Time to smile for a while

It is time to smile for a while. Let us look at some recent good news:

  • The world’s stock markets are at record highs.
  • Zimbabwe got rid of Mugabe.
  • SA will soon be rid of Zuma.
  • The SABC and SAA have both been “uncaptured” with a similarly positive process happening at Eskom and other state-owned enterprises.
  • The cancer at Eskom – involving the ex-Eskom chairman Zola Tsotsi; minister Lynne Brown; the president; andSAA chairwoman Dudu Myeni – is being exposed by the Public Enterprises Committee.
  • General Khehla John Sitole has with immediate effect been appointed as the country’s top cop. Unlike his disgraced recent predecessors, Sitole is a career policeman who started as a student constable in 1986 and rose through the ranks.
  • The Reserve Bank kept interest rates unchanged on Thursday.

Because this blog is going to print on Monday, we cannot yet comment on the outcome of the rating agencies’ decision regarding our credit rating which is expected on Friday 24 November after the close of the market. So by the time you are reading this, we are still investment grade – or junk – on our local debt.

Note: Credit ratings agency S&P Global has downgraded South Africa’s credit rating to full junk status, while its counterpart Moody’s has placed the country on review for downgrade.

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