BizNews Radio (OLD)
Welcome to BizNews Radio where we interview top thought leaders and business people from South Africa and across the globe.
LISTEN: CR's London bombshell: State Capture cost SA a trillion rand
After his opening address at the FT's sixth annual Africa Summit in London this morning, SA president Cyril Ramaphosa dropped a bombshell. During a short interview with the FT's editor Lionel Barber, he was asked whether reports of R500bn lost to State Capture were accurate. After castigating the supposedly reputable…
Dave King banned; CR, JPR in London spotlight; Zuma on trial; China wins in trade war
South African Dave King has been hit with a four year ban by the UK’s Takeover Panel. The two most powerful South Africans, president Cyril Ramaphosa and business tycoon Johann Rupert, will be in the global spotlight today at the Financial Times’s 6th annual Africa Summit in London. The Wall…
World closes in on Guptas – Lord Robin Renwick
South Africans have long been wondering why the Guptas were allowed to continue living lavishly and flaunting expensive weddings overseas with the taxpayers money that they extracted from their lucrative contracts with corrupt officials from the Zuma era. From their Saxonwold lair they decamped to a R445m mansion in Dubai…
US blacklists Guptas; Power stations not for sale; Factory output shrinks; Cell C asset sale; Pathway to Brexit deal
In today's business headlines: The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Ajay, Atul and Rajesh Gupta as well as Salim Essa for their involvement in corruption in South Africa. President Cyril Ramaphosa has poured cold water on proposals by Finance Minister Tito Mboweni that Eskom would…
Business confidence boost; Medupi-Kusile sinking SA; Survé raided; Capitec buys Mercantile; Brexit blame game
In today's business headlines: South African business confidence increased from the lowest level in more than three decades. A sentiment index compiled by the South African Chamber of Commerce and Industry climbed to 92.4 in September after falling to 89.1. The Rand strengthened, while more international investors are turning to…
SA competitiveness improves; R350m state capture bill; Motsepe, Rupert bid on Blue Bulls
In today's headlines: South Africa's economy is showing signs of improvement, says the World Economic Forum. Releasing its global competitiveness report, it says South Africa’s competitiveness has regained momentum after the recent political landscape shift and climbs 7 places to 60th. Investigating sate capture has cost taxpayers a whopping R350m…
Greg McKenzie: RMB's connection to new supercraft - Virgin's Airbus A350
I was surprised to learn during research for this interview that Sandton-based RMB has been financing aircraft for more than two decades. So it makes sense that the bank would take the next step as it has done through the involvement with two of Airbus's replacement for the iconic A380…
SA gears up for free trade; Foreigners dump SA stock; Clicks soars; Bok fever dampens volumes; Trump tax blow
The African Continental Free Trade Area, will be a “game changer” for South Africa, Ramaphosa said in his weekly letter to citizens Monday. Bloomberg reports that foreigners offloaded South African stocks at the fastest pace in two years last week, as worries about the state of the global economy helped spur…
AG backs Old Mut; SA pub in world Top 100; Zille wants DA chair; US IPOs freeze.
Africa’s largest privately owned asset manager Allan Gray, whose clients own 10% of Old Mutual, is backing the life assurer’s actions against its former CEO Peter Moyo who last week sued the company for R250m. The US’s previously steaming market for new listings has turned ice cold after investors dropped…
Reduce coal prices - Mantashe; Metropolitan R100m unit trust fiasco; SA, Nigeria mend fences; Brexit update
South Africa is pushing coal producers to cut prices to help save Eskom, the debt-stricken power utility that threatens to unravel the country’s finances, says Bloomberg. “At these prices of electricity, this economy is going to collapse,” Mineral and Energy Resources Minister Gwede Mantashe said Thursday at a mining conference…
ANC endorses reform; Anglo urges mining truce; Samancor 'heist' allegations; Moyo wants R250m; Boris’ final offer
In today's business headlines: The ANC has approved a range of proposals to revive economic growth, but stopped short of endorsing Finance Minister Tito Mboweni’s plan to sell state assets. The wage dispute between trade union AMCU and South Africa’s three biggest platinum miners will be referred to the country’s…
Clover's Israel-linked acquisition deal: Why RMB had key role to play
Rand Merchant Bank (RMB) has helped facilitate several interesting deals in South Africa's corporate landscape over the years. One of the most recent roles it has played has been that of sole financial advisor, lender and structuring bank to a consortium of investors led by Israel’s Central Bottling Company Group…
Investors dump SA bonds; manufacturing sentiment down; Ramaphosa to meet Buhari; Classic FM business rescue; Hong Kong protestor shot; New Boris Brexi..
There’s still a month to go until Moody’s Investors Service reviews South Africa’s sovereign rating, but foreign investors aren’t taking chances, reports Bloomberg. A gauge measuring sentiment in South Africa’s manufacturing industry fell to the lowest level in more than a decade in September and it will probably get worse…
Cyril gets personal; Mboweni tells ANC to cut red tape; Woolies boss Moir creams it; Rand knocked
President Cyril Ramaphosa has started a weekly email to the nation. Finance Minister Tito Mboweni has once again called for Mboweni government to stop subsidising inefficient state-owned companies. Despite spearheading an ill-fated foray into Australia, Woolworths CEO Ian Moir pocketed R23m in the past year. This brings his total earnings…
Tito: Eskom debt = mining, agric sectors combined; Maimane infected by Steinhoff; Petrol price up 18c
As its board of directors weigh their short-list for a new CEO where Andy Calitz (pictured) is a frontrunner, Eskom received welcome support over the weekend from the head of the African Development Bank. Eskom was also high on the agenda at the ANC’s National Executive Committee meeting where finance…
Bank strike blocked; Job growth flat; Truworths lifeline; PIC eyes fibre company; Settle with Moyo; Eskom’s 3 CEO candidates
In today's business headlines: South African bank workers were blocked from participating in what would have been the industry’s biggest strike in almost a century as labour unions protest against job losses; Formal job growth remained flat while net jobs decreased by 2,000 in the second quarter of the year…
Paul O'Sullivan: Back story to R60m Eskom bribery matter, and more.
It's impossible to over-emphasise the value Paul O'Sullivan has brought to his adopted country. The Irish-born founder of Forensics for Justice strides boldly into areas where most fear to tread, his notches ranging from murderers, gangsters and fraudsters through to a couple of former chiefs of SA Police Services. While…
Guptas BEE fraud; Trump impeachment pushes gold; Sibanye job losses; Moyo pitches up again
Three companies linked to the Gupta-family were awarded multi-million contracts with Eskom even though their B-BBEE certificates were fraudulent. The decision of the Democrats in the US to impeach President Donald Trump has pushed gold to a near three week high. Sibanye Gold plans to cut 5,270 jobs at its…
David Shapiro assesses Capitec's "perfect" £300m UK banking prospect
The fall from grace of Metrobank, the first UK high street banking group in over 150 years, opens a big potential opportunity for Capitec, South Africa's R150bn banking upstart. The Capitec executives have made no secret of their admiration for the operational excellent and management of their UK lookalike. As…
Jared Watson on Bosasa Files, Agrizzi's motives, DA and Basson
In this hard-hitting interview on Rational Radio, chartered accountant Jared Watson, who spent much of the past year compiling the Bosasa Files, explains why he invested so much time on the dynamite project. The nephew of the founder of vilified Bosasa, the late Gavin Watson, shares how the documentation explains…