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In this episode escalating chaos at the MK Party after its founder exposes the fraudulent actions of the Zuma family; questions over the motives behind EFF co-founder Floyd Shivambu’s resignation from the party; teaser from the in-depth interview with swimming superstar Tatjana Smith; and why Americans are tiring of having to pay brazenly demands for ever higher tips.
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Transcript of the video ___STEADY_PAYWALL___
Good evening
In this episode of NewsWrap, context on the major news stories of the week – more chaos around the MK party; South Africa’s home-grown swimming superstar Tatjana Smith; Neil de Beer’s list of the 10 most wanted political crooks; Dean McPherson attacking the Construction mafia; and a new tipping system driving Americans crazy.
First up, though, let’s recap on the latest news headlines…….….
In the news headlines
- We have details in this episode on the two big political stories of the week – MK founder Jabulani Khumalo’s disclosures of alleged fraud by the Zuma family; and the departure by EFF co-founder Floyd Shivambu for the MK. In another important development, however, peace may be breaking out between former allies turned foes, the Democratic Alliance and Freedom Front Plus. DA leader John Steenhuisen and FF+ leader Dr. Pieter Groenewald met this week to discuss stabilizing governing coalitions in Western Cape municipalities. They pledged to work together to ensure stable governance and service delivery.
- Sasol’s full-year results ending June 2024 highlighted an R50bn bottom line reverse into deep losses, mainly due to write-offs in the controversial Lake Charles project in Louisiana. The final dividend was passed based on new criteria:. Shareholders would receive no payout unless the net debt is below $4bn. At yearend Sasol’s net debt was $4.1bn. The company ascribed the decline in earnings to lower oil and chemical prices, as well as operational challenges. Despite this, Sasol maintained a strong balance sheet and announced plans to focus on cost-saving measures and advancing its transition to sustainable energy sources. The poor numbers had been discounted in the Sasol share price, which actually rose 3% in the days following the release of results. Watch out for our interview with Sasol’s new CEO Simon Baloyi on Monday.
- Once known as the Roodepoort Rocket because of its high leverage to the gold price, DRDGOLD is nowadays a steady-as-she-goes stock with the share price up just 1% in the past year despite a 16% rise in the rand gold price. This week, the company reported a 13.5% increase in its revenue, to R6.24 billion, for the year to end June. Production fell 5% to 5,000 kilograms. All-in costs rose 15% to around R950 000/kg, still comfortably below the average gold price of R1.25m per kg.
- Absa’s board announced that Arrie Rautenbach, 55, will be taking early retirement after two and a bit years as CEO. No reasons for his resignation have been disclosed. Rautenbach will be temporarily succeeded by Absa lidfer Charles Russon, the third executive to act in this role and fifth CEO overall since Maria Ramos left just five years ago.
- South Africa’s inflation slowed in July 2024, with the headline CPI rising just 0.4% month-on-month, well below expectations. Annual inflation dropped to 4.6%, and core inflation to 4.3%, the lowest since May 2022. Falling fuel and food prices contributed to this trend, signalling potential interest rate cuts by the Reserve Bank.
- The nation is mourning the passing of Dr. William Smith, a revered education pioneer and Rhodes University alumnus who transformed South African education through innovative teaching methods and televised lessons. Smith established Star Schools and then developed educational videos that were distributed through the SABC – his Basic Mathematics video rated in the UK as the best in the world in 1984. By 2000 his programmes were reaching over 100 million viewers in 28 African countries. Rhodes Vice-Chancellor Sizwe Mabizela hailed him as the nation’s teacher.
In four days, Chris Steyn’s interview with MK Party founder Jabulani Khumalo has been viewed by almost half a million people spending 10 minutes per view. It features Khumalo’s allegations of fraud and deceit by the Zuma family, headed by Jacob, the 82-year-old former president……
In that interview with political scientist and former Oxford Don RW Johnson, here’s the follow up on the EFF co-founder’s defection….
Onto what for us at BizNews was our big event of the week – the in-studio interview with South Africa’s most decorated Olympian, double gold and double silver medalist Tatjana Smith. The discussion, a must-watch, was published on BizNewsTV this afternoon. As a taster, in this segment the home-grown superstar explains why she took the road less travelled, rejecting foreign advances to entrust her career to Pretoria University swimming coach Rocco Meiring……….
Now to a man with one of the toughest jobs in South Africa: new Public Works minister Dean McPherson. Our colleague Bronwyn Nielsen conducted a fascinating interview with him this week on how he intends tackling the Construction Mafia,a criminal syndicate causing such devastation, especially McPherson’s home province of KwaZulu Natal…..
Chris Steyn’s Sunday afternoon discussions with Neil de Beer have become the go-to source for tens of thousands seeking perspective on the latest political developments. The UIM leader was on fire this week, listing the country’s 10 most wanted criminals, a group that found common cause in membership of the MK Party…..
When I visited the US last month, among the most irritating parts of the trip was the way everyone, and I mean everyone, expects to be tipped. I’m not the only agitated about this. Our partners at the Financial Times took a closer look—here’s FT News Briefing host Marc Filippino and the FT’s US Financial Editor Brooke Masters…..
Until next week. I’m Alec Hogg of BizNews.com.
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Source Link: https://www.biznews.com/interviews/2024/08/22/newswrap-ep-4
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