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Articles by Gavin Butchart
Mauritius: Why Holiday Island Mauritius Is Out-Investing SA, and What We Need to Do About It
opinion By Gavin Butchart Mauritius is small, isolated, but when it comes to a David versus Goliath sling-match, this island-nation with 1.4-million people is seriously kicking SA's butt. How should SA rectify the balance? Let's start with the obvious. Mauritius is NOT South Africa. It doesn't have the vast emptiness of the Karoo, the towering mountains of the Drakensberg or the heart-aching beauty of the Western Cape.
BUSINESS MAVERICK OP-ED: Why holiday island Mauritius is out-investing SA, and what we need to do about it
Illustrative image. Photo: Dan Freeman/Unsplash Mauritius is small, isolated, but when it comes to a David versus Goliath sling-match, this island-nation with 1.4-million people is seriously kicking SA’s butt. How should SA rectify the balance? Let’s start with the obvious. Mauritius is NOT South Africa. It doesn’t have the vast emptiness of the Karoo, the towering mountains of the Drakensberg or the heart-aching beauty of the Western Cape.
China’s industrial profits shrink most since late 2011 as economy cools
Your Name: Your Email: Send Email To: Keep this field blank Economy Sharp fall in profits due to price slump in key sectors, LNY effect – official. China’s industrial firms posted their worst slump in profits since late 2011 in the first two months of this year, data showed on Wednesday, as increasing strains on the economy in the face of slowing demand at home and abroad took a toll on businesses.
May’s Brexit deal wins support …
Your Name: Your Email: Send Email To: Keep this field blank Fast News But price might be her job. UK Prime Minister Theresa May saw signs that her beleaguered Brexit deal might be winning support — as it became clear that the price might be her job.
Mines could see jobs bloodbath if costs spiral - Minerals Council
Your Name: Your Email: Send Email To: Keep this field blank Radio Eskom electricity tariffs to place further pressure on an already struggling sector. NOMPU SIZIBA: Following Nersa’s decision to grant Eskom electricity tariff-hike increases of 9.41% in the 2019/2020 year, 8.1% in 2020/2021, and 5.2% the year after, the Minerals Council of South Africa has warned that over 90 000 jobs could be lost in the mining sector as operational costs get out of hand.
World shares slip and bond yields fall, all eyes on central banks
Global equity markets nudged down on Wednesday as investors hoped central bank action in the world’s biggest economies could temper some of the slowdown in global growth, despite bond yields still flagging recessionary fears. European shares, which broke four straight days of losses on Tuesday, slipped 0.1% though bank shares enjoyed a near-one percent lift after European Central Bank Governor Mario Draghi signalled more assistance for banks via a cheap loans programme.
Sanral board suspends e-toll debt collection process
Your Name: Your Email: Send Email To: Keep this field blank South Africa As Ramaphosa addresses the e-tolls payment impasse. The South African National Roads Agency (Sanral) has made the decision to no longer pursue the collection of e-toll debt. The decision was made during a board meeting held by the board of directors on Tuesday.
Edward Kieswetter new Sars head
Your Name: Your Email: Send Email To: Keep this field blank South Africa Alexander Forbes CEO named as new head of tax collection agency. South Africa named former chief executive of Alexander Forbes as the new head of the tax collection agency on Wednesday, in the latest high profile appointment by President Cyril Ramaphosa weeks before national elections.
How boeing, FAA plan to restore public’s faith in 737 max
After two deadly crashes in five months, Boeing Co. is embarking on a campaign to restore confidence in the 737 Max so that its best-selling jet can return to the skies. In Renton, Washington, the company is gathering customers and news media Wednesday to walk through the details of a software update designed to help pilots more easily avert conditions that investigators have linked to an October disaster in Indonesia.
Low inflation confirmation
Your Name: Your Email: Send Email To: Keep this field blank Soapbox Falling inflation in South Africa is largely a sign of a weak economy, and therefore limited top-line growth. South Africans were left cursing in the dark during last week’s stage four load shedding, which, if it continues, will damage economic growth and sentiment.
Wall St climbs as financials snap five days of losses
Your Name: Your Email: Send Email To: Keep this field blank Fast News Carnival falls on profit forecast cut. US stocks gained on Tuesday, with financials snapping a five-day losing streak as Treasury yields stabilised above 15-month lows. The S&P 500 financial index gained 1.1% and registered its biggest daily percentage gain since February 15. Benchmark 10-year note yields were steady on the day but above the level reached Monday, which was the lowest since December 2017.
Almost half of older Americans have zero in retirement savings
Your Name: Your Email: Send Email To: Keep this field blank Fast News Report reveals dire situation for ageing US citizens. The bad news is that almost half of Americans approaching retirement have nothing saved in a 401(k) or other individual account. The good news is that the new estimate, from the US Government Accountability Office, is slightly better than a few years earlier.
Public concern over privacy pushes tech industry to change
Your Name: Your Email: Send Email To: Keep this field blank Tech Apple’s emphasis on data security a breath of fresh air amid recent scandals. Mounting public concern over data privacy is pushing tech giants to change their ways, industry experts said on Tuesday, a day after Apple unveiled a series of new products, stressing their privacy-friendly features.
Turkish lira drops more than 1%, other currencies weaken
Emerging-market currencies slipped on Wednesday, with Turkey’s lira resuming its slide, while stocks were little changed, propped up by Chinese shares. The lira fell 1.2% to give back some of its 8.2% gains over the past two days, when local banks acted to support the currency. Losses by Turkish stocks matched the currency’s weakness.
China’s closing the $6tr electric-car gap
Your Name: Your Email: Send Email To: Keep this field blank Fast News As part of its new energy policy, China rolls back its subsidies and imposes tougher performance requirements for electric vehicles. China is moving to close the $6 trillion cost barrier to the widespread adoption of electric cars. As part of its much-awaited new energy policy, China on Tuesday rolled back its subsidies and imposed tougher performance requirements for electric vehicles.
Sibanye freezing new SA capital spend on uncertainty
Sibanye Gold, the biggest producer of the metal from South African mines, is not thinking of spending new capital to grow local operations because of an uncertain investment environment. “It’s difficult to convince shareholders that South African mining is an investment case,” Chief Executive Officer Neal Froneman said in Johannesburg Wednesday.
Five things making headlines in South Africa today
Your Name: Your Email: Send Email To: Keep this field blank South Africa Steinhoff places KAP shares, Rhodes Food group and Nampak trading statement, PIC to recoup investment in Ayo, Alex Forbes wants out of insurance unit. Here’s what caught our attention on Wednesday: 1. Steinhoff places KAP shares Steinhoff, on Tuesday, announced its intent to launch an accelerated bookbuild in which it offered to place up to 694 206 661 ordinary shares in KAP Industrial.
Cheese kings worth $18.6bn as dairy dynasty boosts riches
Your Name: Your Email: Send Email To: Keep this field blank Fast News Three siblings have made a fortune with Groupe Lactalis, the world’s biggest cheesemaker. You don’t have to make leather handbags or silk scarves to join the top ranks of France’s ultra-rich. The Besniers have done it in the most Gallic of ways. They’re the family behind Laval-based Groupe Lactalis, the world’s biggest cheesemaker.
Mining companies want parts of charter set aside
Your Name: Your Email: Send Email To: Keep this field blank South Africa In bid to boost fresh investments in the sector. South Africa mining companies are challenging some aspects of rules aimed at redistributing the country’s mineral wealth more broadly among its citizens, they say deter fresh investments in new mining projects.
Steinhoff raises R4.8bn from KAP Industrial stake sale
Your Name: Your Email: Send Email To: Keep this field blank Companies and Deals Stock jumps on news. Troubled South African retailer Steinhoff said on Wednesday it had raised R4.8 billion from the sale of its 26% stake in KAP Industrial to pay off debt and shore up its finances, sending its shares higher.
Blackout leaves 91% of Venezuela without an internet connection
Another massive, nationwide blackout struck Venezuela early Wednesday just as service was gradually being restored from two days of intermittent service. The extent of the outage can be seen in this chart provided by Netblocks.org, which tracks Internet disruptions and shutdowns in different countries and has become widely used in Venezuela amid the lack of official information being provided by the regime of Nicolas Maduro.
Cyclone Idai’s death toll rises to 707, hundreds of thousands displaced
Hundreds of thousands of people are in need of food, water and shelter after Cyclone Idai battered Mozambique, Zimbabwe and Malawi. As of Wednesday, at least 707 people had been reported killed by the storm, the flooding it caused and heavy rains before it hit. Following is an outline of the disaster, according to government and United Nations officials: Mozambique Cyclone Idai landed on the night of March 14 near the port city of Beira, bringing heavy winds and rains.
Why it’s important to understand your risk tolerance when investing
Your Name: Your Email: Send Email To: Keep this field blank Proper risk profiling ensures that your asset allocation is in alignment with your attitudes and current situation. Picture: Shutterstock Many people think they can remain rational when markets are volatile and when investment values are going through a dip. The truth, however, is quite the opposite. People become overly emotional when markets behave badly to the point of selling off valuable stakes of their portfolio.
World’s deepest rate cuts beckon in Egypt after dovish Fed pivot
Your Name: Your Email: Send Email To: Keep this field blank Africa Coupled with a rally in the local currency. The Federal Reserve has handed Egypt another reason to proceed with what could be the world’s deepest series of interest-rate cuts. The US central bank’s surprise forecast for no rate increases in 2019, combined with a rally in Egypt’s currency, means policy makers may deliver a reduction in borrowing costs for the second straight month on Thursday.
Sibanye’s Driefontein gold mine nearing end of life, CEO Says
Your Name: Your Email: Send Email To: Keep this field blank Mining companies, investment and exploration ‘To all intents and purposes, Driefontein is mined out.’ Sibanye Gold said its Driefontein mine, once part of Africa’s biggest gold-mining operation, is nearing the end of its life and the company won’t deepen it because of tight economic conditions. “To all intents and purposes, Driefontein is mined out,” chief executive officer Neal Froneman said in Johannesburg Wednesday.
Defects at $2bn Ingula plant curb output
One of South Africa’s newest power plants, designed to supply the grid during peak-use periods, is defective and has been limited to operate at lower capacity. The deepest power cuts in more than a decade imposed by cash-strapped, state-owned Eskom this month reduced the chances of the continent’s most-industrialized economy posting a stronger recovery from last year’s recession. Eskom is battling to meet demand and is considered one of the country’s biggest risks.
Second major blackout leaves Venezuelans fearing power cuts will be the norm
Your Name: Your Email: Send Email To: Keep this field blank Fast News Unreliable power source speeding up descent into deepening economic crisis. Venezuela’s government told workers and school children to stay home on Tuesday as the second major blackout this month left the streets of Caracas mostly empty and residents wondering how long power would be out amid a deepening economic crisis.
How can I reduce the costs of my living annuities?
Unfortunately, local investors have had to face the low-return environment over the past several years, with many investors fleeing to cash after such an extended period of volatility. Over the last five years up to March 22, the South African multi-asset high equity or ‘balanced fund’ peer group average annual return was 5.65%, according to ProfileData. Over the same period, the daily annualised average of the Consumer Price Index (CPI) was 4.91% according to ProfileData.
Investment strategies for a world in crisis
Your Name: Your Email: Send Email To: Keep this field blank Soapbox Even if the heat is a bit much, you don’t have to get out of the kitchen. Last year was one of the worst since the Great Depression, and the South African market has not been spared from this global market turmoil. South African investors have basically moved sideways over the last five years.
What government should do to save the construction sector
Your Name: Your Email: Send Email To: Keep this field blank Soapbox Capital budgets are not being spent. The investment industry bemoans the state of the construction sector while watching more and more contractors fold. Construction representative bodies are calling on government to help save the industry, but what can be done? Many commentators have been voicing their concerns about the loss of construction capacity and scarce skills within the industry.
SA’s enterprise sector is critically ill
Your Name: Your Email: Send Email To: Keep this field blank Opinion Government appears blissfully unaware of the impact its policies and decisions have on business. The formal South African enterprise sector is critically ill. Were the company tax returns of the 768 000 companies combined and submitted as that of a single entity, there would have been no company income tax (CIT) payable to the South African Revenue Service (Sars) for three consecutive tax years.
Tenants line up for space in Joburg’s bombed-out CBD
Your Name: Your Email: Send Email To: Keep this field blank Property National retailers set to sign leases in mixed-use renewal project. Atterbury Property’s R1.2 billion residential and commercial redevelopment of Jewel City in Johannesburg’s bombed-out central business district is about to sign lease agreements with a national grocery chain and other retailers such as Clicks pharmacy to anchor the project.
It’s time to rethink performance fees
Your Name: Your Email: Send Email To: Keep this field blank Investing The industry has moved on. In recent years there has been a lot of attention on the costs of investing. Across the world, fees have been coming down due to a combination of competition from low-cost index funds, and pressure from governments and regulators. Performance fees have come under particular scrutiny. Questions have been raised about both their fairness and their complexity.
McDonald’s $300m tech deal is its largest in 20 years
Your Name: Your Email: Send Email To: Keep this field blank Companies and Deals New tech will better allow fast-food chain to personalise menus. McDonald’s, in its largest acquisition in 20 years, is buying a decision-logic technology company to better personalise menus in its digital push. The world’s biggest restaurant chain is spending more than $300 million on Dynamic Yield, according to a person familiar with the matter.
Claim that Standard Bank’s R5 overcharge on mortgages ballooned to R2bn
Your Name: Your Email: Send Email To: Keep this field blank Companies and Deals Usury expert Emerald van Zyl is waging a campaign for repayment of this overcharge. Emerald van Zyl, the usury expert who is bringing a case of discrimination against FNB in the Cape Equality Court, has now trained his sights on Standard Bank.
Rothschild’s Kingston to help SOE rescue
Your Name: Your Email: Send Email To: Keep this field blank South Africa ‘If there is a role for me to play I would frankly welcome it.’ Martin Kingston, who on April 1 steps down as chief executive officer of Rothschild & Co’s South African unit after 13 years, wants to help revive the country’s beleaguered state-owned companies.
Global carbon emissions hit record high in 2018 - IEA
Your Name: Your Email: Send Email To: Keep this field blank Fast News Global energy demand grows, coal use in Asia up. Global energy-related carbon emissions rose to a record high last year as energy demand and coal use increased, mainly in Asia, the International Energy Agency (IEA) said on Tuesday.
Economists split on SA avoiding Moody’s negative cut
Your Name: Your Email: Send Email To: Keep this field blank South Africa Can the country cling to its sole investment-grade rating? South Africa may just be able to cling onto the stable outlook of its sole investment-grade rating this week, helping it stay clear of a forced selloff of billions of rand of its debt. Economists are divided on what Moody’s Investors Service will do when it potentially makes an announcement on South Africa’s credit assessment Friday.
Frequent-flying President preaching thrift draws ire in Zimbabwe
As Zimbabwe reels from surging inflation and the effects of a devastating cyclone, President Emmerson Mnangagwa is drawing the wrath of the nation’s long-suffering residents with frequent trips abroad. Mnangagwa was in South Africa on Tuesday for a conference discussing regional support for the Sahrawi Arab Democratic Republic, a region of Morocco that wants independence.
Alibaba group is said to seek its cheapest ever dollar loan
Alibaba may get its cheapest dollar-denominated syndicated loan ever as it negotiates with banks to amend terms of its existing $4 billion borrowing. The Chinese Internet giant wants to cut the interest margin of the facility that it signed in May 2016 by 25 basis points to 85 basis points over Libor, said people familiar with the matter. That would be the cheapest rate ever for Alibaba, Bloomberg-compiled data show.
R5 fee equals R2bn in alleged Standard Bank over-stated statements
Your Name: Your Email: Send Email To: Keep this field blank Radio The NCA allowed banks to bump this fee to R50 a month. Emerald van Zyl, the usury expert who is bringing a case of discrimination against FNB in the Cape Equality Court, has now trained his sights on Standard Bank.
Technically speaking, markets are headed for a bear phase
Although the local Alsi was up 0.5%, the rand lost some ground against other currencies. To give a sense of global market dynamics, Nompu Siziba speaks to Petri Redelinghuys, the founder of Herenya Capital.
China’s former top internet regulator jailed for 14 years
China’s former top internet regulator was sentenced to 14 years in prison for corruption, completing the downfall of a once-high-flying official who mingled with executives from Apple and Facebook. Lu Wei was found guilty of taking bribes on Tuesday by the Ningbo People’s Intermediate Court in the eastern province of Zhejiang, according to the official Xinhua News Agency.
2019 maize harvest seen down nearly 16% from prior season
Your Name: Your Email: Send Email To: Keep this field blank South Africa Dry conditions delayed plantings. South Africa is expected to harvest nearly 16% less maize in 2019 compared to the previous season after dry conditions delayed plantings, the government’s Crop Estimates Committee (CEC) said on Tuesday. The CEC, which gave its second estimate for the 2018/2019 season, estimated production at 10.561 million tonnes compared with 12.510 million tonnes harvested in the previous year.
Apple analysts see services potential but want more detail
Apple analysts are cautiously optimistic about the company expanding its services business, a move they see as offering long-term growth potential. However, Monday’s big media event was seen as lacking key details, and even bulls say it will take a few years for the products to have a material impact on revenue or earnings.
Kragstariefverhogings gaan mynbedryf tot op knieë dryf
Meer as 90 000 werksgeleenthede kan in die slag bly.
What African central bankers will discuss in the next seven days
Your Name: Your Email: Send Email To: Keep this field blank Africa A round-up of what MPCs may focus on in the next week. Central bankers in Africa’s largest economies will consider very different conditions when deciding on interest rates over the next seven days than they did two months ago, and will mostly come to the same conclusions.
BA jet flies to wrong city, lands in Scotland instead of Germany
Your Name: Your Email: Send Email To: Keep this field blank Fast News Incorrect flight plan blamed for mishap. British Airways has been forced to apologise after a flight from London to Dusseldorf landed more than 600 miles (965 km) away in Edinburgh by mistake. The detour happened after a sub-contracted crew used an incorrect flight plan and set off from London City airport for the Scottish capital instead of setting course for the Rhine.
Uber buys rival Careem in $3.1bn deal to dominate ride-hailing in Middle East
Your Name: Your Email: Send Email To: Keep this field blank Companies and Deals Deal follows months of negotiations. Heather Somerville, Alexander Cornwell and Saeed Azhar, Reuters / 26 March 2019 09:40 No comments so far Global ride-hailing firm Uber Technologies will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering.
Rand slips as dollar rebounds, stocks tick up
Your Name: Your Email: Send Email To: Keep this field blank Fast News Rand slips on greenback rebound. Olivia Kumwenda-Mtambo, Onke Ngcuka and Tanisha Heiberg / 26 March 2019 18:50 No comments so far The rand slipped on Tuesday, surrendering the previous session’s gains as the dollar rebounded from a sell-off triggered by fears the United States economy is heading for recession.
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