Classic Business

Mike Abel, founder & CEO of M&C Saatchi Abel

Some inside government still hold a mistaken and openly hostile view of the mining industry due to the legacy of things like migrant labour and the old extractive pit to port nature of mining houses under Apartheid.

But the fact is, that the industry has, in large parts, completely transformed into one that adds value over and above the obvious taxes and royalties that help fund governments social programmes and balance South Africa’s trade balance. The industry now contributes to things like healthcare and education and even infrastructure that really should be the domain of governments but the breakdown in local government in particular has meant that mining firms have had to step into the breach to assist their communities.

This was in evidence when Dual-listed Sibanye-Stillwater committed to invest a further R33-million in tertiary education aimed at bolstering mining research and development in South Africa.

The gold and platinum miner has extended and increased its existing partnerships with the University of Johannesburg (UJ) and University of the Witwatersrand (Wits) by a further three years, with each institution receiving R16.5-million.

Sibanye-Stillwater CEO Neal Froneman, sits down with Michael Avery to talk about the importance of renewing the social contract between mining forms and government.

Ronald King, head of public policy & regulatory affairs, PSG Konsult

The greatest wealth transfer in history is taking place, with R100 trillion expected to pass from baby boomers to younger generations over the next few years, according to some of the figures I’ve seen.

Now, with the global pandemic bringing succession planning into an even sharper focus for many, how can high-net-worth (HNW) families bridge the generational gap to convert potential crisis into opportunity?

Iris Harvey, Director with Maitland based in Guernsey, “The global family office and fund administration firm founded by South Africans in Luxembourg in 1976, has been seized with this question

Melvin Capital has exited its bet against GameStop, having lost billions of dollars after a battle with amateur traders who pushed up the share price of the game retailer and other companies it had bet against.

The hedge fund’s exit from the heavily traded stock, after it sustained significant losses, marks a triumph for retail traders co-ordinating on Reddit message boards.

The New York firm, founded by Gabe Plotkin, a protégé of Point72 founder Steve Cohen, was forced earlier this week to seek a $2.75bn cash injection from its larger rivals Citadel and Point72, after it had lost about $3.75bn, or 30 per cent, in the first three weeks of the year, according to two people familiar with the matter.

Shares of GameStop have rallied 685 per cent this year to $147.98, as of Tuesday’s closing level, with stock and options trading volumes skyrocketing over the past week as retail traders have piled in. The stock was quoted as high as $365.42 in pre-market trading on Wednesday.

Users on the popular Reddit message board r/wallstreetbets have bought shares of the retailer as well as large numbers of call options, which pay out if GameStop shares rise. The r/wallstreetbets page in recent days has been filled with screenshots of investment accounts posting multimillion dollar gains, with users egging each other on to continue buying up the stock. One trader used his winnings to pay off his student debt…

Michael Avery spoke to Wayne McCurrie, portfolio manager, FNB Wealth and Investments & Martin Harris, premium client manager at IG SA about the Robinhood traders who have slayed one goliath, the question is who is next?

Tourism Minister Mmamoloko Kubayi-Ngubane

Proponents of antiparasitic drug Ivermectin, which has been touted as a possible treatment for Covid-19, have been making a lot of noise about it again recently despite a lack of clinical trials on its use and effectiveness to treat the coronavirus. AfriForum has brought an urgent court application against the South African Health Products Regulatory Authority and Health Minister Zweli Mkhize over the use of ivermectin for Covid-19 patients. It says SAHPRA has failed to approve applications by doctors which were brought in terms of Section 21 of the Medicines and Related Substances Act. Michael Avery speaks to Dr Boitumelo Semete Makokotlela, CEO of The South African Health Products Regulatory Authority (Sahpra); Dr Naseeba Kathrada, General Practitioner; Daniel Eloff, attorney at Hurter Spies, one of the attorneys working on the application brought by Dr Coetzee, two COVID-19 patients and AfriForum to declare that Ivermectin be allowed for use of COVID-19 treatment; and Shabnam Palesa Mohamed, activist and journalist and founder of civil society group Sahari.

Lester Davids, investment strategist at Unum Capital

Dr Sharon Smulders, project director: Tax Advocacy at Saica Taxation

Nesan Nair, senior portfolio manager at Sasfin Securities

& Mia Kruger, director at Kruger International