Premium: Usually reliable source says Mbeki to re-take reins as ANC boss in December

CLICK HERE FOR THE LATEST BIZNEWS BUSINESS BRIEFING (on iTunes): Market's four week rally runs out of steam; Rand and Crypto take a bath; Will China go to war over Taiwan. (Click here for Spotify and here for YouTube).It looks like the Phala Phala saga may well achieve the result intended by former spy boss and Zuma-ally Arthur Fraser – ie to prevent Cyril Ramaphosa serving a second term. Over the weekend, a 'usually reliable source' told me the incumbent will not be nominated at the ANC presidential elective conference in December. .___STEADY_PAYWALL___.His other piece of blockbuster news is that Thabo Mbeki (80) will, instead, be proposed for the post. The idea being SA's former president's return to the party's Luthuli House HQ is the best way to sort out the mess (unpaid salaries, factional in-fighting, etc) there. That would mean Ramaphosa would leave the Union Buildings when his presidential term expires in 2024. .This is similar to what was proposed by ANC elder Mavuso Msimang in our recent interview. How likely is it? 'Usually reliable souces' are described as such because the veracity of their information is only probable – not certain. Also, in SA's fluid political environment something decided today is often reversed tomorrow. .For investors, however, it's an intriguing prospect. Under Mbeki's presidency, SA's economy flourished and fiscal prudence was excellent. Having his hand on the tiller, albeit remotely, is sure to be welcomed by a restive global community. The Rand fell sharply last week, partly because of a stronger US Dollar but also on concerns about SA's political leadership. Interesting times. .More for you to read today: .Ramaphosa prays Zuma keeps his 'get out of jail free' card. William Saunderson-Meyer says the President does not want to see his predecessor back in prison.More Stocks Are Taking Part in Bounceback Rally. Market breadth recently hit a key technical milestone, yet few investors are willing to call a market bottom. Ukraine's Zelensky Warns of Russian Escalation as Putin Ally's Daughter Is Killed. Daria Dugina, whose father is far-right ideologue Aleksandr Dugin, died when the car she was driving exploded outside Moscow. Time to Upgrade Your Old Phone? More Consumers Say, 'Not Yet'. Global smartphone shipments fell nearly 9% in the second quarter, as inflation worries outweigh the urge to get the latest phone..PS: Join me at noon tomorrow for the monthly update on the BizNews Webtrader and Shyft portfolio webinar: click here to register for the Premium member-only event..After running hard since mid-July, Standard Bank's share price dropped on the release of half year results to end June, reflecting Mr Market's inclination to buy on rumour, sell on fact. But with a 33% surge in headline earnings to a fresh half year record, CEO Sim Tshabalala's description of "reasonable" results is an understatement. The bank's numbers are now back to pre-pandemic levels and in this in-depth interview with Alec Hogg of BizNews, the man who will next year celebrate a decade in the top job looks ahead and addresses key issues including booming non-SA operations; ambitious commitments for 2025; and 20% Chinese shareholder ICBC whose $5.6bn investment in 2007 is now worth a modest $3.5bn. Tshabalala also responds to criticism on BizNews by SA's leading banking analyst Kokkie Kooyman who opined that rather than challenging FirstRand as SA banking's top dog, Standard Bank's #2 spot is in danger of being yielded to Absa..NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via Biznews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our helpdesk can assist –support@biznews.com.

Premium: Usually reliable source says Mbeki to re-take reins as ANC boss in December

Related Stories