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  • Top Eskom executive resigns hours after suspension

    16 November 2018 9:54 AM 29

    Mere hours after Eskom on Friday announced it had suspended its Executive for the Group Capital Division, Abram Masango, lawyers for Masango announced his immediate resignation from the power utility. "After more than 20 dedicated years as a loyal and committed senior Executive of Eskom, Mr Abram Masango, the highly respected whistle-blower who exposed

  • Zimbabwe raises gold miners' forex allowances after output halt

    15 November 2018 9:00 PM 33

    Zimbabwe’s central bank has increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced RioZim to temporarily shutter three of its mines last month, curbing a key source

  • Agri SA says adoption of resolution on land expropriation will damage economy

    15 November 2018 10:21 AM 34

    Agri SA has slammed a resolution adopted by a committee of Parliament on Thursday to alter a section of the Constitution to allow for expropriation of land without compensation, saying it will cause “large scale damage to the South African economy”. As News24 reported earlier, the Joint Constitutional Review Committee on Thursday adopted a resolution

  • Annual retail sales grew 0.7% in September

    14 November 2018 12:02 PM 32

    South African retail trade sales grew by 0.7% year-on-year in September 2018 Stats SA announced on Wednesday, with retailers in the household furniture, appliances and equipment category showing the largest annual increase of 10.9%. The largest annual decreases were in the hardware, paint and glass category, which fell by 3.9%, and the food, beverages

  • All we need is R3bn from government to avoid collapse, SABC tells Scopa

    14 November 2018 8:54 AM 59

    South African Broadcasting Corporation (SABC) board chair Bongumusa Makhathini told Parliament's Standing Committee on Public Accounts that all the state broadcaster needed was a R3bn government guarantee to avoid looming collapse in March. The board briefed Scopa on Wednesday morning, following a meeting on Tuesday where board member and veteran journalist

  • Markets LIVE: Asian energy firms take a beating, rand stable in early trade

    14 November 2018 6:25 AM 33

    The rand traded in a tight 10c range throughout Tuesday as a quiet global landscape protected it against too much volatility, while trading in the unit remains fairly stable at R14.44/$ this morning. Turning towards the economic calendar, South Africa is due to release retail sales today. However, given the current economic climate, the figures are expected

  • Women still scarce on JSE-listed boards, despite new listing requirements

    13 November 2018 7:12 PM 23

    Just 10% of 267 JSE-listed companies analysed in a recent survey have achieved gender parity on their boards. A further 50 did not report on gender at board level in 2017, despite amendments to JSE listing requirements last year to include the promotion of gender diversity at board level. This is according to a report by the 30% Club Southern Africa

  • Khaya Gobodo to succeed Dave Macready at Old Mutual Wealth and Investments

    13 November 2018 12:58 PM 80

    Khaya Gobodo will take over the reins from Dave Macready at Old Mutual's wealth and investments division. Old Mutual on Tuesday issued a statement announcing the executive changes, which come into effect from January 1, 2019. Gobodo is currently deputy MD of the division and managing director of the investment group. Macready will be retiring early next year, warranting

  • MTN CEO shrugs off Nigeria dispute, lays out banking plans

    13 November 2018 12:49 PM 30

    Is MTN on the verge of being chased out of its biggest market? Not a bit of it, according to Chief Executive Officer Rob Shuter. Shrugging off the small matter of $10.1bn of claims against Africa’s largest wireless carrier in Nigeria, Shuter told a conference in Cape Town on Tuesday that MTN would apply for a mobile-money licence in the country in the next month

  • Court orders VBS Bank to be liquidated

    13 November 2018 8:59 AM 33

    The North Gauteng High Court has granted an order to liquidate VBS Mutual Bank. This after the South African Reserve Bank's Prudential Authority applied for the final liquidation of the mutual bank. The bank's curators have previously identified its financial state "as hopelessly insolvent" and that there was no prospect of it being saved