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Finweek - English 7/23/2021

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
Media 24 Ltd
25 Issues

in this issue

3 min
from the editor

the story of destruction and renewal is as old as the human race. In Nordic mythology, it is known as Ragnarok. It’s the moment that all the ice and fire giants (let’s refer to them as scoundrels) unite against the gods (the good guys) and go head to head in the biggest battle ever. The end result of Ragnarok is that the world is under water. When the water recedes, there are only two people left who repopulate the world. We also see this destruction and renewal in the Biblical tale of Noah where the whole planet is under water and then repopulated by a handful of chosen ones – with the aim of less sinfulness. If we move from mythology to history, there are many examples of devastation and renewal…

4 min
the future of a very old industry

do a quick Google search, and you will discover that wine is one of the oldest industries on earth. A 2017 study by a team of archaeologists found evidence of wine-making in Tbilisi, Georgia almost 8 000 years ago. To put that in perspective, it is almost 2 000 years before humans domesticated horses, 2 600 years before we invented writing and 3 300 years before we built the first pyramid. What is more, Georgian winemakers today use largely the same tools and methods as their ancestors eight millennia ago. Hein Koegelenberg is CEO of La Motte Wine Estate, where the French Huguenot Gabriël du Toit planted the first vines in 1752. Why, I asked Koegelenberg, do we associate wine with timelessness? “Much of wine’s romance lies in its age. Wine…

4 min
is ramaphosa winning the race?

the structural reforms that President Cyril Ramaphosa is currently introducing are a strong indication he is gaining an upper hand over left-leaning populists in the battle for control of economic policy formulation inside the ruling ANC. After taking over the reins of the ANC in December 2017, Ramaphosa made a raft of promises to tackle our country’s biggest bugbears – endemic corruption, a failing economy, and runaway unemployment. For a while he dithered, then stalled, on making good on his promises, to the disappointment of many South Africans who had bought into his message of “renewal”, “unity” and a “new dawn”. The murmurs of disappointment also extended to the investment community, which has been losing patience over the slow pace of policy reforms needed to breathe new life into a…

5 min
in brief

“EFFORTS TO BRING THE GUPTAS BACK HAVE INTENSIFIED.” – Hermione Cronjé, head of the National Prosecuting Authority’s investigating directorate, said that Interpol has issued red notices for two Gupta brothers wanted in connection with alleged corruption. Atul and Rajesh Gupta, their wives, and four other people were issued with notices. According to Interpol, a red notice is an alert to all Interpol member states that an individual is a wanted fugitive. Although a red notice does not equate to an international arrest warrant, it can be used to support extradition requests. The United Arab Emirates ratified an extradition treaty with South Africa this year. “The world is ready to end the global race to the bottom on corporate taxation.” – US Treasury Secretary Janet Yellen said there is broad consensus on a minimum…

4 min
living spaces for wealthy buyers after the pandemic

With over 60 real estate agencies competing for sole mandates across the country, it is near impossible for new agencies to break into the high-end property market. Julia Finnis-Bedford, owner of Amazing Spaces, a film locations company, and Andrew Dewey, managing director of a national property services company, have joined forces to overcome this barrier by expanding the Amazing Spaces offering into a lifestyle property investment division, called Amazing Spaces Lifestyle Investments. To qualify for the Amazing Spaces Lifestyle Investments portfolio, properties do not necessarily have to be upmarket or “luxury” but have to be unique to capture the new trend in buying after the pandemic. Dewey explains that being forced to stay at home because of the lockdown and the freedom to work remotely from anywhere in the world have resulted in…

6 min
calderon at the helm of anglogold ashanti

at 61 years Alberto Calderon, AngloGold Ashanti’s new CEO, is almost the same age as Nick Holland who, at 62, stepped down from Gold Fields to comply with the firm’s mandatory retirement age. Calderon, though, wasn’t in a retirement frame of mind. “I spoke to friends and I knew that I did not want to be a non-executive professional. That would be too boring. I wanted to be busy and see what lands,” he says in an interview with finweek shortly after the announcement of his appointment, which will be effective 1 September. “This appeared,” he says of AngloGold. “A friend told me, why don’t you look at it.” And that’s how some top executive placements start, apparently; in a world where information flow is dizzyingly sophisticated, there’s nothing like a…