.155m

HY 22 Operating and administrative expenses [1.147628b] versus [1.099218b]

HY 22 Allowance for expected Credit Loss [49.261m] versus [25.362m]

HY 22 Profit before income tax 9.621m versus 82.492m

HY 22 Loss for the period [47.069m] versus 31.419m

HY 22 Exchange differences on translating foreign operations [33.121m] versus 7.846m

HY 22 EPS [0.11] versus 0.10

HY 22 Cash and Cash equivalents 3.223851b versus 3.193563b

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Sameer Africa Ltd. (Firestone)
N.S.E Equities - Industrial & Allied

Sameer Africa Ltd. (Firestone)

Par Value:                  5/-
Closing Price:           3.72
Total Shares Issued:          278342393.00
Market Capitalization:        1,035,433,702
EPS:             0.16
PE:                 23.250

Sameer Africa reports Half year Results through 30th June 2022 versus  through 30th June 2021

HY 22 Revenue 313.575m versus 323.171m

HY 22 Cost of sales [109.848m] versus [42.099m]

HY 22 Gross Profit 203.727m versus 281.072m

HY 22 Operating Expenses [64.019m] versus [58.404m]

HY 22 Operating Profit 140.997m versus 226.452m

HY 22 Finance costs [31.635m] versus [29.236m]

HY 22 Profit before income tax 113.589m versus 202.631m

HY 22 Profit for the Year 67.63m versus 154.462m

HY 22 EPS 0.24 versus 0.55

HY 22 Cash at end of period 41.373m versus 179.586m

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

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