The stepdaughter of Eskom boss Mantshela Koko has raked in contracts worth about a R1-billion for her company from the state utility. The appointment of Koketso Choma, 26, as a director at Impulse International last April was followed by the company netting eight lucrative contracts at Eskom over 11 months. The work, valued at R1-billion, all came from a division of Eskom that Koko headed up until he was appointed acting CEO in December.
Source : https://goo.gl/XwLLFS
Old Mutual Close To Separation
Old Mutual has taken another step in dismantling its business structure with the sale of its 25% stake in Old Mutual Asset Management (OMAM) worth $446m (R5.5bn) to HNA Capital US. Old Mutual, which has £395bn under management, said the transaction will reduce its shareholding from 50.8% to 25.9%
Source : https://goo.gl/kXLAEY
Rand Continues Winning Run
The rand continued its winning ways on Monday morning as it powered through the R12.35/$ level for the first time since July 2015. The latest bout of the rand strength has been partly traced to a weaker dollar, which is reeling from the expectation that the Federal Reserve will increase US rates gradually this year.
Source : https://goo.gl/7qSTcq
Ford Facing Lawsuits From Insurance Companies
Auto & General and Dialdirect, both part of insurance giant Telesure, have dealt with two and one fire-related EcoSport claims respectively, from May and July last year, and the third last month. They said Ford South Africa was informed of each incident.
Source : https://goo.gl/uW8EiS
Pipe Manufacturers Found Guilty of Collusion
The Competition Tribunal has found Dawn Consolidated Holdings (DCH), through its subsidiary DPI Plastics, and Sangio Pipes guilty of colluding to divide markets in South Africa between 2007 and 2012. The tribunal found that a shareholders’ agreement between DCH and Sangio, in which DCH held a 49% interest at the time, had the effect of dividing the market for the manufacture of regular HDPE pipes, in contravention of the Competition Act.
Source : https://goo.gl/DEeI2P
Indicators : Oil 50.80 – Rand/USD 12.36 – Rand/GBP 15.49 – Rand/EUR 13.42