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Finweek - EnglishFinweek - English

Finweek - English 07 November 2019

Finweek is South Africa’s leading financial weekly magazine focusing on investment. With its brisk, creative and authoritative analysis of business and investment issues, it’s an essential business tool in the daily battle for competitive advantage. Today's business decision-makers have to cope with increased pressure on their time and are expected, more than ever before, to succeed in the face of stiffer competition. Finweek provides relevant information in quick bytes, along with award-winning investment advice.

Land:
South Africa
Sprache:
English
Verlag:
Media 24 Ltd
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IN DIESER AUSGABE

2 Min.
from the editor

unemployment, now at the highest level in 11 years, is one of the single biggest challenges – if not risks – to the socioeconomic stability of South Africa. The official unemployment rate for the third quarter of 2019 is now at 29.1%, but for people between 15 and 24, the problem really is at crisis levels. For this group, unemployment is now at 58.2%. We have literally millions of people unable to find jobs, and it’s amplified for youngsters with no experience. Government, and specifically President Cyril Ramaphosa, is painfully aware of the need to grow the jobs pie – especially for the youth. One formalised process in which government is hoping to assist companies to give young people work exposure, is through Setas, or Sector Education and Training Authorities, allowing for learnerships…

4 Min.
which policies create economic growth?

bill Easterly has a new research paper. Easterly is professor of economics at NewYork University and co-directs its Development Research Institute. He has written extensively on the pitfalls of development aid and, as associate editor of the Journal of Economic Growth and author of The Elusive Quest for Growth, is one of the leading scholars globally to think deeply about the factors that cause economic growth. Easterly has been critical of the Washington Consensus, a package of market-oriented reforms proposed in the 1980s and 1990s by institutions such as the International Monetary Fund (IMF) and the World Bank; policies which have broadly been labelled ‘neoliberalist’. These policies were particularly harshly applied to many crisis-hit African countries in the 1980s, when the IMF had to step in and prescribe “structural adjustment programmes” to…

1 Min.
finweek - english

EDITORIAL & SALES Editor Anneli Groenewald Managing Editor Jana Jacobs Journalists and Contributors Simon Brown, Lucas de Lange, Johan Fourie, Moxima Gama, Jessica Hubbard, Mariam Isa, Schalk Louw, David McKay, Timothy Rangongo, Melusi Tshabalala, Jaco Visser, Glenda Williams Sub-Editor Katrien Smit Editorial Assistant Thato Marolen Layout Artists David Kyslinger, Beku Mbotoli Advertising Paul Goddard 082 650 9231/paul@fivetwelve.co.za Clive Kotze 082 335 4957/clive@mediamatic.co.za 082 882 7375 Sales Executive Tanya Finch 082 961 9429/tanya@fivetwelve.co.za Publisher Sandra Ladas sandra.ladas@newmedia.co.za General Manager Dev Naidoo Production Angela Silver angela.silver@newmedia.co.za Share your thoughts with us on: @finweek finweek finweekmagazine…

3 Min.
in brief

“THE FUNDAMENTAL POINT IS THAT MONOPOLIES, BY THEIR NATURE, ARE WASTEFUL.” – Minister of public enterprises, Pravin Gordhan, unveiled a special paper on the government’s plans to reform struggling Eskom. This has been eagerly anticipated by investors and rating agencies, who cite the financial and operational crisis at Eskom as one of the biggest risks to South Africa’s economy. Government hopes to complete the legal separation of the power utility into three entities (generation, transmission and distribution) by 31 March 2022, according to Fin24. “MONETARY POLICY IS ALMOST OUT OF AMMUNITION.” – Olivier Blanchard, who was chief economist at the International Monetary Fund (IMF) during Christine Lagarde’s tenure as MD at the IMF, told The Financial Times that “monetary policy is almost out of ammunition, but if the central banks say this too…

2 Min.
double take

THE GOOD JSE-listed Blue Label Telecoms and Sasol made bold strides in executive accountability for non-performance. Blue Label executives were hit with pay cuts for failing to meet a number of targets in the last financial year, reported Business Day. The board of Blue Label (which holds a 45% stake in Cell C), were “extremely disappointed” in the performance of Cell C, which largely contributed to Blue Label’s R6.6bn loss. Joint CEOs Brett and Mark Levy, who both took home R23.9m in 2018, had their remuneration cut 40% to R14.3m in 2019. Meanwhile Sasol showed it’s joint CEOs, Stephen Cornell and Bongani Nqwababa, the door in “an amicable mutual separation” following shortcomings in the execution of the Lake Charles Chemical Project, said Sasol in a statement. THE BAD Old Mutual’s ugly spat with…

3 Min.
an expensive lesson in governance

oh for a gander at the separation agreements between Sasol and those members of its Lake Charles Chemicals Project (LCCP) team found to have negligently mismanaged the venture. No project team member was accused of criminal activity, and presumably they will move on to other posts, while the joint CEO structure that oversaw the corporate disaster – Bongani Nqwababa and Stephen Cornell – has been dismantled, with both executives leaving the group. It’s a step described by Sasol chairman, Mandla Gantsho, as an act of valiance. Avoiding a train smash According to Sasol chief financial officer, Paul Victor, they were installed in order to avoid the kind of train smash that eventually happened. Sasol had a “… big capital project far away from home”, he said in an interview, flanked by Sasol’s…