Bank stocks dive, strike chaos looms; Eskom Mr Fixit lacks 'wow' factor - BUSA; Steinhoff insider trading
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Banks are taking strain, with the weight of bad news about the economy knocking JSE listed shares. Bloomberg reports that the index has dropped 15% since President Cyril Ramaphosa pledged a relentless focus on growth in his June 20 State of the Nation address.
South Africa's biggest financial union is threatening to disrupt the country's banking industry by leading its 73,000 members on a strike next month, in what would be its largest industrial action in almost a century, says Bloomberg.
Credit Ratings agency Moody’s warned on Tuesday that Eskom urgently needs a turnaround plan as its capital structure is unsustainable. The Moody’s report sent the rand to a two-month low, reports Reuters.
Business Unity South Africa's President Sipho Pityana is reportedly "underwhelmed" by the appointment of Freeman Nomvalo to lead the turnaround at Eskom.
The Steinhoff scandal rumbles on, with fresh details that point to its former bosses taking advantage of confidential information to make money through share trading. BusinessLive columnist Ann Crotty reports on how a friend of former CEO Markus Jooste appears to have been given the heads-up that the company share was about to plummet.
Steinhoff International Holdings NV is considering an initial public offering of Pepkor Europe, its fastest-growing unit, Bloomberg reports. The scandal-hit South African retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said.
South Africa's biggest financial union is threatening to disrupt the country's banking industry by leading its 73,000 members on a strike next month, in what would be its largest industrial action in almost a century, says Bloomberg.
Credit Ratings agency Moody’s warned on Tuesday that Eskom urgently needs a turnaround plan as its capital structure is unsustainable. The Moody’s report sent the rand to a two-month low, reports Reuters.
Business Unity South Africa's President Sipho Pityana is reportedly "underwhelmed" by the appointment of Freeman Nomvalo to lead the turnaround at Eskom.
The Steinhoff scandal rumbles on, with fresh details that point to its former bosses taking advantage of confidential information to make money through share trading. BusinessLive columnist Ann Crotty reports on how a friend of former CEO Markus Jooste appears to have been given the heads-up that the company share was about to plummet.
Steinhoff International Holdings NV is considering an initial public offering of Pepkor Europe, its fastest-growing unit, Bloomberg reports. The scandal-hit South African retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said.
