Business In The News South Africa

Troubled retailer Steinhoff appoints independent financial, operational advisors

JOHANNESBURG, December 11– International retail company Steinhoff, which has been caught up in an accounting irregularities scandal, on Monday said it has appointed Moelis & Company and AlixPartners as independent financial advisor and operational advisor respectively.     The beleaguered company also announced that it was rescheduling its regular annual lender meeting in London to […]

Business Lead South Africa

South African ministers in Argentina for WTO conference

PRETORIA, December 9 – Trade and Industry Minister Rob Davies and Agriculture, Forestry, and Fisheries Minister Senzeni Zokwana, together with Deputy Trade and Industry Minister Bulelani Magwanishe have arrived in Buenos Aires in Argentina for the 11th World Trade Organisation (WTO) ministerial conference (MC11), the trade and industry department (dti) said on Saturday. The ministerial […]

Business In The News South Africa

Moody’s downgrades Steinhoff 4 notches in fallout from accounting irregularities

JOHANNESBURG, December 8 – Moody’s said on Thursday it had downgraded the credit rating of retail holding group Steinhoff by four notches to B1 from Baa3 and put it under review for further downgrade over accounting irregularities. “The downgrade of Steinhoff’s ratings and review for further downgrade reflect the uncertainties and implications for the company’s liquidity and […]

Business In The News South Africa

Atterbury to embark on joint redevelopment venture in Johannesburg’s Sandton district

JOHANNESBURG, December 8 – Property firm Atterbury Property said on Thursday it had partnered with Barloworld and African Rainbow Capital to redevelop Barlow Park in Johannesburg’s wealthy Sandton district into a new mixed-use precinct over 6 to 8 years. “The initial property transaction involves each party holding one-third of the landmark site currently housing Barloworld’s corporate […]

Business In The News South Africa

South Africa’s central bank issues licence to country’s third cooperative bank

JOHANNESBURG, December 7 – South Africa’s central bank said on Thursday it had issued the first cooperative banking licence since 2011 to Ziphakamise Savings and Credit Cooperative.   “Ziphakamise Cooperative bank is deemed to have sufficient human, financial and operational capacity to function efficiently and competently as a co-operative bank,” South African Reserve Bank (SARB) deputy […]

Business In The News South Africa

Public Servants Association pushes against raid of government employees pensions

JOHANNESBURG, December 6 – The Public Servants Association (PSA) on Wednesday, said that it would continue with it’s court action to secure control over public servants’ pension investments following the alleged failure by Finance Minister Malusi Gigaba to respond to the union’s demands. The PSA said that Gigaba had failed to respond to its letters in […]