Min­ing shrinks, busi­ness morale drops and McKin­sey is con­trite

Sunday Times - - Business Opinion & Bits -

MCKIN­SEY & Co apol­o­gised to South Africa again over how busi­ness was han­dled with Eskom, say­ing it over­charged the util­ity. The con­sul­tancy ad­mit­ted in Oc­to­ber to hav­ing failed to fol­low its own pro­ce­dures when it worked along­side Tril­lian, a busi­ness linked to the Gupta fam­ily, on the Eskom deal.

BAR­CLAYS Africa changed its name back to Absa in a re­brand­ing aimed at un­der­lin­ing its South African roots as Bri­tain’s Bar­clays grad­u­ally re­treats from Africa. The name change comes al­most a year af­ter Bar­clays sold most of its con­trol­ling stake in Absa, South Africa’s third-largest lender.

THE largest listed realestate com­pany in South Africa, Growth­point Prop­er­ties, will take up a sec­ondary list­ing on the new A2X Mar­kets ex­change on

Wed­nes­day. It will be the first prop­erty com­pany to take up a sec­ondary list­ing on A2X and the 10th to join the ex­change.

GOLD out­put in South Africa in May de­clined the most since Fe­bru­ary 2017. Pro­duc­tion dropped 16.2% from a year ear­lier, com­pared with a re­vised 5.8% con­trac­tion in April, Stats SA said — an eighth suc­ces­sive month of de­creases. To­tal min­ing out­put shrank for a third month, drop­ping 2.6% from a year ear­lier com­pared with a re­vised 4.4% re­treat in April.

THE re­cent rally in the rand has not been enough to stem a slide in busi­ness con­fi­dence, which fell again in June, stok­ing fears that the econ­omy con­tin­ued to un­der­per­form in the sec­ond quar­ter. The South African Cham­ber of Com­merce and In­dus­try’s busi­ness con­fi­dence in­dex slipped from 94 in May to 93.7 — the worst read­ing in eight months.

GOLD Brands has be­gun to sell off the fam­ily sil­ver in a des­per­ate at­tempt to raise money. It has de­cided to off­load its Black Steer fran­chise busi­ness to Lau­dian for R3.2-mil­lion.

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