Cape Town - A roundup of Friday's top economic and finance reads on Fin24.
Standard Bank shares fall as MTN Nigeria faces illegal transfer claims
Shares in Standard Bank [JSE:SBK] were down by 2% in the early afternoon on Thursday.
In an update to shareholders, the bank said its Nigerian banking subsidiary, Stanbic IBTC Bank, had been advised by the Central Bank of Nigeria that it would be subject to a penalty of R75m for "violations of the laws and regulations of Nigeria pertaining to foreign exchange transactions in that country".
Steinhoff: Parly hears why the Hawks can't interrogate Jooste
The Hawks can’t interrogate former Steinhoff CEO Markus Jooste until Steinhoff submits a statement under oath supporting a report the company filed with the law enforcement agency, members of Parliament have heard.
Major-General Alfred Khana, head of the Hawks commercial crime unit, briefed four Parliamentary committees on Wednesday evening about the progress of the investigation into Steinhoff – which relies heavily on an outstanding statement from Steinhoff’s audit committee chair, Steve Booysen.
WATCH: SA farmers to fight US over cheap chicken imports
President Donald Trump's decision to impose tariffs on steel and aluminium has revived the years-long poultry tussle between the US and South Africa, with farmers now calling for higher import tariffs on US chicken.
For chicken farmer Herman Pretorius, the United States and its cheap poultry exports are becoming a threat. "I’d like the South African government to introduce higher import tariffs; we can’t compete with subsidised chickens from overseas."
SA's budget gap in July is biggest in at least 14 years
South Africa’s budget deficit in July was the biggest since at least 2004 as weak economic growth constrains tax collection.
The continent’s most-industrialised economy recorded a budget gap of R95.98bn, the Pretoria-based National Treasury said in a statement on Thursday. That’s the largest since Bloomberg started recording the data. July readings have reflected the biggest shortfall each year since 2010. For the fiscal year to date, the accumulated deficit is R5bn less than in 2017.
SARS inquiry: Moyane did not give any reason for diagnostic report, says Bain
There is not a clear reason why the SA Revenue Service needed to restructure its working operational model which has almost brought the tax service to its knees, the Nugent Commission of Inquiry heard on Thursday.
This is according to Bain & Company, the global consulting firm at the centre of a controversial restructuring plan adopted by the tax agency.
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