With the right announcements the markets would react positively, support the government in seeking growth, writes Melanie Verwoerd.
Morning clouds. Cool.
The Government Employees Pension Fund has requested a report from the PIC on a decision to purchase undeveloped farmland valued at R586m.
The presidency says Ramaphosa is still studying the report.
Since Steinhoff's former CEO Markus Jooste abruptly resigned at the start of an accounting scandal in December 2017, the Stellenbosch-headquartered retailer's share price has plummeted by over 95%.
The former head of the PIC says he was removed from his job so politically connected people could influence the fund's investment decisions.
The Government Employees Pension Fund, managed by the PIC, holds R54.8bn of Eskom bonds, or 16.8% of all the debt outstanding, more than five times the next-biggest holder.
The GEPF had no reason to update Sekunjalo executive chair Iqbal Survé about the way in which the PIC handled its investment in AYO, head of the fund Abel Sithole told Fin24.
The head of South Africa's largest state pension fund, Abel Sithole, has said the fund remains financially sound and employers would not need to increase contributions, despite concerns raised by Alexander Forbes Financial Services in a valuation.
The GEPF, which has registered impairments of over R5bn in its investments in Steinhoff’s empowerment partner Lancaster 101 and Independent News and Media SA, says it has no reason to believe it did not conduct proper analysis.
The Public Servants Association has filed a court application in a bid to force the release of information relating to the PIC board and the R5bn bridging loan granted to Eskom in February.
The Public Investment Corporation has responded to allegations that it carried out its duties recklessly, slamming both media reports and the United Democratic Movement.
The Government Employees Pension Fund says it has still not been approached about a proposal to increase its exposure to Eskom debt.
The Government Employees Pension Fund, which expressed a desire last year to invest more of its members' funds offshore, says government is close to deciding on whether it can go ahead.
Independent Media, which is majority owned by Sekunjalo Independent Media, is the publisher of titles such The Star, the Cape Times and the Weekend Argus.
Naspers’s biggest shareholder is considering whether to reduce its R245bn stake in Africa’s biggest company because of concern it’s overexposed to a single stock, according to people with knowledge of the matter.
A legal tussle has erupted between an empowerment consortium and the PIC over the payment of a R45m transaction origination fee for a housing fund with SA Home Loans.
The Government Employee Pension Fund currently has R50.6bn invested in unlisted domestic equities, compared to R970bn in listed equities.
Despite repeatedly being asked about what, in her view, the future holds for the power utility, Busi Mabuza, chair of the IDC, said she would talk about "anything but Eskom" during a BRICS Bank panel discussion.
Introducing economic reforms could add two to three percentage points to real GDP growth over the next 10 years, says Finance Minister Nhlanhla Nene.
UDM leader Bantu Holomisa has asked Finance Minister Nhlanhla Nene to explain an allegedly improper relationship between the Public Investment Corporation and companies linked to its former employees - involving over R8bn of state employees' retirement funds.
The Public Investment Corporation has slammed a report that CoGTA Minister Zweli Mkhize earned R4.5m in kickbacks as “malicious” and “patently false”.
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