Biznews Radio

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

In today’s business headlines: Finance Minister Tito Mboweni’s growth plan may put him on a collision course with unions, fellow Cabinet and ANC-members; Acting SARS boss Mark Kingon says economic growth in the country is not enough to reach SARS revenue targets.; British Prime Minister will be suspending Parliament until 14 October indicating that the UK is heading full steam for Brexit; Motus accelerates and resource stocks surge on the JSE; and Great Whites have disappeared from False Bay.

Boris Johnson appears poised to become Britain's new Prime Minister. The Wall Street Journal's Jason Douglas has more on what could be ahead.

A three foot tall stainless steel bunny called "Rabbit", one of four cast in 1986 by Jeff Koons, last month became the highest price ever received by a living artist. The other three replicas are housed in art museums in Los Angeles, Chicago and Qatar. The piece, auctioned by Christies, was knocked down for $91m to art dealer Robert Mnuchin, father of the US's Treasury Secretary Steven. The piece was sold out of the estate of Conde Nast magazine publisher SA Newhouse and reinstates Koons as the world's best highest priced living artist. He held the distinction since 2013 when his Balloon Dog sold for $58m, but that was surpassed last year when a painting by David Hockney was sold for $90.3m. In this podcast Bloomberg's Katya Kazakina reports on the auction - which also saw a new record for an impressionist painter when a work by Claude Monet fetched $110m.   

When it comes to world happiness, it probably comes as no surprise to South Africans, that we are low on the list. The latest United Nations and Gallup poll put us 106th behind other African countries like Nigeria, Algeria, Cameroon, Burundi and Benin. You would think that all that lovely sunshine and some of the most beautiful natural spots in the world, would improve our sense of happiness. Surprisingly one of the coldest, darkest countries in the world, Finland topped this year’s list. So, what would it take to increase our sense of happiness? More income, better relationships, a better government - is there a magic formula to happiness or are we just a bunch of grumpy sods at the southern tip of Africa? In a new book titled the Algebra of Happiness, Scott Galloway, Professor of Marketing at the NYU Stern School of Business, explores what could make us happy and he does not have any kind words for the social media giants and their role in the deteriorating state of mental health across the world. He speaks to Bloomberg's Carol Massar and Jason Kelly. - Linda van Tilburg

PRETORIA — Although the Democratic Alliance has managed to hang on to the Western Cape, their support has dipped since the 2014 elections. This raises the question whether the leadership of Mmusi Maimane could be challenged. Political analyst Theo Venter from the North West University spoke to Biznews about the DA leadership, has a look at a smaller Cabinet Ramaphosa may be looking at after the election and whether he would be able to rid the Cabinet of  members of the ANC NEC implicated in state capture. He also comments on whether the investor climate for South Africa has improved- Linda van Tilburg

PRETORIA - There is a deep division in the ANC between the Cyril Ramaphosa faction and the Zuptoids now led by ANC secretary-general Ace Magashule. And while the IEC was still tallying how big a win the ruling party managed to attract, ANC secretary-general Magashule arrived at the IEC nerve centre at the Pretoria show grounds to claim victory. And he did not want to give credit to Ramaphosa for the ANC's majority, a clear indication that the cracks have not been papered over. He later claimed he was quoted out of context. - Linda van Tilburg

PRETORIA — President Cyril Ramaphosa may not have received the 60% support of national votes in the 2019 elections that he wanted, but he has a big enough mandate for decisive leadership. A political analyst from the Stellenbosch University, Dr Collette Schulz-Herszenberg told Biznews that the election result is the most appropriate result right now. -Linda van Tilburg

PRETORIA — She may have only one seat, but the leader of the GOOD party, Patricia de Lille, who broke away from the Democratic Alliance after a controversial stint as the mayor of Cape Town, is likely to be a vocal voice in Parliament. Her party also has at least two seats in the provincial legislature of the Western Cape  We could not pin down De Lille, but her spokesperson Nthabiseng Lephoko promised that they will make good on their promises to hold the DA to account in the province and the ANC in Parliament - Linda van Tilburg

PRETORIA — Many of the smaller parties in the election did not manage to gain a single seat. One of the parties that have been more successful is the ACDP which have doubled their number of MPs. The party's leader, Kenneth Meshoe says they will oppose land distribution without compensation, and want to create an environment which attracts investors to the country. - Linda van Tilburg

PRETORIA — The Inkatha Freedom party has increased its share of the vote in the elections and is running neck and neck with the Freedom Front Plus. IFP spokesperson Mkhuleko Hlengwa says the party was negatively effected by floods and unrest in the province. - Linda van Tilburg

PRETORIA — The Australian High Commissioner Adam McCarthy, who is one of the international observers at the election headquarters says he is impressed with voter turnout especially when it is compared with other countries. In Australia voting is compulsory. - Linda van Tilburg

PRETORIA - The American civil rights leader, Jesse Jackson has always taken a keen interest in South Africa and was a staunch opponent of the apartheid regime in South Africa. Jackson sent representatives to the #Elections2019 to observe the elections. One of them is James Gomes from the Rainbow/Push Coalition who inspected voting that took place in the Soweto area. - Linda van Tilburg

PRETORIA — With the first results in, a couple of interesting trends are starting to emerge. Very few of the smaller parties are doing well, although one or two might get a seat in Parliament. Political Analyst and former South African Ambassador to Ireland Melanie Verwoerd says the ANC is performing well. - Linda van Tilburg

Pretoria — South Africans turned out in their millions to vote in the first general election where social media played a major role. And although problems were reported with some voting stations in Kwazulu-Natal and the Eastern Cape not opening because of continued unrest, in general the election process could be regarded as a success. By midday 14 stations in these areas had not opened which the IEC managed to whittle down to a handful by early evening. Considering the fact that they had around 22,000 polling stations, the IEC has been successful in carrying out a smooth voting process. Problems that were experienced at some polling stations were more visible than previous elections due to posts on social media, but it also enabled the IEC to address issues and encourage voters to bring problems to the attention of electoral officers. The Chief Electoral Officer, Sy Mamabolo regretted the disruption experienced due to unrest and said he was happy with a smooth election process despite some glitches. - Linda van Tilburg

PRETORIA — South Africans will go to the polls for the country's sixth democratic election today. After a hotly contested election campaign, the politicians will fall silent while voters get the chance to give their say on who they want to rule the country. The first two days of special votes were marred by some incidence of violence and disruption by protestors about services delivery, but the IEC's Sy Mamabolo says the special voting has helped the IEC to fix glitches. 22,924 voting stations will be open from 7 in the morning until 10 at night for the country's 26.7 million voters. - Linda van Tilburg

LONDON — The devastating fire at the Notre Dame in Paris that has almost destroyed the 800 year old cathedral has attracted donations from all over the world and the total amount of money is expected to reach €1bn. This is more than any disaster in history which thousands and thousands of people have died in. The generosity of people, including many of the super rich of the world has raised the question whether it is appropriate to spend so much money on rebuilding a monument. Many architects weighed in saying it will cost billions to repair the Notre Dame and that perhaps it should not be restored as it was; that it should evolve. The timeline that President Emmanuel Macron set of five years for restoration is also said to be unrealistic and would probably take much longer. In Britain, several commentators were asking where the donations were when the Grenfell tower burnt down killing 233 people to which the Archbishop of York, John Sentamu who is originally from Uganda replied that he did not think you should either give money to restore the Notre Dame or save people, you could do both. The Notre Dame fire has also raised the question of how safe the historic buildings in Britain are. The Palace of Westminster that houses Parliament is said to be a serious fire hazard where fire safety teams constantly patrol the building that has caught fire 40 times just in the years between 2008 and 2012. Bloomberg’s Bob Moon was in Paris at the Notre Dame and he believes it will rise again. - Linda van Tilburg

LONDON — The question being asked by economists tonight is whether Finance Minister Tito Mboweni has managed to avoid a ratings downgrade by Moody’s. At the news conference before the budget speech, Reserve bank governor, Lesetja Kganyago said the banking system had planned for this scenario and that the system will be able to withstand a downgrade, while Minister Mboweni said the conversations with the ratings agencies were difficult, but he believed the practical steps taken by the Government should be seen as positive. - Linda van Tilburg

LONDON — Finance Minister Tito Mboweni has drawn the battle lines with Public Protector, Busisiwe Mkhwebane. At a news conference before his budget speech in Parliament, Mr Mboweni came to the defence of his Director-General Dondo Mogajane saying that he is reviewing the report of Mkhwebane that ‘Speedy Dondo’ as he called him, should be disciplined because he did not disclose a criminal record for a speeding fine. The Public Protector has since responded, expressing ‘disquiet’ at Mr Mboweni’s effort to trivialise the matter. - Linda van Tilburg

LONDON — Finance Minister Tito Mboweni warned the cash-strapped state owned enterprises and Eskom in particular at a news conference before his budget speech that the government will not allow the SOEs to continue wasting tax payers money. Shortly after the conference, he unveiled that Eskom will receive an annual grant of R23bn from taxpayers over the next three years. - Linda van Tilburg

LONDON — The man accused of being involved in smuggling cigarettes and falsifying documents, Adriano Mazotti found himself to be in the firing line of a new drive by SARS to clamp down on the illicit economy. High Court Sheriffs attached and removed all movable property from his house and a warehouse in Johannesburg. SARS says Mazotti, who is a known backer of the Economic Freedom Fighters, owns the taxman R71.9m. In a news conference before Finance Minister Tito Mboweni’s budget speech, acting SARS Head, Mark Kingon did not want to comment on the Mazotti case, but warned that it is not only the tobacco space that they will be focusing on. - Linda van Tilburg

LONDON — Finance Minister Tito Mboweni announced in his budget that the government will offer early retirement to civil servants which will reduce the public sector wage bill by R20bn over the next three years. He said at a news conference before the speech that early retirement will be offered without pension penalties. - Linda van Tilburg

LONDON — There was an acknowledgement by Finance Minister Tito Mboweni that many of South Africa’s economic woes are self-inflicted. At a news conference before his budget speech in Cape Town, he gave the backdrop of his budget and says the Government was taking steps to fix the problems and “go back to the plum years.” And there was a warning to those not paying their taxes… ”Ceasar can break your bones!” - Linda van Tilburg

When Trump tweeted that he wanted to investigate land expropriation and "the large scale killing of farmers" in South Africa, he sent the rand into a tailspin. But the tweet says a lot more about the president than it does about EWC in South Africa. In this episode, Felicity Duncan and Alec Hogg discuss Trump's legal troubles and his attempt to divert attention from them with his incendiary tweet about South Africa. While the policy of EWC may be problematic, Trump's Twitter shot has more to do with his anxiety than any real concern with property rights. They also discuss Elon Musk's about-face on taking Tesla private and the many global successes of Boksburg boy Rowan Gormley.

The rand fell this week as South Africa got caught up in an emerging market sell-off driven by the collapse of the Turkish lira. It's a risk-off market, and currencies like the South African rand and Brazilian real have been caught in the gravity well. Even US equities have fallen as investors turn to the safety of US government debt. South Africa's status was hammered this week with a blistering New York Times article on David Mabuza and a harsh op-ed about expropriation in The Wall Street Journal. Does it all add up to a crisis for SA? And, in other news, what exactly is Elon Musk thinking these days and is his behaviour going to sink Tesla? Alec Hogg and Felicity Duncan have some answers.

It’s now common cause that the report circulated by Viceroy Research brought down the 90 000 employee-strong Steinhoff. The report exposed the accounting irregularities which Steinhoff eventually owned up to. Viceroy, a shadowy firm with just three full time employees but an army of followers, has another South African company in its sights. On Tuesday, its Twitter account that has just over 5 000 followers said the Viceroy report on this company would be released before the end of March. On the Johannesburg Stock Exchange, Mr Market went crazy. Speculation that it was Viceroy’s target smashed the prices of multinational Aspen Pharmacare and three JSE-listed property stocks. In today’s episode of the Old Firm, David Shapiro and I examine what’s become known among traders as The Viceroy Effect.

LONDON — The Old Firm of Alec Hogg and David Shapiro dig behind the scenes of the JSE's wealth destruction disaster, looking at the impact of the Steinhoff hero's spectacular fall. A month ago Markus Jooste was a billionaire whose massive string of thoroughbreds boasted an average of three winners a week on the racetrack. Today his horses are up for sale and he owes the banks a fortune. But much worse for Jooste, because of his actions his idol and mentor Christo Wiese has lost tens of billions of rand. Steinhoff is a story that will be studied by business scientists for years to come. And is the obvious subject for the first episode of 2018 where the Old Firm shares the back story to SA's biggest business news story of the moment. - Alec Hogg

Renowned anti-Apartheid activist, Lord Peter Hain, drove a very deep nail into the Zupta coffin in the UK's House of Lords on Wednesday. In a speech that was televised live, Hain said he has handed over a "smoking gun" to the UK Treasury - documents revealing details of money laundered by the Guptas from South Africa through the UK into Hong Kong and Dubai. This evidence, which also contains full details of the beneficiary bank accounts and how the money was sloshed around to disguise its origin, breaks the investigation wide open, giving the authorities an open and shut case of money laundering. Hain also says that according to his information, these transactions channelled were flagged by staffers at the UK bank used to launder the dirty money. He did not name the bank today, but from his previous disclosures, it is obvious that he is referring to HSBC. Hain says the bank's staffers were told by executives higher up the chain not to report the transactions - an action which the Lord says makes them criminally complicit. With the FBI in hot pursuit, and the UAE Central Bank closely eyeing the Guptas, this latest revelation from Hain closes the loop for the authorities - pointing them towards the evidence that will very likely retrieve billions of rands back into South Africa and put the corrupt crony capitalists - and their accomplices - behind bars for a long, long time. - Alec Hogg

In this edition of TeamTalk, Bob Skinstad explores the post professional life of Justin Kemp, one of the world's most effective cricketer all rounders. Kemp has turned a passion into his livelihood and talks to Bob about Big Catch, his fishing superstore in Cape Town.

It's common cause that many of the world's systems are antiquated with their shortcoming badly exposed in this Information Age. But during a period of supposed enlightenment, why has so much of humanity regressing? And why have great nations elected populist leaders who quite obviously put their own interests ahead of those who gave them their power? Dr Claudius van Wyk picks up the challenge of addressing this and reaches conclusions that will come as a pleasant surprise for many. Mankind, he reckons, is going through a period of creative destruction. It is tough to live with it, but what will emerge is a new kind of leadership that is fit for purpose for the new era. - Alec Hogg

Former Springbok scrumhalf Dan van Zyl is an much admired rugby coach in Ireland, a country whose team massively outperforms on the global stage. He says Ireland's ability to teams with vastly superior resources is no fluke, and in this fascinating interview with former teammate (and opponent) Bob Skinstad, shares insights into a national structure that consistently delivers the goods. Huge lessons for those running the show in the former Springbok captain Skinstad's home country.

Futuregrowth Asset Management has provided funding in the amount of R300-million into the taxi industry. Taxis are the main mode of transport for millions of South Africans every day, and the industry has been disrupted over the past couple of years with the emergence of Uber, particularly among the middle- to upper-class. Futuregrowth’s funding goes to SA Taxi, South Africa’s largest financier of minibus taxis, which, in turn, will use the money to provide financing to the company’s Zebra Cabs owner-driver scheme. SA Taxi acquired Zebra Cabs metered taxis in 2015. David O’Sullivan spoke to Gerswhin Long, investment analyst at Futuregrowth about the project.

Futuregrowth Asset Management is doing its part in stimulating the economy of Gauteng with an investment of R635 million into major housing projects in the lower- to middle-income sector. The investment is with housing specialists, the Cosmopolitan Group. The investment results in more than 20 000 Gauteng families becoming first-time home owners, which in turn creates wealth, increases employment opportunities and ultimately leads to real economic growth. David O’Sullivan spoke to Thina Tiro from Futuregrowth about the investment in the housing market and its long-term benefits from not only a financial perspective, but also a social perspective.

It's almost 30 years since the late Frederick Van Zyl Slabbert led a group of five dozen white South Africans to Dakar for a historic first meeting with Thabo Mbeki's 17-person ANC delegation. Slabbert, the one-time Leader of the Official Opposition who abandoned Parliament in disgust, was accompanied by leading anti-apartheid protagonists like Breyten Breytenbach, Andre Brink, Willie Esterhuyse, Max du Preez, Alistair Sparks and Jimi Matthews. Among the the group was Geoff Johnson, then an executive at the SA Perm, who had joined the ANC a year before after activist David Webster. After Webster was assassinated on May 1, 1989, Johnson decided to relocate to the UK where he has remained a committed supporter of all things South African. Among them is his creation of the biggest annual charity golf day in the Northern Hemisphere where he taps into the disapora "SA's 10th province" to raise funds for worth causes back home. In almost 20 years, the golf day has sent almost £2m to SA charities. Johnson was one of the earliest employees at St James's Place, the FTSE 100 wealth management business established in 1991 by fellow South African Sir Mark Weinberg. Here's Johnson's story. He tales us along road winding from disrupting rebel sports tours through to being an early stage employee at two massive businesses built by among SA's finest entrepreneurs. Fascinating.

One of the hidden paradoxes of Brexit is that it is likely to stimulate South African emigration to the UK. JP Breytenbach of SA/UK legal emigration specialists Breytenbachs, reckons young skilled South Africans - and retirees with independent means - are going to be prime targets in the run-up to the UK actually closing its doors to automatic emigration from the European Union. We met on the steps of St Paul's Cathedral to talk about the way potential South African emigrants have reacted to Brexit, the recent municipal elections and the student unrest. As ever, the SA-born, UK-schooled lawyer pulled no punches when offering insights on the real emigration story.

Among the harsh realities of economic downturns is the way it affects noble ideals. The World Economic Forum's 2016 Gender Equality report shows that a staggering eight years of global progress in women empowerment has been wiped out by the tougher times. Although there are some bright spots, overall, women are now back where they were in 2008 - and at this rate it will be 117 years before gender equality is reached. One of the authors of the report, the WEF's Till Leopold, tells Biznews.com's Alec Hogg that even though women are just as well educated and work even harder than men, they only earn half as much. And the fairer sex is also most at risk by the dawning of the Fourth Industrial Revolution. This is the 11th year that the WEF has compiled this report, one where South Africa has done well again, rising two spots to 15th of the 144 countries surveyed.

The good news is South Africa is still the best place on the continent to invest. The bad news is its relative appeal is falling, and unless there is a change soon this is another African table where the country will lose its top spot. Every year RMB’s analysts spend months crunching numbers and weighing up other quantitative factors to produce a detailed document for clients considering an African investment. The report ranks the countries by investment appeal and, as the editor Nema Ramkhelawan-Bhana explains, it serves as a guide that clients use as a guide for their own decisions. Every new edition exposes some new ideas and trends. The 2016 version is no different.

Hedge fund Jean Pierre Verster became rather famous when admitting that he'd made clients R100m by going short on Abil shares ahead of the micro-lender's collapse. A few months back Verster parted ways with his long-time employer 36One Asset Management and like the EFF, is finding it pretty cosy outside his former home. In London this week to raise investment finds from major institutions, he met up with Biznews.com's Alec Hogg to share his ideas on where he's investing now, the stocks being shorted - and how he reconciles a hedge fund career with his admiration for Warren Buffett, one of the industry's greatest critics.

Since arriving in the UK more than two decades back, Reg Bamford's Sable International has helped thousands of fellow South Africans set themselves up in his new homeland. But the London-based emigration expert offers some honest and rather direct advice for those considering following in his own footsteps: Don't. In this interview with Biznews.com's Alec Hogg, he unpacks some better ways for would-be emigres to achieving the real objective, which for many is to ensure better opportunities for their children.

The #FeesMustFall protests in South Africa have put the spotlight squarely on parents, as to whether or not the country will be able to offer global Standard education in the year’s to come for their kids. The disruptions, which include the destruction of the very thing being protested for, may impact the current academic year to a point where a whole generation is put a year behind, and would deliver a cost greater than purely financial. A long term option for the high net worth individuals is a $500 000 Dunkin’ Donuts investment. It may sound bizarre, but it’s a program managed by LCR Capital, whereby individuals can obtain green cards for themselves and immediate families to the United States, with such an investment. The US government makes 10 000 of these visas available annually. And an added benefit of the program is it offers holders a greater chance of entry into one of America’s Ivy league colleges, and cheaper. For more on the program Alec Hogg caught up with co-founder Rogelio Caceres.

It was a dark day in Springbok rugby, not the first, and most likely not the last. It’s not often people walk out the pub when the Springboks are playing, but that second half display against the All Blacks saw just that. Empty seats, which was also evident on the TV screens. But where to from here? The old saying that there’s nothing more feared than a damaged Springbok in world rugby is starting to wear thin, and a plan is needed. Former Springbok lock and World Cup winner Victor Matfield chatted to David O’Sullivan, looking at options going forward. Here is that conversation transcribed as heard on Joburg PM with David O’Sullivan on Hot91.9.

A respected rugby writer, Owen Slot from the Times of London, had an interesting observation about the future of Springbok rugby. He compared it to the situation faced a number of years ago by cricket in the Caribbean. Top players were lured to other countries by lucrative contracts and the game at home suffered as a result. Slot wrote: “The steady trickle of players going abroad at the end of their careers is now a tidal wave, and they don’t just go at the end any more, either. They go in their early twenties. The suggestion yesterday was that Eben Etzebeth, the South Africa lock, is soon to join Saracens. He is still only 24. This is the kind of player around whom the Springboks should be building their future, not waving goodbye to. In total, an estimated 350 of them are earning a living from the game outside of the country at present. Some say that Allister Coetzee is close to losing his job as head coach. Of course they do. Yet, really, when you have a talent drain like that, what do you expect?” I spoke to former Springbok coach Jake White on Hot91.9 for his views on what could be done to stop the slide of South African rugby.

Statement on the charges levelled at SA Finance Minister by the NPA by Pravin Gordhan's lawyer Tebogo Malatji

Treasury statement regarding criminal charges of fraud levelled against Minister of Finance Pravin Gordhan.

Independent analyst Mark Ingham was delighted when in early 2013, Pick n Pay entrusted the then struggling retailer's future to UK import Richard Brasher. He immediately upgraded his call on the stock to a buy with "high conviction", a view justified by events of the past three and a half years. In this in-depth discussion with Biznews.com's Alec Hogg, Ingham looks ahead to what can be expected in Pick n Pay's results for the half year to end August, and considers the stock's attraction in the light of today's market reverse - caused by jitters accompanying the latest shocks in the political economy.

Whether its Japan’s Brave Blossoms beating the mighty Springboks or tiny Iceland trumping England at soccer, sport reminds us to never take things for granted. But even by those standards, the story of English football club AFC Bournemouth is incredible. On the verge of disappearing into eternal anonymity just eight years ago, the 180 000 population seaside town’s local club is now establishing itself in the most elite football league on earth. Most of the plaudits have been attracted by the team’s brilliant young manager Eddie Howe who was 32 when he took charge in 2009. But equally important to the fairytale is chairman Jeff Mostyn, who bought his hometown club on emotion and stayed to fight after discovering a mountain of debt. I recently got the opportunity to interview Mostyn and what followed was an inspirational story of business unusual. No exaggeration to call this the sporting world's equivalent of the biblical raised-from-the-dead Lazarus. And watch out for the South African angle too. Hint: Vitality is Discovery's UK business.

Once its homeland lost polecat status, South African-born Investec became one of the earliest companies to globalise. Its strategy was to establish a solid base in London, with much of its early growth achieved through buying up in funds management businesses. A couple decades later and the fruits of that approach are well documented - Investec Asset Management continues to grow its market share in London by competing effectively against some of the largest money management firms on earth. Its portfolio managers often move between the company's London and Cape Town offices, but the case of Abrie Pretorius is unusual. With over half of his fund's money invested in US-headquartered companies, Pretorius relocated, instead, to New York - and explains why in our wide-ranging discussion which includes insights into his favourite stocks, the "Amazonisation" of retailing and why a fifth of his portfolio is entrusted in shares of cigarette makers.

South Africa plays a leading role in the drive to eliminate gender inequality - spearheaded by the UN's head of Women Affairs Phumzile Mlambo-Ngcuka. As one of the top five at the global organisation and with a target of total equality by 2030, Sa's former Deputy President will be delighted to see progress being made in the workplace back home. RMB's award-winning Athena Project is blazing a trail others have started to replicate. I caught up with the bank's Liesl Bebb-McKay to find out more about this innovative project which takes practical steps to permanently change the workplace.

Investors, politicians and public servants all around the world put great store in the World Economic Forum's annual Global Competitiveness report. The 2016 edition, released today, provides heartening news for South Africa which nudges a couple places higher to 47th of 138, its best rating in five years. The country's stellar performance in the financial services and shareholder governance sectors continued, but these pockets of excellence contrast starkly with shocking results in health and education. I caught up with Roberto Crotti, the the WEF's economic expert on Africa, who acted as an interpretive guide to this critically important information. His conclusion: South Africa's biggest problem remains overly rigid labour legislation where it continues to prop up the global table. Which aligns with what any rational soul will tell you - if you aren't allowed to fire them, you're sure going to think hard before hiring them. As a result, business owners will always opt to invest in a machine before hiring a human being. A tragedy for the nation with the highest level of unemployment of any major economy on earth.

The Capitec train continues to roll with the bank rated by Lafferty International as the world's very best posting sparkling financial results for the half year to end August 2016. CEO Gerrie Fourie tells Biznews.com's Alec Hogg that the strategy which has gathered over a fifth of SA's retail market is gathering further momentum. Transactions grew strongly in the half year, putting the bank on target for this revenue stream to cover all operating costs by 2020. And with Capitec launching new challenges in credit cards and insurance, SA's great banking disruptor is determined to rattle even more financial sector cages in the months ahead.

Any ranking of South Africa's top five entrepreneurs would have to include Christo Wiese (75) and Markus Jooste (55), the gifted business geniuses behind rapidly expending global furniture retailer Steinhoff. Both come from humble beginnings, but with parents who invested in their education - Wiese's in law; Jooste's in accounting. They met more than three decades back when Jooste was an articled clerk on a Wiese company audit, and have been close friends ever since. In 2014 they pooled assets into an enlarged Steinhoff, triggering an aggressive international expansion programme topped by the $3.8bn (R52bn) bid for the US's largest bed retailer Mattress Firm. The duo are betting on a combination of Steinhoff's vertically integrated business model and their ability to pick companies run by the right people. After a surge in price following the initial excitement, the Steinhoff share price has been soggy of late. Is this a reflection of over-reach or an opportunity to accumulate? In this in-depth assessment of South Africa's newest global business champion, independent investment analyst Mark Ingham dives into the detail with Biznews.com's Alec Hogg - and comes to some interesting conclusions.