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  • Steinhoff subsidiary files for bankruptcy in the US

    05 October 2018 12:31 PM 29

    Steinhoff announced on Friday afternoon that its US subsidiary Mattress Firm was filing for bankruptcy. In a statement to shareholders, Steinhoff said the US's largest mattress dealership was filing for voluntary Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware. "Mattress Firm is continuing to serve customers as usual at stores

  • Underperforming economy impacts electricity demand

    04 October 2018 7:00 PM 36

    A "lacklustre" economic environment has meant electricity generation decreased in August, while consumption moderated from the previous month's reading, an economist has said. Statistics South Africa (Stats SA) on Thursday issued data on SA's electricity generation and consumption. According to the data, electricity generated in August 2018 contracted

  • Steinhoff bondholders said to offer loan as part of bankruptcy filing

    04 October 2018 4:00 PM 37

    A group of Steinhoff International Holdings [JSE:SNH] bondholders may inject about $300m (about R4.4bn) into the retailer’s troubled US bedding unit Mattress Firm as part of a bankruptcy filing, according to people familiar with the matter. The range offered for the loan may be as low as $250m (about R3.7bn) or more than $350m (about R5.2bn), according

  • JUST IN: Suspended SARS boss Tom Moyane's disciplinary hearing to be postponed

    04 October 2018 2:18 PM 38

    Suspended SARS commissioner Tom Moyane's disciplinary has been postponed. The ruling was made by Advocate Azhar Bham, chairperson of the disciplinary inquiry into the former head of the tax agency. The hearing resumed on Thursday at the Arbitration Foundation of South Africa's offices in Sandton. He set out that it was "fair and just" to grant the postponement

  • Zim land beneficiaries to compensate white farmers, says govt

    04 October 2018 10:38 AM 25

    Beneficiaries of Zimbabwe’s controversial land reform programme will have to pay compensation to the displaced white farmers, a senior government official told parliament on Wednesday. Zimbabwe’s second president after long-time president Robert Mugabe, Emmerson Mnangagwa promised to compensate white farmers who lost their land during his predecessors

  • Rand weakens in early trade as strong dollar keeps pressure on

    04 October 2018 8:08 AM 26

    The rand weakened by 0.5% against the dollar in early trade on Thursday, with analysts saying it will likely remain under pressure throughout the day. The local currency opened Thursday morning at 14.65/$ and was changing hands at 14.71/$ at 08:18. This after it lost 2% against the greenback on Wednesday due to a combination of a rise in US treasury

  • World Bank cuts SA's economic growth forecast

    03 October 2018 12:58 PM 51

    The World Bank has cut its estimate for South African GDP expansion to 1% this year from 1.4%, it sees growth in 2019 remaining subdued as high unemployment constrains domestic demand. Overall for the sub-Saharan Africa region the World Bank reduced its forecast for economic growth as the external environment becomes less favorable amid mounting global

  • Why African governments must stop seeing aviation as an elite sector

    03 October 2018 9:25 AM 27

    As the economy across much of Africa improves, governments on the continent must alter their historical view of aviation as a specialised or elite sector and begin to see it as a strategic asset, according to a new report by the Air Transport Action Group (ATAG). The report, entitled Aviation: Benefit beyond Borders, was commissioned by the International

  • Finance Minister met Guptas, refused Russia nuke deal

    03 October 2018 9:14 AM 28

    Finance Minister Nhlanhla Nene said he met repeatedly with members of the Gupta family, who have been implicated in a corruption scandal related to former President Jacob Zuma and separately, was twice pressured to sign a multi-billion Russian nuclear-power deal by former Energy Minister Tina Joemat-Pettersson. Nene made his comments in a statement accompanying

  • Axed CEO Andrew Darfoor takes Alexander Forbes to CCMA

    02 October 2018 7:32 PM 25

    Andrew Darfoor, who was fired as chief executive officer of financial services firm Alexander Forbes Group Holdings [JSE:AFH], said he has lodged a case against the company with the Commission for Conciliation, Mediation and Arbitration. Darfoor declined to provide more comment in a mobile-phone message on Tuesday. He left the company last week after