This week was all about politicians and their impact on society, from Prime Minister Boris Johnson wanting a no-deal Brexit to President Donald Trump flexing his negotiation muscles. Then to local shores, where politicians who promote socialism are stealing from the poor.
- Prime Minister Boris Johnson continued to be in hot water this week after a Scottish court ruled that Johnson had lied to the Queen when asking her to suspend Parliament, making the suspension unlawful. The unanimous ruling now sets up a court date at the UK Supreme Court to determine the matter.
- In other Brexit news, Johnson has promised to work for a deal with the European Union, after six consecutive losses in Parliament and push back relating to his no-deal rhetoric.
- China announced that it would waive tariffs on some US goods; this is the first time this has happened since the start of the trade war. President Trump responded by delaying a new set of tariffs on Chinese goods from 1 October to 15 October.
- President Trump has fired his third national security adviser, saying that John Bolton was “holding me back,” in making progression on the Venezuela crisis. It has also been reported that Bolton disagreed with President Trump on a number of foreign affair issues, including Iran and Afghanistan.
- President of the European Central Bank, Mario Draghi, is leaving with a final stimulus package that has divided his colleagues, in an unprecedented revolt, governors of the ECB resisted the President’s bid to restart quantitative easing. Draghi, however, emerged victorious.
- Moody’s has reported that it sees no quick fix for Eskom. According to Moody’s Investors Service, fixing South Africa’s loss-making power utility is complex, and it will take time for the government and the company to agree to a turnaround plan. Moody’s did say however that South Africa’s investment rating is probably safe for another 12 to 18 months reasoning that President Cyril Ramaphosa’s government needs time to implement economic reforms.
- RMB/BER Business Confidence Index indicated that eight out of every ten respondents to their survey are “unsatisfied with prevailing business conditions,” in South Africa. This is the lowest level of business confidence in 20 years.
- Pauli van Wyk has exposed Julius Malema in an investigation into his role in the VBS looting and scandal. Follow this link for her full report.
- News24 reported that former president Jacob Zuma has to pay R7.3m to pay back his bond from VBS or he could lose his Nkandla property.
Source: Dynasty, Daily Maverick, Moneyweb, Reuters, RMB, Aljazeera, and Bloomberg Markets, etc