Business In The News South Africa

Dr Iqbal Surve bows out with grace from ‘challenging but rewarding’ BRICS Business Council chairmanship

JOHANNESBURG, November 29- Outgoing chairman of the BRICS Business Council, Dr Iqbal Surve, on Wednesday described his tenure at the helm of the business establishment of the world’s five fastest-growing emerging economies as one that was challenging yet highly rewarding. Surve recalled how difficult and tough it was to form the BRICS Business Council back in 2013 […]

Business In The News South Africa

Moyane suffers another defeat at the Concourt in his bid to fight for Sars job

JOHANNESBURG, November 26 – The Constitutional Court has dismissed ousted South African Revenue Service (Sars) Commissioner Tom Moyane’s application to review and set aside the decision to establish the Nugent Commission of Inquiry. In its ruling on Monday, the Constitutional Court said Moyane failed to establish grounds for the engagement of the court’s exclusive jurisdiction. […]

Business In The News South Africa

Johannesburg bourse fines Pepkor R5 mln over disclosure failures

JOHANNESBURG, November 26 – The Johannesburg Stock Exchange said on Monday it had censured Pepkor Holdings Limited, formerly known as Steinhoff Africa Retail Limited, and fined it R5 million for failing to make disclosures in breach of listing requirements. The company, which owns South African retail brands such as Pep, Ackermans and HiFi Corporation said in […]

Business Lead South Africa

PIC CEO Matjila resigns

JOHANNESBURG, November 24 – South African state pension fund, Public Investment Corporation (PIC) chief executive officer Daniel Matjila resigned on Friday, with immediate effect. “The PIC Board deliberated on the letter from the CEO, Dr Daniel Matjila expressing his intention to resign. The Board resolved that in the interest of the PIC and the CEO, we […]

Business In The News South Africa

SA reserve bank raises benchmark repo rate to 6.75 percent

JOHANNESBURG, November 22  – South Africa’s central bank on Thursday raised the benchmark repo rate by 25 basis points to 6.75 percent despite weak economic growth, saying it assessed the risks to the longer-term inflation outlook to be on the upside. “The Committee continues to assess the stance of monetary policy to be accommodative,” Governor Lesetja […]

Business In The News South Africa

Tiger Brands food revenues decline 52% to R1.1billion after products recall due to listera outbreak

JOHANNESBURG, November 22 – Packaged goods company Tiger Brands said on Thursday that its food revenue declined 52 percent to R1.1 billion for the year ended 30 September. The company said it suffered abnormal losses of R422 million in this period, including the significant impact of the value-added meat products (VAMP) recall of R380 million after a […]