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Top 5 on Fin24: Alexander Forbes fires CEO over a 'loss of trust' and consumers take on more debt

Sep 25 2018 18:58

Cape Town - A roundup of Tuesday's top economic and finance reads on Fin24.

Bad news for motorists as Brent oil boils over $80

 Fuel gauge


Brent oil soared on Monday close to $81, reaching the highest level since November 2014 after OPEC and other global producers snubbed pressure from US President Donald Trump to dampen prices.

Consumers take on more debt amid declining household spend


Household consumption slipped in the second quarter of 2018 as people adjusted their spending habits following the VAT hike and fuel price increases, according to the South African Reserve Bank’s quarterly bulletin released on Tuesday.

Bain says it has set aside money to pay back SARS

Retired Judge Robert Nugent

Management consulting firm Bain & Company says it has set money to pay back to the SA Revenue Service for consultancy work it conducted for the agency which has been blamed by senior officials for destabilising the tax authority.

The group continued testifying on Monday morning at the Nugent Commission of Inquiry in Pretoria.

Alexander Forbes fires CEO over a 'loss of confidence and trust'

Alexander Forbes [JSE: AFH] announced on Tuesday morning that it had terminated the services of CEO Andrew Darfoor.

In a notice to shareholders, the financial services provider said its board resolved to terminate Darfoor’s services with immediate effect – as a result of a “loss of confidence and trust”.

Civil construction confidence remains in doldrums

A crane

There is still dissatisfaction in the business conditions within the civil construction industry, according to the FNB and Bureau of Economic Research Civil Confidence Index.

The index for the third quarter, released on Tuesday was only marginally higher than for the second quarter.

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