DINNER PARTY INTEL...
The topics you have to be able to discuss this week
1. Marry or …
The Trump administration has revoked a policy that allows foreign diplomats and UN employees who are gay and who are posted to the US to bring their partners with them. Unless they are married, the partners are no longer eligible for a diplomatic visa. They have until December 31 to show proof of marriage or must leave within 30 days. The state department says “only a relationship legally considered to be a marriage in the jurisdiction where it took place establishes eligibility as a spouse for immigration purposes”. Critics say it’s bad diplomacy.
“No person should be above scrutiny, and all relevant and credible accusations of wrongdoing should be thoroughly investigated” President Cyril Ramaphosa, accepting the resignation of finance minister Nhlanhla Nene and reiterating the need to establish the full extent of state capture
2. Out of favour
Is it time to get out of real estate stocks? In the sector’s worst performance in 20 years, the listed property index has shed 28% in the year to date. Recovery is not on the horizon. The decline was triggered by allegations of shareprice manipulation and insider trading against the Resilient group. Investor sentiment has also been hit by a worse-than-expected reporting season. A number of Sa-focused property companies have reported zero or even negative growth in dividend payouts on the back of higher office, retail and industrial vacancies and lower rental reversions.
3. Fury over Khashoggi
Pressure is mounting on Saudi Arabia to explain what happened to dissident journalist Jamal Khashoggi. He was seen entering but not leaving the Saudi consulate in Istanbul. It is suspected that he was murdered by a Saudi hit squad inside the building. Khashoggi supported Saudi crown prince Mohammed bin Salman’s liberalisation policies but attacked his war against Yemen. Turkish police are searching for a black van, seen on camera — they believe it carried Khashoggi’s body from the consulate. Turkey’s president, Recep Tayyip Erdogan, said: “The consulate officials cannot save themselves by simply saying: ‘He has left.’” The Saudis say they know nothing about the disappearance.