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Cape Town - A roundup of Tuesday's top economic and finance reads on Fin24.
SA's first-quarter GDP takes a knock, shrinks by 2.2%
South Africa's real gross domestic product fell by 2.2% in the first quarter of 2018, Stats SA announced on Tuesday.
The rand reacted negatively to the news, losing 0.8% to the dollar in the early afternoon on Tuesday.
The local currency was trading at R12.67 to the greenback at 12:36, having lost 12c to the dollar after the announcement of the weak GDP figures was made at about 11:30 in Pretoria.
Prasa appoints Sibusiso Sithole as group CEO
The Passenger Rail Agency of South Africa announced on Tuesday that Sibusiso Sithole has been appointed as its group CEO.
He has been appointed for a period of 12 months effective from June 1, 2018. In a media release, Prasa said Sithole has been appointed to "bring stability and certainty to PRASA".
SAA CEO takes R100 000 bet on national carrier's future
South African Airways CEO Vuyani Jarana announced he is taking up a R100 000 challenge proposed by the Free Market Foundation on his ability to make the state-owned airline profitable in three years’ time.
Jarana has undertaken to pay the R100 000 from his own personal resources should he lose the “bet”.
Hawks raid MTN, top law firm in decade-long Turkcell battle
The Hawks raided the offices of top law firm Webber Wentzel and cellphone service provider MTN last week, in the latest development in the decade-long battle between MTN and Turkcell over cell service provision in Iran.
Nzimande: Endless reshuffles have been 'devastating' to transport dept
Cabinet reshuffles have had a "devastating" impact on the transport department, according to Transport Minister Blade Nzimande.
It has been challenging to appoint new boards for entities within the transport department's portfolio, he said.
"The endless reshuffle has devastating impacts on departments. The vacancy of the DG and the five DDGs largely has to do with that," he said. The previous ministers were in the middle of the appointment processes, but this was interrupted by the reshuffles, he added.
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