Word: johannesburgers
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...unambiguously frightening that they guarantee an instant crash. One is a terrorist attack on the world's biggest economy. Another is a global banking collapse. South Africa has a third trigger: the departure of Finance Minister Trevor Manuel. When Manuel, 53, resigned on Sept. 23 last year, the Johannesburg Stock Exchange fell 4% in minutes. Actually, Manuel wasn't going anywhere. President Thabo Mbeki had been ousted in an internal party coup a few days earlier and protocol demanded Manuel step down before being reappointed by Mbeki's successor. When that was explained, the markets recovered quickly...
...that is for all of us. At the World Economic Forum in Davos in January, Manuel warned that billion-dollar bailouts were a distraction from a bigger, supranational task: the creation of truly global regulation to oversee global capitalism. Or as he recently put it to Johannesburg weekly the Financial Mail: "If you were a doctor and your patient had major cardiovascular and lung problems, prescribing an aspirin ... might make him feel better, but would it solve the problem?" At the G-20, the developing world will look to Manuel to speak for them, as he often does. The humbled...
Kentridge was born in 1955 in Johannesburg, the "rather desperate provincial city," as he's called it, where he still lives and works. His parents were both lawyers active in defending victims of apartheid. Their son took degrees in politics and fine arts from South African schools. For a time he tried acting. In the early '80s he studied mime and theater in Paris. But by the middle of that decade, back in Johannesburg, he had committed himself...
...occasionally hit the high double digits, says Shumba, investing here can seem like playing Russian roulette: the exchange is highly fickle and illiquid, with a total market capitalization that has fluctuated tenfold in the past year and a trading volume less than one-hundredth the size of the Johannesburg exchange (itself a modest operation by global standards). And then there's the risk that the government could simply confiscate your money. "It's one of the riskiest stock exchanges in the world," Shumba admits...
...Married his wife Susan in 1978; the couple have six children. Their youngest - 13-year-old twins - live in Johannesburg...