Business Maverick: Economics of Cabinet selection, JP Morgan on equities' recent slide, why Eskom CEO resigned

[Click here for the web version of this]([newsletter]( [Business Maverick with Tim Cohen]( Thursday, 30 May 2019 “Be Brave and Take Risks: You need to have faith in yourself. Be brave and take risks. You don't have to have it all figured out to move forward.” Roy T Bennett, The Light in the Heart Story of the Day [Ramaphosa’s Cabinet: Key finance posts largely stay with the incumbents, but is that what the country needs?]( [By Tim Cohen]( Despite his ongoing dispute with the Public Protector, Pravin Gordhan remains Public Enterprises Minister. Despite his ongoing disputes with the mining industry, Gwede Mantashe remains Minister of Mineral Affairs, with Energy now added. Despite his ongoing disputes with... well, nearly everybody, Finance Minister Tito Mboweni remains. Even Ebrahim Patel stays despite missing out on a parliamentary seat. That ticks the continuity box. But does it tick the ‘building a dynamic economy box’? The cost of corruption is estimated at billions of Rand, possibly trillions. How can local business work with the government help fight corruption in both the public and the private sector? Sign up for our inaugural Business Against Corruption event to hear how Min. Pravin Gordhan, Adv. Shamila Batohi, Adv. Andy Mothibi, Dr Achieng Ojwang and BLSA CEO Bonang Mohale, amongst others, tackle this difficult question. [Tickets are limited, so register today.]( ON THE MONEY Exchange Rates R/$ = 14.63 -0.12%▼ R/€ = 16.30 -0.12%▼ R/£ = 18.48 -0.10%▼ R/BTC = 113,2014 -0.44%▼ * At +- 5am / % open to close Trading the Markets JSE All Share = 54,997 +1.04%▲ Dow Jones = 25,126 -0.87%▼ Brent Crude ($/bbl) = 69.62 -0.13%▼ Gold ($/oz) = 1,277 -0.20%▼ WHILE YOU WERE SLEEPING [H]([orse-trading and compromises - Ramaphosa's realpolitik Cabinet]( With a nod to financial discipline and continuity, President Cyril Ramaphosa on Wednesday night named Tito Mboweni Finance Minister, while Pravin Gordhan retained Public Enterprises. Much was made of the trimming of ministries to 28 from 36, in ‘a capable, efficient and ethical government’, but the slim-down wasn’t that significant given the 34 deputy ministers who remained. The new executive is a curious mix, revealed after days’ of unprecedented delay — and the outcome of behind-the-scenes haggling. [Gasoline, TVs, Cars: The Surprising Things Rare Earths Help Make]( Washing machines. Cars. Disk drives -- if those are still a thing. The rare earth minerals that China is threatening to withhold from the US as a trade war escalates are more present in consumer products and manufacturing than people might think. Here are some of the surprisingly common things they’re used to make: [Morgan Stanley’s Gorman Says Stocks Collapse Is Unlikely]( Morgan Stanley Chief Executive Officer James Gorman said financial markets are fragile thanks to worries over the trade war, but a rout isn’t likely given the solid state of the economy and the probability that US-China talks will resume. [Thursday May 30: Five Things You Need to Know to Start Your Day]( Robert Mueller speaks for the first time since ending his Russia investigation. Huawei loses a key customer and Benjamin Netanyahu fails to form a coalition, pushing Israel into new elections. Here are some of the things people in markets are talking about today. [By becoming a Maverick Insider,](you're joining the fight to Rebuild South Africa. In Numbers 20% The proportion of all British ministers who’ve quit the government since 1979 and during Theresa May’s short tenure. Fact of the Day MacKenzie Bezos, ex-wife of the world's richest person Jeff, has signed the Giving Pledge, the promise to donate half your assets to charity over your lifetime or in your will. She is one of 18 new signers, bringing the total to over 200 people, which is about 7% of the world’s three-comma club, according to website Morning Brew. And no, Jeff is not a signatory - yet. The cost of corruption is estimated at billions of Rand, possibly trillions. How can local business work with the government help fight corruption in both the public and the private sector? Sign up for our inaugural Business Against Corruption event to hear how Min. Pravin Gordhan, Adv. Shamila Batohi, Adv. Andy Mothibi, Dr Achieng Ojwang and BLSA CEO Bonang Mohale, amongst others, tackle this difficult question.[Tickets are limited, so register today.]( Featured Articles [Eskom: Too big to fail, or too big to save?]( [Eskom: Too big to fail, or too big to save?]( By Ray Hartley and Greg Mills [Assessing the Motsoaledi years]( [Assessing the Motsoaledi years]( By Marcus Low [BUSINESS MAVERICK — INVESTMENT ANALYSIS: Beyond traditional investments: cranes, planes and rock ’n roll]( [BUSINESS MAVERICK — INVESTMENT ANALYSIS: Beyond traditional investments: cranes, planes and rock ’n roll]( By Natasha Narsingh [Once bulletproof, listed property stocks are floundering]( [Once bulletproof, listed property stocks are floundering]( By Ray Mahlaka Opinionistas [The spirit of the National Arts Festival – go to feel the shattering]( A column by Jo-Ann Bekker [Why Eskom CEO Phakamani Hadebe resigned]( A column by Nazmeera Moola [Civil society unites against corporate censorship and bullying]( A column by Melissa Fourie [The elephants in the room – the myths informing Botswana’s hunting policy]( A column by Ross Harvey Weather BFN: min: 4° max: 20°, cloudy CPT: min: 11° max: 17°, cloudy DBN: min: 13° max: 22°, cloudy EL: min: 13° max: 24°, cloudy JHB: min: 5° max: 18°, sunny MHK: min: 6° max: 22°, sunny NLP: min: 7° max: 24°, cloudy PE: min: 13° max: 24°, cloudy PMB: min: 7° max: 22°, sunny The cost of corruption is estimated at billions of Rand, possibly trillions. How can local business work with the government help fight corruption in both the public and the private sector? Sign up for our inaugural Business Against Corruption event to hear how Min. Pravin Gordhan, Adv. Shamila Batohi, Adv. Andy Mothibi, Dr Achieng Ojwang and BLSA CEO Bonang Mohale, amongst others, tackle this difficult question. [Tickets are limited, so register today.]( [FORWARD THIS EMAIL TO A FRIEND]( [Fb] [Tweet] [Link] [Yt] Copyright © 2019 Daily Maverick, All rights reserved. You are receiving this mail because you are awesome and on the Daily Maverick First Thing subscriber list. Interested in advertising with us? [Click here to sign the pact.]( [Getting too many emails from us? Manage your preferences]( [Unsubscribe](