Thursday, July 2, 2009

The News Today

My name is Julius. Since the ANC is
afraid to test the waters, they
leave it up to me.
Great job!

South Africa:
  • 60 Billion SAR (US$ 7.7 Billion) tax shortfall bombshell announced by finance minister. What would Greenspan do? Lower interest rates or print money?
  • Reserve Bank spins local banks are "stable". We're just waiting for someone to rip this report apart. How can you be stable with a leverage of 2,5% in a declining market?
  • Julius Malema, ANC Youth League President, Clown and official South African depressant brand, suggests we must nationalise South African mines. This is actually the ANC talking, testing the waters. Would nationalisation of South African gold mines have an effect on the gold price? Somebody?
  • SAB (SA Breweries) in 6 Billion SAR (US$ 770 Million) BBBEE deal . Why did they wait so long? Answer: to corner the market with black owned beer and soft drink retailers as Heineken is building a brewery in SA. No, no, no it is not anti-competitive! NOT. And read this: "...our aspiration is to be a model corporate citizen in 21st Century South Africa..." and "...we are proud of our track record as a long standing supporter of black empowerment in South Africa...". Bucket, please.
  • ABSA Banks, SA biggest bank, joins chorus of doom

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