BizNews Radio

South Africa is cash-strapped and the economy is not firing on all cylinders. National Treasury DG Dondo Mogajane gives a breakdown of South Africa's latest R11.4bn loan from the World Bank. This comes on the heels of a R70bn loan from the IMF in 2020.

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UK-based value fund manager Sean Peche gave words of warning as the market continues its volatile year. The tech-focused Nasdaq has been the worst affected; growth company valuations are being reconsidered given inflationary pressures and an imminent interest rate hike cycle. Market volatility has been elevated for some time now, with yesterday’s wild swing underpinning the uncertainty present in the market. Peche believes the themes that have played out at the beginning of this year will persist. The economic indicators point towards value outperforming but all eyes will be on the Federal Reserve as it turns on the taps on quantitative easing and historically low interest rates. 

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In this episode of the BizNews Power Hour, our partners at the FT in London and UK-based Sean Peche of Ranmore Funds unpack last night's wild stock market ride where the US's Dow Index plunged then enjoyed a record one session rebound. Constitutional law specialist and avid Zondo Commission watcher Adv Erin Richards explains why multinational Bain should take Peter Hain's advice and "when you're in a hole, stop digging"; plus the founder of the Hospitality Leadership activist group Randolf Jorberg explains how restaurant owners should be responding to the EFF's on-premises investigations into the legality of foreign staff.

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News headlines:

*Shell's South African partner dismissed fears that seismic surveys for offshore oil and gas could endanger marine life, calling it "poppycock", while warning that halting the process could leave the country entirely dependent on crude imports.

*A Special Investigating Unit (SIU) report into the state's spending on its response to the Covid-19 pandemic was made public on Tuesday.

*South African scientists and medical experts are adding their voices to the call for the government to end the country’s national state of disaster and lockdown regulations.

In this powerful podcast, Adv Erin Richards explains how Boston-based multinational consulting firm Bain is up to its neck in the Zupta State Capture project, unpacking its critical role in helping dark forces secure control of SA Revenue Services. Sharing conclusions after having read most of the Zondo Commission's 57,000 pages of affidavits and transcripts - and Part One of Judge Zondo's conclusions - the legal eagle is under no illusion: the Grand Plan relied heavily on Bain's strategic expertise and guidance on how to grab the levers of the SA economy. This, in turn, enabled industrial scale plunder of SA's national resources. A must-listen.

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This episode of the BizNews Power Hour features an in-depth interview with forensic consultant Paul O'Sullivan about Part One of the Zondo Commission report and his forthcoming "tell all" book. Also in the programme, TreasuryONE's Andre Cilliers unpacks reasons for the Rand's powerful start to 2022; and our partners at the FT explain why Unilever is getting such a roasting from investors.

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Julius Malema, pitching up at a restaurant last week demanding to know the ratio of foreigners employed compared to locals, was widely condemned as thuggish and intimidatory. But, as Hospitality Leadership founder Randolf Jorberg explains, you don't have to like Malema's PR stunt to accept that the industry has a responsibility to clean up its act.

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On the banks of the Thames river in London there is a well-known restaurant among the business sector of the area called 'High Timber'. The owner and manager is Neleen Strauss, originally from Bloemfontein who have managed to survive the lockdowns in London despite scores of restaurants closing down. It included giants like the Café de Paris that achieved notoriety for staying open at the start of World War II. Gutsy and with a Freedom of the City of London award under her arm, Neleen is ready to take off as London re-opens, hopefully permanently. She told Linda van. Tilburg about her spat with Boris Johnson, sad Christmases and how she managed to stay afloat while others failed.

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News headlines:

*The ANC's deepening divisions and factionalism remain the biggest threat to the party and the country's democratic gains.

*The ANC has called for the extension of the R350 Covid-19 grant introduced in response to the Covid-19 pandemic.

*Nine months into his tenure as the DA's leader in the Western Cape, Albert Fritz has asked his party bosses to allow him to step aside to deal with a sexual assault scandal.

TreasuryOne's Andre Cilliers shares his insight on the driving factors behind the Rand's outperformance thus far in 2021. The Rand was been the second best performing currency in the world relative to the dollar during the first three trading weeks, with a number of tailwinds aiding performance.

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