BizNews Briefing – CEO on next decade for booming Easy Equities; RFK’s new job scares Big Pharma
In today's BizNews Briefing, host Alec Hogg shares highlights from an in-depth look into SA's investing democratiser Easy Equities with its CEO, Purple Group's Charles Savage. Plus FNB's Chantal Marx on the big retail stocks; and Trump appointee RFK Junior has the leaders of Big Pharma in a spin.
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BizNews Briefing Highlights:
RFK Jr.'s Appointment:
- Robert F. Kennedy Jr. was appointed as head of health by Donald Trump, surprising many given Kennedy's past criticisms during the COVID-19 crisis.
- His shift from running as an independent candidate to supporting Trump, rather than the Democratic nominee Kamala Harris, led to this position.
- This news has caused concern among big pharmaceutical companies.
Market Updates:
- Global News:
- Trump announced plans to impose a 10% tariff on Chinese goods and a 25% tariff on Canada and Mexico, impacting trade. The UK is perceived to benefit due to its longstanding relationship with the U.S.
- U.S. Markets:
- Tesla shares rose 1.5%, reaching $343, with a valuation increase of 350 billion Rand.
- Bitcoin recovered, reaching $93,480 after a brief dip.
- South African Markets (JSE):
- A positive day overall, with resources up 0.2%, industrials up 1%, and financials rising by 0.5%.
- The Rand weakened against the dollar (R18.20) but strengthened against the pound (R22.86).
- Market movers: PEP Core (+5%), Purple Group (+3%), Life Healthcare (+3.5%), and Shaftesbury Capital (+3%). Decliners included HCI (-4%) and Stefanuti Stocks (-3.5%).
Interview Spotlight:
- Alec interviewed Charles Savage, CEO of EasyEquities and Purple Group, a standout fintech company on the Johannesburg Stock Exchange.
- EasyEquities marked significant milestones, including reaching 1 million active clients, managing nearly R60 billion in assets, and generating R400 million in annual revenue.
- The company turned around its finances, moving from a R50 million loss to a R50 million profit.
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