In the shifting sands that are Namibia’s competition regulations, the eighteen-wheel behemoth that is Walmart/Massmart is in danger of becoming mired. Last week, Wakro welcomed the decision by the Namibian Supreme Court to uphold their objection to a ministerial notice imposing foreign investment restrictions on the deal. However, one of the major clauses in the decision gave the Namibian Minister of Trade and Industry, Hage Geingob, final say over whether conditions attached to the deal by the Namibian Competition Commission are adequate – which could derail the deal or add unpalatable conditions to the manner of its execution. On the upside, anything Herr Geingob decides may still be challenged by any of the parties involved.

Comment: For Pete’s sake, give it a rest.

Here at the Tatler we like to nurture our own little portfolio and leave the irresponsible public bloviating about what to do with other people’s money to our sharp-suited and sharper-minded friends the analysts. Occasionally, however, it is our sad duty to report on what they are saying, and what they are saying this week, if Investec’s John Biccard is to be heard, is that the retail sector, so beloved of foreign investors, is way overpriced. Using the example of SPAR, he points out that the Jolly Green One, while superbly run and a good long-term prospect, is trading at a P/E of 20. In layman’s terms, this means something like that you are paying R20 for your R1 slice of this year’s takings.

Comment: For a business which is growing comparably with its sector at 3-4% at the moment, that’s a handsome fee.

The informal trade is under pressure, and that is official. While a heartening 74% of grocery spend in Soweto went to informal or independents outlets in 2010, and 83% of all SA households live within a 5km radius of their nearest spaza or independent trader, the informal sector is shrinking. In 2001 there were just over 1.5million little guys out there; today the number is just 614 000. And while at least some of this must be attributed to consolidation in the sector, rather than just cannibalisation by the majors, it’s not the engine for growth it may once have been – in total, the informal sector contributed just 5.7% to GDP in 2002, and the indications are that this has remained more or less steady.

Comment: While the informal sector might be a bit-player in macro terms, it remains a great way to get brands to market, as the Soweto numbers prove.

Adcock Ingram has, for now, lost its battle to keep stocks on the shelves of Synap Forte, Lentogesic and Doxyfene, all of which contain dextropropoxyphene (DPP), a substance which carries risks of toxicity and heart failure. The Medical Control Council (MCC) obtained an urgent order in the North Gauteng High Court this week for the prevention of further sales of the medicines, which are together worth R182million to Adcock. It has also asked that a previous settlement which allowed Adcock to continue selling the medicines be rescinded. DPP has been banned in five countries, including the US and the UK. Adcock are arguing that the report which led to the ban is “totally flawed”.

Comment: Powerful stuff. Whichever way you look at it.

Increasingly, if you want to know how something is done, you should look at how Brazil is doing it. Just hope that they aren’t doing it to you, as the South African poultry industry is discovering to its cost. Brazil, with its plentiful supply of cheap grain, has decided to become the world’s number one chicken producer, and so successful has it become in this endeavour that it is, according to the South Africa Poultry Association (CLUCK) (What? Oh, sorry, SAPA) dumping cheap whole chicken on our market, which is rendered already vulnerable by the high cost of corn in these parts. SA’s chicken farmers are being forced to import grain at R2,800 a ton at a time when South Africa is exporting the stuff for R1,400 a ton, under the tender, er ministrations, of the Agriculture Ministry.

Comment: Brazil: not just carnivals, beaches and painful personal grooming then.

Fishing and Allied service business the Oceana group grew revenue 7% to R3.7billion for the year to September, with operating profit up 6% to R512bar excluding abnormal items, which in their case, presumably, includes a rusty can, a bed spring and an old boot. Big improvements in the horse mackerel and canned fish units were sadly offset by disappointing performance in the fishmeal and other units. Good news for the punters was a 5% increase in HEPS, with an interim dividend of 37c, or a total for the year of 220c, 6% up on the 2010 haul, if you’ll excuse the expression. Those same punters, however, should be aware that Oceana is trading under a cautionary, as it is currently having a quiet word with someone about something or other.

Comment: It’s nice to know that there are still a couple of fish down there for the catching, at any rate.

Breathing loudly through its nostrils, rolling its eyes, and slamming its bedroom door, international ratings agency Moody’s has downgraded South Africa’s debt rating to negative from stable, in the face of declining economic growth, rising social challenges and ongoing fallout from a shaky world economy. The numbers, admittedly, are not great – GDP growth stalled around the 3.5% mark and perhaps heading south thereof, at which levels job creation is well-nigh impossible, and a budget deficit of 5.5% of GDP, down from 4.6% last year. On the upside, Deputy Pre Kgalema Motlanthe, he of the diplomatic goatee and the soothing spectacles, did mention that he thought Walmart’s investment in SA was a good thing.

Comment: So that’s alright then.

The South African sugar industry is scratching its head over R150million worth of raw sugar – that’s 50,000 tons of the stuff – which has “gone missing” from Tongaat-Hulett’s storage facility in Durban. The loss has been variously attributed to an accounting error, “shrinkage” and, um, rats?

Tesco has somewhat belatedly joined the global trend of putting independent pharmacies out of business in order to increase footfall while breaking even, by opening its first in-store pharmacy – the first of 15 it will open in the next couple years. It will be pricing its gear in a predatory fashion, and employing as drones people who once led fulfilled lives running their own community-based stores.

Distell has distinguished itself by winning the only double gold at the New York International Spirits Competition, where, we are told, the after-party is quite something. Bringing home the shiny yellow stuff for Distell was Oude Meester flagship Souverein, with Oude Meester Reserve and Van Ryn’s 20 year old getting silver, along with Mainstay, which was honoured for going so nicely with Coke on the Snake Park pier at 4.30am on a Saturday.