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Finweek - EnglishFinweek - English

Finweek - English 7-feb-19

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.

South Africa
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25 Udgivelser


access_time2 min.
from the editor

as important as it is, I am tired of reading every Tom, Dick and Harry’s views on Bosasa. Can’t we stop talking and start doing? All good, you might say. But how do we start “doing”? I think I might have a good example. In the town where I grew up, our accounting teacher, Mr Du Plessis, was a bit of a legend (he still is). A quiet, humble guy, he managed to go almost unnoticed. Readers who have about 20 years on me would truly appreciate his nickname: “Die Skim”. Apart from accounting, Mr Du Plessis also taught typing – arguably two of the handiest sets of skills one can have. He was already in semi-retirement at the time (now already 20 years back), and had about three decades earlier also been…

access_time4 min.
debt: evil or enabling?

Is debt good or bad? Economists would answer: it depends. Two things matter: the cost of the debt, which is reflected in the interest rate, and the returns on whatever you use the borrowed funds for. If your income is rising faster than the interest rate of the debt, then it makes sense to increase debt as you would be able to repay it without trouble. If not, well, then debt will be a poisoned chalice. Of course, debt has been with us for some time. In a deeply problematic take on the history of debt, Debt: The First 5000 Years, David Graeber argues, this time correctly, that debt transcriptions already appear with the first civilisations in Sumeria, more than 5 000 years ago. My own research with a former PhD student,…

access_time4 min.
the real ramifications of ‘bosasa gate’

as Angelo Agrizzi was confessing before the Zondo Commission of Inquiry into state capture to his 18-year involvement in bribing government officials, senior politicians, trade unionists, lawmakers, and prosecutors, I received a call from an upset emerging entrepreneur. The entrepreneur expressed his disgust at what he was hearing from Agrizzi’s televised testimony. Agrizzi, an ex-Bosasa chief operations officer, recounted how his former employer (now African Global Operations) allegedly paid massive cash bribes to a string of influential officials to secure lucrative government tenders and to obstruct corruption-related investigations into and the prosecution of the company by the elite crime-fighting police unit the Hawks, the Special Investigating Unit (SIU), and the National Prosecuting Authority (NPA). What shocked the entrepreneur was the revelation by Agrizzi that Bosasa kept between R4m and R6m a month…

access_time4 min.
in brief

“WHATEVER THE FIGURE, IF GOVERNMENT HAD THAT MONEY, WHICH I KNOW IT DOESN’T HAVE, WOULD IT SPEND THAT MONEY BUYING THE RESERVE BANK, OR SOLVING THE ELECTRICITY CRISIS, OR PUTTING IT INTO EDUCATION, OR BUILD INGA HOSPITAL OR CLINIC?” − Lesetja Kganyago, governor of the South African Reserve Bank (Sarb), as quoted in an interview with Business Day on the sidelines of the World Economic Forum’s (WEF’s) annual meeting in Davos, Switzerland. Debates on the Sarb’s independence, mandate and shareholding have been rife in past months. Kganyago indicated that “depending on the valuations use d, nationalising the Bank could cost anything bet we en R20m and R100bn”. “JUST STOP TALKING ABOUT PHILANTHROPY, AND START TALKING ABOUT TAXES.” − Historian Rutger Bregman’s answer to a question he said the WEF had asked ten years…

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financial services for the masses

While doing their articles at Baker Tilly Greenwoods, Louw Barnardt and Dana Pretorius became aware of the huge demand for high-level bookkeeping and financial advice for small and medium-sized enterprises (SMEs). Towards the end of 2013, instead of settling for cosy chartered accounting jobs, the two, later joined by Jacques le Grange, started their own financial services business, Outsourced CFO. “We identified poor financial planning and management as the biggest reasons why the majority of start-ups did not survive past their first few years of operation,” says Barnardt. Outsourced CFO was started with a small loan borrowed against a flat Barnardt owned in Bellville. Overheads were kept low, with the founders drawing below market-related salaries for years. They also made use of a shared office space. After 18 months, they had almost run…

access_time4 min.
business rescue or masquerade?

two controversies currently underway in SA’s mining sector have thrown into question the role played by business rescue practitioners (BRPs). It’s not the first time that questions have been asked about the business rescue process. Readers may recall the whirlwind that was Enver Motala. He was the BRP in the winding up of the Orkney and Grootvlei gold mines previously owned by Pamodzi Gold before they fell into the hands of Aurora Empowerment Systems, the firm owned by Khulubuse Zuma, among others. Motala was one of the BRPs who, in 2009, accepted Aurora’s R600m bid for the Pamodzi mines only for workers’ salaries to go unpaid. By the time Motala was removed from the process in 2011, workers still hadn’t been paid and the premises were being stripped of all tangible assets.…