COMPANY COMMENT: Capitec steams ahead with no snags in sight
Bank continues to tick all the right boxes, reporting increased income from lending and ensuring its bad debts are managed prudently
Confirmation from state-mandated parties involved in the R11bn Beijing Automotive Industry Holding Company (BAIC) vehicle plant being built in the Coega special economic zone near Port Elizabeth that it is way behind schedule points to the many flaws in SA’s economy. Primary among them is the notion of SA’s government that state intervention must be robust and immanent. But prescription of the kind that destroys natural competition will eventually kill off dinosaurs in both the public and private sectors unless they change their feeding habits. Let them rather extinguish themselves. Regulation should largely prevent corruption, fraud and dumping of exports and little else. But in SA, the state wants to direct the markets. In the freest of markets, state regulation facilitates trade and innovation by ensuring that things can get done. Let the market decide whether a company should sink or swim, as long as it is not killing people or ripping them off. State tinkering in markets raises...
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