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

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.


Recommended

by NEWSROOM AI
Read More
$7 trillion could save the world but not in the way you might think

$7 trillion could save the world but not in the way you might think

A billionaire asset fund manager has told global CEO’s to focus on climate change.

Wait - why did that debit order go off so early?

Wait - why did that debit order go off so early?

Wendy Knowler, consumer journalist, on Nedbank's early debit orders.

Budget 2020: The big surprise was two billion rand in tax relief

Budget 2020: The big surprise was two billion rand in tax relief

Individual tax payers are actually better off as a result of Budget 2020.

Budget 2020: The good, the bad, and the ugly

Budget 2020: The good, the bad, and the ugly

The Money Show asked three economists for their views on the pros and cons of Budget 2020.

How it works: Deep Fakes or deepfake video

How it works: Deep Fakes or deepfake video

Deepfake video is one of the scariest new technologies in the world of fake news.

Nando's reply to a mouldy burger - the best and the worst ads of the week

Nando's reply to a mouldy burger - the best and the worst ads of the week

A witty reply to a mouldy Whopper is a winner.

Popular articles
[WATCH] London underground train singer performing Shallow on Ellen goes viral

[WATCH] London underground train singer performing Shallow on Ellen goes viral

Khabazela shares some of the videos that went viral on Twitter and Facebook.

Unions not happy with Mboweni's announcement to cut public wage bill by 1%

Unions not happy with Mboweni's announcement to cut public wage bill by 1%

Public Servants Association's Reuben Maleka says the government is trying to pit unions against the public.

Wait - why did that debit order go off so early?

Wait - why did that debit order go off so early?

Wendy Knowler, consumer journalist, on Nedbank's early debit orders.

Budget 2020: The big surprise was two billion rand in tax relief

Budget 2020: The big surprise was two billion rand in tax relief

Individual tax payers are actually better off as a result of Budget 2020.

$7 trillion could save the world but not in the way you might think

$7 trillion could save the world but not in the way you might think

A billionaire asset fund manager has told global CEO’s to focus on climate change.

Budget 2020: The good, the bad, and the ugly

Budget 2020: The good, the bad, and the ugly

The Money Show asked three economists for their views on the pros and cons of Budget 2020.

 Magistrate Desmond Nair provisionally suspended over Bosasa allegations

Magistrate Desmond Nair provisionally suspended over Bosasa allegations

Nair was charged with two counts of misconduct in November last year following a preliminary investigation by the ministry.

Literacy Project to empower caregivers of pre-school children

Literacy Project to empower caregivers of pre-school children

CEO Steven Roux says they identified that there is a significant number of children who are not getting access to good creches.

Frustrated judge tells Dudu Myeni to answer questions directly - report

Frustrated judge tells Dudu Myeni to answer questions directly - report

The former SA chairperson was giving evidence in the delinquency case brought by Outa and the SA Pilots Association

Mboweni allocates R60-billion for SAA and Eskom

Mboweni allocates R60-billion for SAA and Eskom

Economist Dr Sean Miller says Eskom is a national problem and it is going to need to be bailed out.