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First up is Peter Bruce's 'The Thick End of the Wedge' column which has been a regular in Business Day for some time
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First up is Peter Bruce's 'The Thick End of the Wedge' column which has been a regular in Business Day for some time.
Today Peter writes about the forex collusion scandal that has rocked the banks under the headline: 'Collusion: time, surely, for a suit in a cell'. He writes:
The forex collusion charges put the banks on the spot in a way the Gupta/Zuma alliance could barely have imagined in their wildest dreams. Not even Bell Pottinger, the Guptas’ UK public relations consigliere, could have contrived a circumstance so perfect.
It is going to take some real leadership to separate forex manipulation by the banks from the Gupta struggle for a bank account, the "white monopoly capital" charge now appropriated by Zuma
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Always compelling is Jonny Steinberg's writing in Business Day. This week, he observes that 'Cyril Ramaphosa’s riches impede power quest'.
Ramaphosa was smart enough to ride this tide; on the back of its energy, NUM became the biggest union in South African history.
Almost three decades later, history repeated itself in the most uncanny fashion. Once more, workers began to organise, not in a union but in village-based and regional networks. Once more, they launched an insurgency against an industrial relations system that had treated them callously. This time, the union Ramaphosa had built was on the other side. And he was a board member of a company with whom workers were in bitter dispute.
In the Financial Mail, Sikonathi Mantshantsha writes about Eskom's disdain for the public in his 'Between the Chains' column under the headline 'Nothing by the half-truth'.
Sikonathi has been responsible for breaking the big Eskom story of recent times, the revelations contained in the unsanitised 'Dentons report'. He writes:
The fact that Eskom has chosen not to adopt an approach of full transparency only strengthens our conviction that there ought to be a full and transparent judicial commission of inquiry into what went wrong, and how to fix Eskom. Employees, directors and suppliers accused of corruption should be given an opportunity to defend themselves, but must ultimately be held to account.
Hilary Joffe sets the scene for next week's budget her Business Day article 'Two sides of Treasury coin: why this year is Gordhan’s toughest budget'.
She argues that the infighting over who should control the public purse has made his job more difficult than ever.
We have Gordhan and Zuma facing off over who controls the public purse and in whose interests. And the narratives will surely reflect that, with the budget speech a kind of counterpoint to last week’s state of the nation address (Sona). The Sona was all about radical economic transformation, defined in the narrow sense of shifting "ownership, control and management" of the economy, rather than in the broader sense of transforming the economy itself in a way that would generate more jobs and investment and make all 55-million South Africans better off.
Financial Mail writer Ann Crotty asks 'Why are we not frightened?' in her Boardroom Tails column.
Should we be worried that we’re not more worried about the state of our nation? Should we be worried there was no hangover on Friday, given that hangovers help to discourage future bingeing?
Ann's column is only available to premium subscribers.
Also only available to premium subscribers on BL Premium this morning is Marc Hasenfuss's Financial Mail column 'Market Watch' which is headed 'Paying school fees'.
Marc writes about a new private education venture, Pembury, which is eyeing a birth on the AltX exchange.
Those who paid their school fees early at Curro enjoyed a steep (l)earning curve. With this in mind, I have no doubt that PLG’s share placement will appeal mostly to retail investors rather than risk-averse large institutional investors.
PLG envisages chalking up huge profit gains in the medium to longer term, its growth momentum underpinned by plans to grow its existing seven campuses (or 19 schools) to 17 campuses (45 schools).
I'm sure that you will agree that, for just R4 a day, these top quality writers are well worth it.
Last, but certainly not least, is Gareth van Onselen's unmissable 'Tweet of the Week' column. This week, the winner is ...