Today’s Top 8 Business Stories – 13 September

 

1) Old Mutual-Moyo Fight Rumbles on as Firm Says It Won’t Back Down
Old Mutual Ltd. won’t back down on any litigation against Peter Moyo and maintains that the South African insurer’s second dismissal of the fired chief executive officer remains valid. The insurer’s legal team on Thursday sent a letter to Moyo’s lawyers saying that the company has now decided it would be more appropriate to attempt to “de-escalate the litigation” between the parties. In the letter seen by Bloomberg. View Share Prices for Old Mutual Ltd.

2) South African Oil Bill Proposes 20% Carried Interest for State
Proposed oil and gas legislation would allow state 10% free carry at exploration stage and 10% carried at production, according to presentation by Dept. of Mineral Resources & Energy to lawmakers in Cape Town. * Taxes to include royalties based on profit in range of 0.5% to 5% * Contract type to be informed by location of block, conventional or unconventional resource and national interest, including security of supply and PetroSA feedstock.

3) Protesters Stage Sit-In at Johannesburg Bourse Over Gender Crime
Hundreds of protesters staged a sit-in at the entrance to the Johannesburg Stock Exchange to call for an end to gender-based violence in South Africa. The demonstration, which began before dawn on Friday, disrupted traffic in the country’s main economic hub of Sandton. It’s the latest in a series of protests triggered by the rape and murder of a 19-year-old university student in Cape Town last month.

4) South Africa’s Mboweni Still Awaiting Responses to Economic Plan
South African Finance Minister Tito Mboweni is awaiting responses to his economic policy plan, but so far reaction from the public has been slow, he said. “You are saying some things are missing from the document. I am very happy they are missing,” so that South Africans can make proposals, Mboweni said at a conference hosted by the Banking Association of South Africa in Johannesburg Friday.

5) Patrice Motsepe’s ARC in Talks to Buy Unidentified Money Manager
African Rainbow Capital Investments Ltd. is in advanced talks to complete a deal in the South African asset- management industry that could be worth about 800 million rand ($54.8 million). The Johannesburg-based firm has 49 investments spanning banking and insurance to telecommunications and agriculture and sees financial services as a particular growth area, co-Chief Executive Officer Johan van der Merwe said by phone Thursday. View Share Prices for African Rainbow Capital Investments Ltd.

6) S. Africa’s Numsa Signs Wage Deal With Automobile Manufacturers
The National Union of Metalworkers of South Africa agreed a three-year wage deal with the country’s Automobile Manufacturers Employers Organization, the labor union said in an emailed statement. * Agreement will be backdated and implemented from the July 1, 2019, and expires at the end of June 2022, the union said * In the first year, workers will receive a 9% wage increase, followed by 7% in the second and third years, or CPI, whichever is greater.

7) Johannesburg Gold Stocks Drop as Bullion Falls From Rand Record
South African gold stocks fall the most in a month as bullion heads for a weekly decline and as the rand strengthens; FTSE/JSE Africa Gold Mining Index slumps as much as 5.9%, deepest decline since Aug. 13. * Gold is set for a third weekly drop, the worst run in five months, as investors weigh goodwill measures on trade from China and the U.S. against fresh ECB stimulus and prospects for another U.S. rate cut next week.

8) Horror of Gender-Based Violence Revealed in South African Report
The murder of a number of women in South Africa over recent weeks has ignited outrage, street protests and a media storm. The extent of the scourge of gender-based violence was put on stark display in the latest crime statistics released on Thursday.