Nampak CEO to rescue Eskom; foreign ownership blow for SAA; Hain's explosive testimony; SA equities could soar in 2020
Manage episode 246478892 series 2168632
- South Africa appointed Andre de Ruyter as chief executive officer of Eskom, the debt-strapped utility that provides about 95% of the nation’s electricity and poses the biggest threat to its economy. De Ruyter, currently CEO of packaging firm Nampak, will take up the post on Jan. 15, the Department of Public Enterprises said in a statement.
South African Airways officials will be summoned to a meeting with regulators next month to disclose details about talks with potential equity partners and give assurances that any deal won’t violate foreign-ownership laws, says Bloomberg.
- British lawmaker Lord Peter Hain has delivered explosive testimony to an Inquiry into state capture. He accuses some of the world's largest banks of aiding and abetting former President Jacob Zuma and his friends in raiding the national treasury.
The worst may be over for South African stocks, says Bloomberg. While the country’s equity benchmark has trailed the broader emerging-market gauge this year, rising less than half in dollar terms, analysts and traders have begun betting on a quicker rally in the coming months. For an alternative view, see Magnus Heystek's article on BizNews.com.