Streaming issues? Report here
Clement Manyathela 1500 x 1500 2020 Clement Manyathela 1500 x 1500 2020
The Clement Manyathela Show
09:00 - 12:00
volume_up
volume_mute

Up Next: The Midday Report with Mandy Wiener
See full line-up
The Clement Manyathela Show
09:00 - 12:00
Home
arrow_forward
Business
fiber_manual_record
Opinion
fiber_manual_record
Politics

Your entire economy was hijacked! How many are in prison? – Richard Quest, CNN

24 January 2020 10:47 AM
Tags:
SAA
Donald Trump
State Capture
World Economic Forum
CNN
The Money Show
Brand South Africa
Bruce Whitfield
Absa
Richard Quest
SOEs
state-owned enterprises

The Money Show’s Bruce Whitfield conducts a shocking interview with CNN’s Richard Quest at the World Economic Forum in Davos.

Absa is sponsoring Bruce Whitfield at the 2020 World Economic Forum in Davos, Switzerland.

The Money Show will bring you news and analysis all week.

Follow the coverage of WEF here.

It’s usually a joy to watch when The Money Show’s Bruce Whitfield and CNN’s Richard Quest get together.

The bromance is palpable.

This time around, however, especially if you’re a South African, the discussion was decidedly uncomfortable.

It starts innocuously with a discussion about the heavy security in Davos and Donald Trump.

There are enough CEOs in there that – God forbid – should something happen you’d do serious damage to the world economy.

Richard Quest, CNN

He [Donald Trump] came to make a speech – not a policy speech - he broke it down into a litany of American economic success, which is true, followed by a variety of comments about apocalypse and doomsayers about the environment.

Richard Quest, CNN

Then a somewhat scratchy discussion on the value of WEF and a disagreement between the two on the role of CEOs.

It may be unpalatable for viewers to accept, but ordinary people can effect change in their daily lives. These people [the elites at WEF] can effect change for countries and continents.

Richard Quest, CNN

The CEO is the moral barometer of today! It’s not terrifying. A proper CEO with true stakeholder mentality accepts that she must do well for shareholders. But, she’ll only do well for shareholders if she does well for employees. And she’ll only do well for employees if she keeps her customers.

Richard Quest, CNN

When Whitfield starts asking questions about Brand South Africa, the straight-shooting Quest gets animated.

It’s vital to hear what Quest has to say, though it makes for uncomfortable watching.

Brand South Africa has tried to put scarves around my neck… But it hasn’t got the same profile as in previous years… There’s no point in coming here to say ‘invest in me’ if you don’t have the policies worthy of it.

Richard Quest, CNN

We’ve discovered just how awful State Capture at state-owned enterprises was… You tell me how anybody who has come here for the past five or 10 years saying, ‘South Africa is going really well’, suddenly turns around and says, ‘Well, actually, the entire economy was hijacked… and we’re not even sure we’ve dealt with it’… How many people have gone to prison so far?

Richard Quest, CNN

Of course, I’ve flown SAA! It’s an excellent airline! [But] The amount of money that the South African government has to put into it is staggering! Unless there’s a proper restructuring – with government’s hands-off – you’ve got to ask, ‘Why not just shut it down?’… For South African Airlines to become profitable is going to require the most drastic restructuring, and even then, it might not. It’s worth having a go, but I’m telling you the government can’t keep its hands off it!

Richard Quest, CNN

South Africa’s government has minuscule credibility following the Zuma years and the capture of state-owned enterprises… The potential in South Africa is enormous! But you [referring to President Cyril Ramaphosa] cannot turn around and say… ‘I saw nothing and heard nothing!’”

Richard Quest, CNN

Watch the entire interview below.




24 January 2020 10:47 AM
Tags:
SAA
Donald Trump
State Capture
World Economic Forum
CNN
The Money Show
Brand South Africa
Bruce Whitfield
Absa
Richard Quest
SOEs
state-owned enterprises

More from Business

Economy in 2021: 'Expect a better year for South African assets'

15 January 2021 3:02 PM

An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.

Share this:
Read More arrow_forward

Retirement funds in SA are changing – new laws come into effect on 1 March 2021

15 January 2021 1:23 PM

Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.

Share this:
Read More arrow_forward

Wine industry runs out of storage due to ban - R1.5b's worth could be lost

14 January 2021 9:06 PM

A new harvest is imminent and there's no more space for unsold wine. We have the highest stock level ever - Vinpro's Rico Basson

Share this:
Read More arrow_forward

Don't fall for promises of high returns from latest investment scam, warns FSCA

14 January 2021 8:19 PM

A new scam is surfacing on Facebook and WhatsApp groups. The masterminds are even using the FSP number of a legitimate company.

Share this:
Read More arrow_forward

'Thank you Mr President for not shutting us down, but we need more support!'

14 January 2021 7:35 PM

Loadshedding is another blow to the struggling restaurant industry. We need more relief says Grace Harding (Restaurant Collective)

Share this:
Read More arrow_forward

Pick n Pay announces retirement of CEO credited with retailer's turnaround

14 January 2021 6:41 PM

Richard Brasher will be replaced by Netherlands-born Pieter Boone in April. A retail expert evaluates Brasher's performance.

Share this:
Read More arrow_forward

Telegram now counts 500m active users. 'People are rebelling against Facebook!'

13 January 2021 9:03 PM

The new privacy policy being implemented by WhatsApp's parent company is the straw that broke the consumer's back - Toby Shapshak

Share this:
Read More arrow_forward

Mindful drinking: 'Non-alcoholic drinks having a heyday in SA right now'

13 January 2021 8:28 PM

Non-alcoholic drinks can be seen on shelves just about everywhere. Bruce Whitfield interviews Mindful Drinking SA's Sean O'Connor.

Share this:
Read More arrow_forward

Singh must provide affidavit by Monday after non-appearance at Zondo Commission

13 January 2021 7:47 PM

Former Eskom CFO Anoj Singh will still have to appear after not testifying as scheduled, says EWN's Gaye Davis. But will he sing?

Share this:
Read More arrow_forward

A Social Reckoning

13 January 2021 7:15 PM

How to balance free speech with constructive engagement and manage it all as a business.

Share this:
Read More arrow_forward

More from Opinion

Economy in 2021: 'Expect a better year for South African assets'

15 January 2021 3:02 PM

An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.

Share this:
Read More arrow_forward

Elon Musk slips to no 2 in 'richest' rankings (but earns Andy Rice's hero award)

12 January 2021 8:53 PM

Pretoria-born Musk is a role model in terms of vision, creativity and conviction says branding expert Andy Rice.

Share this:
Read More arrow_forward

'ANC is against another hard lockdown'

11 January 2021 6:33 PM

"Family meeting" – the scariest words in the English language. Bruce Whitfield interviews News24 Political Editor Qaanitah Hunter.

Share this:
Read More arrow_forward

All rich South Africans must submit to lifestyle audits - judge Dennis Davis

11 January 2021 6:28 PM

Auditing the lifestyles of potentially tax-dodging rich South Africans is low-hanging fruit, says Davis (Tax Review Committee).

Share this:
Read More arrow_forward

Africa free trade agreement: 'Moving people across borders is the real magic'

8 January 2021 1:04 PM

The Continent is uniting. Ray White interviews Adrian Saville of the Centre for African Management and Markets at Gibs.

Share this:
Read More arrow_forward

[WATCH] Nando’s ends sh*tty year on spicy note with 'Karens by Candlelight'

6 January 2021 10:48 AM

Nando’s – as always – reads the room like few other brands, says Andy Ross of advertising agency Chaos Theory.

Share this:
Read More arrow_forward

I trust the science and I'm feeling great - Covid vaccine trial volunteer

17 December 2020 7:35 PM

US health policy strategist Lisa Bari has received the first dose of Johnson & Johnson's experimental coronavirus vaccine.

Share this:
Read More arrow_forward

Odds of catching Covid-19 vs crashing your car (and other calamities)

14 December 2020 6:50 PM

Dr Johan Ferreira (Senior Lecturer in Statistics at UP) on the chance of contracting Covid-19 compared to other dangers.

Share this:
Read More arrow_forward

[WATCH] Young dancer triumphs over 2020 adversity in Amazon Christmas ad

8 December 2020 8:52 PM

Christmas in the year of Covid - Amazon sets its tv campaign to Queen's 'The Show Must Go On'. Delightful, says Andy Rice.

Share this:
Read More arrow_forward

Vaccine optimism is priced in – asset manager

7 December 2020 7:48 PM

Investors are getting ahead of themselves, warns Pieter Hundersmarck, a fund manager at Flagship Asset Management.

Share this:
Read More arrow_forward

More from Politics

Ramaphosa: Treasury will make sure money is available for COVID-19 vaccine

15 January 2021 12:56 PM

President Cyril Ramaphosa said that the country would get 20 million vaccines from a variety of suppliers including Pfizer, AstraZeneca as well as Johnson & Johnson.

Share this:
Read More arrow_forward

WATCH LIVE: Clement Manyathela and Tshidi Madia speak to the President

15 January 2021 11:59 AM

Cyril Ramaphosa comments about the war against #Covid19 and plans for our battered economy and the challenges facing the ANC.

Share this:
Read More arrow_forward

'Thank you Mr President for not shutting us down, but we need more support!'

14 January 2021 7:35 PM

Loadshedding is another blow to the struggling restaurant industry. We need more relief says Grace Harding (Restaurant Collective)

Share this:
Read More arrow_forward

Malema willing to be the first one to get COVID-19 vaccine

14 January 2021 3:22 PM

EFF leader Julius Malema is calling for members to halt political gatherings pending further guidance from government.

Share this:
Read More arrow_forward

Singh must provide affidavit by Monday after non-appearance at Zondo Commission

13 January 2021 7:47 PM

Former Eskom CFO Anoj Singh will still have to appear after not testifying as scheduled, says EWN's Gaye Davis. But will he sing?

Share this:
Read More arrow_forward

Is liquor industry's plea for tax break the start of 'unaffordable tax revolt'?

13 January 2021 7:09 PM

The industry wants excise tax payment deferred until the alcohol ban is lifted. Wide-ranging reaction on The Money Show.

Share this:
Read More arrow_forward

Trump claims incendiary speech before Capitol riots was 'totally appropriate'

12 January 2021 8:16 PM

With steps afoot to remove/impeach Donald Trump ahead of Biden's inauguration, he's chosen to visit 'his' wall on Mexico border.

Share this:
Read More arrow_forward

Our volatile but resilient rand: 'Driven only one-third by domestic factors'

12 January 2021 6:48 PM

'Don't forget the rand tends to strengthen slowly and then weaken quickly.' Bruce Whitfield interviews RMB strategist John Cairns.

Share this:
Read More arrow_forward

Dlamini-Zuma flags large gatherings as one of the reasons for level 3 lockdown

12 January 2021 4:02 PM

Ministers Nkosazana Dlamini-Zuma and Aaron Motsoaledi are leading a briefing on the latest COVID-19 restrictions, regulations and enforcement.

Share this:
Read More arrow_forward

Ports of entry to be closed, alcohol sales still banned as SA remains on Level 3

11 January 2021 9:05 PM

President Cyril Ramaphosa says the first part of government's strategy is to acquire enough vaccine doses to reach herd immunity.

Share this:
Read More arrow_forward