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Get the latest Business and Financial news in South Africa as it happens.

Court orders VBS bank to be liquidated

The North Gauteng High Court has issued a final order to liquidate VBS Mutual Bank. This after the South African Reserve Bank’s Prudential Authority applied for the final liquidation of the mutual bank. In its affidavit, which went unopposed, the Authority submitted that the order to liquidate the bank was …

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Tom Moyane – you’re fired

Tom Moyane

South African President Cyril Ramaphosa fired the head of the nation’s tax agency, Tom Moyane, after a recommendation by a judicial inquiry into the South African Revenue Service. “Mr. Moyane’s dismissal is with immediate effect,” Khusela Diko, the president’s spokeswoman, said by phone Thursday from Pretoria. “The president cannot anticipate …

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Siyabonga Gama has been fired as Transnet CEO

Siyabonga Gama

Siyabonga Gama has been fired as group chief executive officer of Transnet, the state-owned freight and rail company confirmed on Sunday. Transnet board member Edward Kieswetter confirmed Gama’s dismissal on eNCA’s The Fix programme on Sunday evening. “I can confirm that a letter was hand-delivered to Gama to inform him …

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Government considers capping the price of petrol

Government was considering capping the price of 93 unleaded petrol, Energy Minister Jeff Radebe said on Thursday. Radebe, who joined his communications counterpart, Nomvula Mokonyane, during the post-cabinet media briefing, said they were consulting the industry on the proposal. “Last week, as the department, we started a consultation process with …

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Rand slips slightly – herewith the reason

The US-Mexico-Canada trade deal is expected to result in increased local content in the auto sector and will grant US producers access to Canada’s 3.5% dairy market RMB economist Mpho Tsebe explained in a market update. “However, the deal is only scheduled to be signed after 30 November. Nonetheless, the …

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Transnet wants to fire Siyabonga Gama

Siyabonga Gama

The Transnet board has given Group CEO Siyabonga Gama 10 days to submit reasons as to why he should not be fired, board Chairman Popo Molefe said on Thursday. “The board of Transnet has today served Mr Siyabonga Gama with a letter informing him of the board’s intention to terminate …

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