EDITOR’S LUNCHBOX: List of PIC’s disastrous investments grows
Different disease burden in Cuba is a problem when training SA’s doctors, and financial media allowed Iqbal Survé to pocket R4.3bn of government pension money via Ayo Technology listing
Stories of note
Bytes from the digital world
Critics have questioned the wisdom of training South African doctors in Cuba, which has a different disease burden, at a greater cost than doing so at home.
Parts of the town of Mahikeng went up in flames as residents protested for almost a week, demanding the removal of Supra Mahumapelo as premier.
In my opinion
Matters of debate
VBS Mutual Bank, Independent Media, Erin Energy … the list of disastrous investments by the government’s pension fund manager, the Public Investment Corporation (PIC), keeps growing.
According to Iqbal Survé, his plan to raise R7.5bn mainly from the PIC by listing Sagarmatha Technology failed because "no other media company has been subjected to this level of examination and scrutiny on the eve of a listing".
Sadly, SA’s financial media allowed Survé to pocket R4.3bn of government pension money in December via the listing of Ayo Technology by not paying proper attention.
The long and the short of the markets
The future is in smaller stores closer to where people live rather than hypermarkets, according to Pick n Pay CEO Richard Brasher.
Steve Booysen, the former CEO of Absa who is now chairperson of Steinhoff’s audit and risk committee, received only 56% approval at the furniture retailers’s annual general meeting on Friday, while Angela Kruger-Steinhoff, daughter of founder Bruno Steinhoff, got only 59.3%. Chairperson Heather Sonn herself saw 19.9% of investors vote against her.
Graph of the day
With Russian aluminium producer Rusal imploding in the wake of US sanctions against its oligarch owner, Oleg Deripaska, attention is now turning to the status of another Russian industrial powerhouse, Norilsk Nickel.