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The top shared articles of past 24hours.
    Loni Prinsloo, Bloomberg / 13 December 2017 Value gap to Tencent ‘too high’ CEO Van Dijk tells investors.
     35      7   
    Olivia Kumwenda-Mtambo and Nqobile Dludla, Reuters / 13 December 2017 Steinhoff was the biggest loser on the day, falling more than 16%.
     23      0   
    Moneyweb / 13 December 2017 Several articles warned investors about the questionable accounting practices at the retailer.
     23      3   
    Amogelang Mbatha, Bloomberg / 13 December 2017 Court orders that inquiry be established within 180 days.
     20      15   
    TechCentral / 13 December 2017 Former CEO to focus on strategy and stakeholder management.
     19      0   
    Neo Khanyile and Thembisile Dzonzi, Bloomberg / 13 December 2017 Ramaphosa victory could weaken weighty rand-hedge shares.
     14      2   
    Jacqueline Poh, Ruth David and Loni Prinsloo, Bloomberg / 13 December 2017 Debt rollover request surpasses 1 billion euros, sources say.
     11      0   
    Tiisetso Motsoeneng, Reuters / 13 December 2017 Retailers accounting practices have been questioned.
     6      0   
    Simbarashe Gumbo, Bloomberg / 13 December 2017 Food prices rise at slowest pace in two years, Stats SA says.
     6      0   
    Tanisha Heiberg, Reuters / 13 December 2017 Court to rule later on whether president is legally compelled by the public protector to set up state capture inquiry.
     5      5   
    Moneyweb / 13 December 2017 Lessons from a (successfully) free spirited tech entrepreneur and business thought leader.
     3      0   
    Olivia Kumwenda-Mtambo, Reuters / 13 December 2017 Sales figures up by 3.2% year-on-year.
     3      1   
    Sam Mkokeli and Amogelang Mbatha, Bloomberg / 13 December 2017 Ruling party will lose 2019 vote if new leaders don’t inspire confidence, Makhura says.
     3      1   
    Mfuneko Toyana, Reuters / 13 December 2017 Stocks set to open higher, with the Top-40 index up 0.25%.
     2      0   
    Renee Bonorchis, Bloomberg / 13 December 2017 Organisation says it’s owed R287.5 million.
     2      2   
    Lorcan Roche Kelly, Bloomberg / 13 December 2017 It’s Fed day, Doug Jones wins Alabama, and the UK is losing workers.
     1      0   
    Nastassia Arendse / 13 December 2017 Naspers, EOH, and gold and platinum shares the features – David Shapiro on Wednesday.
     1      0   
    Ingé Lamprecht / 14 December 2017 Lack of third party verification data makes crypto profits a risk area.
     1      0   
The top shared articles of the past 7 days.
    Sasha Planting / 7 December 2017 Allegations of round tripping, inflating earnings and obscuring losses contained in report.
     642      27   
    Patrick Cairns / 8 December 2017 The market is making inevitable comparisons with African Bank and Enron.
     379      47   
    Mike Schüssler / 8 December 2017 The numbers are incredible but are they sustainable?
     302      43   
    Magda Wierzycka / 7 December 2017 The greed is unprecedented - Magda Wierzycka.
     285      101   
    Alexander Winning, TJ Strydom and Olivia Kumwenda-Mtambo, Reuters / 8 December 2017 Steinhoff slides.
     261      1   
    Staff reporter, TechCentral / 8 December 2017 Stockbrokers say the JSE should investigate.
     247      5   
    Sasha Planting / 11 December 2017 Investors were caught unawares and many continue to hold the stock. What should they do?
     222      10   
    Barbara Curson / 11 December 2017 International accounting standards are littered with subjective evaluations.
     189      25   
    Patrick Cairns / 11 December 2017 They ought to have known.
     184      28   
    Vili Lehdonvirta / 10 December 2017 If you can't use bitcoin to buy anything then it has no intrinsic value.
     180      16   
    Nastassia Arendse / 8 December 2017 Simon Brown advises investors to take caution.
     160      6   
    Ryk van Niekerk / 8 December 2017 And why is Markus Jooste the only one on the esteemed Steinhoff board to have resigned?
     147      53   
    Patrick Cairns / 11 December 2017 As Steinhoff weighs on the JSE.
     138      7   
    Patrick Cairns / 12 December 2017 Nedgroup Investments provides clarity to clients.
     117      17   
    Hilton Tarrant / 7 December 2017 After hundreds of billions wiped out, many more questions than answers.
     111      15   
    Patrick Cairns / 8 December 2017 Who dodged a bullet for their clients?
     110      9   
    Patrick Cairns / 13 December 2017 When one calculates the impact across related companies.
     106      21   
    Warren Thompson / 12 December 2017 Bullying analysts has been going on for years.
     103      21   
    Hilton Tarrant / 13 December 2017 Fear and loathing (again) on the JSE.
     102      15   
    Michael Cohen, Bloomberg / 8 December 2017 If 'Day Zero' comes, the 4 million residents of South Africa’s second-biggest city will face a catastrophe.
     99      33   
The top shared articles of the past month.
    Warren Thompson / 6 December 2017 Government employees are the second largest shareholder.
     1163      20   
    Antoinette Slabbert / 24 November 2017 Allegations contained in an affidavit of former bodyguard.
     715      7   
    Sasha Planting / 7 December 2017 Allegations of round tripping, inflating earnings and obscuring losses contained in report.
     642      27   
    Ray Mahlaka / 6 December 2017 Shares fall by more than 60% in Johannesburg and Frankfurt amid a storm over the global retail giant’s accounting irregularities.
     485      51   
    Justina Lee, Bloomberg / 21 November 2017 Company trying to prevent stolen tokens from entering the ecosystem.
     440      1   
    Patrick Cairns / 8 December 2017 The market is making inevitable comparisons with African Bank and Enron.
     379      47   
    Ingé Lamprecht / 15 November 2017 Deadline for non-provisional taxpayers looms.
     352      9   
    Warren Thompson / 6 December 2017 Markus Jooste pens letter to Steinhoff staff.
     338      32   
    Mike Schüssler / 8 December 2017 The numbers are incredible but are they sustainable?
     302      43   
    Patrick Cairns / 6 December 2017 Over 300 unit trusts and ETFs held the stock at the end of September.
     299      15   
    Magda Wierzycka / 7 December 2017 The greed is unprecedented - Magda Wierzycka.
     285      101   
    Alexander Winning, TJ Strydom and Olivia Kumwenda-Mtambo, Reuters / 8 December 2017 Steinhoff slides.
     261      1   
    Staff reporter, TechCentral / 8 December 2017 Stockbrokers say the JSE should investigate.
     247      5   
    Ray Mahlaka / 1 December 2017 House prices in 2018 are expected not to keep up with inflation due to SA’s economic and political uncertainty.
     240      17   
    Sasha Planting / 11 December 2017 Investors were caught unawares and many continue to hold the stock. What should they do?
     222      10   
    Patrick Cairns / 20 November 2017 Lawyer believes that all of the timeshare contracts she has seen are unlawful.
     221      10   
    Warren Thompson / 6 December 2017 'There is a hole in the books, we just don't know how big.'
     218      22   
    Abhinav Ramnarayan, Reuters / 30 November 2017 The cryptocurrency fell as much as 8% on Thursday.
     205      13   
    Magnus Heystek / 27 November 2017 And why it’s going to get worse before it perhaps gets better….
     192      51   
    Barbara Curson / 11 December 2017 International accounting standards are littered with subjective evaluations.
     189      25   
The latest 20 comments.
  1. Vexxo

    14 December 2017 @ 12:29 am
  2. @beachcomber Makes 0 difference in the end. In 10 years all that manipulation is worth 0. @MoneyChief Nope dont sell yet 20 is still easily in reach. @Trubit Indeed @MichaelfromKlerksdor 'Taking a bet that BTC will still be relevant after 3 yrs from now, you say? Tech moves so fast thee days' That is because you are used to devs like me that work in an agile environment and pushes code out quickly like facebook and most companies you are used to. Blockchain is a completetly different ballgame. The changes you are making effect the entire world and billions of dollars. One of the biggest reasons BTC is so far ahead of alts is because it has 7 year of no serious security breaches. Have you seen the news regarding hacks this year when compared to normal tech? In 3 years that will be a decade of secure trustless decentralized censorship resistant money, no other crypto can prove a decade worth of complete safety simply due to a lack of time. @LuluAlert The person accepting the bet would think that there would be no BTC why would they then take the bet if it is in BTC? As expected not a word from @TheSpark
  3. newsens

    13 December 2017 @ 10:54 pm
  4. Unlike in other stockmarket scams, Wiese didn't make money at other peoples' expense. He went down with his ship, probably losing more than anyone else.
  5. robertinsydney

    13 December 2017 @ 10:50 pm
  6. All wrong - Maxim is “Don’t panic - but if you do -panic FIRST.”And that was way back on 9 November
  7. robertinsydney

    13 December 2017 @ 10:46 pm
  8. Now what has robertinsydney been saying all these years - the only true Rand hedge is YOUR money off shore in YOUR account. This has been proved beyond question by the SNH/EOH disaster. As a poor second comes NASPERS. That’s it - all very easy
  9. robertinsydney

    13 December 2017 @ 10:40 pm
  10. Indeed what crimes? Remember the GFC of 2008? All the money gone & exactly one lowly banker prosecuted! No this is unfortunately is why those who thiught that the trickle down economic growth story was the answer to the country woes (the DA mainly) are very quiet. In a country with no GDP growth - SNH/EOH is a disaster. So it will be interesting to see how this plays out over the next week. It certainly must be a plus for JZ & his ex wife & wanna be president. WMC have staked their all on CR & I’m not sure that was a wise move
  11. sollyp786

    13 December 2017 @ 10:15 pm
  12. The IDC is farting against the wind unless they have tangible collateral security not worthless shares.
  13. bilalh

    13 December 2017 @ 8:58 pm
  14. Everyone always has the answers ‘after’ the fact...if they new things were not so kosher...why did they not divest of Steinhoff?? Same for Sygnia...CEO knows how to identify the issues in the financials but they appear to still have an interest?
  15. imissankov

    13 December 2017 @ 7:17 pm
  16. per moneyweb unit trust tool too, sygnia value fund held 3.9% and sygnia growth fund held 4.0% in steinhoff international on 30 sept 2017. these commentators are professional, competent people who are acknowledged as leaders in their fields. this is precisely why giving interviews such as this given their documented positions is sadly shameless
  17. observerx

    13 December 2017 @ 7:14 pm
  18. per moneyweb unit trust tool, 360ne bci equity fund held 2.8% in Steinhoff International in September 2017
  19. Tadack

    13 December 2017 @ 7:06 pm
  20. With the admission that the author recently bought shares, is this article truly impartial? Time will tell the full story, but as a former employee (I resigned in 2015)there were a lot of secrets and non disclosed relationships in the business. I never felt at ease. My worry is that the people who can least afford to loose money are buying shares expecting them to return to €6 value and not realising there may not be much left after the profitable parts are sold to meet bank commitments.
  21. laurensK

    13 December 2017 @ 7:00 pm
  22. I bought too! At around R7 so l hope it pays off
  23. JustTheFacts

    13 December 2017 @ 6:23 pm
  24. Yes, the signs are there now
  25. boomgloom

    13 December 2017 @ 5:41 pm
  26. Never believe anything until it is officially denied.
  27. boomgloom

    13 December 2017 @ 5:25 pm
  28. The court rejected all arguments by Zuma that he alone can set up the commission and ordered him to pay the cost of the case. Looks like the Gupta brothers will be a little out of pocket.
  29. pacaratac

    13 December 2017 @ 5:10 pm
  30. They do not have the guts...............cowards.
  31. pacaratac

    13 December 2017 @ 5:01 pm
  32. Great news. The ideal buying opportunity.
  33. pacaratac

    13 December 2017 @ 4:59 pm
  34. Charged for what crimes? Details required immediately so that the charges can be made. ASAP no EFF around.
  35. Sweetpea

    13 December 2017 @ 4:55 pm
  36. Only 16% of the population file IT12 tax returns. 84% of the country are passive indirect text payers like VAT, or tax on fuel and cigarettes. Makes you think I guess?
  37. Sweetpea

    13 December 2017 @ 4:53 pm
  38. I fully agree. But his entire cabinet and the rest of the executive are just as responsible. The must all fall on their swords.
  39. Chev

    13 December 2017 @ 4:34 pm
  40. Jooste must be criminally charge and prosecuted immediately. If this is not done it will give the ANC even further ammunition against the so called white monopoly capitalists and deferring attention further from the Zuptas.
The top voted comments of the past 7 days.
  1. Conroy

    7 December 2017 @ 12:49 pm
  2. I find it surprising that this article is silent on Sygnia's own ACTIVE fund's exposure to Steinhoff, notably the Sygnia Growth Equity Fund, in which Steinhoff is a top ten position: https://www.sygnia.co.za/docs/default-source/individuals---fund-fact-sheets/unit-trusts/2017-oct-sygnia-growth-equity-fund.pdf?sfvrsn=56 Surely Magda at least takes a couple of hours a month to review the top holdings and discuss these with the portfolio managers? After all, it only took her half an hour to uncover the issues at Steinhoff. Also, given Magda's "core belief" that active asset management doesn't add value commensurate with the fees charged, why does Sygnia continue to offer actively managed funds at all?
  3. Gil

    7 December 2017 @ 12:40 pm
  4. And to me this goes even deeper when Mr Wiese was caught smuggling a suitcase with £600k (appr R11m) at Heathrow Airport. When a so called business tycoon is caught with cash like that "trying to balance his investment (read tax evasion) portfolio" then he is immediately relegated to the Bernie Madoff and others of their ilk. I am not sure what is wrong with a swift or eft transaction but that is just me. He and other are arrogant to the point of believing they walk on water. Koos Bekker is another tin pot that thinks we are pre-1994 and they "run" the country. More to follow on this - watch this space.
  5. Kroko

    12 December 2017 @ 2:42 pm
  6. Dear Cy, If you have always been wary of Markus Jooste, why did 36ONE have 2.8% of its SA Equity Fund invested in Steinhoff as at 30 September 2017? Sorry mate, pull the other one. It's always incredible how (after the fact of course) so many people saw the collapse coming.
  7. sucker

    8 December 2017 @ 6:31 am
  8. The man in the street could see that Steinhoffs growth was too good to be true. The man in the street could see that African Bank were like pigs at the feeding trough, soliciting un-required loans to people who we all knew could never afford to repay. Yet the auditors,financial advisors, investment houses, all the integrated internal and external checks and balances, act shocked and surprised when the crash occurs. Jooste has got probably hundreds of millions of rands invested in race horses, and it costs him millions a month to stable and care for them, which is an extravagant loss making indulgence to satisfy his vanity.I and many other men in the street are not surprised in the least. Amazing how ill gotton gains are so much easier to flaunt than hard earned income.
  9. Kroko

    7 December 2017 @ 12:44 pm
  10. Magda, where were you years ago when the Steinhoff allegations first emerged? And why do you still hold Steinhoff in your active funds? If it was so bleeding obvious, why didn't they sell out? #glasshouses
  11. tomorrow

    7 December 2017 @ 2:02 pm
  12. Magda, time for YOU and SYGNIA to walk the talk. How much of Sygnia's 2017 revenues were from asset management (incl. performance fees), administration and stock broking fees from active funds, hedge funds and multi managers funds at Sygnia? I'm guessing over 50% of Sygnia's revenues come from these sources that you say "I do not believe that active asset management adds value commensurate with what is being charged to investors". If you are as principled and transparent a person as you make out in the media, will you disclose this number? Also, will you inform all Sygnia clients invested in Sygnia's actively managed funds to disinvest from those funds or will you just close them down as they destroy value and are run by greedy people?
  13. Conroy

    7 December 2017 @ 1:32 pm
  14. "The most obvious of those was the cynical move by shareholders in PSG to, in a sleight of hand, swap their shareholding in PSG shares in South Africa for a suddenly-Frankfurt-listed Steinhoff, thereby externalising their wealth without the need for foreign exchange control approvals. This alone should have been a strong indicator that one is not dealing with pillars of society." Magda, remind us, but didn't your former business partner, Mzi Khumalo, illegally and prematurely sell hijacked shares from the botched Harmony BEE scheme and then through a number of complex asset swaps and loan structures illegally move the ill gotten gains offshore, bypassing exchange control regulation and the SARB? Are any of the windows in your glass house not broken?
  15. Sensei

    7 December 2017 @ 7:48 am
  16. Wow! This is our own little Enron! Steinhoff is right up there with Enron, Worldcom, Tyco, Freddie Mac, AIG, Lehman and Bernie Madoff. What started out as a little funny bookkeeping with the Boland Bank acquisition, grew into a standard business model and operating manual. If you keep on "sailing close to the wind" for too long, you will eventually get blown over.
  17. boepens

    12 December 2017 @ 6:32 am
  18. Like most salary earners (I suspect)I am no finance guru. If I was I would do my investing myself, no? I rely on my financial advisor to invest for our pension and have always paid professionals for professional advice. I read what I can and try to make sense of most of it. So far so good. There is nothing I understand about this article to be honest. I don't know what a "side pocket" is..... I thought its something on my jeans. Most of the experts above seem to be guessing at best. What I do know however is Steinhoff is a listed company and it gets audited every year. It goes belly up overnight. And now I see that no one actually has any idea how the company was structured or how much it owes. This is unacceptable to put it lightly. We lay folks actually have no protection if this is the way the investment industry works. I may as well use an astrologer for advice in future. Or tea leaves. If a surgeon repairs my hernia and its botched I am going to sue his tuchas. Why are the "financial advisors" not accountable is a train smash like this ..... ? I am not upset about normal price fluctuations and the market.... those are within reason and part of the game. I am talking about a total collapse. As far as they guys at Steinhoff are concerned, I hope just deserts are on the horizon for you all including the board who were in charge while this was going on. R100 million a year on racehorses and you make an exit with a note saying "sorry" ....? You can't be serious. This is not a fender bender in a shopping maal parking lot you git. I know the difference between cake and manure and this is not cake.
  19. Marge

    7 December 2017 @ 1:36 pm
  20. It is easy to hide behind an index. After your half hour research you obviously shorted the stock in your own capacity but yet bought Steinhoff for your clients in the trackers funds "because it is in the index" and that is "not your fault". Your article is the very argument why passive funds are flawed.How do you justify holding a stock on behalf of clients that was "obviously a Ponzi scheme" You clearly did not think this article through. We look forward to you repaying your clients our fee for holding a stock you knew was a fraud
  21. beachcomber

    8 December 2017 @ 1:15 pm
  22. The population doubled in less than a decade yet the City relied on rain filling the dams even though completely full dams would hardly cover reasonable water use for this and the increasing tourist population, which is essential for the City's growth and revenue. The only long term solution is major desalinisation plants. Epic fail ...
  23. Sweetpea

    8 December 2017 @ 8:47 am
  24. An arrest and fast tracking through the justice system in a fraud case would be of comfort to some but that system does not have a place in South Africa where the wrong doers have more rights then the honest people in the country have.
  25. Boombang

    7 December 2017 @ 12:42 pm
  26. "et tu" Magda Wierzycka, you are in business as well. We watching you too.
  27. TheSpeculator

    13 December 2017 @ 2:53 pm
  28. ONE WAY TO JAIL ONLY - NO MORE EXCUSES. THE MOST CORRUPT "PRESIDENT" WE HAVE EVER SEEN, HE SOLD US OUT. BIGGEST SHAME TO OUR COUNTRY AND NELSON MANDELA.
  29. LuluAlert

    7 December 2017 @ 1:19 pm
  30. The one is a corrupt government official stealing tax money and destroying a country. The others are private businessmen losing their and shareholders money. The one is a shameless arrogant government official who refuses to accept liability and corrupted a country to avoid prosecution and the others businessmen who have at least had the decency to resign, admit the wrong and/or lost a few billion of his own money and may likely be prosecuted. You should read less ANC and SACP propaganda and more economic books.
  31. SAM The Taxman

    7 December 2017 @ 12:40 pm
  32. Brilliant and accurate statement from this lady! "The serious question to ask is how so many active asset managers in South Africa missed this. Priding themselves on meticulous research, scrutiny of balance sheets and income statements, backed by interviews with management," Says everything about the industry, Foord, Sanlam Old Mutual Investec-many of the big names-proven to be grossly incompetent
  33. financial virgin

    7 December 2017 @ 7:02 pm
  34. AT the same time can we also have a report on the damage done to the same retirement funds when (a) your leader fired Nene in December 2015 and(b) firing Pravin Gordhan in March 2017.
  35. Sensei

    8 December 2017 @ 2:22 pm
  36. Guys, relax, look around you, you are living in Africa. It is not just Cape Town. The whole country is running out of water, sewerage works, electricity networks etc. The national infrastructure in imploding to resemble the level of sophistication of the average voter. There is no escaping it. No matter what the constitution says, you have only got a right to the water and sanitation that you can provide for yourself. Under the DA people can provide for themselves in a group structure. In ANC municipalities it will be every man for himself. Go off the grid. That way you have got only your own actions to manage. As long as you are connected to the grid, you are dependent on the actions of people who vote for the ANC.
  37. SAM The Taxman

    7 December 2017 @ 9:29 am
  38. Both! I am angry that we small shareholders tolerate this. I am more angry that non executives like Steve Booysen(ABSA) and Johan van Zyl(SANLAM) and Theunie Lategan( FNB) and are also so utterly clueless to be "taken"-unable to read and understand a balance sheet. What do they do at board meetings? Moan about Mr Zuma? He seems like a small time shoplifter compared to this gang? These non executives must resign, go to jail and preferably shoot themselves in shame!! And I am most angry that most of the fund management industry are so utterly clueless that they get paid and supported by small investors to do absolutely nothing except charge fees
  39. Sensei

    7 December 2017 @ 1:37 pm
  40. I can also now, after the fact declare that I saw right through them. That I spotted misrepresentations in the statements. That I did my due diligence properly unlike all the others, when in fact I ran out of money before I could buy Steinhoff. My level of poverty, and not my intelligence, saved me from this disaster. We should not confuse luck with skill.
The top commented articles of the past 7 days.
    Magda Wierzycka / 7 December 2017 The greed is unprecedented - Magda Wierzycka.
     285      101   
    Ryk van Niekerk / 8 December 2017 And why is Markus Jooste the only one on the esteemed Steinhoff board to have resigned?
     147      53   
    Patrick Cairns / 8 December 2017 The market is making inevitable comparisons with African Bank and Enron.
     379      47   
    Mike Schüssler / 8 December 2017 The numbers are incredible but are they sustainable?
     302      43   
    Michael Cohen, Bloomberg / 8 December 2017 If 'Day Zero' comes, the 4 million residents of South Africa’s second-biggest city will face a catastrophe.
     99      33   
    Patrick Cairns / 11 December 2017 They ought to have known.
     184      28   
    Sasha Planting / 7 December 2017 Allegations of round tripping, inflating earnings and obscuring losses contained in report.
     642      27   
    Barbara Curson / 11 December 2017 International accounting standards are littered with subjective evaluations.
     189      25   
    Warren Thompson / 12 December 2017 Bullying analysts has been going on for years.
     103      21   
    Patrick Cairns / 13 December 2017 When one calculates the impact across related companies.
     106      21   
    Patrick Cairns / 12 December 2017 Nedgroup Investments provides clarity to clients.
     117      17   
    Mfuneko Toyana, Reuters / 8 December 2017 Court says appointment must be immediately set aside.
     24      17   
    Mfuneko Toyana, Reuters / 12 December 2017 Only 4.8 million people submitted tax returns out of an expected 6.4 million.
     20      16   
    Warren Thompson / 7 December 2017 Steinhoff will sell assets and have the debt owed to it by Star repaid.
     92      16   
    Vili Lehdonvirta / 10 December 2017 If you can't use bitcoin to buy anything then it has no intrinsic value.
     180      16   
    Hilton Tarrant / 13 December 2017 Fear and loathing (again) on the JSE.
     102      15   
    Hilton Tarrant / 7 December 2017 After hundreds of billions wiped out, many more questions than answers.
     111      15   
    Amogelang Mbatha, Bloomberg / 13 December 2017 Court orders that inquiry be established within 180 days.
     20      15   
    Ray Mahlaka / 11 December 2017 After nine months of delays and in fighting between Social Development Minister Bathabile Dlamini and Post Office CEO Mark Barnes, a social grants payments deal is finally struck.
     22      14   
    Patricia Williams / 12 December 2017 The tax increases in 2018 are going to need to be broad, as well as substantial. 
     52      12   
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