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Proteas
Proteas first ODI against India abandoned
12 March 2020, 3:03 PM

The first One-Day Internationals (ODI) between the cricket teams of India and South Africa in Dharamsala has been abandoned without a ball being bowled due to persistent rain.

It’s the second successive international between these two sides at this venue to be abandoned due to rain after last year’s T20 international was also washed out.

The second match in the three-match series is scheduled for Sunday in Lucknow.

The Proteas go into this series in India off the back of a clean sweep over Australia in South Africa, while India lost their one-day internationals series in New Zealand 3-0 and the test series 2-0.

Stocks
Coronavirus fears, oil price plunge pummel world stocks
9 March 2020, 10:14 PM

Global stock markets plunged on Monday and oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia, sending investors already spooked by the coronavirus outbreak fleeing for the safety of bonds and the Japanese yen.

A benchmark pan-Europe index entered bear market territory and a 7% slide in the S&P 500 at the open on Wall Street triggered a circuit-breaker put in place after the financial crisis a decade ago, halting United States (US) stock trading for 15 minutes.

The yield on the 10-year US Treasury note slid as low as 0.318%, a level unthinkable just a week ago and German government debt yields set record lows as investors rushed to cut risk assets and snap up safe-havens.

Gold briefly topped $1700 an ounce for the first time since 2012 and is up more than 10% so far this year.

The rout’s depth, sparked after Saudi Arabia stunned markets on Sunday with plans to hike oil production sharply following the collapse of the Organisation of the Petroleum Exporting Countries’ supply-cut agreement with Russia, unnerved investors.

“The oil price plunge adds a huge disruptive dynamic to markets that are already very fragile,” said Paul O’Connor, multi-asset head at Janus Henderson in London.

“We are seeing this week, finally, a full-scale liquidation and signs of capitulation, full-scale panic, we see this in every asset,” O’Connor said.

Jim Vogel, interest rate strategist at FHN Financial in Memphis, Tennessee, said that “nobody thought that Saudi Arabia would start a price war. Suddenly you have to re-evaluate what else could impact this.”

Saudi Arabia’s grab for market share was reminiscent of a drive-in 2014 that sent prices down by about two-thirds, while the renewed plunge on Wall Street came exactly 11 years after US stocks touched bottom during the financial crisis.

Brent and US crude futures slid $14 a barrel to as low as $31.02 and $27.34 in volatile trade.

Both crude benchmarks recouped some losses but still fell almost 25% in their biggest daily drop since 1991, the start of the first Gulf War.

Brent fell $10.91 to settle at $34.36 a barrel, while US crude settled down $10.15 at $31.13 a barrel.

The Dow fell a record 2,000 points when trading opened and the S&P 500 was poised for its largest single-day percentage drop since December 2008, the depths of the financial crisis.

The benchmark index was almost 19% below its all-time high of February 19, just 1% point shy of bear territory.

Equity markets in Frankfurt and Paris tumbled about 8.5% and London tanked 11%. Italy’s main index slumped 14.3% after the government over the weekend ordered a lockdown of large parts of the north of the country, including the financial capital, Milan.

The pan-regional STOXX 600 fell into bear market territory from an all-time high in February. Oil stocks bore the brunt of losses, with energy giants BP 19.5% lower and Royal Dutch Shell off 18.2%.

The energy sector in Europe was at lowest since 1997.

The losses in Europe followed sharp declines in Asia. MSCI’s broadest index of Asia-Pacific shares ex-Japan lost 4.4% in its worst day since August 2015 and Japan’s Nikkei dropped 5.1%. Australia’s commodity-heavy market closed down 7.3%, its biggest daily fall since 2008.

‘DO SOMETHING!’

Investors piled into safe-haven debt, driving the 30-year US Treasury yield below 1% on bets that the Federal Reserve will cut interest rates by at least 75 basis points when policy-makers meet next week.

The Fed last week cut rates by half a percentage point after an emergency meeting.

Katie Nixon, chief investment officer at Northern Trust Wealth Management in Chicago, said people know the turbulence will pass as in past crises and that ultimately, markets recover, but emotions can overcome rational behaviour.

“Our hearts, however, tell us to, ‘Do something!’ The sense of market chaos feeds into our most damaging behavioural biases, “Nixon said in a note to high net-worth clients.

The number of people worldwide infected with the coronavirus rose above 111,600, and 3,800 have died from the virus.

There were mounting worries that US oil producers carrying a lot of debt would be made uneconomic by the price drop.

The mood was also hit by North Korea’s firing three projectiles off its eastern coast.

BOND BONANZA

The European Central Bank meets on Thursday and will be under intense pressure to act, but rates are already deeply negative.

The 10-year Bund yield, the euro zone’s leading safe asset fell to a record low of -0.906%, while inflation expectations for the eurozone sank below 1% for the first time.

Boxing
SA boxers can still qualify for Tokyo Olympics
9 March 2020, 6:19 PM

The door is open for South African boxers to qualify for and take part in this year’s Tokyo Olympics Games in July. This follows the intervention of the South African Sports Confederation and Olympic Committee (SASCOC) to try and resolve the impasse involving the South African National Boxing Organisation (SANABO).

SASCOC met in Johannesburg last week to appoint an interim committee that will run the affairs of SANABO until elections of the body are held in June.

The entire executive of SANABO resigned en masse last week following allegations of poor governance and its failure to send the national team to the African Olympic qualifying tournament in Senegal last month.

SANABO is the body running the affairs of amateur boxing in the country. SASCOC has been working with SANABO for just over a year‚ to try and bring the warring factions together.

“We were just facilitating we don’t want to interfere, we want them to function on their own so the gathering elected and interim committee that will now try and take SANABO forward to have elections I believe, I believe the next elections will be around June whereby a more permanent structure elected by the membership and through due process will then take charge of SANABO,” says Ravi Govender who is the acting Chief Executive.

Amateur boxers were unable to travel to Dakar due to lack of funding.

“For a while now SANABO have been experiencing certain administrative problems the department of sports and recreation actually declared them as not being complied in terms of their financial reporting, and when we came to realise that the boxers are not going to make it to Dakar because of funding that’s when we became involved as the mother body,” says Govender.

Boxing South Africa is very concerned about the state of amateur boxing in the country, due to the continued infighting among the leadership of SANABO.

“We did not have boxers at Rio, we can’t have that repeating itself reputationally, it’s going to affect us as professional boxing and that is why we will go beyond the call of duty to ensure that we reinforce SANABO and SASCOC’s efforts to ensure that there is a team that is selected, a team that is prepared, and the team that is delivered at Tokyo,” says Tsholofelo Lejaka who is South African Boxing Chief executive.

Failure to qualify through the African continent means the only option available for the boxers is to follow the difficult route of trying to qualify through Europe.

“What worries us the most is the fact that we’ve had an opportunity in Dakar where we could have sent our boxers to compete and qualify most surely for the Olympics in Tokyo that did not happen, we are being told it is not a lost opportunity because there will be another opportunity in France which unfortunately might be a bit more competitive,” says Lejaka.

Masibulele “The Hawk” Makepula and Phillip “The Time Bomb” Ndou, are two South African boxers who launched their successful international careers at the Olympic Games.

Cyril Ramaphosa
Ramaphosa calls on men to take responsibility on women’s future
8 March 2020, 6:29 PM

President Cyril Ramaphosa says men have the responsibility to help secure the future of women. He was speaking in Tweeling in the Free State to mark International Women’s Day.

This year’s theme is “I am Generation Equality”. Gender-based violence and unfair labour practices mean that many women are forced onto the fringes of society.

Ramaphosa has called on men to teach their children to respect women

“A thousand young boys were brought together, I’m told that they told sad stories sad stories of absent fathers, sad stories of yes being abused and I call on the men of our country fathers of children of our country as a man and as a father be there for your boy so that we inculcate in our young men respect for women,” says Ramaphosa.

President Cyril Ramaphosa delivery keynote address on International Women’s Day:

International Women’s Day is aligned with UN Women’s new multi-generational campaign, which marks the 25th anniversary of the Beijing Declaration and Platform for Action, where heads of state committed to ensuring gender equality in their countries end.

Head of UN Women in South Africa, Anne Shongwe says they urge governments to accelerate action to ensure that gender equality is achieved.

“Its six key areas that are still lagging behind, gender based violence is one, economic justice and rights is the second one, leadership and feminist movements, climate justice, bodily autonomy and sexual and reproductive rights, technology and innovation.”

“These are areas that are outstanding, along with the social norms and stereotypes otherwise known as patriarchy which holds us back all the time in every institution. We expect dramatic and accelerated change.”

 

Banyana Banyana
Banyana claims bragging rights over Lesotho
8 March 2020, 6:10 PM

Banyana Banyana have beaten neighbours Lesotho three-nil in an international friendly played at the Tsakane Stadium in Ekurhuleni.  Following the disappointment of failing to qualify for this year’s Olympic Games in Tokyo, Banyana Banyana’s focus has shifted to the Africa Cup of Nations qualifiers later in the year.

First the team will have to defend their COSAFA Cup title in September. This was Banyana Banyana’s first match of the year after months of inactivity. Defender Lebohang Ramalepe led the side in the absence of captain Janine van Wyk.

The match against Lesotho also marked goalkeeper Andile Dlamini’s 50th national team appearance. Rhoda Mulaudzi scored a brace in the first half, with Sibulele Holweni scoring the third goal in the second half.

Weather

 

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