Hits&Misses

Fresh complexion on asset management as inflation rises

FORMER

Liberty CEO Thabo Dloti, who left after clashing with the board about the insurer’s strategic direction, has made a comeback with a plan to shake up the asset-management industry, in which black participation is still minimal. Investment management company Sithega Holdings, cofounded by Dloti, formally launched its partnership with fund manager and stockbroker Prescient. The deal will see Prescient become a majority black-owned asset-management firm.

CLICKS

Group says it grew headline earnings by 12.9% to R763.3m in the six months to February, thanks in part to better sales of its private-label products and higher profits from its distribution business.

EOH’S

shares closed 55.2% higher on Tuesday after the company reported an interim loss of R3.3bn due to impairments and said it would raise R1bn through asset sales to reduce debt. ANOTHER

fuel price hike in March led to inflation hitting the midpoint of the Reserve Bank’s 3%-6% target range. Inflation, as measured by the annual change in the consumer price index, accelerated to 4.5% from February’s 4.1%. The rise was based on a 6.4% increase in alcoholic beverages and tobacco; a 4.5% increase in housing and utilities; and a 6.4% increase in transport.

S&P

Global Ratings has downgraded Cell C’s debt profile because of the mobile operator’s deteriorating liquidity position and rising risk that it will not be able to refinance maturing debts. It lowered Cell C’s issuer credit rating to CCCfrom CCC+, placing it deeper in “junk” territory.

SA’S

performance on a range of social, economic and governance measures deteriorated more in the past 12 years than any other nation not at war, according to Johannesburg-based political-risk advisory company Eunomix Business & Economics.