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Five things making headlines in South Africa today

Jobs summit, Joburg Indaba, Accentuate results, Liberty retrenchments, Exxaro eyes South32 assets.

Here’s what caught our attention on Thursday:

1. Jobs summit

The much talked about jobs summit kicks off on Thursday – an initiative of President Cyril Ramaphosa to bring government, the private sector, unions, and community organisations together to accelerate job creation and address the unemployment issue, which besieges South Africa. The summit is being held in Midrand over Thursday and Friday.

Read: Will the Jobs Summit deliver?

2. Joburg Indaba

The Joburg Indaba enters its second and final day on Thursday. The indaba will turn its focus towards motivating investment into the mining and resources industry. On Wednesday, Minister of Mineral Resources Gwede Mantashe said that a Sovereign Wealth Fund is being considered to support the industry, and promises that as the industry searches for a fund, it would not hurt the mining industry.

Read: South Africa mulls SOV, says minister 

Budding bromance between miners and Gwede Mantashe

3. Accentuate results

Chemicals manufacturing company Accentuate is expected to release its results for the year ended June 30 2018 on Thursday. In its previous financial statement for the six months ended December 31 2018, the company reported a headline loss per share of 1.13 cents and did not declare a dividend for the period.

Update to follow.

4. Liberty’s retrenchment drive

Financial services provider Liberty will be going on a retrenchment drive as part of a turnaround strategy to help fix the company. Moneyweb is reporting that the company says it needs to dedicate significant resources and capacity to its South African business. The company cannot at this time confirm the number of people to be retrenched, as the new design process is yet to be completed.

Read: Tough environment forces Liberty retrenchment drive

5. Exxaro eyes new acquisition

Mining company,Exxaro said on Wednesday that it is considering the purchase of South32’s coal assets, as it seeks to increase its own exports. According to Reuters, South32’s assets also come with Richard Bay Coal Terminal entitlements, whilst it also plans to dispose of its South Africa Energy Coal operations.

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