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In today’s BizNews NewsWrap, we cover the most talked-about stories. Rob Hersov shares his unfiltered views on the controversial Springbok private equity deal. Advocate Glynis Breytenbach calls for Justice Minister Tembi Simelane's resignation amid VBS Mutual Bank scrutiny. We dive into Tesla's impressive earnings report, with Bloomberg and Seth Goldstein of Morningstar. Finally, Russian historian Irina Filatova unpacks BRICS' geopolitical shift and its message to the West. Tune in for the latest updates and expert insights!
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In a hard-hitting interview with BizNews founder Alec Hogg, DA spokesperson on Justice and Constitutional Development, Glynnis Breytenbach, exposes the questionable financial dealings of Justice Minister Thembi Simelane during her time as Polokwane mayor. Breytenbach highlights a conflict of interest involving a shady loan connected to the VBS Mutual Bank scandal, where Simelane allegedly benefited from a half-million-rand "loan" while municipal funds were directed into the failing bank. With Simelane now leading the justice ministry and under investigation by the Hawks, Breytenbach argues that her position undermines the integrity of South Africa’s fragile criminal justice system.
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In a revealing interview, Rob Hersov discusses the alarming involvement of North Korean troops in the Ukraine conflict and its potential to galvanize Western support for Ukraine. He critiques the recent Springbok rugby partnership deal with Ackerley Sports Group, calling it poorly constructed and highlighting the incompetence within the South African Rugby Union. Hersov advocates for a transparent process and better partners to elevate the Springbok brand and address its financial needs.
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Russian President Vladimir Putin - who is hosting the latest BRICS Summit - has managed to demonstrate to the world that he is not isolated at all - and that - together with China - he leads the Global South. So says Russian historian, Professor Irina Filatova. In this interview with BizNews, she says BRICS sees itself as fighting for a new multipolar world - and that the addition of the new members, particularly Iran, has pushed BRICS away from cooperation with the West. She describes as the biggest take-out from the Summit, “the huge announcement by the Global South. We are here and you have to listen to us.” She adds: “It may be that this summit actually was a point in the international relations and in the global situation that we shall remember as a turning point which will mark the strengthening, final strengthening of the rest at the expense of the West, or it may not. It may be completely different and the world may collapse into a host of different groupings, conflicts and fighting interests both on the battlefield and in the trade relations, the economy, etc.” Professor Filatova also describes the impact a new BRICS financial system could have on the current global financial system. Furthermore, she analyses the implications of North Korea entering the war against Ukraine.
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In a startling development, reports suggest that North Korean soldiers are being deployed to aid Russia in its war against Ukraine. Satellite images from South Korea reveal troops being prepped in Russia's Far East, raising concerns about global conflict escalation. This alliance signals a broader internationalization of the war, as experts question how the West will respond to this growing threat.
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Major companies like EOH, Tesla, and Famous Brands are all facing unique challenges and opportunities. EOH is restructuring after corruption scandals, Tesla is seeing soaring demand and cost reductions, while Famous Brands recovers post-COVID. Strategic pivots and market resilience are key themes driving these corporate stories forward.
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In this episode of BizNews Briefing where host Alec Hogg gets context from those who know on big SA stories of the moment including the incompetent SARU sale of the Springboks; Dodging Justice Minister Thembi Simelane; SA Parliament getting involved in Equitorial Guinea’s jailing of two SA engineers on trumped up charges; and the CEO perspective on financials just reported by EOH and Famous Brands.
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In this episode of NewsWrap, Jakkie Cilliers, Chairman of the Institute of Security Studies and globally renowned futurist, says South Africa needs to stop being played by its BRICS counterparts, Russia and China; WeBuyCars co-founder and Chief Executive Faan van der Walt discusses the company's financial results for 2024 and growth outlook, following their listing on the JSE in April this year; Denker Capital Director Kokkie Kooyman shares insights into the crisis-stricken wealth-management firm Sasfin, and the origins of their poor full-year results; and deposed Western Province Rugby Football Union president Zelt Marais on the controversial $75 Million deal between SA Rugby and the Ackerley Sports Group.
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In a recent interview on BizNews, Alec Hogg spoke with Faan van der Walt, CEO and co-founder of Webuycars, about the company’s impressive growth, challenges of going public, and its future outlook. Webuycars, now listed on the JSE, has experienced strong top-line growth of over 20%, though it faced a dip in headline earnings per share due to non-recurring costs associated with the listing. Faan discussed how major institutional investors, including Coronation and Aylett & Co., have backed the company, and he expressed optimism about reaching the ambitious goal of selling 25,000 vehicles per month in the near future.
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A massive, multi-year research project by the Institute for Security Studies reached a jarring conclusion - South Africa’s economic stagnation directly results from ideology trumping pragmatism. ISS chairman Jakkie Cilliers, a globally celebrated futurist, says SA’s leaders know exactly what to do to put the nation onto the path to prosperity and poverty alleviation. But a lack of execution and confused leadership is holding back the nation.
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Zelt Marais, president of Western Province Rugby, has raised concerns about financial mismanagement in South African rugby. In an interview, he criticized SARU’s undervalued equity deal and lack of transparency, while calling for government intervention to protect community clubs and ensure the sport’s sustainable future.
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In an enlightening conversation, Kokkie Kooyman of Denker Capital shares insights into the troubled saga of Sasfin, a bank with a storied history. From its early days of pioneering leasing to its recent struggles with fraud and rising non-performing loans, Kooyman highlights the systemic issues that have plagued the institution. As Sasfin faces a potential delisting from the JSE, Kooyman emphasizes the lessons for the banking sector in South Africa.
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In this episode of the BizNews Briefing, host Alec Hogg is joined in the studio by WeBuyCars founder and CEO Faan vd Walt; former WP Rugby President Zelt Marais; and Denker Capital’s Kokkie Kooyman.
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In this engaging interview, Ranmore Fund Manager Sean Peche shares candid insights with Bloomberg's Merryn Somerset Webb, challenging the traditional investment narrative. Peche discusses his approach to evaluating stocks without meeting management, the pitfalls of chasing tech stories like Nvidia, and why he believes in relying on hard numbers over compelling CEO stories. He highlights Ryanair's resilient performance, Petrobras' dividend power, and the risks of paying too much for future growth. With a focus on value investing, Peche emphasizes the importance of avoiding hype and sticking to fundamentals in an unpredictable market.
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In today's BizNews NewsWrap, we bring you the latest highlights, from Russia’s BRICS summit to the resurgence of South Africa’s banking sector. Tune in for expert insights from Peter Armitage on SA market optimism, Steven Hurwitz on Naspers’ unusual 100 day trading update, and mining maven Peter Major on Anglo American and Sasol. We also dive into RW Johnson’s thought-provoking analysis on whether African states should receive veto power in the UN Security Council. Catch all this and more on BizNews.com, TV, and Radio!
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Speaking to Alec Hogg on this morning's BizNews Briefing podcast, Peter Major, a prominent mining analyst, shared insights into the future prospects of Anglo American amidst ongoing market challenges. He discussed the company’s strategic initiatives to enhance operational efficiency and diversify its portfolio in response to fluctuating commodity prices and economic uncertainties. Major emphasized that despite short-term headwinds, Anglo American's focus on sustainable practices and innovation positions it well for long-term growth. He also highlighted the importance of adapting to global trends, such as the transition to green energy, which could unlock new opportunities for the mining giant in the years ahead.
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The 2024 BRICS Summit is being held in Russia. In this interview with BizNews, foreign policy analyst Sanusha Naidu of the Institute for Global Dialogue says with about 38 countries invited, 32 of which confirmed attendance and 24 sending Heads of State, “this is really a moment in the sun for Russia to say we still have traction”. She looks at what South Africa and Africa could hope to gain from its fellow members. Naidu also discusses the big talking point of trade in local currencies, and says she doesn't think BRICS wants to create a third currency, but would instead like to strengthen and instrumentalise the frameworks as well as the rolling out of piloting projects around the use of localised currency. She does not expect any major expansion moves at this summit because of the implication of permanent members having to start sharing their power base which then challenges who is actually the ultimate decision maker in BRICS. Instead it might rather focus on “partnership” countries. Naidu further analyses the extent to which the BRICS countries are already challenging the US-led World Order.
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In this morning's episode of the BizNews Briefing podcast with Alec Hogg, Steven Hurwitz of 36One Asset Management weighs in on Naspers' new CEO Fabricio Bloisi’s 100-day statement. While AI-driven innovations and improved profitability are promising, Hurwitz emphasizes that Naspers' performance remains heavily dependent on its largest asset, Tencent.
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Speaking to Alec Hogg on the BizNews Briefing podcast this morning, Peter Armitage from Anchor Capital discussed the banking sector's recovery amid changing interest rates, highlighting improved investor confidence and economic stability in South Africa. While banking shares are up significantly, Armitage cautioned against complacency, emphasizing the delicate balance between optimism and potential market corrections. His insights also touched on the cautious movement of international investors and the challenges facing major companies like Naspers and Tencent.
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This morning’s BizNews Briefing features insights from top financial minds Peter Armitage, Steven Hurwitz, and Peter Major. Key topics include comments on Naspers CEO Fabricio Bloisi, contrasting opinions from Fed officials on rate cuts, Disney’s new leadership strategy, and growing confidence in South African markets amidst economic improvements like declining interest rates, increased foreign bond investments, and reduced load shedding.
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