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Finweek - EnglishFinweek - English

Finweek - English 21-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.

Land:
South Africa
Sprog:
English
Udgiver:
Media 24 Ltd
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I DENNE UDGAVE

access_time2 min.
from the editor

a few days after a cautiously jubilant response to President Cyril Ramaphosa’s State of the Nation Address (Sona), stage 4 load shedding hit and South Africans were again reminded of the mammoth hurdles the country faces. In a sobering sector report, credit rating agency Moody’s Investors Service said Eskom’s reserve margin would remain tight at least until the mid-2020s. Is there any good news? Just maybe. SA is currently dependent on Eskom, whose generation assets are 88% of the country’s installed capacity, says Moody’s, and will remain dependent on Eskom even after a restructuring of the sector. However, Moody’s said by 2030, Eskom’s asset base could shrink to 50% of installed capacity. “[T]his trend could be slowed, if Eskom plays a role in the development of clean generation technologies as recently…

access_time4 min.
why trade policies matter

let’s assume that Katlego earns R8 000 a month and spends R1 000 on clothes. Katlego loves fashion. It’s a way to express herself and a requirement at her job as receptionist. It also signals to a future partner that she is upwardly mobile. She wants a better life than her parents had. What can government do to make Katlego’s aspirations a reality? There are many options. Reduce VAT and income tax – although this isn’t likely to matter much. Intervene directly by building better infrastructure: perhaps reduce the fees of Katlego’s train tickets to work, or simply improve the efficiency of the trains to ensure they run on time. Or more indirect measures: establish a farmer support programme that cuts the price of food; or implement measures to combat the anti-competitive…

access_time4 min.
can cyril kick corruption to the curb?

i have said this before and I’ll say it again: There was no one better positioned to break the investment strike that has gripped our country over the past few years than Cyril Ramaphosa. The businessman-turned-president delivered a very positive State of the Nation Address (Sona) at the beginning of February that has potential to pave the way for re-igniting our sluggish economy, which has struggled to attract growth-inducing inward investment. As we count the costs of nine years of corruption and economic ruin under the leadership of former president Jacob Zuma, Ramaphosa is providing the spark that has been missing after investors turned their backs on our country – often arguing that their complaints about policy uncertainty were falling on deaf ears. In his speech, Ramaphosa gave an update that shows that…

access_time3 min.
in brief

“IT DOESN’T APPEAR TO BE CLEAR WHAT THE ISSUES ARE [THAT] THEY ARE TRYING TO SOLVE.” – John Lewis, MD of Aggreko, an interim power supplier for big events, in an article in Business Day. “Unfortunately, when things go wrong, that is where we fit in,” he told the paper. He said they were talking to Eskom to determine “how and where we could help with a temporary solution”. “NOTHING CAN BE TAKEN FOR GRANTED.” – Cosatu spokesperson Sizwe Pamla commenting in an article on mg.co.za, after the federation said that it’s decision to support the ANC in this year’s national election could be reviewed. “Enthusiasm for ANC politics has waned on the ground,” said Pamla. This was as the trade union was preparing for nationwide strikes against the planned restructuring at Eskom,…

access_time3 min.
moving beyond the mining charter

advances in SA’s mining regulatory and policy environment have been widely acknowledged. This was especially the case at this year’s Mining Indaba conference in CapeTown – as demonstrated by President Cyril Ramaphosa’s attendance of the event. His speech to the conference delivered a message of catharsis and redemption. For instance, the “Original Sin” of colonialism – the historical theft of land – would be addressed in equal measure with prosecution of those involved in state capture. He then took questions. Interestingly, one was posed by none other than Anglo American CEO MarkCutifani. It’s not often that conversations between leading business people and high-ranking politicians are given a public airing, even if this encounter was somewhat “stagey” in feel. Nevertheless, Cutifani asked Ramaphosa if “a shared vision” between labour, government and business regarding “various…

access_time4 min.
‘time to recast the story of sa mining’

don’t look now, but sentiment in the world’s mining industry has changed. In just six months, it’s transformed from brow-mopping relief at the swiftness of the commodity price recovery to something more akin to a “what now?” moment. According to a report by Boston Consulting Group (BCG), a US consultancy, revenues and margins for the sector are generally up, but costs are creeping again. This is reflected in the way supplier markets have changed. Backlogs for mining equipment and mining and drilling contractors are rising again. According to BCG, contractors in 2017 had a backlog of 57 months, which compares to only 34 months a year earlier. “These trends suggest that costs could rise further,” it said in a recent report called Return to Strategy. There’s also been a tightening in demand while…

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