Boardroom Talk: ‘Gradually….then suddenly’ taking a hold of South African politics. Believe it.

By Alec Hogg.Some years back I came across Ernest Hemingway's phrase about bankruptcy happening "gradually….then suddenly." The term has deservedly worked its way into popular discourse here in South Africa – and across a variety of subjects..It is best applied, however, to contemporary politics in this country. The decline of the ANC, like the similarly nationalistic political party which ruled SA from 1948 to 1994, has been gradual. Everywhere I look, however, 'suddenly' is evident. It's happening so fast, and after so long, that this is not easy to digest. Even for the players. .___STEADY_PAYWALL___.Yesterday's interview with the IFP's president Velenkosini Hlabisa (click here to listen) reaffirmed it. In the four ofthe most recent by-elections in KZN, Hlabisa's party's share of the vote jumped by 18, 39, 45 and 24 percentage points respectively. Not just in the deep rural area where the IFP has always polled well. In an Msundusi (PMB) ward the IFP ousted the ANC councillor by improving from 12.5% to 58%. That's seismic. .Other members of the Rainbow Alliance (anti ANC/EFF) are living a similar story. Action SA polled near double digits after entering late for a toe-in-the-water by-election in Limpopo. And in another Msunduzi ward, the DA went from an already safe 88% to a stunning 96.4% of those who voted. Gradually….then suddenly. Believe it..More for you to read:.Mailbox: IRR's Sara Gon replies to Lord Peter Hain – Before anyone can vote, people have to be persuaded to register. Click here. Markets Tumble as Bank Fears Go Global. Shares fell sharply, with banking stocks taking a beating, as Tuesday's rally quickly faded. Click here. KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse. Accounting firm faces scrutiny for audits of failed banks. Click here..The collapse of Silicon Valley Bank, the US's 16th largest, sent shock waves through global markets, knocking banking shares worldwide. In unrelated developments in SA, results from Absa and Transaction Capital disappointed, triggering intense selling pressure on the stocks, both of which are held in the BizNews model portfolio. Our go-to man on financial services, Denker Capital's Kokkie Kooyman, broke into his 'bucket list' holiday in Greenland to explain the relevance of these developments. He spoke to Alec Hogg of BizNews.

Boardroom Talk: ‘Gradually….then suddenly’ taking a hold of South African politics. Believe it.

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