1. This will be a key week for South Africa. Moody’s – the only credit rating agency that has not downgraded us to junk status – will announce its decision on Friday. If it decides to cut South Africa's rating, we will lose our place in the world’s most important government bond index. Global bond investors are then expected to sell some R100 billion in SA bonds. This will push up the cost of repaying SA debt, bad news for all South Africans.
Still, economists expect that flickers of growth and good cheer will dissuade Moody’s from taking the knife. SA inflation numbers and a US rate hike are also expected this week.
2. Despite large losses in its share price and no good news about its corporate governance, Steinhoff remains a key holding in some SA unit trusts.
3. Shoprite's recalled viennas from its inhouse brand Farmer’s Deli due to listeria concerns, adding to the long list of banned products. Its share price declined by half a percent to R252,50 on Friday.
4. Nedbank's CEO has given more details about its managed separation from Old Mutual.
5. Murray and Roberts rallied almost 6% after announcing that it scored contracts for R3.8 billion in new underground mining projects in North America and Australasia.
1 deleted tweet
On Saturday morning, Sygnia CEO Magda Wierzycka tweeted this:
It immediately sparked outrage:
No Magda! Let’s create a country of scientists, economists, lawyers, neurologists, cardiologists...not servants! How about companies employing interns or funding high school students or building state-of-the art schools w science labs in townships, or sponsoring food for crèches https://t.co/cGJXqT0We0— Thabi Leoka (@thabileoka) March 17, 2018
Yirrr Madga, you really are unconscious! Unconscious to the basic social & economic needs of this land. As a billionaire in the fin sector you better be better! Go outside, where real people live, where they don’t just live as a statistic on your excel report #MagdaWierzycka— Chantelle B (@channy_bird) March 18, 2018
If u hv that money lying around couldn't u rather pay for their up skilling than make them scrub dishes & work gardens in a new cycle of poverty? 2x 12x 2500=R60000. Surely u can use that to feed, house &upskill them in a 6months program. #MagdaWierzycka #BlackBodies #SteveBiko— Nyameka Mahlangeni (@cwenga09) March 18, 2018
After a heavy tweetstorm, she deleted her tweet:
I withdraw the comment. I thought it was a practical solution to a short term serious problem of people living on social grants (particularly women who live on child grants of R400 pm per child). I apologize if I offended anyone. @thabileoka https://t.co/XRCicEjnK1— Magda Wierzycka (@Magda_Wierzycka) March 17, 2018
And tried to send the debate in a new direction:
Maybe because I’m feeling humbled this weekend, or because I watched Carte Blanche, but I don’t think R3500 minimum wage constitutes a living wage. I know what we pay staff, but I’m going to relook at the wage structure of every supplier to Sygnia. If we need to step in, we must. https://t.co/HMQZUdGukI— Magda Wierzycka (@Magda_Wierzycka) March 18, 2018