BizNews Radio

News headlines:

*Health minister Joe Phaalha says that the discovery of the new B.1.1.529 Covid variant is still ‘very fresh news’ and has caught the government by surprise, with health officials and scientists still monitoring the situation to determine how it could impact South Africa.

*Following reports that road agency Sanral had been approved for a R7bn loan from the Brics New Development Bank, the group has clarified that it could not get the loan because National Treasury blocked it.

*A storm headed for the Western Cape is expected to make landfall from late on Thursday night and continue throughout Friday, the SA Weather Service warned during a briefing to the provincial disaster management centre.

The hard-hitting Magnus Heystek pulled no punches on his return from Mauritius, where he says economic growth is booming led by a surge in infrastructure and development. South Africa’s economy paints a different picture, one that’s been at a standstill for the better part of a decade. As a result of amendments to Regulation 28 – which limits the extent to which retirement funds may invest in particular assets or asset classes – South African savers have been unduly punished. The amendments limit foreign investment exposure to 30% and have been a drag on relative global market performance, giving rise to the raging bull market since the recovery of the global financial crisis. Unfortunately, relative to most other economies, South Africa’s economy and the stock market have performed poorly. Heystek notes that the majority of retirement investment products in South Africa have been unable to beat the inflation rate, meaning a relative loss of purchasing power and an increasingly poor population. 

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In this episode of the BizNews Power Hour, independent financial advisor Magnus Heystek lets rip on the destructive Regulation 28 agreement between SA asset managers and Treasury, which forces South Africans to invest 70% of their retirement funds into local institutions. The law has cost SA retirees dearly as the local economy staggered under mismanagement, corruption and a socialist yoke - with global investments vastly outperforming their local alternatives. Also in this programme, PMB Chamber of Business CEO Melanie Veness sets the record straight for the revisionists trying to gloss over what happened in the epicentre of July's riots - and urges politicians to speak up and punish the perpetrators. Plus Jeremy Maggs talks to Y&R's Matthew van der Valk about the art of Dark Marketing.

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News headlines:

*The Helen Suzman Foundation, the DA and AfriForum have approached the courts to have Jacob Zuma sent back to jail, saying that there has been absolutely no indication that the former president is terminally ill, making the granting of his medical parole unlawful.

*The Department of Home Affairs is fighting to stop fraud-accused Atul Gupta from attaining a South African passport, saying that allowing such would be akin to enabling him to travel and, in effect, assist him in escaping criminal prosecution in South Africa.

*With councils now established in all three major metros in Gauteng, the DA has emerged as the biggest winner, taking leadership roles in Johannesburg, Tshwane and Ekurhuleni.

KZN's capital Pietermaritzburg was turned into a war zone during July's riots - with local businesses (and citizens) abandoned by SA's deliberately absent security forces. Melanie Veness, CEO of the PMB Business Chamber, spoke out powerfully at the time, condemning the behaviour of the local SAPS and confined-to-barracks Defence Force. She is refusing to allow revisionists to now gloss over the disaster, warning that without retribution, a repeat is probable. In this podcast, Veness urges the politicians to speak up and demand consequences for the perpetrators - without which, she says, it will be impossible for the city to overcome its trust deficit with business. Until that is addressed, KZN's capital will not be able to retain many local businesses, much less attract investment from new arrivals.

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In an interview with BizNews founder Alec Hogg, Paul Hoffman of Accountability Now takes a lawyer's look at the clear attempt to throw the kitchen sink at Matthews after he started uncovering malfeasance. According to Hoffman, using Matthews’s dual-citizenship as the reason for his suspension is dubious, questioning the true motive of Leonard Ramatlakane, the politician drafted in as Prasa's chairman.

NB: Prasa reports to the Transport Minister, not the SOE Minister as suggested in the interview.

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The man credited with turning around the once JSE darling sits down to discuss the company's prospects following the release of upbeat financial results.

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CEO of PPC Roland van Wijnen sheds light on the cement producer’s financial results, following a two-year turnaround that seems to be nearing completion. PPC has been one of the best-performing JSE-listed businesses in 2021; it avoided a capital raise and shaved hundreds of millions off its debt burden. PPC will be a natural beneficiary of the supposed multibillion government infrastructure drive but Van Wijnen is yet to see it being rolled out. He says there has been strong demand in its Zimbabwean operations despite the country facing a mountain of economic challenges. Van Wijnen has been critical of the government in the past for not supporting the cement industry, but says there has been more meaningful engagement in the last few weeks. PPC’s turnaround has caught the attention of institutional investors, with Public Investment Corporation’s recent purchase of a 5% stake in the business.

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News headlines:

*The DA has swept the mayorship of Ekurhuleni and the City of Johannesburg, with the City of Tshwane expected to go the same way.

*Tax experts say that South Africa’s tax secrecy laws contribute to public mistrust of the South African Revenue Service.

*Government is fast-tracking plans to develop South African-owned satellites that will focus on connectivity and tracking, says Communications and Digital Technologies minister Khumbudzo Ntshaveni.

In this episode of the BizNews Power Hour, Helen Zille provides some sobering thoughts on the practical challenges that will be faced by many new DA mayors in councils like Joburg and Ekhuruleni where the party does not have a majority of the votes; on governing by DA's new Mayors; Advocate Paul Hoffman looks into the surprise suspension of Prasa CEO; PPC CEO- Roland Van Wijnen on it's financial results. Maudene van Rooyen, Errol Dorman and Mike Cubic, members of Dorman Projects joined Alec Hogg to unpack the PowerPulse alternative energy solutions on PowerPulse Ep7.

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