Here’s what caught our attention on Wednesday:
1. Malusi Gigaba resigns
Minister of Home Affairs Malusi Gigaba submitted his letter of resignation to the Presidency on Tuesday afternoon. Gigaba was found to have lied under oath by the Public Protector, and would have had to face a disciplinary hearings for his misconduct. The president has appointed transport minister, Blade Nzimande as the acting Minister of Home Affairs until a permanent appointment is made.
2. Spar results
The Spar Group is reporting a 1.4% increase in headline earnings per share to 965.7 cents for the year ended September 30, 2018. The group’s headline earnings also increased to R1.859 billion for the period. A dividend of 729 cents has been declared for the period, up 8% from 2017.
3. Retail sales
Retail sales figures for September rose 0.7% year-on-year following a 2.5% rise in August. The rise was driven by increased sales in household furniture, appliances and clothing, data showed on Wednesday. This is the latest sign that the economy is climbing out of a recession.
4. MTN to roll out service in Nigeria
MTN is going ahead with banking plans in the Nigerian market despite the ongoing dispute it has with the country. MTN announced on Tuesday that it will apply for a mobile banking license in Nigeria and plans to launch the service next year. In a country where at least 60% of the population is without bank accounts, the service would allow them access to mobile money services.
5. VBS to be placed under liquidation
The High Court ruled on Tuesday that tarnished VBS Mutual Bank will have to be liquidated after the South African Reserve Bank (Sarb) filed an application. The Sarb said the bank was ‘hopelessly insolvent’ and would need to be wound up. The application was accepted without any dispute from opposition.
Listen: VBS Mutual Bank to be liquidated