Cyril's 6-Point Rescue Plan
Total Page：16
File Type：pdf, Size：1020Kb
PAGE 3 PAGE 5 PAGE 7 FINANCE// PARTNER CONTENT// LIGHT// HONEST INTERVIEW JOBURG INDABA SUPER RUGBY WITH HERSOV NUGGETS UNLOCKED BizTHE RATIONAL PERSPECTIVENewsDigest WWW.BIZNEWS.COM FRIDAY 16 OCTOBER 2020 BIZNEWSCOM Cyril’s 6-point rescue plan BRIEFS In one of his most commanding performances since taking office in December 2017, President Cyril Absa PMI Index Ramaphosa yesterday unveiled South Africa’s ambitious reconstruction and recovery plan. Already limping before the coronavirus arrived in March, the economy was dealt a devastating blow by the 58.3 pandemic over the past six months. But a cautiously optimistic prognosis of Covid-19, and the renowned September 2020 resilience of the South African nation emboldened Ramaphosa to share his New Deal that is both far- reaching in its vision for the economy to grow by at least 3% on average over the next 10 years, and specific in the six interventions planned over the next four years. 10.8% By Derek Alberts manufacuring production joint sitting of parliament decline in August recently listened to the president who identified Athe six key interventions of the economic reconstruction and 8.2% recovery plan: 1. To achieve sufficient, secure and SA economy reliable energy supply within to decline two years; in 2020 2. To create and support over 800,000 work opportunities in the immediate term to respond to job losses; 3. To unlock more than R1 trillion 37.5% in infrastructure investment decline in over the next four years; 4. To reduce data costs for every vehicle exports South African and expand year to date broadband access to low- income households; 5. To reverse the decline of the local manufacturing sector and Eskom’s promote re-industrialisation The recovery, Ramaphosa vowed, a massive rollout of infrastructure Read the full article here through deeper levels of will be propelled by swift reforms throughout the country. overdue debt localisation and exports; and and supported by an efficient a rapid expansion of energy Read also: 6. To resuscitate vulnerable state that is committed to clean generation capacity As economy shrinks, R31bn sectors such as tourism, which governance. an employment stimulus to create Ramaphosa urges national have been hardest hit by the The plan is underpinned by four jobs and support livelihoods; and effort to rebuild the economy pandemic. priority interventions: a drive for industrial growth. 337,745 Subscribe now tons of plastic Best in business news. BizNews.com recycled in 2019 2 | FRIDAY 16 OCTOBER 2020 WWW.BIZNEWS.COM FINANCE On-point innovation sharpens Cloudflare’s cyber sword The March 2020 panic presented BizNews founder Alec For more insight: Hogg with the perfect opportunity to add Cloudflare Alec Hogg: Washington’s to the BizNews Share Portfolio, a decision informed by attack on Big Tech may boost their share prices. personal experience and diligent homework, that paid off handsomely after the online security innovator’s stock Alec Hogg: Amazon now targets luxury – will leapt 23% on news of another revolutionary invention. Richemont investors blink? The Rational Radio webinar with Sanlam’s new CEO Paul Hanratty By Alec Hogg relied on Cloudflare to protect our website. It has never failed us unpacks his much-criticised remuneration package. Like Koos – indeed, when one particularly Bekker and Sanlam predecessor he share price of the odious “asset damager” recruited Johan van Zyl, the new Sanlam BizNews Share Portfolio highly-paid online mercenaries, CEO traded his salary for the holding Cloudflare jump- the Cloudflare team relished the maximum possible equity upside. Ted 23% last night. opportunity to shine. Which, as View the webinar here When Mr Market panicked in always, they did, beating off the The share price of BizNews portfolio holding Cloudflare jumped 23%. March as Covid-19 propaganda would-be hackers in double quick reached fever pitch, anyone who time. kept their cool would have seen Experiencing the company’s the BizNews portfolio along with jumped 23% on the news, pushing DOWNLOAD THE FREE opportunity. Those who benefited excellence first-hand nudged me Sasol at R28; Discovery at R67; the market cap of this $287m annual BIZNEWS.COM APP most were investors who had done towards the stock. But by normal and Spotify at $120. Once again, revenue business to an astonishing Click on the links below their homework on individual valuations, the elevated price always Cloudflare delivered. $17bn. BN to download your own stocks, so knew where to pounce. seemed to make it too expensive. Last night, Cloudflare announced But given the transformative free BizNews.com App As an independent voice in Then came the March panic and, a revolutionary new product, online nature of its made-for-the-times a world infected with extreme at $17 a share, Cloudflare became protection for logging-in devices invention, that rating suddenly no agendas, at BizNews we’ve long irresistible. The stock was added to of remote workers. Its share price longer appears quite so outrageous. Graphs that RAND/US DOLLAR: FIVE YEARS FROM 2012 - 2017 Eskom rotten to the core tell a story as 12% of staff fingered By Derek Alberts power stations. He also laid bare One-way bet folly the details of how several Eskom executives pocketed R100m in This first graph tracking the skom is rotten to the core “kickbacks” that were related to the Rand between 2012 and 2017 is with almost 12% of its staff parastatal's procurement of a cloud instructive, BizNews founder Alec members in the sights of computing system. Hogg points out. Ethe Special Investigating Unit. Mothibi said the kickbacks Despite this period hosting Addressing Parliament’s Standing were part of 39 cases of alleged the worst of the Zupta excesses Committee on Public Accounts corruption, fraud and racketeering including Nenegate, the currency (Scopa), SIU head Andy Mothibi that have been referred to the powered to a 25% appreciation. said 5,523 Eskom employees were National Prosecuting Authority Taking the one way bet against the in their sights as investigations for possible prosecution. He said a currency would have been a quick SANLAM SHARE MOVEMENT SINCE 1 JULY into fraud, corruption and further 32 cases have been referred way to go broke! maladministration at the power to the Asset Forfeiture Unit for utility continued. the attachment of assets which The depth of corruption atE skom have been identified as proceeds Sanlam’s long road had Scopa gasp in disbelief. With a of crime. headcount of 46,665, the number of The targeted employees will face compromised employees represent disciplinary action for a range of The second graph demonstrates 11.8% of the total workforce. Of the tough journey ahead for misdeeds, including for failing to deep concern is that the 5,523 declare their financial interests, Sanlam CEO Paul Hanratty who employees account for a much stepped into the hot seat on 1 July. and being red-flagged after lifestyle higher proportion of senior staff audits. As the graph shows, the market in decision-making roles. has not been kind to Sanlam over Mothibi said four officials Read also the past three months. pocketed R44m as “gratification” related to protracted delays in the Unpicking Eskom New Age Source: Bloomberg utility's build programme of new deal for Gupta family OrbVest takes the worry out of growing your wealth by providing safe and compliant access to previously unattainable global real estate investment opportunities. FIND OUT HOW Global Real Estate Investment - Orbvest Specialized Investment | Medical Commercial Property Investment Portfolio 3 | FRIDAY 16 OCTOBER 2020 WWW.BIZNEWS.COM FINANCE Honest Hersov tells it like it is IN SHORT In episode nine of The Alec Hogg Show, the BizNews founder draws out Rob Trade activity picking up pace Hersov in a fascinating no holds barred conversation on working for media Trade activity has improved in South Africa, with the seasonally mogul Rupert Murdoch, selling a business to investment guru Warren Buffett, adjusted Trade Activity Index measuring 50 index points in his friendship with Johann Rupert, and making a difference in South Africa. September. The index has been on the mend with trade activity picking up from 37 index points in July and reaching 41 in August. However, compared with September 2019, only 31% of By Alec Hogg the respondents experienced improved trade conditions, the South African Chamber of Commerce and Industry said. The chamber said 56% of respondents expected trade conditions to improve in orn into wealth and the next six months as trade activity continues to recover. privilege, Rob Hersov, scion of the Anglovaal Bmining dynasty, is a firm believer Inter-bank transfers point to resurgent 3Q in the virtues of hard work. The BankservAfrica Economic Transaction Index (BETI), a Schooled at Michaelhouse and measurement of economic transactions between local banks, graduating from UCT, Hersov improved for the fourth consecutive month in September. The index also holds a Harvard MBA that calculated by Economists.co.za suggests that South Africa’s 3Q prepared him for an exceptional GDP print “will be the strongest on record”. September’s headline entrepreneurial career. BETI was marginally higher for the first time in six months. “The It’s a life journey that trawled the unexpected improvement of 0.4% − the first since March 2020 and lows of a failed business way ahead Rob Hersov Alec Hogg a significant shift from -4.3% in August 2020 − is welcome news,” it of the broadband curve, and the said. “With the latest data, we are convinced that the GDP growth highs, perhaps best exemplified by for Q3 2020 is likely to be the fastest on record − or at least since selling a private jet business to the the future. I said technology, and “The country needs to get rid of 1946.