BizNews Radio
Welcome to BizNews Radio where we interview top thought leaders and business people from South Africa and across the globe.
More Springbok accolades; Moody’s holds back; 5G roll-out; Another investment drive; Aramco IPO green light
In today's business headlines: The Springboks have claimed more international awards with South Africans echoing the sentiment of captain Siya Kolisi that more could be achieved if they work together. There is hope that the renewed optimism in the country will enthuse markets after Moody's decision on Friday to maintain…
Christo Wiese in Shoprite battle; Nigerian bank eyes SA; SA maggots go global; Zim hunger crisis; Sibanye
Christo Wiese faces another corporate battle. The former billionaire, who lost fortunes when the Steinhoff share collapsed and was relegated from the ranks of a billionaire to a millionaire, could lose his grip on power at Shoprite. A major Nigerian financial services provider sees lucrative business opportunities in South Africa…
SA’s 29,000 millionaire civil servants; SAA up for sale; rand rattled; Mboweni’s last Tweet; ratings downgrade looms; Brexit latest
South Africa’s budget deficit is set to come in at just under 6%, from the previously estimated 4.5% and last year’s 4.3%, it was confirmed when Finance Minister Tito Mboweni released his Medium Term Budget Policy Statement. The budget deficit gives the country similar financial ratios to Pakistan and Argentina…
Is Mboweni's end of winter speech enough for Moody's?
Finance Minister Tito Mboweni's mid-term budget has been tabled in what he described as the end of winter for South Africa's economy, all eyes would be on Moody's at the end of this week to see whether he had done enough to ensure that the ratings agency does not downgrade…
Tax collection falls short by R53bn; but Caesar is watching
There has been a R53bn shortfall in tax collection in the 2019/2020 financial year with the largest revision coming from personal income tax of R25.3bn. This was revealed by Finance Minister Tito Mboweni in his mid-term budget. SARS commissioner Edward Kieswetter said it was a function of the performance of…
No debt relief for Eskom now or debt-equity swap - Dondo Mogojane
The government will not take further steps on reducing Eskom's R450bn debt burden until it has showed progress on reforms. Finance Minister Tito Mboweni said in his medium term budget speech that once there is enough progress at Eskom an appropriate size of debt relief will be announced. At a…
SAA bailout; SA Express could be sold - Tito Mboweni
Finance Minister Tito Mboweni announced in his medium term budget speech in Parliament that the government was talking with potential investors for South African Airways in an attempt to ease the burden that the airline is placing on the national budget. Mboweni said the government will repay loss-making SAA’s outstanding…
Mboweni urges discussions with unions on public wage bill
Finance Minister Tito Mboweni seems ready to challenge labour unions on the high cost of the public sector wage bill. Mboweni said in his mid-term budget speech in Parliament that the Government spends over R500bn on the wage bill which has more than tripled between 2006 and 2019. He said…
Tito in full flight, on the record - full presser ahead of MTBPS
Here's the full recording of Finance Minister Tito Mboweni's pre MTBPS press conference at the Parliamentary "lock-up" this afternoon. Brutally honest, he unpacked the challenges facing the young democracy, emphasising that the situation is so dire that shirking away from the issues will only make things worse. As he mentioned…
Mboweni - rising debt-to-GDP ratio is a serious concern
Finance Minister Tito Mboweni warned in his mid-term budget that the upward trajectory of the debt-to GDP ration in South Africa is a serious concern. It is set to reach 60.2% in 2023/2024 and 60.1% the following year. He said the danger of talking about a debt trap is that…
Mboweni cuts business flights and fancy cars for public officials
Finance Minister Tito Mboweni outlined the cost of fiscal leakage and wastage in South Africa in his mid-term budget and says he is planning to end the huge wastage of public resources. Mboweni said one of the high costs to the government is litigation. He is also taking measures to…
Eskom power plan; Rand fizzles; unemployment high; Sibanye eyes NY; SA scientists discover early man in Botswana
The government issued its big plan to save Eskom, but the details were a disappointment for many hoping to see faster, firmer action. In particular, Eskom’s debt burden hasn’t been dealt with, worry analysts. The rand weakened as much as 1% against the dollar after the release of the plan,…
Invictus II – Rugby can unite South Africa again - John Carlin
After spending time in South Africa where he witnessed South Africa becoming a democracy, John Carlin wrote the book, “Playing the enemy - Nelson Mandela and the Game that Made a Nation.” It told the story of how Nelson Mandela, the country’s newly elected leader forged a friendship with Springbok…
Eskom’s long awaited rescue plan - Pravin Gordhan
The weight of Eskom on our economy is like the world that the Greek god Atlas had on his shoulders. It was his punishment handed down by Zeus; in South Africa’s case it was a burden handed down to all of us by the Zuma administration. And if I can…
Sasol boost as CEOs jump ship; SA may escape downgrade; Palladium soars; Joburg water cuts; Brexit delay
Sasol’s share price jumped when its CEOs jumped ship. The board decided a leadership reset was needed following a bad investment in the US. Sasol named a new chief executive officer to replace co-CEOs Bongani Nqwababa and Stephen Cornell as the company seeks to draw a line under the disastrous development…
Dylan Stevenson: Back story to making Fourways Mall into one of SA's biggest
In this special podcast, RMB's Dylan Stevenson shares the story of the R2.4bn expansion of the Fourways Mall, doubling the centre to a 180,000 square metre giant that's now one of the largest of its kind in South Africa. The project was initiated bottom-up, with property owner Accelerate being approached…
No more SOE bailouts; Pvt sector impatient with CR; R35bn exports reviewed; Mantashe journalist bribe?
In this week's business headlines: The focus this week will be on Wednesday’s mid-term budget by Finance Minister Tito Mboweni followed by Moody’s credit-rating review on Friday. Opposition parties have urged the government not to give any more bailouts to the state owned enterprises. Meanwhile the DA has appointed…
PIC dismissal Ayo-linked; Tesla surprise; Clicks growth; VW Uitenhage off-grid; SA business ease slips; Don’t mention Harvard
In today's business news headlines: The Public Investment Corporation has dismissed a portfolio manager linked to the R4.3bn investment in Ayo Technology Solutions. Tesla gained as much as 20% after it posted its first quarterly profit in almost a year. The Clicks Group reported a 16.8% rise in full-year earnings…
DA leader quits; Inflation down, SOEs fail audits; ABB flags Eskom payments, Putin eyes Africa; flights resume.
In today's business headlines: The DA leader Mmusi Maimane has quite the party saying the DA is no longer the party of his vision. Soon after the party's chairperson Athol Trollip also decided to pack it in. The party will meet today to discuss the way ahead. South Africa’s…
Helen Zille 'shocked' by Maimane and other resignations
Helen Zille's return to the Democratic Alliance was always going to be contentious. Known for her controversial tweets about colonialism, she stepped aside as leader of the DA to make way for Mmusi Maimane. But she was never far from the spotlight and became known for her tempestuous relationships with…