Money
June 30, 2010
See what you made me do?
Michel Pireu
Business Day
Another way to solve the traffic problems of this country is to pass a law that only paid-for cars be allowed to use the highways. — Will Rogers “Scientists tell us that rats, if deprived of toys and fellow rats, will give themselves painful electric shocks rather than endure prolonged boredom,” says Margaret Atwood in her book, Payback: Debt and the shadow side of wealth. “Even this electric shock self-torture can provide some pleasure, it seems: the anticipation of torment is exciting in itself, and then there’s the thrill that accompanies risky behaviour.
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June 29, 2010
Liquidations show strain on private sector
Mariam Isa
Business Day
The pace of company failures surged last month, showing the private sector was still under strain, official data showed yesterday. However, personal bankruptcies fell for the third month in a row during April, indicating that rising income, lower inflation and interest rate cuts were helping to nurse household finances back to health. Corporate liquidations leapt by 35,7% last month versus the same month last year, Statistics SA said. But in the first five months of this year they rose by a modest 2,8% to 1686 compared with the same perio last year. “The bottom line is the total number of liquidations is still rising year on year...
June 25, 2010
Consumer spending up in first quarter
Mariam Isa
Business Day
Consumer spending rose at its fastest pace in more than two years during the first quarter of this year, while investment picked up for the first time in a year, official data showed yesterday. The recovery in the economy’s main engine gathered good momentum at the start of the year, with disposable income also rising sharply, the Reserve Bank’s June quarterly bulletin showed. Its data may dampen speculation that the Bank will cut interest rates again to boost demand and halt job-shedding, which carried on in the first quarter despite faster growth.
June 14, 2010
Success comes from mixing the right ingredients
Bryan Hirsch
Business Day
Some years ago I was asked to give a talk on how I had made a success of my career and whether I could do it again. My immediate response was that I worked hard. Then I revisited the question and realised that, although hard work is an important facet, it really plays only a small part. I’ve put the same question to many successful business people and very few are able to give me a spontaneous answer. We understand that, when we first start off in business, we are what is commonly known as “unconsciously incompetent” and...
May 28, 2010
Money well spent
Claire Bisseker
Financial Mail
The stadiums look magnificent, the airports are world class, and the red carpet is being rolled out. But will it all be worth it? Will the cost of infrastructure, stadiums, security, and marketing be worth the gains from tourism, trade and ticket sales? And will the event be able to spark, if only indirectly, long-term economic development? The fear is that SA is spending billions on a month-long advert for the country that will fail to deliver the promised returns.
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June 28, 2010
Economic lessons learnt in childhood will endure
Bryan Hirsch
Business Day
I understand that most young children do not read the Business Day but it’s the parents’ responsibility to educate on money matters. In today’s world there is no doubt that being a parent is challenging! So often we hear the phrase from our kids: “But so and so has one, why can’t I?” Irrespective of how much money we have, and what we can and cannot afford to give our children, how do we go about teaching them the value of money? It’s amazing how times have changed. A soccer and rugby ball and a cricket bat were all very important to me. Today it’s all about computers, computer games, cellphones and iPods.
June 14, 2010
Beleaguered consumers under microscope
Mariam Isa
Business Day
SA’s embattled consumers will come under scrutiny this week, with a survey on their confidence due today and figures on retail sales in April set for release on Thursday. Views are mixed on whether a consumer confidence index from First National Bank and the Bureau for Economic Research (BER) continued to climb in the second quarter, after leaping in the first. Optimism linked to the Soccer World Cup may have provided a bit of a boost to sentiment, which is now palpable in SA. Absa Capital economist Jeffrey Schultz sees this as the most likely outcome.
June 04, 2010
No fools with their money
Evan Pickworth
Financial Mail
Wealthy South Africans are often regarded as a fickle lot, ever ready to “pack for Perth” when the going gets tough. But the reality is that they are not only staying at home, they are also ploughing money back into the economy. The 11th Barclays Wealth Insights report shows that the ultra wealthy (with net investable assets of more than R15m) are highly prudent with their investments — South Africans score higher than Americans and Europeans on saving for the future and paying for the education of their grandchildren.
May 24, 2010
Why SA’s wealthy feel secure about their prospects
Edward West
Business Day
Wealthy individuals based in the emerging markets, including in SA, are much more optimistic about global economic prospects than those in the developed economies. Spending priorities are changing among all of the respondents, and there is an increasing interest in the social implications of wealth. This emerged from a Barclays Insights study conducted with some 2000 high-net-worth individuals in 20 countries between February and March this year.
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