Here’s what caught our attention on Tuesday:
1. Parliament wants details on Steinhoff investigation
Parliament’s Standing Committee on Finance and Public Accounts is expected to be briefed on progress into the Steinhoff investigation on Tuesday. EWN is reporting that parliament is looking for more answers on Steinhoff and its implicated executives and is keen to sit down with the company on the matter. An internal report compiled and released by PwC on the Steinhoff’s financials was released on Friday, which found that a group of executives inflated profits and assets over the years.
On Monday, the company’s former chairman, Christo Wiese said he would be willing to negotiate with Steinhoff over a $4bn claim against the company. Read more here.
The CEO of aluminium company, Hulamin says for the financial year ended December 31 2018, Hulamin Rolled Products achieved ‘exceptional operations’, as a result of a strong currency in the first half of the year. The company’s headline earnings per share increased to 78 cents in 2018 compared with 13 cents in the first half, while sales increased 6% to 228 000 tons during the year. The company is declaring a dividend of 18 cents per share, up 20%.
3. Gordhan and Eskom chairman to address load shedding crisis
Power roll-outs are not sparing any South African citizens, no matter the location. On Tuesday, South Africa is expected to experience a sixth day of load shedding as Eskom faces ongoing battles to service its plants and manage coal stocks. Power supply is also said to be disrupted as a result of the cyclone which hit Mozambique. On Tuesday, Eskom will implement stage two load shedding from 9am to 11pm. Public enterprises minister Pravin Gordhan and Eskom board chair, Jabu Mabuza are expected to address the nation on the crisis.
4. Alexander Forbes appoints CFO
Financial services company, Alexander Forbes, on Tuesday, announced the appointment of Bruce Bydawell as the company’s chief financial officer and as a director. Bydawell comes from a background of finance, audit, accounting, corporate finance and more, and has been with the company for 16 years. His role will take effect on April 1 2019.
The rand is lingering above the R14.50 mark as Eskom woes continue to threaten any possible positive moves. Eskom’s power cuts are hurting both global sentiment and local businesses. On Tuesday, the rand was at R14.45 to the dollar at 9:35.