Many in the financial services sector would prefer that independent advisor Magnus Heystek had never been born. The former financial editor and founder of Brenthurst Wealth enjoys ruffling powerful feathers, using facts to puncture the facade created by billions spent on carefully crafted marketing campaigns. He's at it again this week, warning that the Springbok Rugby World Cup euphoria - which he fully participated in - should not distract the national attention away from serious financial challenges that loom ever larger. Not exactly the most liked canary in SA's economic coal mine. But surely one of its most valuable. - Alec Hogg

A budding entrepreneur won a gold medal for her invention of a seeded paper tape that took the guess work out of gardening. This idea, born out of frustration when planting a vegetable garden, was put on the back burner while she completed her qualification in architecture. Once qualified, the temptation to follow a paid job was there, but Claire Reid, founder and CEO of Reel Gardening believed in her concept. Armed with a loan from the Anglo-Zimela Small Business Fund, and a steely determination, she choose to nurture her idea. Her decision paid off and sixteen years later she owns a unique brand and a thriving business. - Vanessa Marks

Yields on Eskom’s 2021 dollar bonds jumped the most in more than three months after the appointment of Andre de Ruyter as chief executive officer, showing that bond investors aren’t showing much faith in the utility’s new boss, reports Bloomberg. Many SAA workers have ignored the call by unions to go on strike to demand higher wages, says Reuters. A few hundred South African Airways employees have returned to work despite a strike, allowing the airline to resume some regional flights, acting Chief Executive Zuks Ramasia is quoted as saying on Tuesday. The newly elected leader of the opposition Democratic Alliance has promised to work with ANC president Cyril Ramaphosa to help fix South Africa. “The enemies of growth don’t sit across from him, they sit behind him in Parliament,” John Steenhuisen told journalists. It’s the end of an era for Investec Asset Management. It has announced a change of name and brand identity following its demerger from the Investec Group. Zimbabwe’s central bank halved its key interest rate to 35%, joining the finance ministry in efforts to revive an economy hobbled by years of mismanagement. While the country stopped releasing annual figures in August, the rate is 440%, according to John Robertson, an independent economist in Harare.

The wrapping continues to come off the Bosasa story, a dramatic tale of bribery corruption and intrigue which has kept the chattering classes entertained throughout 2019. The late Gavin Watson was tried and convicted in the court of public opinion on the say-so of his former COO Angelo Agrizzi, star witness at the Zondo Commission of Inquiry into State Capture. But as we keep discovering, there is far more to this story than the simplistic story that's been sold. Jared Watson, a CA, has been working tirelessly to uncover evidence, which he reckons comprehensively supports a view that the whole Bosasa nightmare is industrial espionage, with Agrizzi launching pre-emptive strikes to grab the public consciousness. Latest of which is his launch of a defamation suit against Watson shortly before the accountant presented prima facie evidence to the SA Police Services that Agrizzi and his fellow executive Andries van Tonder, channelled tens of millions of Bosasa's rands into shell companies they owned. Curiouser and curiouser. - Alec Hogg

South Africa appointed Andre de Ruyter as chief executive officer of Eskom, the debt-strapped utility that provides about 95% of the nation’s electricity and poses the biggest threat to its economy. De Ruyter, currently CEO of packaging firm Nampak, will take up the post on Jan. 15, the Department of Public Enterprises said in a statement. South African Airways officials will be summoned to a meeting with regulators next month to disclose details about talks with potential equity partners and give assurances that any deal won’t violate foreign-ownership laws, says Bloomberg. British lawmaker Lord Peter Hain has delivered explosive testimony to an Inquiry into state capture. He accuses some of the world's largest banks of aiding and abetting former President Jacob Zuma and his friends in raiding the national treasury. The worst may be over for South African stocks, says Bloomberg. While the country’s equity benchmark has trailed the broader emerging-market gauge this year, rising less than half in dollar terms, analysts and traders have begun betting on a quicker rally in the coming months. For an alternative view, see Magnus Heystek's article on BizNews.com.

South Africa's favourite market commentator David Shapiro reflects on Sasol's disastrous month and finds a silver lining in a share price that he reckons looks incredibly cheap; and encourages the Ramaphosa Administration to make the right call when deciding on the new Eskom chairman - because the person at the top, he reckons, has a critical influence on the success (or otherwise) of any business, especially big ones. - Alec Hogg

Highly respected and newly independent asset manager Jean-Pierre Verster provides perspective on two of today's major company news releases. The proprietor of Protea Capital Management says the fact that Steinhoff did not disclose the price of two large sales of subsidiaries today - in Australia and the UK - speaks volumes for this money manager. And he's also not enamoured with luxury goods multinational Richemont's recently released interims. Even the joint venture in China with the storied AliBaba isn't enticing him. - Alec Hogg

In today's business headlines: John Steenhuisen has been elected as the interim federal leader of the Democratic Alliance and says race is not being ignored by the party. South African Airways has resumed some of its international flights last night but wage strikes are continuing. A security breach at arms manufacturer Denel may have led to the theft of missile technology according to a report in City Press. Shoprite chairman, Christo Wiese will retire from Africa’s biggest grocer by next year’s annual general meeting, putting an end date to a tenure that has spanned almost three decades; and Platinum producers have sealed a pay agreement with the sector’s biggest labour union in South Africa in negotiations that have been described by an analysts as the best we have seen in 25 years.  

The Democratic Alliance has elected its former Parliamentary chief whip and leader of the party in Parliament, John Steenhuisen as its interim leader. He beat Gauteng MPL Makashule Gana in the vote for the leadership. It follows a period of uncertainty following the resignation of Mmusi Maimane that led the party for four years. Ivan Meyer was elected as the interim federal chairperson in the place of Athol Trollip who resigned on the same day as Maimane. The DA has gone through a turbulent period since they lost support in the May elections with critics accusing the party of moving to the right of the political spectrum. In his first address as interim leader, Steenhuisen said the DA would zoom in on poverty alleviation and said the party was not ignoring the role of race in inequality in the country. Steenhuisen will be leader until the DA's next conference in April 2020. - Linda van Tilburg  

In today’s business headlines: The two unions at SAA started strike action after they rejected the latest wage offer of the airline. They plan to strike "indefinitely" and are approaching the Labour Court to seek an urgent interdiction against dismissals. Pepkor has issued a trading statement saying they were expecting  higher earnings for the present financial year. Sappi, the world’s biggest producer of pulp halted dividend payments after the impact of the US trade war with China triggered a collapse in the price of dissolving wood pulp - the South African company’s main product. Mining production increased 0.2% year-on-year in September after a 3% decline in August, which is above the expectations of analysts and South Africa’s hedge fund industry is betting on new rules to help reverse a record drop in assets under management.

In today's business headlines:  Jared Watson, the nephew of former Bosasa CEO, Gavin Watson has laid a criminal complaint against whistle blower Angelo Agrizzi for the theft of R35m. South African Airways warn that there may be no recovery if the "mother of all strikes" goes ahead. The Post Office is another state-owned company that has detailed plans to lay off workers as the government looks to slash its wage bill. Naspers shares were pulled down by quarterly Tencent earnings that missed the lower analyst's estimates; and South Africa’s rugby win has given a boost to the country’s supermarkets. That is according to Spar CEO Graham O' Connor.

Sekunjalo Independent Media on Tuesday received an application for its liquidation from the Public Investment Corporation citing SIM and its executive chairperson Dr Iqbal Survé as respondents. Iqbal Survé's Independent Media group is believed to owe at least R1.5bn to the PIC, which it borrowed to buy the company. SAA is headed for a battle with unions after it was revealed that management plans to chop about 100 jobs. Bloomberg reports that South African Airways has set itself up for a confrontation with labor unions after the cash-strapped carrier initiated talks that could see its workforce reduced by almost a fifth. South Africa’s public-service union called for urgent talks with the government on plans to reduce the state’s wage bill. Finance Minister Tito Mboweni said last month he’s redoubling efforts to cut the government’s payroll to rein in a widening budget deficit. The nation’s 1.3 million public servants take home 35% of national spending and compensation has grown faster than any other category barring payments for financial assets since 2007. Loss-making Eskom poses the biggest risk to the economy and naming a permanent CEO to turn it around is widely seen as a top priority for President Cyril Ramaphosa’s administration. The government has missed several self-imposed deadlines to fill the post. Wealthy people around the globe are hunkering down for a potentially turbulent 2020, according to UBS Global Wealth Management. A majority of rich investors expect a significant drop in markets before the end of next year, and 25% of their average assets are currently in cash, according to a survey of more than 3,400 global respondents. The US-China trade conflict is their top geopolitical concern, while the upcoming American presidential election is seen as another significant threat to portfolio.

South African Airways, the beleaguered state-owned airline that’s reliant on government financial support to continue operating, has started a restructuring process that could see its workforce cut by almost a fifth, says Bloomberg. Allan Gray, the billionaire founder of the Cape Town-based asset manager that bears his name and Bermuda-based Orbis Group, died on Sunday. He was 81, says Bloomberg. Impala Platinum is in talks to buy land in Zimbabwe from rival Anglo American Platinum as the world’s second-biggest producer of the precious metal seeks to boost output from the southern African country, according to people familiar with the negotiations, reports Bloomberg. The Saldanha Works steel plant has become South Africa’s first state-backed industrial mega-project conceived to counter sanctions during apartheid to close, as making a profit in the open economy overrides the case for strategic industries, says the news agency. Facebook must pay $11,000 each time the posts using the image of John de Mol appear, up to a maximum of 1 million euros, an Amsterdam court ruled Monday. Most analysts may be predicting South Africa will lose its last investment-grade rating, but derivatives traders couldn’t care less, says Bloomberg.

In today's business headlines: France is considering providing financial support to Eskom according to the Business Times. British billionaire Richard Branson will look at buying a stake in South African Airways if he is approached. Eskom has warned that the power system remains constrained and vulnerable and that any shift could lead to load shedding at short notice. The Rand which has rallied last week to its firmest level in three weeks on the back of renewed hopes of a US-China trade deal slipped back after the nationwide electricity blackouts reignited worries about the economy. London City traders have urged the United Kingdom and European exchanges to cut trading hours to improve work-life balance. With calls on the government to get on with plans to get the economy going; the ANC met members of its alliance, the South African Communist Party, Cosatu and civic organisation SANCO yesterday to discuss the Treasury’s economic rescue plan; and An earthbound jet known as the Bloodhound is on target to set a new land speed record in South Africa.

Most analysts following South Africa expect it to lose its final investment-grade rating. But they disagree over when that might happen and what the consequences would be, says Bloomberg. Here's what might be next for SA. Shoprite’s lead independent director, Shirley Zinn, resigned abruptly, two days after Christo Wiese’s almost 30-year stint as chairman was extended despite a majority of investors voting against his reappointment to the board, says Bloomberg. Dischem saw its share price perk up, even though the company reported a 39% drop in interim profit on Thursday. Reuters says Dischem was hurt by strike-related costs and lower demand from suppliers. Africa’s biggest pay-TV group MultiChoice, spun off from Naspers, said on Thursday it expects its core headline earnings per share for the first half of the year to be between 20% and 25% higher than during the same period last year, according to Reuters. China, the world’s second-largest wine market, is ramping up efforts to produce its own high quality wine. China is among the top 10 export markets for South African winemakers, but exports to China have been falling in value.

*President Cyril Ramaphosa says the government is on track to lure $100bn in new investment within five years, with more than $16bn already committed and many more projects in the pipeline. He was speaking to Bloomberg television. Anglo American sees South Africa’s struggling state-owned power utility and regulatory uncertainty posing major risks to its operations in the country, where it’s planning to boost spending to expand output for platinum, manganese and iron ore, says Bloomberg. Eskom is being hammered as global investors take a dim view of government plans to fix the ailing power utility. Some investors are getting out of Eskom dollar bonds amid concern South Africa is taking too long to implement a turnaround plan and explain what it will do about the utility’s $30bn of debt, says Bloomberg. For many emerging markets, 2020 is looking slightly better than 2019. But, if there is a global slowdown, South Africa is not far behind Argentina in the vulnerability stakes, say economists. House Democrats are opening the public phase of their impeachment inquiry of Donald Trump next week with some of the central witnesses who have detailed the president’s pressure on Ukraine to investigate a political rival, says Bloomberg. Following what analysts have described as an awful and nasty trading update, Intu stock plunged more than 20% on the Johannesburg stock exchange on Wednesday. Intu has dropped more than 80% over the past year.

Christo Wiese, the retail magnate who saw his billions evaporate as the Steinhoff share price plunged amid a financial scandal that erupted in late 2017, has clung to his position of power at supermarket multinational Shoprite. South Africans are feeling very glum about the economy - and that’s official. The FNB consumer sentiment index slumped deep into negative territory during the third quarter of 2019, the bank’s economists report. In a blow for Eskom, Moody’s pushed the state power firm’s credit rating deeper into sub-investment territory on Tuesday, saying a government plan to reorganise the cash-strapped South African firm would be hard to implement without explicit support from the cabinet. Looking at the JSE, the best performer on Tuesday was Dischem, climbing nearly 7% as news emerged that Coronation Fund Managers had acquired a beneficial interest in the securities of the company. Leading the losers on the JSE was Telkom, with its share price plunging nearly 8% on the news that its interim results will disappoint investors. The worst may be over for the world economy’s deepest slowdown in a decade, says Bloomberg. A wave of interest-rate cuts by central banks including the Federal Reserve and mounting hopes of a US-China trade deal are buoying confidence in financial markets just as key economic indicators show signs of stabilisation after recent declines.

South Africa is fighting to preserve its last remaining investment-grade credit rating and avert a forced selloff of billions of rand of its debt after Moody’s Investors Services gave it just over three months to get its finances in order, says Bloomberg. When Nelson Mandela came to power in 1994, he faced the challenge of uniting a nation divided by apartheid and healing an economy shattered by sanctions and mismanagement. A quarter of a century later, his one-time protege Cyril Ramaphosa faces perhaps even bigger obstacles, including a dismally low economic growth rate of 2%, says Bloomberg. “Zuma and his allies erased about 20 years of progress,” Claude Baissac, the head of Eunomix Business and Economics, which advises on political risk, is reported as saying. The World Bank could provide as much as $5bn to Democratic Republic of Congo over the next five years if its new government commits to raising more revenue, fighting corruption and opening up its economy. Zimbabwe police have given public sector workers permission to march for better pay on Wednesday in what is widely seen as a test of President Emmerson Mnangagwa’s willingness to tolerate dissent, reports Reuters. US stocks climbed to records while Treasuries tumbled as trade optimism fuelled demand for risk assets, says Reuters. The Dow Jones Industrial Average jumped 140 points at the open on Monday to claim its first all-time high since July.

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 South Africa's investment grade status. The country's outlook has been changed to negative. The Independent Communications Authority of South Africa is going ahead with plans for the roll-out of 5G infrastructure. The Government is convening a second Investment conference in Sandton this week in an effort to convince investors that the country is open for business; and The world's biggest IPO has been kicked off by Saudi Arabia who plans to list oil giant Aramco.

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. Access Bank, Nigeria's biggest lender, plans to open operations in four additional African countries in the next year, following its takeover of Transnational Bank of Kenya, says Bloomberg. Sibanye Gold, the world’s biggest platinum miner, said it’s on track to resume dividend payments in the latter half of 2020 as third-quarter earnings more than tripled, says Bloomberg. Here’s a quirky or should that be creepy good news story for South Africa. It is about to become a major fly exporter, tapping into opportunities for maggots to erode the world's waste mountains. There is a humanitarian crisis unfolding on South Africa’s doorstep. About half of Zimbabwe’s 14m people are on the brink of starvation, according to the country's finance minister.

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. Mboweni has urged Parliament that “Clearly we need to do things differently - there is no status quo option.” A staggering 29,000 public servants earn over R1m a year. To put this into perspective, the government wage bill has risen not far off 70% in a decade, with double the number of doctors, police officers, Members of Parliament and other civil servants who were earning the equivalent about 10 years ago, after adjusting for inflation. Mboweni has his eye on dramatically cutting this wage bill, and the spending perks associated with working for the South African government, including cars, phone and subsistence allowances. Also underscored on Wednesday is that not least of all because tax collectors will bring in a whopping R53bn less than expected; and state-owned entities continue to eat up vast chunks of taxpayers’ funds, with Eskom leading the way. The government is throwing more money at SAA - about R5bn. The SABC gets an additional R3.2bn. For the full details of the ‘mini budget’ and independent analysis on the statement and what’s next for South Africa, visit BizNews.com where you can listen to and read fascinating and useful insights from BizNews editor-in-chief Alec Hogg, who caught up with Mboweni after the announcements. Some disappointing news for the 450,000 people who follow Finance Minister Tito Mboweni on Twitter, the finance minister has decided to give up Tweeting. He broke this news in a Tweet: “After a long thought process, I have decided not to do any original tweets anymore. I might, just might, retweet (not endorsement). I came to the conclusion that Twitter is no longer about its original purpose: ie to create a networked society. It is now an abusive platform.” South African Airways is up for sale. South Africa’s government is talking with potential investors in the state-owned airline to ease the continuing burden the company puts on the national budget, reports Bloomberg. “I am pleased to learn that there are conversations involving South African Airways and potential equity partners, which would liberate the fiscus from this SAA sword of Damocles,” Finance Minister Tito Mboweni told lawmakers in Cape ...

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 South Africa. Reserve Bank Governor Lesetja Kganyago explained at a news conference in Cape Town what the impact of a downgrade on South Africa would be. - Linda van Tilburg

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 the economy and said they were making progress in rebuilding the South African Revenue Service. Mboweni added that taxpayers should ‘render unto Caesar what belongs to Caesar or he is going to break your bones’. - Linda van Tilburg  

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 news conference after the budget speech Treasury director-general Dondo Mogajane had harsh words for Eskom and killed rumours of a debt-equity swap. - Linda van Tilburg

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 government-guaranteed debt of R9.2bn over the next three years. He said there needed to be a serious conversation in the months to the next budget in February and it should include a consideration of what to do with the state owned enterprises. The minister was also asked about how he thought the ratings agencies would view his budget. - Linda van Tilburg