Welcome to Ghost Wrap. It's fast. It's fun. It's informative. In this week's episode of Ghost Wrap, we cover: PPC and Sephaku Holdings aren't just good reminders of how tough the cement industry is, but also how poorly South Africa is trailing African peers when it comes to investing in growth and infrastructure. Trading statements from Naspers and Prosus demonstrate the extent of the value destruction by this management team, with portfolio write-downs as internet valuations have come off since the stimulus-driven cycle. With significant operational challenges at Spar at exactly the wrong time, the group's dividend is gone and SAP issues desperately need to be resolved.  Alexander Forbes has been an unlikely hero on the JSE since the pandemic, showing the value of proper execution of a solid strategy. Glencore is still trying to do a deal with Teck Resources in Canada, while casually doing a deal to sell Viterra in exchange for 15% in Bunge Limited and $1 billion in cash. As predicted, MultiChoice has seen a significant drop performance in South Africa and needs to invest heavily in its business, so the MultiChoice dividend is now a thing of the past. When it comes to cash flow pressures though, Telkom takes the cake as it fights to stay relevant in response to rapid change in consumer preferences. The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.