Cape Town - A roundup of Monday's top economic and finance reads on Fin24.
First SA-made BMW X3 shipped out
BMW South Africa has shipped its first production of X3 models assembled at its Rosslyn plant for export markets, the company said on Monday.
The German car manufacturer said more than 100 units of “proudly South African BMW cars” were transported by train to Durban on Friday.
Landlord shows Trillian the door at Melrose Arch, cites reputation fears
Property development and investment group Amdec confirmed on Monday that it has cancelled a lease with Trillian for office space at Melrose Arch of Rosebank, Johannesburg, sighting the potential for “reputation damage”.
Trillian is still reeling from scandals related to the governance of Eskom in recent years under former CEO Brian Molefe, former CFO Anoj Singh and, more broadly, former minister of public enterprises Lynne Brown.
Telkom cuts ties with Nkonki Inc as voluntary liquidation continues
Telkom [JSE:TKG] announced on Monday that it would be cutting ties with Nkonki Inc as its joint auditors following developments that have led the latter to undergo voluntary liquidation.
Nkonki is undergoing voluntary liquidation, following misgivings from the office of the Auditor General Kimi Makwetu on a lack of clarity in their ownership.
Mcebisi Jonas joins MTN board
MTN Group announced on Monday that former deputy finance minister Mcebisi Jonas has joined its board as an independent non-executive director.Jonas, 58, who holds a Bachelor of Arts in history & sociology from Vista University and a Higher Diploma in Education from Rhodes University, served as deputy finance minister for nearly three years. He was fired by former president Jacob Zuma together with former finance minister Pravin Gordhan during a midnight Cabinet reshuffle in 2017. Jonas is an outspoken anti-corruption proponent and has fiercely spoken out against state capture.
US-China trade war much more than just steel tariffs - S&P Global
The most important element of the ongoing trade dispute between the US and China could be regarding intellectual property (IP), according to economic research by S&P Global.
"While it has garnered fewer headlines than the promised tariffs on steel and aluminium - perhaps because of the political expediency around shoring up US manufacturing - US President Donald Trump's directive last August to launch an investigation into China's 'theft' of US IP could reverberate more widely," S&P Global said in a report released on Monday.
S&P Global believes proposed US tariffs on up to $50bn of Chinese imports will have a subdued impact on the global technology sector.
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