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Finweek - English 21 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.

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2 Min.
from the editor

You’re never going to win me over if you feel the need to mention that you’ve got a “very nice place in Franschhoek”. Maybe we can forgive celebrity-style entrepreneur Richard Branson’s ignorance – he lives, in so many ways, in a world very far removed from South African realities. When you’ve built a business with an annual revenue north of $20bn, and you’re one of the ten richest people in the UK, dropping by for a visit will be quite a different experience to surviving in SA. And let’s give credit where it’s due: Branson built his empire over five decades, from scratch, with a combination of guts and perseverance (and, some might say, a bit of luck). There’s a lot to learn from him. With Branson recently sitting alongside local business leaders,…

1 Min.
finweek - english

EDITORIAL & SALES Editor Anneli Groenewald Deputy Editor Jaco Visser Managing Editor Jana Jacobs Journalists and Contributors Simon Brown, Johan Fourie, Moxima Gama, Glenneis Kriel, Schalk Louw, David McKay, Andile Ntingi, Timothy Rangongo, Melusi Tshabalala, Amanda Visser, Glenda Williams Sub-Editor Katrien Smit Editorial Assistant Thato Marolen Layout Artists David Kyslinger, Beku Mbotoli, Nadine Smith 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…

4 Min.
why the wrong people often get promoted

sechaba is a salesman in a car dealership. He is incredibly good at his job. Each month, he outsells all his colleagues. The reason for his success is that he can assess the needs of his clients as they walk through the door, and he has a Schalk Brits-smile that fosters confidence in him and in the cars he sells. Sechaba is the Tony Robbins of car salesmen. Then the position of manager of the car dealership opens up. What to do? Should Sechaba be promoted, given his excellent performance at the lower level? Or should his colleague Whitney be offered the role of manager? Whitney has a financial degree and is a conscientious and hardworking team player. She has all the attributes that would make her a better manager. But…

4 Min.
creating a major black property player

there is no denying that black economic empowerment (BEE) has taken a huge step backwards over the last decade, slowing down the wealth accumulation by black people which started in 1994 under the presidency of Nelson Mandela and gained momentum during the nine-year reign of his successor, Thabo Mbeki. In the years leading up to the global recession of 2008 and 2009, South Africa saw a string of headline-grabbing blockbuster BEE transactions being concluded, whereby a number of black consortia bought minority stakes in JSE-listed, white-led companies. After the recession, JSE-related BEE deals dried up and organised black business switched its attention to state procurement to generate wealth. Occasionally, the lull in large-scale BEE deals has been interrupted by mergers between black firms themselves. Although these transactions are rare, they were hailed…

2 Min.
in brief

“RESPONSIBLE ENTREPRENEURS THINK OF OTHERS, AS OPPOSED TO PURELY OF THEMSELVES…” – The late billionaire and investor Allan Gray calling for entrepreneurs to strive towards being role models in one of his last interviews, with author Vanessa Stoykov, as he shared his vision for E-Squared Investments last year. E-Squared Investments was set up to primarily fund and empower Allan Gray fellowship or scholarship holders to be responsible entrepreneurs, create jobs and tackle poverty in SA. In addition to donating the bulk of his wealth to charity, ‘Papa G’, as Gray was affectionately called by fellows, founded the Allan Gray Orbis Foundation with a personal gift of $130m back in 2005, according to Forbes. “I think that philanthropy and acting in the common good through business, is actually good business,” Gray said…

2 Min.
double take

THE GOOD State-owned freight-rail and ports company Transnet said it is in talks with the manufacturers of the 1 064 locomotives it acquired at a cost of R54bn a few years ago, to have the irregular contracts set aside as it attempts to also recoup some of the funds. Transnet’s acting CEO, Mohammed Mahomedy, told Moneyweb that the company has already reached a settlement with Gupta-linked Regiments Capital, to get back around R180m in advisory and other fees related to the controversial multi-billion-rand locomotives contract. Costs of the contract spiralled from an estimated R38bn in 2014 to more than R50bn last year when Siyabonga Gama, who took over from Brian Molefe as group CEO in 2016, was fired, reported Daily Maverick. The executives have been implicated in state capture at Transnet,…