JOHANNESBURG -Take a look at the biggest stories from this past week.
1. SIM TSHABALALA assumes sole leadership Africa’s biggest lender by value, Standard Bank, following the stepping down of Ben Kruger. The 154-year- old bank, which operates in 20 countries, says it has decided to drop the joint-group chief executive structure which was implemented in March 2013 when Tshabalala and Kruger succeeded Jacko Maree. “The board is satisfied that the structure, which was necessary in 2013, has met and in many respects exceeded expectations,” Standard Bank says. - Read more here.
2. THE GOVERNMENT moves to find funds for cash-strapped national airline SAA. Deputy President Cyril Ramaphosa says a special appropriations bill will be table before Parliament to back the R10 billion funding of the ailing airline. National Treasury Director-General Dondo Mogajane says SAA need a total of R13bn, but the government will be able to inject R10bn. - Read more here.
3. PUBLIC Investment Corporation (PIC) chief executive Dan Matjila battles attempts to oust him from his position. Matjila says the allegations that he channelled an R21 million to an alleged girlfriend does not have merit. He says he is determine to continue his tenure at the helm of one of the largest investment managers in Africa. - Read more here.
4. THOUSANDS of jobs and the future existence of South African based paint manufacturers are at risk because of a government decision to negotiate the abolition of Chapter 39 import duties, specifically resins, from the East African Community (EAC) and Egypt. The abolition of the duties is linked to the establishment of the Tripartite Free Trade Area (TFTA), which represents an integrated market of 26 countries. - Read more here.
5. THE DEPARTMENT of Mineral Resources (DMR) orders Lonmin to rectify non- compliance with the Mineral and Petroleum Development Act (MPRDA) after an audit reveals that the miner have fail to meet its Social and Labour Plan (SLP) commitments between 2014 and 2017. In a letter to the Bapo Ba Mogale Tribal Authority in August, the department says the audit shows that the world’s third biggest platinum producer has not complied with commitments made in 2014 - two years after 44 mineworkers died violently in what ultimately became known as the Marikana massacre. - Read more here.
- BUSINESS REPORT