In City Press Business: $5.3bn in foreign direct investment hits SA; banks face new work rules

City Press Business front page: June 16 2019
City Press Business front page: June 16 2019

Here are some of the headlines in your City Press business section today:

Nafcoc’s Vanity sows decent

A group of 12 directors entrusted to safeguard the investments of the National African Federated Chamber of Commerce and Industry (Nafcoc) have allegedly hijacked the company to benefit themselves and their families.

Quantitative easing will not ease SA’s woes

Lullu Krugel, chief economist for PwC in South Africa, writes for us regarding quantitative easing, which became a much-debated topic in South Africa earlier this month when ANC secretary-general Ace Magashule announced after a lekgotla that it would now be considered as a tool to stimulate the South African economy.

Tongaat’s bitter property

The way local sugar giant Tongaat Hulett dealt with its property development business could have a lot to do with the accounting controversy it currently finds itself in, experts say.

Banks face new work rules

South Africa’s 70 or so banks, with total assets of more than R5 trillion, face a new conduct standard that, for the first time, intends to iron out weaknesses identified in the sector over the past decade.

$5.3bn in FDI hits SA

Foreign direct investment (FDI) flowing into South Africa more than doubled to $5.3 billion (R78.5 billion) last year, largely due to renewable energy and automotive investments from China, Germany and Japan.

For more on these and other stories, get your copy of City Press today.

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