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Bloomberg

Bain calls its work for SARS a 'serious failure'

19th December 2018 Bain & Co, the Boston-based consultancy company that was hired to assist in restructuring South Africa’s tax agency in 2015, said it has become “painfully evident” that the firm’s involvement with the authority was a “serious failure". Not only was Bain’s hiring potentially irregular, but it... 

AngloGold is said to weigh London listing, South Africa exit

19th December 2018 AngloGold Ashanti is considering listing its shares in either London or Toronto in a move that could see the company hive off its remaining South African operations, according to people familiar with the situation. While no final decision has been made, the world’s third-largest gold producer... 

After Europe mining stocks' humbling year, five themes for 2019

19th December 2018 It all started so well in 2018 for investors in European metal and mining stocks, but as the year closes out, the sector index is languishing about 25% below its June peak. Fractious trade-war rhetoric between Washington and Beijing, plus growing worries about the state of China’s economy undid... 

Fixing State companies comes second to politics

19th December 2018 South Africa’s government is facing potentially unpopular decisions needed to fix state companies that are drowning in debt, bleeding cash and fettering the economy, that may alienate voters ahead of next year’s elections. So far, it’s shied away from hard choices. Companies such as power utility... 

This odd couple plots to save $100bn gold mining business

18th December 2018 John Thornton is a Goldman Sachs alumnus educated at Yale, Harvard and Oxford. Mark Bristow is a South African geologist and big-game hunter. Together, this corporate odd couple has a plan to turn around the lagging fortunes of the world’s largest gold-mining company, whose shares are down 67%... 

Canada offers C$1.5bn in loans for oil-sector liquidity

18th December 2018 The Canadian government announced C$1.5-billion in loans for the oil and gas sector, as well as some government funding for unspecified projects, after a supply glut sank heavy crude prices to as low as $13.46 a barrel last month. The country’s Energy and Trade Ministers announced the aid... 

The world's most controversial coal mine is set to break ground

18th December 2018 The world’s most contentious coal project is edging closer toward development, potentially unlocking one of the biggest untapped resources even as a debate rages around the fuel’s future. Indian billionaire Gautam Adani’s Carmichael is located in Australia’s huge Galilee Basin, which covers... 

Glencore billionaire among directors banned, fined by Canada

18th December 2018 Glencore’s billionaire head of copper trading, Aristotelis Mistakidis, was among executives fined and banned from being a director by Canada after admitting that its Congolese copper and cobalt unit misstated how much metal it mined. Mistakidis, who is retiring from Glencore at the end of this... 

Zuma's legal mire deepens as Zimbabwe farmers seek $133m

18th December 2018 Jacob Zuma, the former South African president facing 16 corruption charges and a demand to pay back as much as R32-million in legal fees, may see his woes deepen from beyond the country’s borders. South Africa’s top court ruled on December 11 that Zuma had no right to co-sign a Southern African... 

Women on track to earn the same as men – in 202 years

18th December 2018 The good news: The global gender gap has improved, slightly. The reality: Differences in economic opportunity, including pay between men and women, are so vast it’ll take 202 years to fully bridge them, according to the World Economic Forum (WEF). The group looks at several measures of equality... 

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