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The Coltimbers Chronicle
All the months news on one page
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SEPTEMBER 2008
30 September 2008
INTERNATIONAL NEWS AND BUSINESS LESSONS
- Almost unbelievably, blue chip US banks Lehman Brothers and Morgan Stanley go bankrupt. Massive insurer AIG is teetering and the likes of Swiss giant UBS are cutting jobs (they have reduced their workforce by some 25% since November 2007)
- The US government is forced into making a $700bn bailout of the ailing financial industry. The implications of this crisis reverberate throughout the world as stock markets plummet
- The US White House race heats up with vice presidential candidates taking pot shots at each other in heated debates
- A worldwide food scare erupts when tainted Chinese made dairy products including baby formula hit shelves and cause illness including a few deaths. Nestle is amongst the affected companies but insists no product recall is necessary in South Africa
SPORT
- The race for domestic rugby honours heats up with the Springboks all turning out for their provinces in the Currie Cup. The big question in the Cape is whether a rejuvenated Province can make the semis
- Lance Armstrong comes out of retirement and intends competing in the 2009 Tour de France a few nights` sleep before his 40th birthday
- A South African consortium are the frontrunners to purchase troubled premier league club Newcastle United
AT HOME
- A cold and wet September does the building industry no favours
- The ANC recalls Thabo Mbeki, who resigns along with all except for his three worst performing ministers. Our new president (until the next elections which will happen latest end of next year) is the highly respected and intensely private Kgalema Mothlante. He makes the right early moves, reassuring markets about consistent economic policy, reappointing Trevor Manuel and above all, reiterating that Tito Mboweni and the Reserve Bank must act independently of government.
- However, this political turbulence clearly damages our image in the eyes of the international investors we so desperately need. The Rand collapses in the month, moving from R7.77 to R8.48. What this means for interest rates and inflation is unclear because the oil price fell as well. We are living in interesting times!!!
NEWS FROM THE COL FACE
- In general, the market was quiet in September. Customers worried about sales should be reassured that they weren`t the only ones!!!
- After lengthy development, our tired website has been completely revamped. To celebrate the launch, we are giving away a free bag of Col Timbers goodies to the first three people who log on to www.coltimbers.co.za and emails us at least three obvious mistakes on the website to jonathan@coltimbers.co.za
- In September, Col Timbers and Swartland obtained Competition Commission approval for our merger. Effective 1 October 2008 Col Timbers is owned by Swartland Glass (Pty) Ltd. As per the letter being dispatched with invoices and as copied on the reverse of this newsletter, our legal entity details, banking details etc. have changed. Please update your system ASAP!!!
- As per previous letters, Col Timbers will continue to operate on a business as usual basis. We will be a separate, focused division with the same emphasis on quality and service we have always had.
- We have large stocks for Christmas and customers can be assured that service and availability over Christmas will be no problem.
MONTHLY MOTIVATIONAL THOUGHT
When the well`s dry, we know the worth of water. (Ben Franklin)
As always, thank you for choosing Col Timbers as your supplier of choice
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