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Business South Africa

  • *Broker Sasfin cites "well-publicised concerns". JOHANNESBURG, Sept 19- A South African broker and an energy investment firm fired KPMG on Tuesday, two of a number of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial...

  • *Broker Sasfin cites "well-publicized concerns". JOHANNESBURG, Sept 19- A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial...

  • FRANKFURT, Sept 18- A former joint venture partner of Steinhoff has asked a Dutch court to order an investigation into the South African group's annual accounts, which Steinhoff said it expected to be dismissed. News of the investigation wiped more than $2 billion off the value of Steinhoff's shares, which are listed in Germany and Johannesburg.

  • *Europe insurtech H1 investment $413 mln vs $46 mln 2016. The lure of products promising to save on claims in a highly competitive market has led to a leap in investment in "insurtech" in Europe to more than $400 million in the first half of 2017, from just $50 million a year ago. "The new technologies have the potential to change the game, said Simon Tottman, head of...

  • Facebook founder and chief Mark Zuckerberg (C) speaks to German Chief of Staff Peter Altmaier (R) at the so-called 'Facebook Innovation Hub' in Berlin on February 25, 2016.

    Some of the biggest companies in the world are finding they need to play by an entirely new set of rules on the once-anarchic internet.

  • Hit by political turmoil and a sovereign downgrade, South Africa has managed to pull off something few people believed it could.

  • JOHANNESBURG, Sept 15- Global auditor KPMG cleared out its South African leadership en masse on Friday after damning findings from an internal investigation into work done for businessmen friends of President Jacob Zuma. In particular, it acknowledged "flaws" in a report that it compiled for South Africa's tax service, which implied that former finance...

  • By Ed Cropley and Joe Brock. JOHANNESBURG, Sept 15- Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for businessmen friends of President Jacob Zuma. It became the third global firm to be damaged by work carried out for the Indian-born brothers, after public relations...

  • *KPMG worked for Gupta family, friends of president Zuma. JOHANNESBURG, Sept 15- Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for businessmen friends of President Jacob Zuma. It became the third global firm to be damaged by work carried out for the Indian-born...

  • JOHANNESBURG, Sept 14- A violent feud between South African meter taxi drivers and ride-hailing services Uber and Taxify escalated with another three vehicles torched using petrol bombs, police said on Thursday. Drivers for Uber and Estonian start-up Taxify operating in Johannesburg and capital Pretoria have faced threats and protests from regular taxi...

  • Aspen, a drugmaker with operations in 50 countries, has looked to injectibles such as anesthetics to increase sales, building up its business in the past year with the commercial rights to AstraZeneca drugs and products from GlaxoSmithKline. The deal with AstraZeneca covers the intellectual property and manufacturing rights to a portfolio of anesthetics a...

  • Aspen, a drugmaker with operations in 50 countries, has looked to anaesthetics to increase sales, building up its business in the past year with the commercial rights to AstraZeneca drugs and products from GlaxoSmithKline. The deal with AstraZeneca covers the U.S. rights to a portfolio of anaesthetics a year after Aspen bought the rights in other parts of the...

  • *SARB to cut rates 25 bps at Sept. 21 meeting. JOHANNESBURG, Sept 13- South Africa's central bank is expected to cut its benchmark interest rate by another 25 basis points next week, taking it to 6.50 percent, as inflation is considered likely to moderate, a Reuters poll found on Wednesday. In a survey taken in the past week, 17 of 26 economists said the Reserve Bank will...

  • *McKinsey caught up in South Africa scandal. JOHANNESBURG, Sept 13- Global consultancy McKinsey, facing parliamentary hearings in South Africa over payments to a firm controlled by a billionaire family, ignored suspicions raised over several years by local senior staff that companies it worked with were set up to steer state contracts, two former employees...

  • JOHANNESBURG, Sept 12- Sim Tshabalala has become the first black person to lead Africa's largest bank by assets without sharing power, after his co-CEO stood down, South Africa's Standard Bank said on Tuesday. Tshabalala, a lawyer, was appointed alongside Ben Kruger in 2013 to sharpen the company's Africa focus and clean up a costly blunder by then chief...

  • JOHANNESBURG, Sept 12- Sim Tshabalala became the first black person to lead Africa's largest bank without sharing power when his co-CEO stood down from South Africa's Standard Bank on Tuesday. Tshabalala, a lawyer, was appointed alongside Ben Kruger in 2013 to sharpen the company's Africa focus and clean up a costly blunder by then chief executive Jacko Maree...

  • JOHANNESBURG— Uber's operation in South Africa says it is disappointed with authorities for what it calls a weak response to violence by metered taxi drivers who fear they are losing business to the ride-hailing app. Uber also says in a statement Tuesday that the transport department focuses on alleged retaliation by its drivers even though "there is little...

  • JOHANNESBURG— Uber says South Africa's government must do more to prevent taxi driver violence after at least one vehicle using the ride-hailing app was set on fire. South African transport minister Joe Maswanganyi on Friday denounced the clashes a day earlier between metered taxi drivers and competitors who use the Uber app in Johannesburg's upscale...

  • DAR ES SALAAM, Sept 7- Tanzanian President John Magufuli has ordered a review of a Petra Diamonds Ltd contract and asked senior public officials to resign over the outcome of an investigation into the mining sector, he said on Thursday. The company's shares fell as much as 3.5 percent, but had trimmed losses to trade down 1 percent at 90 pence by 1516 GMT.

  • DAR ES SALAAM, Sept 7- Tanzanian President John Magufuli has ordered a review of a Petra Diamonds Ltd contract and asked senior public officials to resign over the outcome of a probe into the mining sector, he said on Thursday. The company's shares fell as much as 3.5 percent, but had trimmed losses to trade down 0.9 percent at 90 pence by 1240 GMT.