New Finance Minister...Rand gets battered

I see the new guy lists about 15 qualifications.
I once was offered a Bachelors degree from an American university for I think 500 dollars
You receive a lovely scroll with a huge stamp etc
Needless to say about 6 months late I saw one on the wall of the director of a competitor
I said "I see you bought your degree"
Heard it was removed after I left

Anybody willing to bet on Mr van Rooyen?

Rand to dollar 15.79 .. :sick:

Venodh wrote: Some wise comments...with the rand taking a hammering would it not favour the manufacturing sector?? Currently the output figures released are very low because the cheap imports hinder the manufacturer because they cannot meet those cheap Chinese prices, but with the rand plummeting it certainly going to boost the locally manufactured. Those importing its going to bite...so there can be a positive to the rand falling....

Not totally correct VENODH... but I will respond later tonight my thoughts

traded through 16/1 and rumour abound that Ramaphosa maybe next out!

Anyone know what animal will be put on the R500 note?

The missing link wrote: Anyone know what animal will be put on the R500 note?

Jacob Zuma

I find to very strange that when people don't like somebody else like Zuma, they are then referred to as an animal. Human beings are the scurge of the earth. We murder our loved ones, we steal, we rape, we lie, we cheat, we take drugs, we drink, we gamble, we kill animals for sport, we invade other countries illegally killing and maiming fellow humans. Animals don't do that. All they do is survive and go by their instincts in order to do so.

The JSE is also taking a battering.

I lost more money since wednesday than I thought possible. Also a major listed company whose workings I am privy to, have had most of their overseas investors pulled out of south africa on Thursday, saying they will never return. Knocks where simply to big and unpredictable.

So, read this to see what moron we have for a president:

m.news24.com/Fin24/BizNews/must-read-ria...-fired-nene-20151211

An extract:

Zuma proceeds to share his own view of economics. “I am not a businessman or a professor,” he quips, “but I am rebelling against (the idea that) what determines the value of a commodity is the law of supply and demand. I am against that definition. The value of a commodity is the labour time taken in production of that commodity. That’s what determines the value of a commodity.”

Well, yes. The East Germans once priced their copper according to this Marxist formula, concluding that the labour value of socialist copper was 18 times higher than the world price as determined by the capitalist law of supply and demand.

And then struggled to understand why nobody wanted to buy their copper. Hopefully Zuma will be more successful at amending the laws of nature.

newsflash: Pravin Gordham has been appointed as the minister of finance replacing Van Rooyen.

All market manipulation, insider trading on the largest scale. On a positive note at least it's ended with someone decent ending up as minister.

Scolari wrote: newsflash: Pravin Gordham has been appointed as the minister of finance replacing Van Rooyen.

In what looks like an attempt at damage control before the markets open, President Jacob Zuma announced on Sunday night that Minister of Cooperative Governance and Traditional Affairs Pravin Gordhan will take over his former job as Minister of Finance.


This follows the dramatic removal of former finance minister Nhlanhla Nene late on Wednesday December 9, which led to a dramatic weakening of the local currency and a R169 billion drop in share values on the JSE.


The rand also recovered in spectacular fashion after the news broke. The exchange rate appreciated from R15.88 to R15.04 against the dollar.

Calls for Zuma’s removal have been circulating on social media in the wake of Nene’s sacking and more than one march is being organised in support of these calls.
 At 21:34 on Sunday night the Presidency issued a statement in which Zuma says he received many representations to reconsider his decision.


Gordhan said to Reuters that he will only respond to media enquiries on Monday, after he has been sworn in. “I’m not in the job yet. Not until I’m sworn in tomorrow morning at 10 a.m.” local time, he told Reuters.

Reuters also reports that Gordhan would address a news conference after his swearing in.



Here is the full statement released by the presidency:


Announcement of New Ministers of Finance and Cogta

On the 9th of December 2015, I announced the appointment of a new Minister of Finance, Mr David van Rooyen.

I have received many representations to reconsider my decision.

As a democratic government, we emphasise the importance of listening to the people and to respond to their views.

In this regard, I have, after serious consideration and reflection, taken the following decision;

Finance

I have appointed Mr Pravin Gordhan, the current Minister of Cooperative Governance and Traditional Affairs as the new Minister of Finance.

Minister Gordhan will return to a portfolio that he had held proficiently during the fourth administration.

He will lead government again in the following;

Ensuring an even stronger alignment between the Budget and the Medium Term Strategic Framework (MTSF) in the interest of stimulating more inclusive growth and accelerated job creation while continuing the work of ensuring that our debt is stabilised over the medium term.
Promoting and strengthening the fiscal discipline and prudence that has characterised our management of public finances since the dawn of freedom.
Working with the financial sector so that its stability is preserved under the broad umbrella of the Twin Peaks reform.
Ensuring that the National Treasury is more acceptable to all sections of our society.
Adherence to the set expenditure ceiling while maintaining a stable trajectory of our debt portfolio, as set out in the February 2015 Budget.
COOPERATIVE GOVERNANCE AND TRADITIONAL AFFAIRS

I have also decided to appoint the current Minister of Finance, Mr David van Rooyen, as the new Minister of Cooperative Governance and Traditional Affairs.

Mr Van Rooyen, a former Executive Mayor, will also be bringing to COGTA the finance and economic sector background gained in serving in the Finance Portfolio Committee and Economic Transformation Cluster as whip in National Assembly. He has been mandated to take forward the Back to Basics programme and further improve cooperation between the three spheres of government.

I wish both Ministers all the best in their new deployments.