Category: Southern Africa
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Scandal-hit KPMG South Africa vows reforms, loses another client
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…
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South Africa’s central bank says has not instructed banks on ties with KPMG
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,…
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South Africa’s Eskom asks McKinsey, Trillian to return $117MN
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…
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Sibanye to boost PGM production as U.S. project comes online
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…
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Inside South Africa’s olive oil industry
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…
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South Africa’s parliament cuts ties with auditor KPMG
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…
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S.A: Fuel franchising continues to be resilient as economic indicators remain subdued
The South African fuel retail industry has grown considerably in recent years. In fact, it is one of the few sectors to weather the downgrading, rand volatility and negative growth rates recently experienced. Fuel retail specifically is a highly specialised sector, with operating margins that are affected by a multitude of factors such as oil prices, labour costs, exchange…
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S.African c.bank defies expectations by keeping rates at 6.75%
South Africa’s central bank kept its benchmark repo rate at 6.75 percent on Thursday, defying expectations of a cut based on easing inflation pressures and a sluggish recovery from a recession in the first half of the year. Of 26 economists polled by Reuters, 17 had predicted a 25 basis point cut and one a…
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Zimbabwe to pay $1.8BN in foreign arrears only when economy is stronger: finance minister
Zimbabwe’s Finance Minister on Wednesday said the southern African nation would not be able pay $1.8 billion in arrears to the World Bank and African Development Bank (AfDB) until economic fundamentals improve. Patrick Chinamasa said in a radio interview that a payment plan agreed with foreign lenders in 2015 in Lima, Peru, could only proceed…
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SA’s state-owned companies had been “captured”: Ramaphosa
South African Deputy President Cyril Ramaphosa, a leading contender to become head of the ruling ANC in December, stepped up his criticism of the government on Sunday, saying state-owned companies had been “captured” and funds looted from them. Ramaphosa’s remarks during a speech to an African National Congress meeting in the old diamond-mining town of…