In Episode Five of the BizNews NewsWrap – a tale of two very different coalitions – Hersov on the GNU; Mayor Brink on Tshwane; plus Universal healthcare in SA IS affordable (Friedland); Political mergers (Zibi); Bringing plunderers to account (Trollip; De Beer); RIP Greg Krumbock; and the week’s news that matters.
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Transcript of the video ___STEADY_PAYWALL___
Good evening
In this episode of NewsWrap we examine the two big stories of South Africa right now – and address other issues of import. You’ll be hearing from Tshwane executive mayor Cilliers Brink; Netcare CEO Richard Friedland; Global entrepreneur and political activist Rob Hersov; Rise Mzansi leader Songezo Zibi; Action SA’s Parliamentary leader Athol Trollip; and of course, Neil de Beer.
Let’s recap on what caught our attention this week…..
In the news headlines this week
- Constitutionalists and those who want a different South Africa joined battle today in the Western Cape High Court where the DA, Freedom Under Law and the Council for the Advancement of the South African Constitution are challenging the appointment of the MK’s John Hlope to the Judicial Services Commission. Hlope was impeached after a 16-year court battle. His appointment to the JSC would give him a say in appointing and overseeing judges. Here’s the DA’s Federal Executive chairman Helen Zille…….
- Worrying times for the Eastern Cape after news that Volkswagen is in deep trouble and taking the unprecedented step of closing manufacturing plants in Germany. Its South African operation, based in Kariega, formerly Uitenhage, provides employment to an estimated 45 000 people both directly and through its supplier network and related industries. Here’s the latest on VW from our partners at the Financial Times in London:
- South African president Cyril Ramaphosa and members of his cabinet including DA Leader John Steenhuisen, are in Beijing for the Forum on China-Africa Co-operation, held every three years. Chinese president Xi Jinping, whose shindigattracts nearly every African leader, pledged financing worth $51bn to the continent over the next three years. It will also spend hundreds of millions of dollars helping train African armies. China is by far the continent’s biggest trade partner.
- Investment guru Howard Marks of Oaktree Capital, believes US interest rates will fall to between 3% and 4% from their current level of almost 6% – but will not go back to near zero as in recent years. Marks, whose firm manages almost $200bn in assets for clients, told a conference in Australia this morning that he expects the US Fed to start cutting interest rates this month.
- The oil price has fallen to its lowest level in 15 months, with Brent Crude trading at under $73 a barrel, a nearly 10% drop in the past week. With the Rand having improved against the US Dollar from R18.50 to R17.77 in the past month, if these trends hold, South Africans can look forward to another significant drop in the petrol price next month after the 92c a litre cut announced this week.
Governance in South Africa’s capital city of Tshwane appeared to have taken a turn for the better 17 months ago when a DA-lead coalition came together with just over the 108 council seats needed to run the 214-member Metro. But now Herman Mashaba, founder and president of Action SA, whose 19 seats are crucial to the alliance, is threatening to switch sides. Here’s executive mayor Cilliers Brink…..
Onto the other big story of the moment – South Africa’s proposed National Health Insurance is being widely condemned as an awfully way to address a very real problem. Actuaries say in the form being suggested, it will cost the country R500bn a year – a burden that would require VAT to be raised from the current 15% to 21%. In a speech this week Netcare CEO Richard Friedland reminded the Hospitals Association of SA that there is a well-researched, workable alternative – part of ANC policy in the Mandela era but never implemented……
Since the May 29 election we have been seeing numerous local tests of the agreements, so what does it mean for the sustainability of the Government of National Unity? Here’s global entrepreneur and political activist Rob Hersov’s view…..
Former editor and corporate executive Songezo Zibi has taken well to the political arena. The leader of new political party Rise Msanzi is already starting to engineer changes……
The scandal around Justice Minister Thembi Simelane continues to gather momentum. She has been deeply implicated in the plundering of the imploded VBS Bank. Action SA’s parliamentary leader Athol Trollip is on her case……
This story of cadre looting has gotten up the nose of Neil de Beer, leader of the United Independent Movement…for him it’s simply another step in a recurrent theme where those responsible are never brought to account…..
We end this week’s NewsWrap on a sad note. Earlier this week, long-time MP Greg Krumbock passed away. Krumbock took early retirement after illness forced him to leave his post as the DA National Campaign Manager only days before the May 29 Election. Now, just three months later, he is gone. DA Federal Council chairperson Helen Zille described Krumbock, who served the party for over three decades, as “a strategic mastermind….whose operational brilliance and meticulous planning were instrumental in turning the DA into a formidable electoral machine.” In a public tribute this week she said he will be remembered as a man of integrity, a dedicated public servant and a true champion of democracy. Krumbock was 64.
Until next week. I’m Alec Hogg of BizNews.com.
Read also:
- NewsWrap Ep5 – By-elections, Tshwane, Free speech, Mashatile, Sasol, AI and more
- NewsWrap Ep 4 – Khumalo, Johnson, De Beer on MK chaos, Shivambu; SA’s swimming superstar; McPherson; US tipping turmoil.
- NewsWrap Ep 3 – Inside track on ructions at Comrades, Joburg, Tongaat; and why Buffett sold Apple.
