Bongo arrest signals action; Repo rate unchanged; no Bosasa auction; Corpse delivered at OM; FirstRand, MrP, Telkom
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In today's business headlines:
Former State security minister Bongani Bongo has been arrested in a case related to bribery at state owned companies in what is seen as Cyril Ramaphosa’s first action to end corruption.
Bosasa assets cannot be put up for sale. That is according to Jared Watson, the nephew of company CEO Gavin Watson after liquidators, Sechaba Trust advertised an auction from 4-6 December of Bosasa assets.
The Reserve Bank has held its benchmark interest rate at 6.5% and signalled that it may only start easing again in the second half of next year.
With Remgro and Rand Merchant Holdings spinning off their stakes in FirstRand, Africa’s biggest bank by market value just became a possible takeover target. But Bloomberg reports that it comes at a time when potential buyers are scarce.
Budget retailer Mr Price’s interim profit dropped by more than 10% as its apparel division was affected by what the retailer termed an imbalance in its product assortment and weak economies at home and abroad.
Old Mutual is under fire again, this time over a corpse. This after a grieving family from Eshowe in Kwazulu-Natal brought a dead body to one of its branches so that the company would process a claim for funeral payments.
Former State security minister Bongani Bongo has been arrested in a case related to bribery at state owned companies in what is seen as Cyril Ramaphosa’s first action to end corruption.
Bosasa assets cannot be put up for sale. That is according to Jared Watson, the nephew of company CEO Gavin Watson after liquidators, Sechaba Trust advertised an auction from 4-6 December of Bosasa assets.
The Reserve Bank has held its benchmark interest rate at 6.5% and signalled that it may only start easing again in the second half of next year.
With Remgro and Rand Merchant Holdings spinning off their stakes in FirstRand, Africa’s biggest bank by market value just became a possible takeover target. But Bloomberg reports that it comes at a time when potential buyers are scarce.
Budget retailer Mr Price’s interim profit dropped by more than 10% as its apparel division was affected by what the retailer termed an imbalance in its product assortment and weak economies at home and abroad.
Old Mutual is under fire again, this time over a corpse. This after a grieving family from Eshowe in Kwazulu-Natal brought a dead body to one of its branches so that the company would process a claim for funeral payments.
