We wanted action and action we got when President Cyril Ramaphosa boldly and strategically reshuffled his Cabinet for the first time since he appointed a new Cabinet after the 2019 elections, replacing 10 ministers and moving more power under the control of his Presidency.
Dr Joe Phaala is now occupying the health hotseat after the Digital Vibes scandal came home to roost for Dr Zweli Mkhize, forcing him to step down, but not without vowing to challenge the SIU report implicating him in the irregular award of the R150m communications tender to the company owned by his close associate Tahera Mather.
Tito Mboweni’s exit was no surprise, but it still caused a stir in the markets, with the rand losing as much as 2.5% before recuperating to trade 1% lower last night at R14.53 to the US dollar. At last count this morning the unit was still holding steady at this level against the greenback. His replacement, Enoch Godongwana is not a bad choice, but he has big shoes to fill as South Africa battles to revive the economy and as unions challenge his predecessors’ stance on the public service wage bill.
The curveball in Ramaphosa’s swing was the appointment of no-nonsense-taker Thandi Modise as Minister of Defence and Military Veterans. Credited with restoring stability to the national legislature, her shift from the National Assembly leaves a huge hole and an even bigger mission to find an equally well-respected replacement, over which Ramaphosa has no say.
Be it as it may, the saying goes that new brooms sweep clean. And we surely are in need of a good clean sweep.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
New Finance Minister faces battle to revive South Africa economy – Bloomberg
Load shedding on track for worst year ever – TechCentral
These are the companies that South Africans most want to work for – BusinessTech
Africa Business
Nigerian CEOs among best paid in sub-Saharan Africa – report – Fin24
African governments have developed a taste for Eurobonds: why it’s dangerous – The Conversation
World Bank ranks SA’s Auditor-General as one of two in the world that has ‘full independence’ – Fin24
Global Business
KPMG fined £13m over sale of Silentnight to private equity firm – The Guardian
Blue Origin has a new publicity strategy: Posting salty graphics that trash competitors like SpaceX and Virgin Galactic – Business Insider
John Deere doubles down on Silicon Valley and robots – Wired
Markets
Asian equities sluggish after fresh Wall Street records – AFP
It’s chaos on Wall Street as Delta variant upends return to work – Bloomberg
US close: Stocks higher following weekly jobless report – ShareCast
Opinion
Cabinet reshuffle: ANC Revolt 2021 forces Ramaphosa’s boldest move – Daily Maverick
Exposed and tarnished by the Digital Vibes scandal, Zweli Mkhize goes down fighting – Daily Maverick
SOLLY MOENG: South Africans inability to connect the dots is a weakness – SAccess
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