By Linda van Tilburg
- John Steenhuisen has been elected as the Democratic Alliance’s new leader for the next three years following its virtual Federal Congress over the weekend. Steenhuisen who has been the interim leader of the party since the resignation of Mmusi Maimane was vying for the position against Kwazulu-Natal MPL, Mbali Ntuli. In his acceptance speech, Steenhuisen said his leadership would take power from the state and put it in the hands of the people.
- All eyes will be on the United States this week where it will be determined if the world would have four more years of Donald Trump or whether Joe Biden will take over the reigns of the world’s most powerful country. Trump finds himself significantly trailing his Democratic challenger and is looking to defy public opinion polls – as he did four years ago – to salvage victory. The outcome is likely to weigh on markets – one of Trump’s favourite barometers of his performances, the S&P 500 Index dropped by 5.6% last week over concerns about economic growth.
- Comair Ltd., the South African partner of British Airways, said it secured financing from banks, paving the way for the resumption of flights in December. The lenders, which weren’t identified, will provide the airline with new debt facilities and defer interest payments on existing debt, according to a company statement. Comair has also reached an agreement with labour unions, it said.
- Prosus says it would buy back up to $5 billion in its own and South African parent Naspers’ shares as part of efforts to narrow a discount between the companies’ share prices and underlying assets. Naspers’ share price rose by just under 4% on Friday on the Johannesburg Stock Exchange on the back of the news.
- And in case you missed it, former Steinhoff Chief Executive Officer, Markus Jooste has been fined more than R162m by the Financial Sector Conduct Authority for insider trading ahead of the retailer’s collapse almost three years ago. The Authority said in a statement that Jooste sent a text message to four people including former rugby player Ockie Oosthuizen, his chauffeur, his doctor and businessman Jaap du Toit warning them to sell their stock in the company in the days before it reported accounting irregularities in December 2017. The FSCA said it was probably the most expensive SMS sent in South Africa’s history.
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