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Cape Town - A roundup of Friday's top economic and finance reads on Fin24.
Bain partner says he has nothing to apologise for in SARS inquiry - As it happened
Vittorio Massone, the managing partner of Bain & Company's Johannesburg office overseeing sub-Saharan Africa, is now asked what he thinks went wrong at SARS during or after the restructuring. He says three things went wrong.
There were too many changes in leadership, and the leaders were possibly not capable enough, he says.
Second, people were upset by the way the process was unveiled.
Third, the fact that after the units were broken up "the culture became a big problem".
Moyane Russia trip still shrouded in mystery
A mysterious trip to Russia by suspended SARS commissioner Tom Moyane in November 2017 - on the taxpayer's tab - still cannot be explained.
Gigaba was grilled on the trip by evidence leader Advocate Carol Steinberg, as he had approved the trip without getting any clarity from Moyane, who was in Russia from November 18 to 23, 2017. Gigaba was the minister of finance at the time.
Moyane, who couched the trip as an urgent meeting with his Russian tax counterpart, meanwhile was expected to provide a feedback report upon his return. He did not.
Challenging nine months sees Steinhoff deliver 2% revenue growth
Events at Steinhoff’s parent company have contributed to a difficult trading environment, negatively impacting the group’s operational entities.
The group released its unaudited trading update for the nine months ended June 30, which was released on Friday.
The share price, which opened at R2.89, was trading at R2.87 on the release of the trading statement at 12:00. By 12:15, it had climbed to R3.05. By 14:30 it was trading down 1.41% at R2.80.
Google and Mastercard cut a secret ad deal to track retail sales
For the past year, select Google advertisers have had access to a potent new tool to track whether the ads they ran online led to a sale at a physical store in the US. That insight came thanks in part to a stockpile of Mastercard transactions that Google paid for.
But most of the two billion Mastercard holders aren’t aware of this behind-the-scenes tracking. That’s because the companies never told the public about the arrangement.
This emerging market selloff looks contagious
The difficulties for emerging markets have entered a new phase. What were once clearly country-specific crises, well contained within their borders, are bleeding across the world.
Though Turkey is no closer to solving its many problems, it’s hard to see why the lira needed to fall 4% on Thursday. Explanations that this is due to the resignation of one of the central bank’s four deputy governors don’t convince — he’s only gone to take another government job.
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