Cape Town - A roundup of Monday's top economic and finance reads on Fin24.
Transnet Chairperson Popo Molefe has said the state-owned enterprise's board expects a “proper response” from its CEO Siyabonga Gama by Monday afternoon on why he should not be suspended after he and two other executives were placed on precautionary suspension last week.
“By the time I left the office in Sandton I had not received them [responses], but I expect to receive them [Monday],” Molefe told the media after arriving at the 2017/2018 financial results presentation by the state freight and ports company in Kempton Park.
Transnet on Monday reported a significant increase of irregular expenditure to R8.1bn in 2017/2018, up from R692m in the previous financial year, triggering a qualified audit.
Chief financial officer (CFO) Mohammed Mahomedy told Fin24 that the sharp rise in irregular expenditure was due to the company reviewing contracts from as far back as 2009 and identifying the procurement issues in these results.
Lack of funding is among the factors limiting the participation of women in the energy sector, said Energy Minister Jeff Radebe.
“A key constraint to the effective women participation in the energy sector is lack of funding, technical skills and poor project preparation,” Radebe said. “Special funding instruments should be developed to assist women entrepreneurs.”
Naspers [JSE:NPN] has concluded the disposal of its 11.18% stake in Indian commerce company Flipkart, for $2.2bn (about R27.7bn), according to a notice issued to shareholders on Monday.
The South African Ministry of Energy is to release an updated electricity plan this month.
Analysts will be hoping it will launch the country’s power sector into a modern sustainable, clean power future, and that outdated, and financially unfeasible facets of previous plans will be laid to rest.