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Telkom is considering making an offer to buy a majority stake in Cell C that would lead to a combination of South Africa’s third- and fourth-largest mobile-phone companies.
It’s exactly a year since Markus Jooste quit as chief executive officer of Steinhoff International Holdings NV at the start of an unfolding accounting scandal and share-price collapse.
Eric Wood, who calls himself South Africa’s greatest trader, is fighting to keep money that his company, Trillian, siphoned out of Eskom together with consultancy McKinsey.
It’s deja vu for South Africa as a chronic power deficit plunges large tracts of the country into darkness and casts a pall over the already struggling economy.
Eskom wants the South African government to absorb about R100bn of debt as part of a rescue plan for the state-owned utility.
South Africa emerged from its first recession in almost a decade in the third quarter as recoveries in manufacturing and agriculture contributed to an increase in economic growth.
South Africa’s government is prioritising regaining an investment grade rating on its debt as part of its plans to revive a stagnant economy, Finance Minister Tito Mboweni said.
Viceroy Research, a short-seller that has targeted two South African companies this year, is profiting unethically from its reports and has escaped sanctions from local regulators because it is domiciled elsewhere.
Not so long-ago major oil traders were licking their lips predicting a return to $100 crude. Only a week later, many have shifted their thinking towards oil at $50 a barrel.
The South African Reserve Bank, having handed out the first three bank licenses in 11 years, is keen to see more entrants into the industry to drive down costs for consumers.