EDITOR’S LUNCHBOX: Loan guarantees to SOEs are a recipe for disaster for whole financial system
Stories of Note
Bytes from the digital world
How we laughed when former Eskom director and Gupta employee Mark Pamensky got told by the press ombudsman: "The story was not about you — in fact, it did not even mention your name." But it turns out the joke was on us since the R1.5m tab Pamensky rang up through frivolous litigation was picked up by Eskom.
The government’s ballooning loan guarantees to state-owned enterprises is placing SA’s whole financial system at risk, the South African Reserve Bank warned in its latest financial stability review.
In my opinion
Matters of debate
Police states announce themselves long before they arrive. Those they will gun for need first to be slandered and dragged through the mud. Making up false histories for people is a prelude to hurting them, warns Jonny Steinberg.
Outwardly, Freda Feldman and Irma Stern were not destined to be friends: they had nothing in common, according to Feldman’s daughter, Mona Berman. The six portraits Stern painted of Feldman showed the two connected on a deeper level.
The long and the short of the markets
It’s not exactly a household name but it may become one: mutual bank Finbond was named the Sunday Times Top 100 company this week, due in the main to a share price rally that has taken it from 25c five years ago to its current level of 335c—– a gain of 1,240%.
Chemical products group Omnia has moved one significant step closer to securing payment of a R60m refund due to it, in terms of a Competition Tribunal consent agreement with Foskor. It may also be closer to securing lower prices for its phosphoric acid inputs.
Oh, very twitty
The lighter side of the web
People can accuse me of many things but not corruption. I’m not corrupt and I don’t loot. Never have, never will be.— Dr Dlamini Zuma (@DlaminiZuma) November 9, 2017
Nkosazana Dlamini-Zuma may have forgotten about Sarafina II, but her twitter followers have not. "Yhazi some of us are just fed-up and tired of this surname. You guys are the worst thing to ever happen to our country. Nisidinile. We don’t owe you nothing maan yeeerrr," Zola replied to the above campaign promise.
Graph of the day
The rand extended a decline after South African Reserve Bank governor Lesetja Kganyago’s comments in New York on Thursday night, weakening as much as 1.2% against the dollar.