Business News Leaders

NECSA's remaining board members resign

The State Nuclear Energy Corporation is without a board yet again. The remaining four members of the board resigned today citing a dysfunctional relationship with Energy Minister, Gwede Mantashe. Back in 2018, then Energy Minister, Jeff Radebe fired the entire Necsa board. The High Court later found the axing to…

15 Jan 2020 1AM 9 min

Woolworths CEO Ian Moir to depart in February

Roy Bagattini is set to take over the reins at Woolworths come next month, replacing Ian Moir who's been at the helm since 2010. The announcement comes just months after the retailer sent Moir to Austrailia to oversee the turnaround at its department store chain David Jones - where it's…

14 Jan 2020 1AM 7 min

Vodacom reportedly in talks to acquire Cell C subscribers

The telecos sector may be in for a shake-up. Mobile giant, Vodacom is said to be in talks with struggling Cell C to acquire its contract customers. The move could see Vodacom gaining over a million subscribers. While Vodacom has declined to comment on the news, Telecoms Analyst Dobek Pater…

14 Jan 2020 1AM 8 min

It's darker days at Eskom

ANC Treasurer general, Paul Mashatile is calling for the ailing power utility to be moved from Public Enterprises to the Energy Department to deal with its challenges. This in the wake of Jabu Mabuza having resigned as Chair of the Eskom board, this brings to seven the amount of chairspersons…

13 Jan 2020 1AM 7 min

Why that rand could be facing a bumpy year

The local unit is set for another bumpy year as investors struggle to assess the effect of a weak domestic economy and geopolitical risks. But some analysts say the rand could strengthen as much as 4.4% against the dollar this year - that's only if the government makes progress in…

13 Jan 2020 1AM 6 min

Game over for SA without big reforms - Mboweni

Finance Minister Tito Mboweni has warned that the government's failure to ramp up structural reforms will result in the country losing its last-remaining investment-grade credit rating… Moody's is the only agency not already holding SA at junk but did lower the country's outlook to negative last year. Business Day TV…

10 Jan 2020 1AM 7 min

Mines renew urgent calls for independent power in SA

Mining production has fallen nearly 3% in October marking the third consecutive month of declines. The sector was also the biggest drag on the economy in the third quarter and Eskom's load shedding only exacerbates the situation. Miners were forced to cut production due to power cuts this week and…

12 Dec 2019 1AM 6 min

ECB holds rates as Lagarde takes the wheel

The European Central Bank has stood pat on rates and stuck to its bond-buying programme at the first monetary policy meeting under its new president Christine Lagarde. Joining us on the line now with his perspective on the decision is Claus Vistesen from Pantheon Macroeconomics.

12 Dec 2019 1AM 5 min

Inflation at a near nine year low

South Africa's inflation rate has hit a near nine year low, coming in at 3.6% in November. It marks the third consecutive month that inflation has eased - with the major driver behind the decline: lower transport costs. And joining Business Day TV to interrogate Wednesday’s print a bit further,…

11 Dec 2019 1AM 6 min

Land expropriation draft bill open for public commentary

You have roughly over a month to comment on the Draft Constitution Eighteenth Amendment Bill which speaks to changes made to Section 25 of the Constitution - allowing for land expropriation without compensation. While the Bill is not clear on the specific circumstances when no compensation will be given, it…

11 Dec 2019 1AM 8 min

What quick wins SA can capitalize on in 2020

The country's growth prospects are dim but RMB CEO, James Formby is of the belief that there are low hanging fruit that could help jumpstart growth. He joined Business Day TV as they took a look at some of the quick wins that can be achieved in 2020 to help…

11 Dec 2019 1AM 7 min

How load shedding is affecting Harmony Gold

The mining industry has moved from being a top GDP contributor to being the biggest drag on the economy and load shedding isn't doing the industry any favours. Miners have been forced to cut production due to power shortages. Harmony Gold has called off its underground shifts which will only…

10 Dec 2019 1AM 8 min

Prasa placed under administration, board dissolved

SAA may be just the beginning. In his weekly newsletter, President Ramaphosa has reiterated that government will do anything to save SOEs. And on Monday, Transport Minister, Fikilile Mbalula announced that Prasa has been placed under administration, the board has been dissolved and Bongi-sizwe Mpondo has been appointed administrator. Alec…

9 Dec 2019 1AM 9 min

China's exports shrink amid trade war

China's exports shrank for the fourth consecutive month in November, underscoring persistent pressures on manufacturers from its trade war with the US. But growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand. Joining Business Day TV on the line to discuss this in…

9 Dec 2019 1AM 4 min

Alexander Forbes eyes acquisitions in 2020

Alexander Forbes released its interim results on Monday showing that their revenue is coming under pressure, falling close to a percent largely due to the sluggish economy. The current economic climate also has consumers dipping more into retirement savings, the preservation rate for retirement savings declined to 53% from 55%…

9 Dec 2019 1AM 6 min

Why Eskom has moved to stage 6 loadshedding

South Africa's electricity crisis has deepened, Eskom has moved to stage 6 loadshedding. This is the first time that power cuts have moved beyond stage 4 for the struggling utility is looking to cut 6,000 megawatts from the grid due to a technical problem a the Madupi power station. Economists…

9 Dec 2019 1AM 4 min

Are government's restructuring efforts at SOEs enough?

2019 has proven to be another tough year for Eskom and SAA. SAA is now in Business Rescue, and government is going to have to fork out a further R4 billion in cash and government guarantees... Supporting the process. While Eskom, amidst a turnaround of its own, has forecast a…

6 Dec 2019 1AM 6 min

Exposure to SA economy slows GEPF investment growth

The Government Employee Pension Fund released its annual results today - the fund's portfolio grew a tepid 0.88% during the period. This largely due to the fund's exposure to the local economy which currently sits in contraction territory. CEO of the fund, Abel Sithole adds that the group is gearing…

5 Dec 2019 1AM 6 min

SAA placed in business rescue

SAA has been placed under business rescue. The decision was taken unanimously by its board in hopes of creating a better return for the company's creditors and shareholders. Treasury and lenders will provide the state owned carrier with R4 billion to facilitate the business rescue process. SAA Board Member, Martin…

5 Dec 2019 1AM 6 min

OPEC and allies agree to deepen oil output cuts

OPEC and its allies have agreed to cut oil production, this in an effort to prop up prices and prevent a glut next year. The oil cartel will extend production cuts by 500,000 barrels per day from their current 1.2 million. Business Day TV spoke to Bjarne Schieldrop from SEB…

5 Dec 2019 1AM 4 min