Business News 8.12.2017 09:22 am

Moody’s downgrades Steinhoff 4 notches in fallout from accounting irregularities

Steinhoff said earlier this week its CEO Markus Jooste had resigned and that it had asked for an investigation into the discrepancies, triggering a heavy sell-off in its shares.

Moody’s said on Thursday it had downgraded the credit rating of retail holding group Steinhoff by four notches to B1 from Baa3 and put it under review for further downgrade over accounting irregularities.

Moody’s downgrades Steinhoff 4 notches in fallout from accounting irregularities
Moody’s downgrades Steinhoff 4 notches in fallout from accounting irregularities

Moody’s downgrades Steinhoff 4 notches in fallout from accounting irregularities

Steinhoff said earlier this week its CEO Markus Jooste had resigned and that it had asked for an investigation into the discrepancies, triggering a heavy sell-off in its shares.

Gigaba gravely concerned by Steinhoff’s impact on retirement funds
Business

Gigaba gravely concerned by Steinhoff’s impact on retirement funds

The minister supports the decision by the FSB to institute an independent investigation into possible false and misleading reports by the embattled company.
Five things you need to know about Steinhoff
Business News

Five things you need to know about Steinhoff

The German and South African-based company made a crippling announcement this week, citing accounting irregularities.
Reserve Bank issues licence to country’s third cooperative bank
Business

Reserve Bank issues licence to country’s third cooperative bank

South Africa’s central bank said on Thursday it had issued the first cooperative banking licence since 2011 to Ziphakamise Savings and Credit Cooperative.
SA fund manager reassures investors amid Steinhoff share crash
Business

SA fund manager reassures investors amid Steinhoff share crash

Moneyweb reported that the Government Employees Pension Fund (GEPF) would be hard hit.
New Eskom board to be announced on Friday
Business

New Eskom board to be announced on Friday

The new board was expected to be in place by November 30.
BLSA concerned over graft allegations against Multichoice
Business

BLSA concerned over graft allegations against Multichoice

Lobby group Business Leadership South Africa said on Thursday it was gravely concerned over reports implicating its member, satellite TV company MultiChoice, in graft.
Steinhoff adds liquidity after CEO quits over accounting scandal, triggering sell-off
Business

Steinhoff adds liquidity after CEO quits over accounting scandal, triggering sell-off

Retail holding group Steinhoff said on Thursday it had received expressions of interest in non-core assets, which would release a minimum of €1billion of liquidity into the company.
Cement firm PPC says CRH withdraws bid for controlling stake
Business

Cement firm PPC says CRH withdraws bid for controlling stake

The cement producer said on Thursday Irish building materials firm CRH had withdrawn its cash bid for a controlling stake in the firm.
Steinhoff adds liquidity after CEO quits over accounting scandal, triggering sell-off
Business

Steinhoff adds liquidity after CEO quits over accounting scandal, triggering sell-off

Retail holding group Steinhoff said on Thursday it had received expressions of interest in non-core assets which would release a minimum of €1billion of liquidity into the company.
Why 77% of ordinary South Africans think country is moving in wrong direction
Business

Why 77% of ordinary South Africans think country is moving in wrong direction

Seventy-seven percent of ordinary South Africans think the country is moving in the wrong direction, and that government and President Jacob Zuma are primarily responsible, a new study shows.
Steinhoff skeletons emerge
Business

Steinhoff skeletons emerge

Allegations of round tripping, inflating earnings and obscuring losses contained in report.
Transnet apologises unreservedly for no-show at Parliament’s Scopa
Business

Transnet apologises unreservedly for no-show at Parliament’s Scopa

The state-owned company’s board says its members were left with less than 48 hours to prepare for the engagement with Scopa.
Public servants union pushes against raid of govt employees pensions
Business

Public servants union pushes against raid of govt employees pensions

There has been a strong push against government’s plans to raid the PIC to bail out struggling companies under its control.
SA’s Vukile Property Fund goes on €10bn shopping spree in Spain
Business

SA’s Vukile Property Fund goes on €10bn shopping spree in Spain

JSE-listed Vukile Property Fund said on Wednesday it was buying two shopping centres in Spain for €10.7 billion, to increase its exposure in the European country.
Somalia needs investment and improved living conditions says UN, AU
Africa

Somalia needs investment and improved living conditions says UN, AU

Natural disasters and a lack of economic development have driven up humanitarian needs for decades in the east African country.
China urges SA not to lose sight of Madiba’s vision
Business

China urges SA not to lose sight of Madiba’s vision

The new Chinese ambassador of South Africa hopes to see durable peace and sustainable development in Africa.
Steinhoff CEO Markus Jooste quits
Business

Steinhoff CEO Markus Jooste quits

Amid a storm over the global retail giant’s accounting irregularities.
Naspers under investigation by US law firm
Business

Naspers under investigation by US law firm

Threatens class action lawsuit if fraud or unlawful behaviour is discovered.
Nedbank increases bundle account fees by 6%
Business

Nedbank increases bundle account fees by 6%

Bank nearly triples in-branch cash deposit fees to force customers to depositor ATMs.
Suspended Eskom CFO to appear before parly inquiry on Tuesday
Business

Suspended Eskom CFO to appear before parly inquiry on Tuesday

Anoj Singh was placed on special leave following pressure from Eskom’s lenders.
Sars denies paying Makwakwa a bonus while on suspension
Business

Sars denies paying Makwakwa a bonus while on suspension

This after a report alleged that Makwakwa received a R930k bonus in the 2016/2017 financial year, despite working for only six months before being suspended.
Petrol, diesel price to go up this week
Business

Petrol, diesel price to go up this week

The price increases take effect on Wednesday, December 6.
WATCH: ‘Pay your traffic fines in bitcoin’
Business

WATCH: ‘Pay your traffic fines in bitcoin’

Although real action is in the asset class.

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