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Two banks drop McKinsey in fallout from South Africa scandal

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Barclays Africa and Standard Bank said on Monday they would stop working with McKinsey, a further blow to the global consultancy as it faces allegations of bribery for work done with friends of South African President Jacob Zuma. Privately-held McKinsey, the world’s largest management consultancy, has denied doing anything illegal but said this month that it was embarrassed by mistakes ...

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South Africa’s NUM union threatens strike in coal sector

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South Africa’s National Union of Mineworkers (NUM) said on Tuesday its coal workers will embark on a strike if the Chamber of Mines does not meet its wage demands. A strike in the coal sector could affect power supply as the lion’s share of electricity in Africa’s most industrialised economy is generated from coal. The mining sector has in the ...

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SA’s Medium-term budget highlights

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In a press conference with media ahead of the release of the Medium Term Budget Policy framework, South Africa’s Finance Minister Malusi Gigaba said it aimed to be as candid as possible about the dire situation South Africa finds itself in. Below are the highlights. Economic outlook is dire 2017 Economic growth revised downwards from 1.3% to 0.7%. Growth expected ...

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SA’s 27% unemployment tops spending priorities-MTBPS

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Job creation, which has escalated to an alarming all-time high of 27 percent, and small business development top the list of South Africa’s spending priorities. This is contained in the Medium Term Budget Policy Statement (MTBPS), delivered by the country’s Finance Minister, Malusi Gigaba, in Cape Town this afternoon. The MTBPS states that Cabinet approved a Mandate Paper in August ...

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Scandal-hit KPMG South Africa vows reforms, loses another client

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South African waste management company Interwaste (IWEJ.J) fired KPMG as its auditor on Thursday, dealing another blow to the accounting firm ensnared in a scandal involving business friends of President Jacob Zuma. Interwaste joins at least seven other clients including fund manager Sygnia (SYGJ.J) and broker Sasfin (SFNJ.J) to break ties with KPMG. It comes after KPMG’s own investigation found ...

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South Africa’s central bank says has not instructed banks on ties with KPMG

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South Africa’s central bank said on Friday it has not instructed banks on how to deal with KPMG after the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma. “The South African Reserve Bank would like to state categorically that it has not instructed banks on what steps they should, or should not take, with ...

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South Africa’s Eskom asks McKinsey, Trillian to return $117MN

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South Africa’s Eskom has asked consultancy firms McKinsey and Trillian to pay it back 1.6 billion rand ($117 million), saying that an internal inquiry had found that the state power utility’s decisions to make the payments were unlawful. “The interim findings from Eskom investigations into the circumstances surrounding payments made to both the companies point to certain decisions by Eskom, ...

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Sibanye to boost PGM production as U.S. project comes online

The sun sets behind a shaft outside the mining town of Carletonville, west of Johannesburg, July 7 2015.   REUTERS/Siphiwe Sibeko

South African mining company Sibanye-Stillwater said on Monday production has started three months ahead of schedule at its Montana-based Blitz project, boosting its platinum group metals (PGM) production in the United States. The project is expected to produce approximately 300,000 ounces annually by late 2021/early 2022, increasing total PGM production from Sibanye’s U.S. operations by more than 50 percent to ...

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Inside South Africa’s olive oil industry

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As world demand increases, South Africa is stepping up to the plate in meeting the shortage of quality, fresh olive oil. Olive oil is no longer simply used for cooking. Its many and varied uses, including its numerous health benefits, are increasingly known and enjoyed by foodies the world over. In South Africa, consumers are blessed with a choice of ...

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South Africa’s parliament cuts ties with auditor KPMG

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South Africa’s parliament said on Wednesday it has terminated its contract with KPMG, citing reputational risks after the global auditor was caught up in a scandal involving business friends of President Jacob Zuma. Parliament said this termination includes a contract KPMG has a medical aid scheme for Members of Parliament. KPMG cleared out its South African leadership en masse this ...

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