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Top 5 on Fin24: Robust rand breaks through R12.30/$, Barclays CEO Staley fined R10.7m

May 11 2018 18:17

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

Bus strike not over yet as issue of backdated pay looms large

Commuters queue at Dunoon taxi rank in Cape Town d

The bus strike is not over yet, National Union of Metalworkers of South Africa general secretary Irvin Jim said late on Friday afternoon.

The sticking point right now, Jim explained, is the issue of backdated pay to April 1. "We are now confronted with a difficult position of not calling off the strike," he said, and added that the majority of workers want the backdated pay.

Jim said government needs to come to the party about incentives and subsidies. "We will engage the employers over the weekend in an effort to end the strike which has already been dragging on for 17 days," he said.

Robust rand breaks through R12.30/$ in erratic trading week

The rand broke through R12.30 to the US dollar on Friday in an erratic trading week where the local unit reached a 4-month high and low in a matter of days.

The volatility was driven by geopolitical tension, which eased later in the week.

"The range on the local currency saw a massive widening spreading from R12.30/$ to R12.75/$ by Thursday afternoon," commented Peregrine's Bianca Botes.

Listeriosis: No guarantee job losses can be avoided, says govt

listeriosis

Government can’t guarantee that the listeriosis outbreak won’t lead to job losses.

This is according to a written response by Minister of Agriculture, Forestry and Fisheries Senzeni Zokwana to a question posed by Democratic Alliance MP Thembekile Majola about the economic impact of the listeriosis outbreak.

“The department has not taken direct steps to limit potential job losses as a result of the listeriosis outbreak,” said Zokwana.

Barclays CEO Staley fined R10.7m for trying to expose whistleblower

Barclays CEO Jes Staley. (AFP)

Barclays chief executive officer Jes Staley was fined £642 430 (R10.7m) by British regulators, about 10% of his annual income, for his attempts to uncover a whistleblower.“Mr Staley breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays’ whistleblowing procedures,” Mark Steward, executive director of enforcement and market oversight at the Financial Conduct Authority, said in an emailed statement on Friday.

Steinhoff on hunt for executives behind accounting scandal

Steinhoff International’s [JSE:SNH] finances are in a mess. Now it’s going after those who presided over the fiasco.

While Steinhoff didn’t identify anyone by name, former CEO Markus Jooste is sure to be at the top of the list. The 57-year-old racehorse tycoon quit on December 5, the day after failing to attend a meeting to discuss why auditors at Deloitte had refused to sign off on the 2017 accounts.

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