There is a feeling of unease in the JSE
markets. Firstly one of the market darlings has disappeared in a flash of absent
funds. Then an unsettling number of companies are muttering about results which
are less than exciting and a slew of overseas and local indictors seem to have
gone off the boil. The message seems to be Keep Calm but Keep Careful Watch.
Note for example that the German Dax index is almost 8% below its July peak and
that money is flowing into the US
which appears to be regaining its reputation as a safe haven. The dollar and
the US
long bond are both enjoying price increases. On our own JSE the All Share has
remained inside a very modest 700 point trading range for most of the week.
The SA government, however, does not
share the view that our economy is fragile and persists in bludgeoning
survivors. Gold Fields, for example were this week reminded that they have
still not built the clinic and bakery that were supposedly conditions for them
being granted the right to mine the technically very tricky South Deep ore
reserve. The international airlines have warned that the inflexible and
overzealous new visa arrangements for children are already impacting tourism
bookings. Nevertheless, they have been dismissed with a flippant reminder to
concentrate on their core competency (which) is to ensure that people travel so
that they (the airlines) can make a profit.
One of the more dismal developments of
the week is the news that “Compliance is now a recognised profession”. There is
now such a large and odiferous pile of regulation and legislation that
businesses are obliged to hire people to ensure they don’t forget to tick one
box, certify one ID or confirm one place of residence. Bureaucrats promise each
other that one day they will create the perfect rule which, when complied with
perfectly, will reveal everything about everybody and from that information
they will be able to save everyone from everything. However, events both
deliberate and accidental will forever appear unannounced and ill timed to demolish
even the most careful formed strategy and plan. All any enterprise can do is
rely on vigilance, honesty and integrity throughout its workforce, customers
and suppliers. A room full of signed and compliant documents will never be
proof against frauds, losses and simple mishaps nor is it much help against the
South African mantra. “It was not me. I was not there.
This will doubtless be the defence
offered by robbers who visited the home here in Durban of the Deputy Minister of Science and
Technology and made off with half a million rand in cash. The high rank of the
victim is perhaps the reason for the amazing haste and skill shown by the
police in quickly apprehending the half dozen suspects, although their claim
that DNA profiling was used is barely credible. But more interesting would be
to learn just how and why the honourable Ms KaMagwaza-Msibi managed to acquire
and store so much petty cash. Even in R200 notes that’s a big chunk of change
that will require an extremely large purse when going to the shops.
Another politician with a nasty problem
he probably never foresaw is Police Minister Mkosinathi Nhleko. He has been
asked to determine how much money his boss, President Jacob Zuma, needs to
repay to the state for tarting up the Zuma family compound at Nkandla. Now this
is a hot potato of note and no one will be surprised if he chooses his superior
over the whines of a few taxpayers who probably never voted for him anyway.
Two Pumas teams to watch this weekend.
The ones from Nelspruit are coming to Kings Park
this evening and so the bowling club bar will empty early. And tomorrow the
‘bokke open their Rugby Championship campaign hosting the Argentineans at
Loftus. Two satisfactory results are confidently expected.
James Greener
National Relaxation Day (USA)
