Lawyer Who Won Ivermectin Battle for South Africans

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PAGE 2 PAGE 4 PAGE 6 PERSONAL FINANCE// FREE LUNCH OF THE SOES// PERSONAL FINANCE// PARTNER CONTENT// STATE BAILOUTS SA’S POOL OF HNWIS RESCUING YOUR INVESTING WORLD DRY UP FOR DENEL NOT GROWING RETIREMENT

BizTHE RATIONAL PERSPECTIVENewsDigest WWW.BIZNEWS.COM SATURDAY 20 MARCH 2021 BIZNEWSCOM Lawyer who won Ivermectin BRIEFS Reinsurance giant battle for South Africans Swiss Re plans Ivermectin, the cheap drug taking the fight to Covid-19, has been used across the world (for many decades) to fight ailments $100 of all sorts – with excellent results. The drug has been banned in South Africa, despite many studies and plenty of evidence carbon levy showing its effectiveness in curing patients with Covid-19. The South African Health Products Regulatory Authority (SAHPRA) approved the use of the drug under specific circumstances – much to the frustration of many. In a major breakthrough, Bongani Luthuli – Attorney and Director at Bongani Khanyile ka Luthuli Attorneys Inc, pan-Africanist, ACDP NEC – told BizNews that “due to the pressure of ACDP and others – they’ve conceded to the usage and rollout of Ivermectin.” Nokia to cut Listen to the full interview very adamant that Ivermectin can be given some kind of amnesty. assist in this pandemic.” Normally, what happens is if the 10,000 On whether this can be contested law comes into effect one needs to Bongani Luthuli on the background “We were going to argue the see it retrospectively – whether it’s of the Ivermectin battle jobs in two years substance of the application, but a retrospective application or not. “The papers have been exchanged now they have conceded and they’ve It would be completely unfair in back and forth where ACDP has come now and said, ‘look, we’re this context to say those who have taken SAHPRA and the minister to going to rollout Ivermectin.’ They’ve been arrested must continue being court to seek the usage and rollout consented to the order that we have prosecuted when it’s now legal. of Ivermectin. SAHPRA has been sought. This is now a settlement as There needs to be a discharge of AA warns of reluctant to do that. What they opposed to a directive from court. those [individuals]. That’s what did was, opportunistically, they over R1a litre We’ve agreed then that it’s going to we’re going to be calling out for. sent out a programme – what they be made an order of court, so that We have felt that those were unlawful petrol price hike called a compassionate programme we don’t need to go to court on the arrests in any event because of our – which meant that doctors would 29th to the 31st – because they’ve conviction on Ivermectin.” in April have to apply under Section 21 to literally conceded.” get permission to use Ivermectin. On people that have been arrested There's still insufficient data It is quite a bureaucratic process, for using Ivermectin for us to authorise Ivermectin frustrating and completely “I think those people have to - SAHPRA CEO unworkable, because they Bongani Luthuli is an attorney WC set aside contended that Ivermectin was not and director at Bongani Khanyile fit for human use and was banned ka Luthuli Attorneys Inc. R325m in the republic.” On the decision to allow the use of to the pressure of ACDP and others for Covid-19 Ivermectin in SA – they’ve conceded to the usage vaccine rollout “We then filed our papers and and rollout of Ivermectin. They secured dates – 29th, 30th and 31st – will be registering the product. We for the oral arguments to be argued. then discussed the draft order and I’m the attorney for the ACDP in [that] essentially covers everything this matter and I got a call from that ACDP had sought, by way 412% SAHPRA’s attorneys that they want of relief in the court. It’s a major to chat to us on the developments. breakthrough for the people of growth It turns out that there will be – due South Africa because we’ve been in QR code Subscribe here for your weekly BizNewsDigest Subscribe now payments 2 | SATURDAY 20 MARCH 2021 WWW.BIZNEWS.COM SOES Denel in ‘spiral of terminal decline’ It would seem that Denel, South Africa’s state-owned aerospace and military tech company, is heading the same way as other SOEs. “In the financial year ending in 2020 its losses were R1.9bn, mainly due to rising operating costs, which DOWNLOAD THE FREE is often a sign of high management overheads,” writes Jonathan Katzenellenbogen for The Daily Friend. He adds that BIZNEWS.COM APP the last time the company made a profit was in 2016/17, “R282m - which amounted to about 3.5 percent of sales”. Financial issues have seen some of Denel’s highly qualified employees pack their bags, seeking work elsewhere. According to Katzenellenbogen, this is due to the company’s “inability to meet its payroll on time”, among other concerns. Former engineers are now working for competitors in the UAE and Saudi Arabia which, says the writer, has “raised allegations of theft of intellectual property”. – Jarryd Neves BN By Jonathan Katzenellenbogen

Click on the links below to enel, the state-owned defence download your own free company, is in a spiral of terminal BizNews.com App decline. D Yet there is no urgency or apparent strategy from the government to deal with the situation. The delay and indecision from Denel’s sole shareholder has made its pre- dicament all the worse. Denel has cutting-edge technology in drones, fifth generation air-to-air missiles, naval missiles, artillery systems, and protected vehicles. It has been the core of the In its report on the latest financial state- local defence industry since manufacturing ments the Auditor General also said Denel was separated from arms acquisition in could not be considered a going concern. 1992. This gives some validity to the argu- Bailouts ment made by the Democratic Alliance Denel required a bailout in 2006, but its that the company is trading recklessly, decline in recent years has been precip- mainly due to rising operating costs, no reliable information on this, at least in in contravention of the Companies Act. itous and rapid. Revenue in its 2019/20 which is often a sign of high management public hands. Denel’s annual results were Denel’s management insists that things financial year of R2.7bn was 68 percent overheads. only released last week, nearly a year after are improving and its turnaround strategy below what it had been five years previ- With its liabilities exceeding its assets, the end of its 2019/20 year, and even then is working, although there is no sign of ously. That’s a small percentage of Eskom’s there must be a rising risk that Denel will the auditor was of the opinion that they this. Denel is still able to borrow from the R200bn in revenue, but nevertheless Denel default on its obligations and head into were probably unreliable. banks, but this is on the basis of a govern- is important for defence, exports, and bankruptcy. Since 2019, Denel has re- For a number of years, the Auditor Gener- ment guarantee of its debt. skills. ceived R2.3bn in government bailouts, but al has issued the most damning qualifica- The company last made a small profit of there was no further support in the Budget tion possible on an audit. That is, a refusal Ex-Denel CEO details how he was intro- R282m, which amounted to about 3.5 per- presented last month. to express an opinion on the financial duced to Guptas cent of sales, in 2016/17. In the financial The big problem in trying to assess Denel’s statements as the information given by the year ending in 2020 its losses were R1.9bn, degree of financial distress is that there is company cannot be trusted. Read the full article here Eskom’s Medupi, Kusile still can’t deliver currently in progress. at Medupi and Kusile in further detail. edupi and Kusile were hailed as The Medupi and Kusile projects involve the In order to rectify these defects, Eskom mega-projects that would change construction of two 4800MW, coal-fired, and the boiler works contractor, Mitsubishi the energy landscape for South direct dry-cooled power stations. The Medupi Hitachi Power Systems Africa (MHPSA) MAfrica. In 2007 when the projects were site is close to Eskom’s Matimba power station are now undertaking significant rework commissioned, blackouts were crippling in the Lephalale district of Limpopo Province. of all twelve units at Medupi and Kusile. mines at the height of a commodities boom. The Kusile site is close to Eskom’s existing This requires that each unit be shut down The plants were meant to be completed by Kendal power station in the Nkangala District for about 75 days in sequence to effect the 2015 at a projected total cost of R163.2bn. of Mpumalanga Province. necessary rework, with the associated costs Now Kusile’s estimated completion date An article in Engineering News on 1 February shared 50/50 between Eskom and MHPSA, has been pushed back to 2023 and as 2019 summarised a number of technical pending resolution of the contractual matters things stand, the plants might never be defects identified by Eskom at Medupi between them. fully operational. The actual cost of the and Kusile that were resulting in serious The planned modifications required on each of projects has soared to over R450bn so far underperformance at the power stations. The the twelve units at Medupi and Kusile include: and spending continues. Respected energy generation units handed over for commercial • Mills: Eleven modifications were expert Chris Yelland takes a closer look at service were unable to operate at full load agreed to be implemented – initially what’s happening at the plants, where design and were experiencing frequent planned and in a matrix across the five mills fo failures and poor planning have caused unplanned outages. Medupi Unit 3 in order to determine major setbacks. – Melani Nathan Chris Yelland is Managing Director at EE Thereafter, an open letter written by Mr the performance of the modifications Business Intelligence. Alex Ham, a former Eskom Chief Engineer: and their interdependencies. By Chris Yelland Power Station Design, and later, Director of Kusile housing project exposed as mega-projects – the Medupi and Kusile coal- Technology, who had worked for the utility another Eskom money pit fired power stations in South Africa. This for 30 years, was published by EE Publishers Much has been written about the cost and article focuses on the boiler plant design on 12 May 2019. The letter spelled out the Read the full article here time overruns at Eskom’s flagship new-build defects and the status of rectification work background to the boiler and mill problems 3 | SATURDAY 20 MARCH 2021 WWW.BIZNEWS.COM BIZNEWS POWER HOUR

Springbok team of the gold world IN SHORT SA regulators approve use of Pfizer-BioNTech shot What’s next for Sibanye-Stillwater? In this interview with BizNews editor-at-large Jackie Cameron, South African regulators approved the coronavirus vaccine developed by CEO Neal Froneman shares his views on a potential merger of Sibanye-Stillwater, AngloGold Pfizer Inc. and BioNTech SE for local use, a boost to a national rollout Ashanti and Gold Fields. He outlines his investment thesis and proposes that a South African that’s going slower than initially planned. The decision is conditional gold mining titan will be in the best interests of this country. After timing the precious metals on the outcome of tests to check the shot’s efficacy against a variant Stillwater deal to perfection, it will take a brave man to bet against one of South Africa’s best identified in the country late last year, according to a statement by the South African Health Products Regulatory Authority. capital allocators.

SA stands by budget despite student protests Neal Froneman on the benefits of a South Africa is committed to consolidating debt and fostering economic proposed merger growth even as it faces pressure to increase funding for universities and “The context for our comments raise civil servants’ wages, Deputy Finance Minister David Masondo said. was really around our results “Everything is going to be funded within the current fiscal framework,” presentation where we had an he said in an interview. “Unavoidable funding pressures will be financed analyst asking about our entry into through expenditure reprioritization.” battery metals and our intention to grow in the gold space. And both of those initiatives are really driven Shoprite wants to procure vaccine for employees by the fact that at a thirteen and South Africa’s private sector must be allowed to secure vaccines on a half billion dollars of market their own to speed-up the slow rollout of Covid-19 shots, according capitalisation, Sibanye-Stillwater to the head of the continent’s biggest grocer. Shoprite Holdings Ltd. is still not relevant in the bigger “would certainly purchase for our employees to get those front-line investment space. people vaccinated as quickly as possible,” said CEO Pieter Engelbrecht. Well you know, the other companies (AngloGold Ashanti and Gold Neal Froneman is the CEO of Sibanye-Stillwater. Fields) that you referred to are just Mr Price buys Yuppiechef e-commerce business part of a universal gold company over a period of time, we’ve spoken of the country Mr Price Group has announced that it will purchase 100% of Yuppiechef, that is 60 per cent and 40 per cent to many. And, there’s pros and cons “When I go to international a privately-owned e-commerce business. Yuppiechef was founded in smaller than ourselves. And if we are of looking at North American industry meetings, we don’t even 2006 with a vision to build a platform for the distribution of aspirational not relevant, they are not relevant. gold producers. There’s pros and feature as South Africa. It’s about kitchen and homeware brands. The business has two primary operations And we are all going to either get cons of looking at South African time we as South Africans did as the – Yuppiechef Online and a separate wholesale division that develops consolidated internationally or we gold producers. So we continue to Springboks do and win the game of and imports branded goods for wholesale distribution. can do the consolidating. Now, the look. But I can assure you, when business wherever we play all over real benefit for shareholders is it's we make a move, it will be value the world – that’s in the best interest not an issue of just size. It’s that accretive. It will make sense to to of South Africa. I think there is real bigger companies trade at higher all shareholders. And I think the AstraZeneca’s embattled vaccine didn’t offer much merit in that as well.” multiples.” investment community knows us AstraZeneca’s embattled coronavirus vaccine didn’t offer much for doing smart deals. Both groups Read also: protection against mild disease caused by the variant that emerged Whether there’ve been any of shareholders have to benefit and in South Africa in a study that prompted the country to seek other Froneman is a smart guy, immunisations last month. The vaccine had an efficacy of just 10% discussions with the boards of that’s what we’re good at. So that’ll says Piet Viljoen. ‘He’s against the variant strain, according to the study published in the New target companies be the outcome.” flying a kite to see what will “We talk to many different gold happen’. England Journal of Medicine. companies. We go through the front On why a South African gold mining door of all of them. And, you know, titan would be in the best interests Listen to the full interview Visit BizNews.com for the latest business and finance news

BizNews Power Hour with Jackie Cameron he BizNews Power Hour, hosted by Jackie Cameron, airs weeknights at 5:30 – 6:30pm on Cape SA’s pool of higher net worth Froneman is a smart guy, says Town’s Fine Music Radio and is livestreamed worldwide. Here are some of this week’s top interviews individuals is shrinking Piet Viljoen Tfor your listening pleasure.

Sibanye-Stillwater CEO Neal Froneman, renowned for his deal-making in the mining BizNews industry, has suggested that a merger of Sibanye, Gold Fields and AngloGold Ashanti Power Hour would be in the best interests of South Africa. In this interview, he outlines his investment thesis on the merger and the benefits of creating a mining titan that can compete with the likes of Newmont and Barrick Gold.

Ivermectin has been used across the world to fight ailments of all sorts - with excellent BizNews results. The drug has been banned in South Africa, despite many studies and plenty Power Hour of evidence showing its effectiveness in curing patients with Covid-19. In a major breakthrough, ACDP lawyer Bongani Luthuli told BizNews that “due to the pressure of ACDP and others - they've conceded to the usage and rollout of Ivermectin.”

BizNews Jean Pierre Verster, a hedge fund manager that successfully shorted African Bank and Power Hour Steinhoff, shares in this interview his insights on the hedge fund industry; frothy equity market valuations; the recent successes of his Tesla shorts; and the Naspers vs Prosus debate. 4 | SATURDAY 20 MARCH 2021 WWW.BIZNEWS.COM PERSONAL FINANCE SA’s pool of HNWIs is shrinking

Listen to the full interview take the longest to recover. We think anything factor of wealth is property values in South between nine and 13 months for clients to Africa and also investment. It’s a proxy of how recover, in terms of their income. well our investment and property market is Eric Enslin on SA’s high net worth individuals What we’ve seen with Covid-19 – depending growing. “What’s interesting – contrary to what I think on the industries – is a lot of the wealthy We are predicting – at least for the next two a lot of people expected in the market – is clients had to go and access the personal to three years – that our wealth market will that often, people think if you have a crisis, savings, personal funding or nest eggs to stay flat and maybe even go negative, because Covid-19 or debt, that the wealth market is actually keep their businesses afloat. of investment markets, property markets resilient and not impacted. I think in South I had many conversations with extremely and very little economic growth. If you go Africa, that’s very far from the truth. One wealthy and successful people who can back 25 years [or more] a high percentage needs to understand that in the South African withstand Covid-19. But what they had to of the wealth markets with salaried people, context, the bulk of our private wealth market do is gear their personal balance sheets and many of them in successful parastatals, etc. are self-employed people. Covid-19 and have to preserve their balance access personal investments to keep their Corporate South Africa and that whole scene I think you can categorise people as salaried sheets, etc. - suddenly that income had a big businesses afloat.” has changed quite a bit. and self-employed. If you look at the client drop. I remember at some point, salaried people segments, the private wealth clients tend to Some point last year, I did some calculations On whether SA’s pool of high net worth constituted 60% of the wealth market and it’s be in a higher age bracket as well. If you then and interest rates from January to [about] the individuals is shrinking now under 50%. I’m not saying it’s a good contextualise it – even before Covid-19 – there end of the year fell more than 30% – that’s a “It’s definitely shrinking. It’s a fluid number. or bad thing. It may be a good thing, as self- was lots of strain. If you think of the economic drop of 30% in your income. It impacted the A couple of things have influenced this and employed people create jobs, for example. [But growth, lower interest rate environment, retiree market a lot.” that’s a very interesting topic. So why does the] market is going backwards – not by a which was fast tracked with Covid-19.” it actually matter? Obviously, that’s a big tax lot – but it’s definitely not growing.” On the impact this has had on self-employed base. The bulk of the wealth clients in South On the impact this has had on retirees people Africa are self-employed. It also is a bit of a “If you’re a retiree who lived off investment “[With regards to] the self-employed market, I proxy of your economic growth. Read also: income, be it interest or dividends and even think from a wealth perspective, post Covid-19 If your market is growing and the bulk of your SA’s rich: where they live, what they more so dividends because many companies we did some internal analysis. I think the wealth market is self-employed, it tells me that studied, how they grow assets – wealth have not paid dividends based on the back of wealth market – for the self-employed – will there’s economic growth happening. Also a big expert On the money: Everybody loves a free lunch

great detail. ered when it comes time to graduate high I know on the Sanlam iTrade platform What piqued my interest was the mention school. It can also provide a great booster you can get access to 20 global exchanges, of it being the only ‘free lunch’ in investing. to your retirement fund. but there are minimum broking fees per With regular investments, the government I’ve overlooked this fantastic investment trade you need to take note of. The Stan- likes to help itself to some of the fruits of vehicle for quite some time. Not for much dard Bank global share Webtrader plat- your labour – in the form of capital gains longer, though. I’m tired of paying for my form gives you access to 31 international tax. lunch. exchanges. However, there are a multitude As a junior or beginner investor, it’s Last week, I asked you to send me your of fees you need to navigate. already difficult enough to save and invest finance and investment queries. Here, without someone fiddling and eating out of Johan Steyn and Tanita Conradie of your plate. Brenthurst Wealth Management share Read the full article here Tax-free savings accounts and investments their expert advice by providing answers allow anyone to save up to R36,000 a year to your questions. – with a lifetime limit of R500,000 – completely tax-free. According to Candice Rae asked, Paine, tax-free savings accounts are open to Do you have any quick advice on the fol- Budding stock market investor and anyone – regardless of your age or financial lowing re the best low-cost (i.e. I don’t need BizNews journalist Jarryd Neves sends status. fancy trading features as I plan to buy and out an invitation to anyone who wants While that may sound rather limiting, the hold for the long-term next 5-10 years and to ask questions about share investing free lunch kicks in when it comes to the don’t want access to research etc.) online – but is too embarrassed to ask. Write to [email protected] and tune in returns. Speaking to BizNews, Paine said trading services to use for: for his regular Monday column: On “as that money grows, all the returns on 1. Buying shares in the USA market, and the Money. that investment are tax-free.” ideally a platform for buying shares in With other investments, capital gains tax other markets helps itself to the interest income that your 2. Buying ETFs globally (I want to buy ON THE MONEY investment has gained. Paine says that the 1-2 cannabis ETFs so I’m researching key to successful tax-free investing is to those at the moment) By Jarryd Neves “stay in the investment as long as you can, 3. Buying penny stocks (mainly USA) have the benefit of the compounding and obviously no tax.” Johan answers, f you’ve been tuning in to the BizNews Aneesa Razack, the CEO of Share Invest- As a South African based investor, I’d look Power Hour – if not, you really should be ing at FNB Wealth and Investment, seems for the easiest option, in terms of has- – you will have undoubtedly come across to agree. “A tax-free account can, and sle-free account set-up and low costs. You Inumerous nuggets of wisdom, dropped by should, be one of the cornerstones of any can get access to a wide range of US-listed the knowledgeable and informed guests. such balanced financial plan.” shares and ETFs on the EasyEquities plat- One such guest was Candice Paine of PR Many people utilise tax-free savings to form, which is one of the better low-cost Financial Services. Talking about tax-free invest – like Candice Paine recommends – options. It is also relatively easy to trans- savings and investments, Paine unpacked for the long-term. Starting a college fund fer rands to the USD account using their the often overlooked investment vehicle in for a young infant now, will see them cov- facility. 5 | SATURDAY 20 MARCH 2021 WWW.BIZNEWS.COM BIZNEWS INVEST The inaugural BizNews Investment conference

By Alec Hogg After a few years, members suggested it father’s associates. Even more so because, would be better to drop the sponsorship as a twin, there were two of him. and make the club self-funding via their I only discovered much later that the lime own contributions. That led to the concept works in Ballengeich was the business he inaugural BizNews Investment expanding into a long weekend, first at venture which started then youthful Roger Conference has been awfully long Zimbali then moving a few years later to St (and twin Alain) onto the road to entre- in gestation. Around 20 years to be Francis. preneurial success. Highlights of which Tmore accurate. We’ve kicked around the idea of resuscitat- included the purchase of tennis star Kevin ing the Ibandla many times since BizNews Curren’s Champagne Sports Resort around emerged from the ether in August 2013. three decades back.

Autumn, the other in Spring, seasons when the ‘Berg is at its most spectacular. We’ve applied many of the learnings from those many Ibandlas (and, indeed, Davos) into this event. The mornings are dedicated to learning; the afternoons and evenings to fun and interaction. Covid-19 rules stopped us from allowing partners to come into the presentations, but in all other respects they are delegates.

Back in the early “noughties”, a pal who worked at the local offshoot of the late Ross Perot’s consulting firm EDS suggested we As the Ibandla died soon after my depar- As tends to happen in family businesses, start a supper club to get the top people in ture from Moneyweb, there was no conflict Roger and Allan have been joined by their business and government together. He’d with our previous creation. But given sons in a company with deep integrity and provide the funding as long as I did the that at BizNews our mission is somewhat values, and is home to a long-serving team inviting. different – we serve the globally-minded at Champagne Sports, led by Philip West, a It was an ambitious project aimed at South African by, inter alia, democratizing top hotelier poached 23 years ago. creating a South African “Davos”. Having investment information - it didn’t feel right You could not find better hosts for the attended some World Economic Forum to restrict invitees. Nor to solicit sponsor- first of what we expect to be twice a year annual meetings at the Swiss Alpine resort, ship. BizNews Investment Conferences – one in I’d seen from up close how benefits flowed when thought leaders got together. The very first Ibandla dinner was held at the Rand Club in downtown Johannes- burg, with a feisty Tito Mboweni, then SARB governor, jousting with DRDGold’s CEO, the late Mark Wellesley-Wood. That was the first of many memorable evenings with interaction stimulated by a strict off-the-record rule that was never broken.

Fast forward to 2017 and a conversation with Roger Macquet, a hero of my pre-teen self growing up in the remote KZN town of Newcastle. A long-haired, good-looking, 20-something vegetarian from Durban who loved sailing and had his own business was like a beacon of hope among my 6 | SATURDAY 20 MARCH 2021 WWW.BIZNEWS.COM PARTNER CONTENT No need for anxiety about turning 55

funds, including funds for 100% offshore Brought to you by Brenthurst Wealth exposure. Which is exactly what he chose. With his newfound freedom of choice – literally 100s of funds – he started with the IP any so-called Baby Boomers Global Opportunity Fund, managed by Tony (people born between 1946 to Bell, and the Ninety One Global Franchise 1964) started saving almost from Fund. He was then persuaded that healthy Mtheir first paycheck with the plan to one day future returns can be expected from industries supplement their retirement investments. and companies driving the 4th industrial For many years they dutifully put away revolution and moved his entire investment to a small amount, mostly in retirement the Sygnia 4IR fund, where it is still invested. annuities with the leading and large When invested in a LA you are required to insurers that were dominant decades ago. draw an income, which can be as low as 2.5% Once set up they pretty much forgot about or as high as 17.5% per year. Heystek started the small debit orders that were increased his portfolio with R450,000 withdrawn from annually in line with the inflation rate. The penalties have been reduced in recent times, offshore funds achieved. the two RAs in May 2016. He chose to draw hope was that this small but committed it is still in place. an income of 10%, which came to a total savings programme will build wealth and the As time passed by, journalists started Enough is enough withdrawal of R223,000 over the four-year investors completely believed and relied on asking probing questions about these toxic Magnus Heystek, investment strategist period. The 10% is calculated on the capital the companies to perform as per expectations. investment products. Returns were low, fees of Brenthurst Wealth, is one of the Baby amount on the anniversary of the investment. Decades ago, the transparency and details were high, and any real growth was almost Boomers who followed this savings strategy His most recent update shows that the value of about performance, fees, and the rules incidental. to build wealth and have something extra at his LA now stands at R828,000; a compounded regarding RA’s we know today did not exist. Many investors added other investments over retirement. He decided five years ago this must growth rate of 33% per year. Investors received very little feedback, once time – unit trusts, exchange traded funds and end and then applied to cash in the RAs and perhaps twice a year and there was no internet index trackers – to their overall investment place the funds in one living annuity (LA). Risk tolerance to use as an investigative tool to find out what plan but carried on with the RA investments, This attracted a swift response and he received It should be noted that Heystek’s risk tolerance the fees and returns are. Furthermore, the in some cases purely to see what it will deliver letters about what a bad idea this is, that he is likely very different to that of many investors. choice of the underlying fund was rather at the end of the investment term. is damaging his retirement plan and must Also, luck played a role as few analysts could limited. Year after year returns of between 2% and think long and hard about it. have foreseen that the Sygnia 4IR fund would If the investor shortened the term and 5% were well below the returns achieved with He moved the money to the Ninety deliver a return of 92% in the past 12 months. withdrew the money too early, all manner other investment instruments, and in the past One platform (previously Investec Asset Read the full article here of penalties were charged. Although these 10 years and more especially, well below what Management) as it offered a wide choice of

Going offshore: Let us show you how with future validation. Here are some of to those not trained in the dark arts. These Content by Overberg Asset Management the most popular options: are typically marketed via online adverts – the type that follow you from one website Direct Investment to the next, or videos that make you suffer e are told not to have all our eggs Investing direct is king, however, difficult through five seconds, before you have the in one basket unless, of course, for us peasants. Gold is expensive, shares chance to click SKIP. They all have a fancy we are in a supermarket. can be impossible without being part of an app and usually make claims for ease of W employee incentive scheme and taking de- Somehow you made the decision, past use, profit potential and low-to-no fees. or present, to invest offshore. It sounds livery on a few barrels of oil is not recom- It is important to understand that a murky, it can be murky. You know who you mended. If you want to invest in physical CFD is not the same as ownership of want to appoint to manage your money, metals or indeed cryptocurrencies, direct the underlying investment. The risks of perhaps you read https://www.biznews. is the way to go, just remember where you a CFD are substantially higher; ranging com/wealth-advisors/2021/03/08/ hid the keys to your vault. Investing direct from counterparty risk to wider spreads, overberg-investing-offshore and are can be about trusting yourself more than no shareholder rights and dividends, no convinced, or you want to go at it alone. It you trust a third party. ability to convert for physical assets and, as is easy to find compelling articles explain- CFD Trading we saw during the recent GameStop Corp. ing the pros and cons of foreign investment Mark Diuga is Regional Wealth Manager A Contract for Difference (CFD) is a con- frenzy, these providers can restrict certain or the ‘offshore investment opportunity’ and Director of Overberg Asset Management. tract-based investment which differs from activities to protect themselves. which proclaims genius with wonderful actual ownership of the asset. These are CFD accounts should (if at all) be uti- charts of historical performance juxta- about, the how, the method you choose. synthetic derivative products which mirror lised for short-term and/or speculative posed with the foreboding caveat that you You want to participate in a stock mar- the underlying trading pair. These creative investments in markets or underlying absolutely must not rely on said historical ket other than our own; whether it be to instruments allow investors the ability to pairs which would be otherwise difficult or data when making your decision. These hedge currency, diversify or overpay for participate in a wide range of underlying time consuming to facilitate via alternative articles may help you determine the who, Tesla shares which seemingly will, against shares, commodities, currencies, and cryp- means. what, why, where and when of offshore the principles set out in CFA (Chartered tocurrencies in both buying and selling; investing. There is the very-little-talked- Financial Analyst) textbooks, provide you whilst offering unnecessarily high leverage Read the full article here 7 | SATURDAY 20 MARCH 2021 WWW.BIZNEWS.COM GOOD HOPE AI to improve breast cancer diagnosis a real solution and it’s 65% more cost effective he highest mortality rate for cancer than what’s currently being used in practice in South African women remains – which is great. It’s good for the doctors, but breast cancer. Frustrated by this even better for the patients.” Tstatistic – and the fact that there’s an average six-month delay from eventual diagnosis On undiagnosed cancer in South Africa and surgical treatment – Kathryn Malherbe “It is actually quite scary. There’s many decided to start a company which aims to different cancers, but the most common speed up diagnosis. Medsol AI Solutions cancer that causes death in women in South uses deep machine learning and AI software Africa is breast cancer. It’s still the highest rates to identify, segment and predict breast for mortality and it’s for two reasons – a lack cancer subtypes. She was one of the winners of infrastructure at most district hospitals and of grant funding and business development rural clinics, a lack of education and a delay support of the SAB Foundation. Malherbe in diagnosis. Most women that go to the local – who is also involved in a breast cancer rural clinic – if they feel a breast lump – they support group – told BizNews that their can wait up to six months before they get a product is 65% more cost-effective and diagnosis of that lump. boasts a 91% accuracy rate. As the software It’s not from lack of care given at the local can run alongside remote connectivity clinic, but they don’t have the means to do a units, it can also be used in rural areas. – diagnosis. They have to refer to a specialist or Linda van Tilburg to a hospital and that can take a few referrals – from one hospital to the next – before they Kathryn Malherbe on her background it was just a concept in my head. I thought, the software now at a couple of practices. actually get a diagnosis. The reason that my “For 15 years I’ve been working in the field of ‘okay this is pretty cool. We’ve found a way’. It’s actually colleagues – people that I know focus was on breast cancer, especially in South imaging. In the last couple of years, I focused But I never thought – where we are now – from working in practice for many years. I Africa, is there’s a very big stigma from a my research on breast cancer imaging. I was that we’ve actually made software. My initial was sitting with my husband at home and cultural point of view. becoming more and more frustrated that concept was approached to Innovation Hub I just told him, ‘I want to do something to We have a myriad of cultures. Most women we were missing certain breast cancers on and the Tech Innovation Agency, and that improve diagnosis. I’m frustrated with cancer who are diagnosed with breast cancer who ultrasound. I started doing my PhD research a funding helps us to get it into a prototype being missed and nothing is being done. live in rural areas are shunned by their fellow couple of years back and I actually discovered and now it’s software.” What is being done isn’t cost effective. It’s village members. It’s more from a lack of an algorithm that can take an ultrasound too expensive. Patients can’t afford it’. understanding and a fear of what it is.” image and then predict the breast cancer On Medsol AI Solutions My husband knows the moment I say ‘I’m subtype without needing to do a biopsy. “We started our company, Medsol AI going to do this’, it means I’m going to do this. That was about two years ago and, initially, Solutions, last year and we’re busy piloting Now, looking back, we’ve actually developed Listen to the full interview

‘My Octopus Teacher’, a breathtaking success

very connected to nature. That’s apparent y Octopus Teacher tells the story and so many of the subtleties that are in of a Capetonian film maker and the film that you might not expect peo- free diver, Craig Foster who ple to get, they get even more. It’s very Mneeded a break from a busy schedule that heart-warming for me.” was taking its toll. Turning to a life-long Several international publications have passion for snorkelling in the kelp forest in listed the “Octopus Teacher” as a must-see. Cape Town near Camps Bay; he develops a This includes theWashington Post, publi- relationship with an octopus. By tracking cations in Hollywood, United Kingdom, the octopus’s movements, Foster transports India and South Africa and an article in the viewer to the natural world and a level of the New Scientist. Foster said he never consciousness few have experienced before thought in his wildest dreams that his him. I won’t spoil the story of what happened octopus movie would be received in this for those who have not seen it on Netflix. way. “I’ve done a lot of films over the years Suffice to say, it has become a global hit and and some never see the light of day while is featured in publications as a must-see, some get out to a lot of people. I know how with some celebrities filming their reactions it works and this is a massive surprise.” and vowing never to eat octopus again. The The short lifespan of the octopus was one of the elements in the film which brought film is backed by the Sea Change Project, Linda van Tilburg been working at the end of the planet in out strong emotions in many viewers, but an NGO that wants to create awareness of Cape Town and suddenly there were a Foster said that was oddly to their advan- the great African sea forest. Craig Foster **The documentary is now in the running million people interested in what he was tage. spoke to BizNews shortly after the release for an Oscar in the best documentary fea- doing. “Sometimes something just reso- of the film on Netflix and said he was still ture category. nates with people and it’s very exciting and Listen to the full interview overwhelmed by the interest in his film. – The filmmaker and free diver said he had I’m very grateful that people are actually 8 | SATURDAY 20 MARCH 2021 WWW.BIZNEWS.COM LIGHT Duane Vermeulen honoured by his peers

BrightRock media release for the players to have this platform where they can recognise their peers. Many thanks to BrightRock and our MyPlayers team for sports team cannot be successful the great work they have done over the last without a joint effort to achieve a four years to produce these awards,” said positive result. And, just as a rugby Eugene Henning, Chief Executive Officer of Ateam needs the efforts of every teammate to MyPlayers. fulfil its mission, it also needs opponents. As the winner of two categories, Vermeulen In 2020, rugby players, like other sportspeople, pledged his total winnings of R10 000 to the faced some of their toughest opponents yet: Chris Burger Petro Jackson Players’ Fund. the pandemic, a more intense schedule and the “Assisting those in need is something close to absence of spectators. But amidst all of this, my heart, and I couldn’t think of a better way the players never quit; instead, they displayed to assist those in need than donating my total immense resilience and endurance. winnings to the Chris Burger Petro Jackson Bearing this in mind, the fourth Annual Players’ Fund, which has been rugby’s caring BrightRock Players Choice Awards are all the hand for over 40 years. My donation is a small more important, given the tough environment token of appreciation and an opportunity to of 2020. These awards, in partnership with thank the Players’ Fund for the pivotal role MyPlayers, honour and recognise the they play in caring for the South Africans who commitment, determination and talent of suffer life-changing injuries through rugby. South African rugby players. The winners Hopefully, my donation can make a change are decided by their peers – South Africa’s in one person’s life,” Vermeulen said. professional rugby players – in a voting BrightRock Deputy CEO, Suzanne Stevens, process that is facilitated by MyPlayers, the says, “One thing South Africans know is how South African professional rugby players’ to stand strong when it comes to change. At organisation. BrightRock, we believe that with all change, After this year’s votes were counted, Springbok player selected by their peers as the best rugby and his two awards reflect this. On behalf of there is an opportunity. Being able to ‘love stalwart and Bulls captain Duane Vermeulen player of the year. A week ago, Vermeulen MyPlayers, we would like to congratulate all change’ is a skill we as South Africans possess; came out tops, beating his fellow nominees was named SA Rugby Player of the Year, and the winners who contributed to the game and we’re naturally a ‘change fit’ bunch! That is why to win the coveted 2020 Players’ Player of this is the second time, including 2014, that entertained us with the great rugby that they these awards are important and a necessity the Year award, as well as the Forward Player he receives South Africa’s two most coveted have played this past season. Rugby remains during these unprecedented times.” of the Year award, both of which were won player awards in a single year. one of the most popular sports in our country, by Pieter-Steph du Toit in 2019. The title of “Duane Vermeulen had an amazing season, and we are fortunate to have a committed Players’ Player of the Year is awarded to the despite the barriers presented by the pandemic, partner in BrightRock that makes it possible Read the full article here

Mercedes-Benz GLC300d and GLE450: A bag of tricks

on the driver. Just set your cruising speed By Miles Downard pointing. More so when you’ve forked over is starting to border on too much power just shy of R1 million. for an SUV, even one that weighs over two and arrive at the other side. tons. Fortunately this 3.0-litre turbopetrol Another option worth mentioning is high- ercedes-Benz launched some new unit is silky smooth. Silent, too – but not beam assist. Headlights are becoming so SUVs recently, all prefixed with friendly at the fuel pumps. clever these days. Not only will they point the letters GL (apart from the around corners but will also keep the high Mlegendary G-Wagon, of course). I had the beam on into oncoming traffic but just turn opportunity to sample the two mid-sized off the bits of the LED that blind the other models, the GLC300d and a GLE450 Coupé. chap. Amazing technology. The smaller of the two, the GLC, is powered by a 2.0-litre turbodiesel engine that is rather surprising. It pulls so nicely that I thought it was a larger capacity motor. Boasting 180kW and 500Nm of torque, it The GLC300d is powered by a 2,0-litre should come as no surprise that the 300d turbodiesel powertrain, producing 180kW moves rather swiftly. The motor is smooth and 500Nm of torque. and refined, too. It’s a pity the world has The GLC offers up a wonderful cabin, come to hate diesel so much, as it makes an The ride is perhaps even more disappoint- although some of the interior plastics leave awful lot of sense in large cars like this. ing. It’s harsh, made worse by AMG-line a lot to be desired. I’ll leave you to decide what you make of alloy wheels. Opt for the air suspension if the GLC’s appearance. Personally, I think you can and the smallest wheel and biggest The interior has a similar layout to the The GLE450 is equipped with a silky-smooth the front end looks rather flat, as if the tyre available; it will help tremendously. GLC. But being a more upmarket model, 3,0-litre turbo petrol powerplant. bonnet is trying to sit lower than the head- That sentiment comes directly from my there are more toys and nice bits. You can lights, but overall it’s nice enough. Inside is time with the GLE450. It had air suspen- change everything in a car these days, even Both the GLC and GLE can be spec’d with where things get tasty. Mercedes is making sion with a fair bit of tyre profile and it the colour of your ambient lighting. Not an optional off-road package. This adds a some lovely looking interiors of late. I’ve felt marginally okay over bumps and ruts. just a handful of colours, either. They offer fully variable, stepless all-wheel drive with even started to become accustomed to Although neither the GLE nor GLC can the full spectrum. You could spend days low-range gearbox and special traction the whopping touchscreen affixed to the handle a close knit series of small bumps choosing the shade of blue you like. control programmes, to optimise traction dashboard. The only let down is that the in a road. There’s a ripple sent through the I suppose at R1.57 million you’d hope so. It on different surfaces. The suspension can switchgear can, in some places, feel cheap. entire car, as it shimmies over the road does offer more, of course. Everything that be raised to new heights to give more I think the standard is set so high by the surface in an unsettling manner. opens and shuts is on offer at a price. Lane ground clearance. way it looks, that when you use it and it That aside, the 450 is equipped with a fan- keep and active cruise control are things I’d Read the full article here feels plastic to the touch, it can be disap- tastic engine. 286kW and 500Nm of torque tick as they make long journeys a lot easier