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Five things making headlines in South Africa today

Gigaba to appear before parliament, Transnet names acting CEO, Harmony Gold operational report, SAA is sinking, Ayo Technology results.

Here’s what caught our attention on Tuesday:

1. Gigaba to appear before parliament

Home affairs minister, Malusi Gigaba is putting up a fight to protect himself and his political role. On Tuesday, Gigaba will appear before the parliamentary portfolio committee to answer questions relating to his role in the authorisation of a VIP terminal at OR Tambo International Airport. The public protector found that Gigaba lied under oath and violated the constitution by denying that he agreed to the operation proposed by the Oppenheimer family. 

2. Transnet names new acting head

Transnet brings in a veteran to take over the operations at the parastatal. Tau Morwe has been named as the acting CEO of Transnet until the end of April 2019. Morwe worked at Transnet for 17 years and headed three departments before leaving to become a transport consultant in 2015. He now has the responsibility to oversee and improve corporate governance at Transnet, following the dismissal of former CEO Siyabonga Gama.

3. Harmony Gold operational report

Mining company Harmony Gold published an operational update for the first quarter ended September 30 2018, in which it flags a 30% increase in total gold production, compared to 2017, but a 2% decrease when compared quarterly. All-in sustaining costs increased by 8% to R526 747 per kg quarter-on-quarter. The company says it is in line with its annual production target and cost guidance.

4. SAA in deep waters

South African Airways CEO Vuyani Jarana is looking at ways to roll over R9.2 billion of debt by March. The airline has already received a cash injection worth R5 billion from the government to stabilise its balance sheet but still seems to be drowning in deep waters.

Read: Rivals are strangling SAA’s long-haul business

5. Ayo Technology results

Ayo Technology Solutions is expected to release its financial results for the year ended August 31, 2018. The company said in a recent trading statement that it expects its results to be lower than previously forecast. The company expects earnings per share and headline earnings per share to be almost 61% lower than the inital 242.68 cents estimated, but higher than the previous year’s delivery of 5.66 cents in headline earnings per share and 7.86 cents in earnings per share.

Update to follow.

 

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