Braai the beloved country fails to gain traction like Christmas and Easter
Gupta accounts closer to closed
THE HOPES of Gupta-owned Oakbay and its subsidiaries to extend their banking facilities with the Bank of Baroda (BoB), India’s state-owned lender, are dashed after the North Gauteng High Court dismissed the companies’ interdict application to stop BoB from closing their accounts at the end of this month until the merits of its main application are heard in December. The court’s decision leaves the future of the embattled company up in the air.
Growth outlook cut
THE WORLD Bank slashes South Africa’s economic growth outlook for this year to 0.6 percent, from the 1.1 percent it forecast earlier in the year, and says South Africa’s secondquarter growth of 2.5 percent will be insufficient to restore positive per capita gross domestic product growth for the year. However, the bank says it expects economic growth for next year to be 1.1 percent, with 1.7 percent expected in 2019.
In firing line
THE VERY existence of embattled audit firm KMPG came into question as Tom Moyane, commissioner of the SA Revenue Service (Sars), says he has recommended that the government blacklist the firm as the fallout over the Sars “rogue unit” report continues unabated.
New Sasol deal
PETROCHEMICALS giant Sasol announces the replacement of its debt-ridden black empowerment scheme, Inzalo, with its empowerment structure, Khanyisa, in a deal it values at R21 billion. Sasol Inzalo, which is expected to unwind in June 2018, has R11.9bn debt. In disbanding Inzalo, Sasol will write off the internal debt of the scheme, which it financed.
Fedusa fed up
A WEEK after Public Investment Corporation chief executive Dr Dan Matjila survived attempts to have him removed, the country’s secondbiggest labour federation, Fedusa, says it is seriously considering ditching Africa’s largest fund manager as an investment vehicle. The PIC oversees nearly R2 trillion in assets on behalf of government employees. MILLIONS of South Africans will be uniting around braais today to celebrate National Heritage Day, which businesses have found extremely difficult to exploit for profit.
Respected marketing analyst and adviser Chris Moerdyk said businesses had not been taking advantage of Heritage Day in the same manner they did of Christmas Day and the Easter holidays.
This, he explained, was because of the different heritages in the country which made it extremely difficult to define a target market.
“It is far too complicated for marketers to get their heads around Heritage Day.
“And it is impossible to have advertising which focuses on all of (the heritages),” he said.
Unperturbed, Jan Braai, real name Jan Scannell, the man behind the National Braai Day initiative, has called on the masses to let their hair down and have some fun because there were constantly “serious issues on the agenda in South Africa”.
National Braai Day, which encourages South Africans to unite around fires, share their heritage and wave the national flag on September 24, has been hailed as one of the most successful nation-building cam- paigns of the past decade.
The initiative has been likened to annual celebrations marked by other nations such as Thanksgiving Day for the Americans, St Patrick’s Day for the Irish, Bastille Day for the French and Australia Day for Australians.
Jan Braai took to social media and posted on his Facebook page that for more than a decade, the National Braai Day had brought South Africans together like no other public holiday.
“Getting more than 50 million people to unite around a fire has to be the ultimate aim of National Braai Day,” he wrote, adding that he knew people were looking forward to this year’s National Braai Day, which comes against the backdrop of stubbornly high meat prices.
Meat inflation was recorded at 14.4 percent on a yearly basis in July, its highest since December 2011.
This was as a result of the devastating avian flu and cattle restocking process, which followed the persistent drought that ravaged parts of the SADC for the past three years.
Recent data from the Red Meat Levy Admin showed that farmers had slaughtered 202 886 head of cattle in May. This was up 5 percent from the previous month.
In June, farmers again sharpened their knives and increased their slaughtering activity further by 1 percent to 203 983 head of cattle.
It goes without saying that some of that meat would make its way to your braais or chesa nyamas in the form of sirloin, T-bone or rump steaks, as we jointly mark this year’s National Heritage/Braai Day.