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Posts Tagged ‘Finance’
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May 22, 2018

Mcebisi Jonas joins the MTN board

The MTN Group has announced that Mcebisi Jonas and Bajabulile Tshabalala will join the company’s board as Independent Non-Executive Directors from June 1st, 2018.

Tshabalala is currently Executive Director of the consulting and investment holding firm, Barbican Advisory Group while Jonas was the former Deputy Finance Minister who served under both Nhlanhla Nene and Pravin Gordhan.

The Chairman of the MTN Group Phuthuma Nhleko said “I wish to extend a warm welcome to Swazi and Mcebisi. We are all excited to have them onboard. As we continue to steer our business into a new trajectory of execution excellence”.

Nhleko added that he believes that [...]

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April 20, 2018

WATCH: What the Old Mutual split means for investors

Old Mutual released its full-year results on Thursday, boasting of a 22% increase in pre-tax profit as it prepares to split its business units.

Group CEO Bruce Hemphill said Old Mutual Wealth, along with Old Mutual Limited, would be listed in London and Johannesburg once the separation was complete. But Hemphill gave no indication of when the listings would take place, saying Old Mutual would play its cards close to its chest.

Hemphill spoke to Business Day TV about the group’s full-year results and gave some more detail on the numbers.

 

 

Source: [...]

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February 15, 2018

Steinhoff scandal cost Government Employees Fund R20bn

The Government Employees Pension Fund (Gepf) lost about R20billion from the collapse of Steinhoff’s share price after the group admitted accounting irregularities.

This emerged from the hearings in Parliament yesterday when the Steinhoff supervisory board appeared before three parliamentary committees -the standing committees on finance, public accounts and public service and administration.

The Gepf said its Steinhoff shares were worth R24.1bn on November 30 last year but worth only R3.1bn on January 18 this year.

The Gepf holds 392million Steinhoff shares, about 9.1percent of all the group’s shares.

Senior National Treasury official Ismail Momoniat said [...]

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February 15, 2018

Rand firmer on trade surplus, weaker dollar

The Rand firmed against the dollar yesterday, supported by a weaker greenback and data showing the country’s trade surplus widened last year.

At 5pm, the rand bid at R11.8495 to the dollar, 11.34c stronger than at the same time on Tuesday, about 0.85percent firmer than its close on Tuesday.

South Africa’s trade surplus in December widened to R15.72billion from a R13.05bn surplus in November, the revenue agency said.

On a cumulative basis the trade balance between January and December was at a R80.55bn surplus compared to a R1.05bn surplus over the same period in 2016.

“One of the catalysts is the slight dollar weakness that has come into the market that [...]

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