THE WEEK IN FIVE
THE COUNTRY’S business confidence index improved to 99.7 points last month. The index was 96.4 points in 2015, weeks before President Jacob Zuma fired respected bean counter Nhlanhla Nene as finance minister. In October 2015 the index was measured at 102.3 points.
SPECIALIST banking and asset management group Investec announces former chairperson Fani Titi and Investec asset management executive director Hendrik du Toit as joint chief executives, taking over from long-standing chief executive and founding member Stephen Koseff. Business Leadership
SA, however, says it is concerned about the tendency to appoint joint chief executives when “it is the black executive’s turn to occupy the highest office”.
THE PASSENGER Rail Agency of South Africa denies reports that it has invested R1 billion in VBS Bank, the little-known banker that granted President Jacob Zuma a loan to repay about R7.8 million for non-security upgrades to his Nkandla homestead in KwaZulu-Natal. The embattled state-owned entity dismisses the allegation as unfounded.
STANDARD Bank, which forms part of the Big Four banks in South Africa, launches its first dedicated branch in Africa aimed at serving the Chinese business community in the country. The branch is situated in Crown Mines, Johannesburg, and will be run by staff fluent in both Chinese and English.
ESKOM’S new board led by respected businessman Jabu Mabuza says the power utility has decided to implement lifestyle audits on the executive team, senior managers and middle managers. Mabuza stressed that their mandate was to root out financial mismanagement, malfeasance and maladministration in order to restore transparent and effective governance.
Compiled by Luyolo Mkentane