Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 25 2012 19:13
Uncertainty over the future of the euro zone returned to push the rand down against the dollar.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Davos - Maria Ramos, chief executive of South African state-owned rail and logistics group Transnet, said on Wednesday she sees the tough time for the global economy lasting 18 to 24 months.
"Well into 2010, the global economy is going to face a pretty tough environment. We we see our clients being severely affected by this crisis," Ramos told Reuters at the World Economic Forum annual meeting in the Alpine resort of Davos.
"There are no silver bullets. My sense is 18-24 months of a very tough economic environment globally."
Ramos, named among the world's 50 most powerful business women by Fortune and credited with overhauling state-owned logistics company Transnet, leaves to take the helm of South Africa's biggest retail bank Absa Group Ltd on March 1.
At Absa, Ramos will have to cope with the fallout from a global financial crisis and rising bad debts as consumers battle to pay back loans given rising interest rates and inflation.
- Reuters