The 5 Important Changes the South African Business World is Seeing Today: The 5 Important Changes in South African Business
Recent Western Cape Business News
Are you curious to know what is happening in the business front in South Africa? Then this article has got you covered. It’s not just Betway South Africa – the new popular company that everyone is talking about that we will take a look at.
The popularity of online betting is rising but it’s just one part of the story. Here is a look at some of the five essential things happening today.
1. South Africa's ABSA is looking for a CEO external replacement.
Maria Ramos who has been the CEO of Absa for the past ten years is set to retire this forthcoming month. The announcement which was made on January 29 came as a shock to a lot of analysts and investors. However, it was a good thing because the shares of the company increased by 4%.
The company is seeking to hire a new CEO who will bring in some new fresh ideas to the lending institution. Rumors have it that Ramos will be replaced by René van Wyk who is a non executive member of the board. Wyk will hold onto the position until someone from outside the bank is found. Absa is the third leading financial institution in South and Central Africa.
2. President Cyril Ramaphosa and Former President Jacob Zuma at war.
The troubles of the former president of South Africa never cease. He is now at war with the incumbent Ramaphosa who was quoted the previous week referring to Zuma's term as "nine wasted years." This was during an investors meeting, and those remarks did not go well with Zuma.
The later took it to Twitter to dispute those claims and pointed out his successes in those nine years. Moreover he went further to claim that the failures he faced were as a result of the ANC party.
3. Update on IEC voter registration.
The final results of the IEC voter registration are out. The call for registers especially the youth began in 2017 where voters were encouraged to update their information for the upcoming elections. The IEC announced that 2.5 million people heeded the call to update their details while 700,000 people registered as new voters. Currently, there is a total of 2.6 million people who are on a roll and are ready for the new election.
4. Angela's Agrizzi fierce testimony.
The former chief operating officer of Bosasa finally confessed of the dealings of his former boss Gavin Watson. The allegations which centered mostly on Kevin Wakeford who is the former Port Elizabeth business leader. Agrizzi claimed that Wakeford received R100,000 each month from Bosasa so that he could resolve the Sar problems.
However, Wakeford refuted those claims saying that he only maintained a professional relationship with Bosasa. However, the former chief financial officer Andries van Tonder has added more claims of how fearful he was of his boss Watson. The state capture commission inquiry is still looking into these fresh allegations made towards Bosasa.
5. The Rand continues to stand firm.
The exchange rate of the South African Rand to other currencies has been improving in the past couple of days. On Thursday the rand was at 13.26 to the dollar, 17.41 to the pound and 15.24 to the Euro.
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