A satellite launched from SpaceX disappeared, cryptocurrencies remain volatile, and South Africa’s politics is consistent in the dramatic. Keep reading for more of what has been happening over the past few weeks.
This will be our last News Flash for 2017, which we will commence again on 12 January 2018. We hope that you have enjoyed this weekly addition to your correspondence from Dynasty. Again, if you have any suggestions or feedback, we would appreciate hearing from you.
This News Flash casts a spotlight on private sector practices in South Africa – from MultiChoice, to Naspers, to SAP, to Steinhoff – we are well aware of the prevalence of corruption in our state institutions, but our private sector has been allowed to point fingers for some time. It is positive that mismanagement and corruption is being revealed and practices questioned across the board.
The South African Federation of Trade Unions (SAFTU) reacted angrily to the rating agency’s decision to downgrade on Friday 24 November stating, “It is outrageous that these unelected enforcers of the big multinational monopoly corporations can wield such power…” Unfortunately, we can stomp our feet as much as we like, but while we are reliant on…
The last two weeks have been quite a roller-coaster for Southern Africa. We saw the non-coup/coup in Zimbabwe rise and succeed in peacefully removing Robert Mugabe, South Africa lost their bid for the 2023 Rugby World Cup, and there have been shifts in the right direction in terms of our own captured structures.
There is much confusion over the current state of Zimbabwe, South African journalists are being held at the border, and the information that is coming out of the country is questionable. In other news, Treasury Budget Chief, Michael Sachs, resigned this week after ten years of service.
The Paradise Papers have exposed royalty, politicians and rock stars alike. After two of Trump’s ex-aides were implicated in the Russia probe, the Paradise Papers have shown further links between Club Trump and the Russians. In other news, the Saudi Crown Prince has arrested royals, ministers and businesspeople in an anti-corruption purge – could something similar…
Last week Friday, 27 October 2017, American tech had an incredible day with the Nasdaq Top 100 companies adding $200 billion in market cap. Amazon, Microsoft, and Alphabet Inc. were some of the big performers. The South African ALSI had strong returns, but it may not be as healthy as it seems.
The mid-term budget speech was met with widespread disappointment. The numbers were worse than expected, economic growth forecasts decreased, the consolidated budget deficit widened, the nuclear deal was not addressed, and neither was the continuous bailing out of State Owned Enterprises – there is a concern that the rating agencies may downgrade us as a…
