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Finweek - English

Finweek - English 8/13/2020

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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South Africa
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English
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Media 24 Ltd
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Biweekly
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2 min
from the editor

sixty-four years ago, 20 000 women marched on the Union Buildings to protest apartheid pass laws for women. On 9 August we will again commemorate that historic day in 1956 as we celebrate National Women’s Day during National Women’s month. I will certainly celebrate the incredible fortitude of those women and I think commemorating this day is extremely important. But when it comes to Women’s Month, I am more inclined to feel that instead of dedicating a month to recognising women, we should be fostering a society daily, throughout the year, that does so. A society that challenges entrenched patriarchy, among other things, in order to effect true change, instead of placing women in the spotlight for a month, only to return to the status quo on 1 September, as it…

5 min
everyone should count

we live in a world where information is available at the click of a button. Only three decades ago, a trip to the local library was the only way to know the population size of Portugal or Papua New Guinea. Acquiring information was expensive. Much of that has changed in the information era. Google processes about 3.5bn internet searches a day, providing a valuable service, but also generating valuable and timeous information. One new research paper shows how Google searches for the loss of smell in eight countries predicted a rise in Covid-19 deaths. Another one shows that Google searches for unemployment insurance in the US predicted the massive rise in job losses and unemployment claims. Big data allows for ‘nowcasting’ – the prediction of present trends, providing up-to-the-moment information that can…

4 min
what about all the plans?

the ruling ANC has an illustrious career in producing policy proposals that never see the light of day. Occasionally, some proposals are implemented half-heartedly, resulting in no meaningful impact being achieved by them. I was reminded of the ANC’s lacklustre track record in implementing its policies when the political party released a 51-page policy document on 10 July, which spelled out proposals aimed at kickstarting the Covid-19-battered South African economy. Interestingly, the document has a page dedicated to proposed measures that could be undertaken to boost production and investment in the ailing mining sector. However, the page does not mention anything about the African Exploration Mining and Finance Corporation (AEMFC), the state-owned mining company established in 2011 with the intention to develop strategic minerals with private investors in order to supply them as…

3 min
in brief

“VOLUNTARILY STEP ASIDE.” —The ANC’s integrity committee wrote to party national executive committee (NEC) member and deputy finance minister David Masondo, asking him to “voluntarily step aside” from his responsibilities in government and the party. Masondo is alleged to have abused state resources to resolve a domestic dispute. The chairperson of the committee, George Mashamba, said Masondo allegedly showed poor judgment in involving the Directorate of Priority Crime Investigations (Hawks) in a domestic matter, which opened him up to accusations that he abused his power and access to state resources. He added that Masondo should have known that the mandate of the Hawks is to probe corruption and offences that fall under the Prevention of Organised Crime Act. “I’ve enjoyed the challenge of leading AngloGold Ashanti over these past two years.” —Kelvin Dushnisky…

2 min
double take

THE GOOD Eskom and the Special Investigating Unit obtained summons in the North Gauteng High Court to recover R3.8bn from former Eskom executives and board members, Gupta family members, their associates, and others. The power utility said the delictual claim for damages suffered relates to the recovery of funds which were allegedly illegally taken from it to help the Guptas and their associates buy a mine that supplied Eskom with coal – including payments to Trillian by Eskom executives. The announcement follows a High Court ruling that found energy regulator Nersa acted illegally when it deducted a R69bn equity injection into Eskom. The ruling allows Eskom to implement a phased recovery of these funds over a three-year period. THE BAD AB InBev-owned South African Breweries (SAB) announced it’s scrapping R2.5bn in capital and…

3 min
women step out of the shadows on kumba exploration project

in early 2018, JSE-listed Kumba Iron Ore said it was considering a ‘step-out’ strategy, having in the previous year restructured its Sishen mine in the Northern Cape – a move that cut the operation’s life to 13 years from 17 years previously. The strategy was about exploring for new resources and included possible acquisitions that Themba Mkhwanazi, CEO of Kumba, said at the time would be opportunistic. That strategy is now bearing some fruit following the announcement in July of its R7bn Kapstevel project – an exploration project that will extend the life of Kolomela, another of Kumba’s mines. The company also disclosed it was drilling on two other projects – Ploegfontein and Heuningkrans in the Northern Cape. These are recent property acquisitions that, if developed, will help Kumba take the average…