Our country is burning. The latest fire at the Waterkloof Air Force Base in Tshwane, so shortly after the Parliamentary building in Cape Town was gutted must surely raise some red flags. Although not a National Key Point, Waterkloof, which became part of the mainstream narrative after a plane of guests landed there for a Gupta family wedding in 2013, does fall under the Defence Act and associated regulations.
Coincidentally, President Cyril Ramaphosa was closing the ANC’s national executive council lekgotla at the same time with a warning to ANC members not to lower their guard against a counter revolution. In his closing address Ramaphosa acknowledged that the party was going through a period of decay and degeneration. Recognising that “the threat to our democratic gains is also a result of an era of loss of moral and ethical principles within the congress movement”, the President called for introspection.
Daily Maverick reports Ramaphosa went off script from his closing speech, at one point remarking that “divisions and factions in the ANC themselves are becoming a threat to our democracy”. In a veiled swipe at Tourism Minister and presidential hopeful Lindiwe Sisulu, he used his closing address to reaffirm the ANC’s support for the Constitution, the Bill of Rights and the judiciary, and he distanced the party “from narratives that seek to negate this”.
Adding fuel to this fire he added: “Those who have come before us, have been steadfast in serving the people of South Africa. We who are inheritors of this movement must follow in their footsteps, and we must do as they did to serve the interests of the people, and not to serve our own interests, particularly ourselves as leaders of the ANC and the broader congress movement.”
The ANC believes a stronger commitment to defending democracy and acting decisively against ill-discipline may be the answer to the party’s crisis. How this will pan out, remains to be seen.
In the markets, the rand has started off on the front foot in a week where central bank meetings are likely to dominate the markets. “After breaking below the 100-day moving average last week, we are hovering around the R15.10 mark. Last week, the local unit ended on a strong note, closing 6% stronger against the dollar year-to-date. With the SARB meeting scheduled for Thursday afternoon, geopolitical risks and risk-off ahead of the FOMC meeting this week could open up the rand to a correction towards R15.30,” comments TreasuryONE.
On the commodity front, Eastern Europe tensions between Russia and Ukraine, along with OPEC+ not reaching its expected output target during December, have fueled a jump in oil prices. Brent Crude is trading at $88.70 a barrel. Meanwhile, precious metal prices remain elevated with gold currently trading at $1,838.90/oz, palladium at $2,108.50 and platinum at $1,035.
In some uplifting news, a stowaway who survived a 12-hour flight in a nose wheel of a cargo plane from South Africa to the Netherlands is doing well.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Experts: End South Africa’s national state of disaster – Daily Maverick
These are the top companies to work for in South Africa – BusinessTech
Wine industry relies on over-55s as younger consumers opt for moderation, low-alcohol products – Fin24
Global Business
Corporate Australia burdened by Omicron surge – Reuters
China’s ‘little giants’ are its latest weapon in the US tech war – Bloomberg
Goldman shrugs off rate hikes to bet on emerging-market stocks – Bloomberg
Markets
Asian markets follow Wall St down as traders eye Fed meeting – AFP
Oil prices climb 1% on fears of tighter supply – Reuters
UBS warns of crypto winter amid expectation of Fed rate hikes and regulation – Bitcoin.com
Tech
The world’s top 5 tech tycoons — including Elon Musk, Jeff Bezos, and Bill Gates — have already lost about $85 billion this year after a brutal market selloff – Business Insider
What to expect from fintech in South Africa in 2022, including strong plays from Vodacom and MTN – BusinessTech
Inside the R77 million California mansion where 10 TikTokers live, party, and cause drama – Business Insider
Opinion/In-depth
Bain & Company — the rot at the heart of State Capture – Daily Maverick
South African farming: new policy offers promise, but there’s fixing to be done too – The Conversation
State Intelligence mess: How the SA spy watchdog’s teeth have been pulled – Daily Maverick
Video
Paul O’Sullivan on Zondo: Here’s how NPA can quickly put Myeni and Co behind bars – Biznews
New property laws for South Africa – eNCA
WATCH | S&P, Nasdaq post worst weeks since pandemic start – News24
Image credit: Flickr
