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  • State bank won't necessarily aid transformation

    18 May 2018 5:08 PM 24

    Shivambu drafted amendments to the Banks Act of 1990, to allow the state the power to incorporate a bank that would be empowered with all the functions of a commercial finance services institution, with a view to driving economic development and transformation. In an opinion piece for Daily Maverick, Shivambu said the Banks Amendment Bill was geared

  • Steinhoff begins creditor talks on restructuring ailing retailer

    18 May 2018 12:29 PM 37

    FTI Consulting is working with bank lenders and hedge funds Attestor Capital and Davidson Kempner Capital Management, which bought bank debt and contributed new loans to Steinhoff after the December disclosure of accounting irregularities sent its securities plummeting, the people said. The members of FTI’s committee will be allowed in the meeting alongside

  • Workers 'dumped' at Pan African's Evander 8 Shaft

    17 May 2018 11:51 AM 23

    Johannesburg – Unions say mine workers are being "dumped" following the closure of Pan African Resources' [JSE: PAN] Evander 8 Shaft. In a note to shareholders on May 2, Pan African Resources said the closure at Evander had been confirmed, resulting in the retrenchment of about 1 700 employees. National Union of Mineworkers (NUM) national spokesperson

  • Richemont wraps up YNAP takeover, online retailer to delist

    17 May 2018 10:59 AM 23

    Swiss luxury goods group Richemont [JSE:CFR] has acquired 94.99% of online retailer YOOX Net-A-Porter Group’s (YNAP) shares, exceeding the minimum requirement of 90% of YNAP’s share capital. YNAP will delist from the Milan Stock Exchange with effect from June 20, 2018. YNAP’s trade will be suspended from June 18. Richemont, which is owned by South African

  • Investec bleeds R220m on Steinhoff exposure

    17 May 2018 8:26 AM 25

    Johannesburg – Investec Bank [JSE:INP] lost R220m as a result of credit exposure to Steinhoff, the company said on Thursday, as it released financial results for the year ended March 31. Investec said the credit exposures, through Steinhoff Africa Retail, "represent a small portion [of] the group’s balance sheet". In December, Investec said in a statement

  • SAA seeks urgent funding after latest loss

    17 May 2018 7:09 AM 24

    The carrier’s precarious balance sheet is among the most urgent tasks on the to-do list of Finance Minister Nhlanhla Nene, who is already under pressure to revive the country’s own stretched finances. SAA Chief Executive Officer Vuyani Jarana said last month the airline needs R5bn immediately, while looming debt payments next year may require further

  • Treasury hails oversubscribed bond note issuance as sign of confidence in SA economy

    16 May 2018 8:30 AM 21

    Cape Town – National Treasury announced on Wednesday that it had successfully placed US$2bn (R25.1bn) worth of 12 to 20 year notes in the international capital markets, hailing it as a sign of the international market’s confidence in South Africa’s economic policy framework. National Treasury said the 12-year maturation notes had a total issuance amount

  • Investors punish ABSA parent Barclays Africa over Hodnett's exit

    15 May 2018 2:22 PM 34

    ABSA Bank’s parent company, Barclays Africa Group, announced the resignation of deputy chief executive and director David Hodnett with immediate effect on Tuesday. The market did not react favourably to the news of Hodnett’s departure. Barclays Africa's share price slipped 2.69% to R176.13 at 14:40 on the JSE. The shares hit an intra-day low of R174.01. In a note to shareholders

  • Cape Town uses more water even as dam levels are little changed

    15 May 2018 5:43 AM 25

    Consumption rose to 554 million liters per day in the week until May 14 from 519 million liters the week before, the city said in an emailed statement. That’s almost 20% more than the daily usage target set by the national Department of Water and Sanitation. Total storage rose to 21.4% from 20.9%, the city said. Dam levels have dropped from close to 40% in October

  • Ramaphosa appoints Mabuza as Russia envoy

    14 May 2018 11:44 AM 26

    Cape Town – President Cyril Ramaphosa has appointed Deputy President David Mabuza as his special envoy to Russia, according to a statement from the Presidency. The move appears to set a point of departure on South Africa’s role in the BRICS group of emerging economies which include Brazil, Russia, India and China. South Africa has been tight-lipped on the grouping