Donald Trump’s inauguration as the 47th US president sparks crypto euphoria and bold trade promises, while Cape Town claims the title of “Best City in the World.” Also in focus: the KZN construction mafia, local market movers like MTN and Gold Fields, and insights from Davos on SA Reserve Bank Governor’s session on crypto.
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BizNews Briefing Highlights
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Trump’s inaugural Address:
Donald Trump was sworn in as the 47th President of the United States, delivering a bold inaugural address with promises to usher America into a golden age. He has delayed unveiling specific tariffs on China, Mexico, and Canada, instead ordering investigations into global unfair trade practices and China’s compliance with previous agreements.
Crypto surge:
Cryptocurrencies are experiencing a significant surge following Trump’s inauguration. James Caw from Simple B attributed this to “Trump euphoria” and discussed the impact of newly launched Trump and Melania tokens on the crypto world.
WEF highlights in Davos:
The founder of BizNews, reporting from Davos, spoke with South African Reserve Bank Governor Lesetja Kganyago after a crypto session. Highlights also included an intimate session with David Beckham and a mobile phone scam incident.
KZN construction and debt management:
Updates from KwaZulu-Natal include interventions to reduce provincial debt, freeing R500 million to pay contractors. The release of audit findings revealed KZN Public Works assets valued at R20 billion, including buildings and land parcels.
Cape Town ranked best city:
Cape Town was voted the best city in the world by Time Out magazine, surpassing New York (last year’s top pick) and other cities like Bangkok, Melbourne, and London in a global survey of 18,500 participants.
Market insights:
Goldman Sachs predicts rising bond yields will challenge stocks in 2025. Strategist Peter Oppenheimer shared his outlook, recommending diversification away from the Magnificent 7 Group of US tech stocks.
Local market performance:
MTN led gains, rising nearly 4.5%, followed by a strong rally in gold stocks like Gold Fields and AngloGold, up 3%. FirstRand rose 2.5%, while Pick n Pay was the biggest loser, down over 3%. Other decliners included Clicks, Motus, BHP, and Mondi.
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