JOHANNESBURG - We bring you the biggest financial news that shook the country this past week.
Eskom new board led by respected businessman Jabu Mabuza has decided to implement lifestyle audits that would affect the power utility’s executive team, senior managers and middle managers. Mabuza has stressed that their mandate was to root out financial mismanagement, malfeasance and maladministration in order to restore transparent and effective governance.
SPECIALIST banking and asset management group Investec announced former chairperson Fani Titi and Investec asset management executive director Hendrik du Toit as joint CEOs, taking over from long-standing chief executive and founding member Stephen Koseff. However, the Business Leadership SA took issue with the joint CEO structure, saying it was seriously concerned about the tendency of SA companies to appoint joint CEOs when “it is the black executive’s turn to occupy the highest office”.
THE country’s business confidence index improved to 99.7 points last month. It jumped from 96.4 points in 2015, before President Jacob Zuma fired respected beancounter Nhlanhla Nene as finance minister. In October 2015 the index was measured at 102.3 points.
THE Passenger Rail Agency of South Africa denies reports it has to invest R1 billion into VBS Bank that granted President Jacob Zuma a loan to repay about R7.8 million for non-security upgrades to his Nkandla homestead in KwaZulu-Natal. The embattled state-owned entity dismisses the allegation as unfounded.
STANDARD Bank, which forms part of the Big Four banks in South Africa, launched its first dedicated branch in Africa aimed at servicing the Chinese business community in the country. The branch is situated in Crown Mines, Johannesburg, and would be run by staff fluent in both Chinese and English.
- BUSINESS REPORT