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New Era Newspaper Thursday February 8, 2018

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12 Inside BUSINESS

12 Inside BUSINESS Thursday, February 8 2018 | NEW ERA Vacancy: Site Agent Civil (1) Scope: Project Management, Tendering, Liaising with Project consultants, clients and all stakeholders, material Procurement, Interpretation of Civil and Building drawings, Site Supervision and Quality Control The quest for truth and trust amid rumours and research notes about Steinhoff, Capitec et al Dip Civil Engineering or Equivalent, with 15 years and above working Experience Project Management Experience Quality Control/ ISO-9001/2008 Large Road Construction Experience , Slurry ETB and Reseal Large dams Experience Experience in large Buildings and High Rise Specialist in grouting ( curtain, contact and consolidation) User of Fidic Red book Major Civil Works (massive concrete works) Code BE Driving License. areas. P.O.Box 1621 Tel: +264 65 231 540 Or Email: Monday, 5 February 2018 Centre Tal Street 07:00-16:00 United House Centre 08:30-16:00 Swakopmund Town (Ferdinand Stich Str 4) 13:00-18:00 Tuesday, 6 February 2018 Centre Tal Street 07:00-16:00 United House Centre 08:30-16:00 Gobabis Town (NG Church Hall) 13:00-18:00 Walvis Bay Town (Behind Welwitschia Medi-park) 13:00-18:00 Wednesday, 7 February 2018 Centre Tal Street 07:00-16:00 United House Centre 08:30-16:00 Ramos Realtors Namibia (Walvis Bay) 09:00-16:00 Thursday, 8 February 2018 Centre Tal Street 07:00-18:00 United House Centre 08:30-16:00 Elgin Brown & Hamer (Walvis Bay) 10:00-15:00 Friday, 9 February 2018 Centre Tal Street 07:00-16:00 United House Centre 08:30-16:00 Shoprite (Swakopmund) 10:00-15:00 Sponsored by: Nicky Newton-King Recent market and commentator reaction to certain rumours and research notes is surprising. What it says about the state of trust in our society is very worrying. Rumours are a regular feature of life. Research notes are produced every week – and not all of them are complimentary about management, and yet most don’t result in market volatility. In South Africa as elsewhere in the world, it is completely possible that rational observers may take a different view on the merits of an issue, especially when the issue is complex. Managements routinely address negative commentary and this often directs managements’ attention to issues in the business which either need to be better explained or dealt with more robustly. Embraced constructively, this type of commentary is a rallying call. So investors need to test the veracity of statements before assuming they are correct. Entities short-stock (sell them in advance of buying the stock in the expectation that the price will drop) every day, on the JSE, as they do on every major exchange in the world. So, short selling in itself is not problematic. Among what appears to worry commentators most is the ethics and legality of an entity with a bearish view on a stock taking a short position in advance of releasing their report, given the expected volatility in the company on which the report is released, which gives short sellers an opportunity to Our law makes three types of market abuse an offence: 1. Insider trading: using price sensitive, non-public inside information to trade; 2. Making false statements: deliberately or negligently publishing false statements regarding a listed company; Nicky Newton-King 3. Market manipulation: trading in a manner to create a price for a stock or activity in a stock that is not real. This is completely in line with international best practice. These types of offences carry heavy penalties: criminal sanctions of R50-million and/or 10 years jail and civil sanctions of, for example, four times the trading. To date, in South Africa, concluded and civil penalties of more than R100-million imposed in instances of market abuse. If true, recent reports will have done us all a favour and highlighted concerns that we might have been less inclined to accept. If false, their authors will face the resultant sanctions. And this brings me to the issue of trust. Why is it now that we put so much store on the potential correctness of rumours or research reports rather than the actions of management? It may be that recent corporate failures (here and abroad) have made us more sceptical about what management says. It may be that people feel that or close to business: that the cards are stacked against those on the outside. This puts on management the responsibility to communicate strongly, transparently and honestly about their business: not only in the eye of a storm but throughout their business cycles. As important, I think, is the need for business to consider how we do business – is it equitable for and inclusive of all stakeholders? This will help build trust that a business, managed well, is good for everyone and not a select few. Why is it that we doubt that the relevant regulatory authorities will enforce the provisions of our law? It is in the interests of regulators to ensure that possible improper conduct is investigated and appropriately dealt with since trust that the market is fair is an essential part of investor couraging more trading activity. The JSE has regulatory powers over its listed companies and its markets, and the Financial Services Board (FSB) is the regulator with statutory power to launch criminal and civil proceedings. The JSE and the FSB are investigating all unusual activity and the rumours in the recent few months – as we do in all such cases. We should do better to communicate our activities in this regard, since that will help build trust that the regulators are indeed responding when necessary and in the appropriate manner. In the meantime, I assure you that the circumstances in relation to each of the cases typically referred to in recent weeks are being examined to assess whether any market abuse is evidenced. To me it seems that years of moral decay across our socio-economic spectrum have rendered our social fabric weak and fragile. We have become too sceptical of those in positions of authority (whether in business or otherwise) to trust that anyone would act other than for their narrow self-interest. We fear that if we trust, we will be left alone, the last person standing. There may be good cause in some cases for this scepticism and it is not unique to this country, but it is not a space we should accept. Whether as private citizens or as leaders, we should demand of each other that we act in a manner that weaves trust back into our social fabric. Trust will improve when there is more robust insistence on decency at the top. Failure to do so will place the power over our futures in the hands of those who control our fears. – Daily Maverick

Honda Civic Type R raises the high-performance hatchback bar Trendsetter… The Honda Civic Type R The all-new, latest-generation Honda Civic Type R raises the bar in the highly competitive high-performance hatchback segment. The 2018 Civic Type R combines cutting-edge technology and race car-derived aerodynamics with an all-new, lighter and stiffer platform, to deliver exhilarating dynamics and unparalleled frontwheel drive handling. Type R enthusiasts will be pleased to know that the latest, fifth-generation Civic Type R not only retains its benchmark 2,0-litre VTEC turbo engine with Earth Dreams Technology, but that the power unit has been further enhanced for its application here. In fact, this latest iteration of the Type R’s turbocharged fourcylinder engine was named one of the authoritative automotive website, WardsAuto, as one of its 10 best engines of 2018 – a highly sought-after accolade. As before, the 1 996 cc fourcylinder unit employs direct injection, VTEC variable valve timing and lift control, and advanced turbocharging to deliver a maximum output of 228 kW at 6 500 r/min, coupled to a torque peak of 400 Nm, maintained between 2 500 and 4 500 r/min. Performance remains thrilling, too: the new Type R is credited with a 0-100 km/h acceleration time of 5,8 seconds, while it goes on to achieve a maximum speed of 272 km/h. The high-revving, turbocharged four-cylinder engine links exceptional power output to equally impressive efficiency, affording both thrilling performance and outstanding fuel economy. A new six-speed manual transmission with rev-matching technology adds to the Type R’s engaging, driver-focussed character. A new feature of this latest Type R is the triple exhaust system, which combines two larger-diameter exhaust tailpipes with a smaller tailpipe mounted slightly above and between them. The two main tailpipes operate conventionally, and achieve a 10 percent improvement in Type R. The third, smaller tailpipe manages the enhanced exhaust sound of the new Type R by using engine speed rises to generate a more aggressive exhaust note that is 2dB louder than the previous model. The triple-exhaust layout also engine speeds to reduce drone and boominess. To further enhance the Type R experience, the newcomer offers three selectable driving modes, ranging from Comfort and Sport to the track-focussed ‘+R’ mode. Each to the suspension, steering and throttle response. That suspension comprises an advanced, dual-axis front set-up torque steer while enhancing turn-in and steering feel, despite the Type and considerable power potential. Also new is the dual-pinion, variable-ratio power steering system, derived from the standard Civic for its Type R application to ensure feedback. The rear suspension comprises a completely new multi-link design speeds. The aggressive styling of the dynamic character – but it’s not just for show. The new shape is longer, wider and lower than previous Type R models, while short overhangs hatchback’s dynamic aspirations. inch Berlina black alloy wheels are a prominent feature, further highlighted by the rim’s red styling line. Shod with 245/30 R20 tyres, the to the hatchback’s low-slung stance. The wide rear bumper hosts a full- again in the interests of keener aerodynamics, while the centrally located triple-exhaust tailpipe array is another head-turning feature. The bumper features directional strakes on either side. Also new is a rev match control system for the legendary, slickshifting six-speed manual gearbox. The rev matching system aligns the engine speed with the gearbox’s main shaft speed when changing gears. This prevents unwanted High performance…. A new feature of this latest Type R is the triple exhaust system, which combines two larger-diameter exhaust tailpipes with a smaller tailpipe. Modern… The interior of the new Civic Type R transmission shock, which can occur when engine speeds are too high, or too low during upshifts or downshifts. The rev-matching function can be switched on or off. The rev match control system’s characteristics are adapted to selectable driving modes. The retail price from N0,000 includes a comprehensive fiveyear/200,000 km warranty, as well plan and a three-year AA Roadside Assistance plan. Scheduled services are at 10,000 km intervals.

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New Era Newspaper Vol 22 No 167