Africa News blog
African business, politics and lifestyle
The soccer fan fest sounded like a wild party with the vuvuzela horns booming through the empty streets of Polokwane town, one of the smallest of 10 venues for the first World Cup on African soil.
Everyone must be there, we thought as there was little happening on a Saturday night in the northern South African town centre.
But on closer inspection the soccer fan fest — loud as it was — was also pretty deserted. Soccer fever had yet to reach Polokwane.
A sleepy town of just 500,000 people, it was hard to imagine Polokwane, which means place of safety, would host its first World Cup soccer match in less than 24 hours. In Johannesburg or Cape Town you could definitely “feel it”. Here we weren’t so sure.
Soccer City in Johannesburg will be home to the opening and the final of the FIFA World Cup this year. On Monday, the men and women who helped build the stadium were given letters that assured them of two free tickets to the opening match.
120 000 tickets will be distributed to construction, community workers and children as part of a FIFA initiative to make sure that regular South Africans, who would normally not have the opportunity to go watch a World Cup match, can see their soccer heroes in the flesh.
By Jeremy Gardiner, director, Investec Asset Management
There is a term in financial markets known as a black swan event. This term describes an event that has a significant impact on financial markets, but which could not / was not predicted by anyone. A volcano in Iceland leading to massive ‘eruption disruption’ certainly could not have been predicted by anyone. Certainly, market commentators were expecting some form of financial explosion out of Europe, but not a volcanic one!
Fortunately it seems to be ‘blowing over’ and within a week the world should be back to normal. However, this, together with charges against Goldman Sachs and ongoing fears over Greece, could just have provided the catalyst for the much expected correction markets have been anticipating for close on six months now.
But many wonder if they can trust the assurances after the country’s national grid came to a near standstill last year, forcing mines and smelters to shut and costing the biggest economy in Africa billions of dollars.