EDITOR’S LUNCHBOX: Will S&P Global Ratings be moved by SA’s Ramaphoria?
First it was state capture — now it’s Burger King and Dunkin’ Donuts capture! Then there’s spoofing, wash trades — and the murky world of bitcoin trading
Stories of Note
Bytes from the digital world
What happened after the Big Bang? A better view of the birth of the universe was unveiled in the Karoo on Friday.
Forget bitcoin. White House commemorative coins for cancelled summits are the hottest new currency.
In My Opinion
Matters of debate
A key concern of S&P Global Ratings, along with Moody’s and Fitch, is central bank independence. President Cyril Ramaphosa has said he was party to crafting the clause in the Constitution relating to the South African Reserve Bank and it remains an "unassailable part of the Constitution".
By Sunday, President Cyril Ramaphosa will have been president for 100 days. His accession has been one of those great South African turnarounds when all seemed lost and a sudden and dramatic breakthrough buoyed the country with renewed hope. It was aptly dubbed Ramaphoria.
The long and the short of the markets
Asked what he plans to do about jumpy shareholders, Grand Parade chairman Hassen Adams launched into a diatribe against those he believes are out to "capture" the local franchise of Burger King and Dunkin’ Donuts.
Spoofing is when a trader floods an online trading system with orders then cancels them once the market price has moved in the desired direction. Another practice, known as wash trades, occurs when people transact trades with themselves to give the market a false impression of demand.
Oh, Very Twitty
The ministers of Economic Development, Ebrahim Patel, and of Trade and Industry, Rob Davies, were both appointed by Jacob Zuma in 2009. Under their watch economic growth was halted, unemployment soared, manufacturing declined and investment dried up. Why are they still here?— Richard Spoor (@Richard_Spoor) May 25, 2018
Graph of the day
By conventional wisdom, the bigger the fall in a country’s currency, the greater the rise in its export volumes. The graph shows this theory does not correlate with the data.