By Alec Hogg
Today’s global business news headlines:
- Chinese president Xi Jinping’s six-year anti-corruption campaign claimed one of its biggest scalps yesterday in former head of Interpol, Meng Hongwei. Meng was expelled from the Communist Party after being accused of accepting bribes and using public funds to support a lavish lifestyle. Chinese news agency Xinhua reported that the country’s anti-corruption commission has stripped Meng of all public duties and handed the former top cop’s case over to prosecutors. Meng, who was appointed president of Interpol in 2016 with a four-year term, was recalled by Beijing late last year.
- Bloodletting at the UK’s Barclays Bank continued yesterday with the sudden departure of corporate and investment banking head Tim Throsby, in the position for barely two years. Throsby’s abrupt departure was explained by CEO Jes Staley as part of the delayering of the organisation. Throsby was previously global head of equities at JP Morgan. At the time of the appointment he was described by Staley as “exceptionally talented and experienced.” Barclays is currently under attack from activist investor Edward Bramson who has a 5.5% stake and is demanding cutbacks in low performing areas. Barclays shares ended up 1.5% yesterday.
- In South African news, Edward Kieswetter has been appointed the new head of the SA Revenue Services. Kieswetter is a SARS veteran who served as then Commissioner Pravin Gordhan’s deputy before leaving for the private sector to restore stability at embattled financial services group Alexander Forbes. He was selected by an independent panel from a short list of six candidates which included his former SARS colleague and acting commissioner, Mark Kingon. A former teacher who studied at UCT and UWC, Kieswetter has an MBA from British university Henley. More on that story on Biznews.
- South African stocks yesterday enjoyed a second winning session with the JSE All Share index rising just under one percent, pulled higher by its leading stock Naspers which gained 2.5% in a delayed reaction to Monday’s offshore listing announcement. Shares that gained outpaced losers two to one. Among the heavyweights, Kumba and FirstRand both rose 2%. MTN was the biggest loser, falling almost 5%, pharma group Aspen dropped 3% and the share price of JSE Limited, whose trading volumes will be hurt by the Naspers offshore listing, gave up another 2.5% taking its decline in the past month to 17%. In other market-related news, losses attributable to shareholders at media group Tiso Blackstar widened from R39m a year before to R85m in the six months to end December. The price of the thinly traded stock has fallen 42% in the past 12 months.