Zuma to meet business leaders

PRESIDENT Zuma will meet business leaders today to discuss the country’s creditrating downgrades and the surprise cabinet reshuffle that saw the ousting of former finance minister Pravin Gordhan, according to a person familiar with the matter. Zuma will meet members of the CEO Initiative to assure them of the government’s willingness to bolster investor confidence, said the person, who asked not to be identified. S&P Global Ratings and Fitch Ratings cut South Africa’s sovereign credit rating to junk after Zuma’s decision to fire Gordhan and his deputy, Mcebisi Jonas on March 31. The CEO Initiative, a body representing leaders of some of South Africa’s largest companies, criticised the ousting of Gordhan and Jonas, describing it as an “ill-timed and irrational dismissal of a trusted and well-respected minister of finance and deputy finance minister”. – Bloomberg