Business Lead South Africa

Cosatu’s u-turn on state bailouts

JOHANNESBURG, February 6 – A few months after warning Finance Minister Malusi Gigaba not to dip into the government pension fund to rescue struggling state enterprises, the Congress of SA Trade Unions (Cosatu) said on Monday it “grudgingly supports” the R5 billion Eskom bailout by the Public Investment Corporation (PIC). “We understand the role of […]

Business In The News South Africa

Steinhoff’s Wiese resigns as chairman as accounting scandal roils company

JOHANNESBURG, December 15 – Troubled retail group Steinhoff said on Friday its chairman and major shareholder Christo Wiese had stepped down amid an accounting scandal that has also seen its chief executive quit and its shares plunge. “Dr Christo Wiese, Chairman of the Supervisory Board and delegated Supervisory Chairman, today offered to resign from the Supervisory […]

Business In The News South Africa

Gigaba to face rating agencies and investors at IMF and World Bank meetings

JOHANNESBURG, October 12 – Finance minister, Malusi Gigaba, is set to meet with sovereign credit rating agencies and investors in Washington D.C. this week as he tries to quell fears about the country’s political and fiscal uncertainty. This comes as Gigaba has demanded that the Public Investment Corporation (PIC), the country’s biggest investor in the economy, reveal its investments […]

Business Lead South Africa

Sunday Times report on PIC distasteful, inaccurate – Matjila

 PRETORIA, September 26 – Public Investment Corporation (PIC) chief executive Dan Matjila on Tuesday rubbished a newspaper article which quoted him as saying there are powerful individuals who are targeting him as they seek access to the R1.9 trillion of pension money he manages on behalf of South African government’s employees. “I think the article that appeared in […]

Business In The News South Africa

Gigaba denies Treasury looking at PIC to bail out struggling SOEs

CAPE TOWN, September 25 – Finance Minister Malusi Gigaba on Monday, rubbished claims that he would use funds from the Public Investment Corporation (PIC) to bail out South Africa’s failing state-owned enterprises. Responding to reports last week that Treasury was looking to tap into the PIC, which manages public service employees pension funds, Gigaba said: […]