Business

Old Mutual has to fired,its chief executive Peter Moyo in an open letter to shareholders, after a court ruled last month that he should be reinstated. The insurer has appealed the High Court ruling ordering Moyo’s temporary reinstatement and has said it will not allow him to return to work…
This Women’s Month, SAB is launching BOLD BREW – a beer that is designed and brewed entirely by women, and that embodies what it means to be a woman in South Africa today. The beer will be available to the public from 13 August 2019 at the SAB World of…
The annual headline consumer price inflation has decreased to 4% for July, down from 4.5% in June 2019, according to Statistics South Africa. This is slightly lower than the projections of analysts, and within the target range of between 3% and 6% set by the South African Reserve Bank. July…
Image: Reuters. It’s been more than 10 years since the U.S. economy experienced a recession. More signs are popping up that another one could be on the horizon. A number of U.S. economists are concerned about the risks of some of President Donald Trump’s economic policies that they expect a…
Sharon Gordon aka @SaSexpert - www.sharongordon.co.za Entrepreneur, Keynote Speaker & Fearless Teller of Necessary Truths. Sharon is one of the most driven, independent and fearless women you will ever meet. She will change how you see yourself, your business and your potential. Never afraid of challenging perceptions and taboos Sharon…
Round two of the biggest legal battle is expected to play out at the South Gauteng Court on Friday when Old Mutual seeks to get clarity on the reinstatement of its former CEO Peter Moyo, who is fighting to get his job back. Not only will the court hear arguments…
Moody's rating agency says government transfers to Eskom of R105bn over the next two years cannot do more than stabilise the company’s debt burden. The rating agency underlined the urgency of a turnaround plan for Eskom and said that until this was in place the government will have to keep…
South Africa’s biggest financial union (SASBO) is threatening to disrupt the country’s banking industry by leading its 73,000 members on a strike next month, in what would be its largest industrial action in almost a century. The planned two-day walkout will target lenders that have consulted staff over job cuts…
The jobless rate in South Africa rose to the highest in at least 11 years, according to Statistics South Africa’s current data series that starts in 2008 and is based on a quarterly survey. It gets worse: earlier biannual data published by the agency suggests that unemployment is now at…
Japan’s biggest automaker,Toyota posted an 8.7% rise in operating profit to 741.9 billion yen ($6.93 billion) in the April-June quarter, its highest since the September 2015 quarter, helped by a slight increase in vehicle sales. But it lowered its forecast for annual operating profit to 2.4 trillion yen from a…
Woolworths bought David Jones in 2014 with aim of creating a Southern Hemisphere retail giant and diversifying beyond a sluggish trading environment at home. By then they told its investors that for a price at the time equivalent to R21.4 billion, it would "create a leading southern hemisphere retailer" and…
The United States Federal Reserve is set to launch its fifth interest rate-cutting campaign since 1995. The long-awaited decision comes despite many strengths in the American economy. Policymakers at the US central bank have said repeatedly that the nation's labour market looks robust. A so-called "Insurance Cut" might be sufficient…
Old Mutual said it would appeal the judgement by the High Court in Johannesburg which ordered the company to reinstate its axed CEO Peter Moyo. The court found that Moyo's axing was unlawful and that he should be reinstated temporarily. It also ruled that the insurer could not take steps…
Acting Eskom board chairman Jabu Mabuza has announced that the entity has incurred a loss of R20.7 billion in the 2018/2019 financial year. Eskom's management was briefing the media on the state-owned enterprise's annual financial results this afternoon in Johannesburg. This was the last set of financial results being released…
Axed Old Mutual CEO Peter Moyo has won his legal battle against his former employer,Old Mutual to be reinstated. The Gauteng High Court in Johannesburg found that he should return to his position with immediate effect. The judgment was delayed by more than an hour after Judge Brian Mashile was…
The AA has predicted that petrol prices will increase and diesel prices will decrease in August. It was commenting on unaudited month-end fuel price data released by the Central Energy Fund. “International oil prices have steadily trended upwards since the start of June, although there has been a slight pullback…
Rating agency Fitch has revised its outlook for South Africa to negative but it has affirmed its rating at BB+. It said it had revised its outlook on South Africa's long-term foreign-currency rating to negative from stable. Fitch cited lower GDP growth and increased spending on State-Owned Entities (SOE's) as…
Momentum has acquired the short-term insurance business of financial services group Alexander Forbes for around 1.94 billion rand, the two companies said. Momentum further said in a stock exchange statement that the unit was a well-run insurance business with a stable and experienced management team, and that there was a…
(Bloomberg) -- South Africa’s decision to more than double its financial support for Eskom Holdings SOC Ltd. is “credit negative” for the sovereign rating as it’s an additional drain on the budget, Moody’s Investors Service said. While the government may try absorb some the costs of the plan to help…
The Chairperson of the Select Committee on Trade and Industry, Economic Development, Small Business Development, Tourism, Employment and Labour, Mr Mandla Rayi says the Department of Trade and Industry (DTI) should be at the forefront of South Africa’s economic growth initiatives. “DTI should implement all its programmes in order to…
Japanese automaker Nissan plans to cut more than 10 000 jobs globally as it looks to turn around its business, Kyodo News reported. The additional job reductions, which include early retirement options,come after the automaker said in May it will slash about 4800 jobs worldwide. Nissan has about 139000 employees…
More than 500 000 Volvo Cars are being recalled worldwide, including 70 000 in the UK, because of a fire risk in the engine. The manufacturer said a plastic part in the engine has,in rare cases, been liable to melt and deform, resulting in a possible engine fire. The affected…
The Gautrain Management Agency is planning to spend up to R2 billion to acquire second hand additional rolling stock from the United Kingdom to deal with the capacity constraints on the high-speed train network. Jack van der Merwe, chief executive of the Gautrain Management Agency, said a team has just…
Old Mutual declined an offer to settle the case with its former CEO Peter Moyo. He wants reinstatement, and it could take as long as his tenure at Old Mutual would’ve been. More to follow
The SA Reserve Bank's monetary policy committee has cut the benchmark repo rate by 25 basis points to 6.5% from 6.75%. This is the first time since March 2018 that the benchmark interest rate has been cut. 
Automaker Ford says it will be adding 1 200 jobs to its Silverton plant in order to meet growing international and local demand for the New Ranger, Ranger Raptor and Everest. In a statement, the Ford Motor Company of Southern Africa said it would, in August, be introducing a third…