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Finweek - English

Finweek - English 25 July 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
Sprog:
English
Udgiver:
Media 24 Ltd
Frekvens:
Biweekly
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25 Udgivelser

i denne udgave

2 min.
from the editor

earlier this month, the Financial Times (FT) shared an article online, stating that this specific article was available outside its paywall to ensure it could be shared freely. Therefore, a topic the publication feels really strongly about. In short, the piece (which was well over 5 000 words) looked at the impact of high-performance environments on the mental health of employees working in those spaces. Many readers will now be rolling their eyes and paging on – which is exactly the kind of attitude that FT warns against: A world in which people are not allowed to vocalise the impact that long, stressful hours at the office have on their health – both physically and mentally – and often on their ability to deal with life in general. Overwork, which results in…

4 min.
the rules that bind us

i spent June in England, giving seminars at several universities (and following the Proteas on their unfortunate campaign at the Cricket World Cup). One question peers kept asking, was on the state of the South African economy. Why is President Cyril Ramaphosa moving so slowly in tackling the crisis at the heart of the economy: Eskom? It’s a difficult question with a complicated answer, I’d respond. Eskom is in a deep mess, with debt spiralling out of control. It burns cash. Plans to transform it are being hampered by trade unions unwilling to see its members lose their jobs. It requires immensely talented and brave leadership to find a negotiated solution that keeps the lights on. Restructuring is essential, because the problems are ultimately structural. Eskom is a state-owned monopoly; the Electricity…

4 min.
in brief

“I’M SAYING TO ALL THOSE INVOLVED IN TRADE DISCUSSIONS — WE NEED ADULTS IN THE ROOM.” – Outgoing International Monetary Fund head Christine Lagarde to Trevor Noah on The Daily Show. She said US President Donald Trump meant well with tariff increases, explaining that “you can’t say welcome to my country but you’re only allowed in if you transfer technology and that is compulsory,” in reference to China’s forced technology transfer rule (FTA) and allegations of technology theft waged against China by the US. Lagarde further said that the game clearly has to change, and the rules have to be respected. But, where it doesn’t work, tariff increases are not a viable solution, especially in the long run, she said. “THERE WILL NEVER BE A PERFECT PLAN OR PERFECT TIMING.” – SA’s health…

4 min.
fnb now eyes financial and physical health

in 2016, five years after FNB launched South Africa’s first banking app, it introduced a functionality aimed at helping its customers ‘navigate’ life. The nav>> was first launched with nav>> Home, allowing customers to buy and sell property hassle-free (without the use of estate agents), and nav>> Car, which similarly enables customers to buy and sell cars to other customers and even renew their car licence discs online. The two became the pillars of nav>> because “we know that customers on a monthly basis typically spend in excess of15% of their monthly income on their home and on their car/transport,” says Jolandé Duvenhage, CEO of nav>>. “This is a very significant number and the more we can help our customers on their journey, the more we can empower them to navigate…

3 min.
when water issues trickle down

the Lekwa local municipality in Mpumalanga, which includes the towns of Standerton and Morgenzon, reached the attention of investors when JSE-listed Astral Foods announced a R7m loss due to insufficient water supply to its Standerton plant for the six months ended 31 March. By the end of May, the company reported a loss of R85m due to water interruptions in Standerton. Astral Foods’ Goldi processing plant slaughters 2m birds per week and needs around 5m litres of water a day, but municipal water supply to Africa’s largest poultry processing plant dried up in March. Water, of course, isn’t the sole reason why South Africans across the country take to the streets against their local municipalities, with a general breakdown in service delivery – from refuse collection to municipal power cuts due to non-payment…

1 min.
lekwa’s leaking coffers

As services are cut to residents and businesses in Lekwa local municipality, its financial results paint a bleak picture of an institution struggling to balance its books. During the 12-month period ending June 2018, the municipality racked up an audited loss of R361m on revenue of R587m, according to their annual financial statements. This loss is a jump from the 2017 financial year’s R310m deficit. Lekwa’s debt to Eskom and bulk water suppliers, among others, increased to R933m in 2018 from R694m the previous year – an increase of R239m. If one considers that the total purchases of bulk electricity and water totalled R352m for the 12 months ending June 2018, the municipality paid less than a third of its invoices for electricity and water purchases. During the same period, the salaries paid…