Publications
Partners
Cape Town - A roundup of Monday's top economic and finance reads on Fin24.
Land uncertainty has rand on back foot, say analysts
The rand, which opened at R13.32/$ on Monday morning, will remain vulnerable to local political headwinds this week, according to analysts.
By 13:42 the local currency was trading at R13.44 to the dollar, down 0.94% on the day.
“All is not plain sailing for the rand heading into this week, as there is still a dark cloud of local politics hanging over us,” said Andre Botha of TreasuryONE in a morning update.
McKinsey admits helping Transnet CEO with MBA, but Gama says only aid was editing
Global consultancy McKinsey & Co on Monday admitted to helping Transnet Group CEO Siyabonga Gama prepare a part of his thesis to obtain an MBA, but Gama told Fin24 the help had amounted to nothing more than checking language.
"We informed the South African authorities last year that our internal investigation found evidence that a McKinsey partner coordinated research support and used company resources to help draft some of a client executive's MBA coursework," a McKinsey spokesperson told Fin24.
Absa revenue slightly up, CEO optimistic after Barclays exit
Absa raised revenue by 3% to R37bn in the first half of the year, with CEO Maria Ramos saying the banking group was now free to set its own risk appetite following its separation from Barclays.
Last month, the bank rebranded itself after the British bank sold down the controlling stake it bought in 2005.
According to Absa, growth in retail and business banking in South Africa boosted earnings, as well as wealth, investment management and insurance divisions.
Gupta wedding under scrutiny as IRBA wraps up disciplinary of ex-KPMG auditor
Payment for the infamous Gupta wedding came under scrutiny as the disciplinary hearing into the conduct of a former KPMG auditor, who worked on the books of companies owned by the family, wrapped up on Sunday.
Jacques Wessels, who audited Linkway Trading accounts, is facing six charges relating to improper conduct and tax evasion. The charges were instituted by the Independent Regulatory Board of Auditors (IRBA).
The Gupta-owned firm is alleged to have been used to divert funds earmarked for the Vrede dairy project to foot a multi-million rand bill for a family wedding and the hearing revealed to some extent the unusual money trail between various companies owned by the wealthy family of Indian descent.
Elon Musk concedes: Norwegians are right to be upset with Tesla
"I've had the car for eight months and it ran fine for four days," says Yngve Solberg, who like many Norwegians, is fed up with the slew of problems his Tesla X has given him.
Tesla has sold more cars per capita in Norway than any other country in the world thanks to the government's generous measures in favour of electric cars including tax exemptions, free city tolls and public parking.
* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER
