Old Mutual fires Moyo - again! Mr Price plunges, Italtile shines; Mboweni tightens belts; France Brexit blow for Boris; KPMG in Hong Kong protest scan..
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Old Mutual has fired its CEO Peter Moyo - again. Moyo has been involved in a bitter dispute with Old Mutual chairman Trevor Manuel in connection with private business dealings that were declared when Moyo first took up his role at the helm of the life assurer. Moyo was suspended earlier this year, then reinstated, but Old Mutual’s lawyers keep trying to axe him. On Thursday the 174-year-old insurer gave Moyo further notice of termination in a dispute that erupted in May, reports Bloomberg.
Mr Price plunged on the JSE, falling as much as 14% to the lowest in more than two years in Johannesburg. It dragged some retailers down with it, says Bloomberg. Truworths International slipped 3.6% and Woolworths Holdings 2.6% as an index of general retailers dropped the most in seven months. Mr Price has blamed the poor economy for its woes.
Manufacturer and retailer Italtile jumped 10% on the JSE on Thursday. Apparently negative consumer sentiment has failed to dampen activities in its stores. The tile manufacturer and retailer reported healthy finances when it released its financial results. Its group turnover was up 15% to R10bn for the financial year ending in June, and its profits were up 18%, according to Sens. The good results have encouraged its board to award investors a special dividend on top of an ordinary dividend.
Finance Minister Tito Mboweni is set to cut government spending by as much as R300bn over the next three years, says Bloomberg. The government needs money to fix Eskom and, with a weak economy hitting tax collection, it is looking at reducing government expenditure.The National Treasury has asked departments to prepare proposals on how to cut costs in a way that has the least impact on service delivery. It’s seeking cuts of 5% for 2020-21, and 6% and 7% for the next two years - a move that could placate credit ratings companies such as Moody’s Investors Service, the last major firm to assess South Africa’s debt at investment grade, and reduce the need for tax hikes.
Britain lurches closer to a no-deal Brexit at the end of October. French President Emmanuel Macron gave UK Prime Minister Boris Johnson little hope he’s prepared to compromise on Brexit and said any changes to the current deal won’t be very significant, reports Bloomberg.
KPMG, the Big Four auditing firm at the centre of South Africa’s state capture and corruption scandals in the Zuma ...
Mr Price plunged on the JSE, falling as much as 14% to the lowest in more than two years in Johannesburg. It dragged some retailers down with it, says Bloomberg. Truworths International slipped 3.6% and Woolworths Holdings 2.6% as an index of general retailers dropped the most in seven months. Mr Price has blamed the poor economy for its woes.
Manufacturer and retailer Italtile jumped 10% on the JSE on Thursday. Apparently negative consumer sentiment has failed to dampen activities in its stores. The tile manufacturer and retailer reported healthy finances when it released its financial results. Its group turnover was up 15% to R10bn for the financial year ending in June, and its profits were up 18%, according to Sens. The good results have encouraged its board to award investors a special dividend on top of an ordinary dividend.
Finance Minister Tito Mboweni is set to cut government spending by as much as R300bn over the next three years, says Bloomberg. The government needs money to fix Eskom and, with a weak economy hitting tax collection, it is looking at reducing government expenditure.The National Treasury has asked departments to prepare proposals on how to cut costs in a way that has the least impact on service delivery. It’s seeking cuts of 5% for 2020-21, and 6% and 7% for the next two years - a move that could placate credit ratings companies such as Moody’s Investors Service, the last major firm to assess South Africa’s debt at investment grade, and reduce the need for tax hikes.
Britain lurches closer to a no-deal Brexit at the end of October. French President Emmanuel Macron gave UK Prime Minister Boris Johnson little hope he’s prepared to compromise on Brexit and said any changes to the current deal won’t be very significant, reports Bloomberg.
KPMG, the Big Four auditing firm at the centre of South Africa’s state capture and corruption scandals in the Zuma ...
