Surprise! JZ appoints new Finance Minister

[sterne.law@gmail.com]

Business Strategy 101

Take a person who cannot run 1 municipality and put him in charge of 269

Yes, that should work.

[Dave A]

What surprised me with the new/old minster is he seemed to be adamant about not taking nonsense from the SOEs or government departments.

Will this just be bluster or for real?

Pravin had no choice but to come out hard in order to turn the markets.

His track record suggests he probably means it too, but at the end of the day there's still the problem of No. 1.

Zuma's iron grip on the steering wheel has been weakened, and I can't see JZ just limping through the balance of his term. His manoeuvrings are likely to continue - perhaps even accelerate.

[flaker]

Received this by mail recently. Enjoy......

[Electrode]

The aftermath...

Barclays considers scaling back in Africa

London/Johannesburg: Barclays is considering whether to break with almost 100 years of history by selling some or all of its African banking operations as part of a review led by Jes Staley, its new chief executive.

Staley has raised questions about the strategic fit of the UK-based bank’s large African business with the rest of the group, but no decision has been taken yet, according to people familiar with the matter. Barclays declined to comment.

The Barclays review comes after investor confidence in South Africa was shaken by President Jacob Zuma’s decision to change his finance minister three times in less than a week at a time when the economy is under severe stress.

As a ABSA bank client, I am deeply concerned and am considering moving both my funds and investments if they don't give clarity soon. But this does not boast well.

[IanF]

History repeats itself I remember Barclays selling out before that was the birth of FNB. What's next sanctions?

[Electrode]

History repeats itself I remember Barclays selling out before that was the birth of FNB. What's next sanctions?

I am rather hesitant to speculate at this point. It is as if the local economy became a house of cards. The slightest instability can cause a major upset. The rand is sliding into obscurity and it seems we will follow Zimbabwe's choice to adopt the American dollar soon. Or perhaps the British pound?

[Gaynor]

The Bart Simpson song "Deep Deep Trouble" comes to mind.

[msmoorad]

[flaker]

[Electrode]

South Africans deserve better leaders. Investors are no longer buying the apartheid excuse and our government can no longer hide their corruption. Billions go missing and the tax payer can no longer pickup the bill. The thousands that don't contribute to SARS is also responsible for slow growth. I fully sympathize why they refuse to contribute to SARS, but we cannot get out of this hole, if we don't have the finances to do so.

What we need is a functional government body. What we have, defy description. Maybe in the new year things will change but I have my doubts