Fools in April

Fools in April

Fools in April

President’s faux pas means the worst kind of April Fools for South Africa Inc, reports Gareth Stokes At the end of March 2017, South Africa’s President Jacob Zuma announced a wholesale Cabinet restructure that affected no fewer than ten ministerial and ten deputy ministerial posts. Pravin Gordhan and Mcebisi Jonas, the minister and deputy minister of finance, were summarily dumped…

Change is the new normal

Change is the new normal

Change is the new normal

Legislative reform is a key area of concern for corporates, and risk managers should be aware of the potential for legal change to fundamentally alter the risks that they face, as Max Ebrahim and David Wynn, of Clyde and Co, discuss   Legal systems are subject to political, social, and economic pressures, and once a need for change is identified,…

Johannesburg still leading African destination for Fortune 500 companies

Johannesburg still leading African destination for Fortune 500 companies

Johannesburg still leading African destination for Fortune 500 companies

The Middle East and Africa (MEA) region has become increasingly important for the majority of global Fortune 500 companies, with a 17% increase in the number of Fortune 500 companies in MEA in 2016 compared to 2015. Johannesburg is the leading destination for Africa, according to a new report released by business research company Infomineo. In 2016, 196 Fortune 500…

Data breaches and cyber attacks: How ready is your organisation?

Data breaches and cyber attacks: How ready is your organisation?

Data breaches and cyber attacks: How ready is your organisation?

Data security and cyber breaches are becoming an almost daily occurrence, as is widely reflected in increased publicity and media reports, which also demonstrate that data breaches are growing both in frequency and scope each year. South Africa has been slow to regulate cybercrimes and data breaches. There are currently two key pieces of proposed legislation that are relevant: The…

New leader at head of Coface South Africa

New leader at head of Coface South Africa

New leader at head of Coface South Africa

Coface, the French-based trade credit insurer, has named Jacqui Jooste as Coface South Africa CEO and country manager. “Ms Jooste has been an executive director and board member of Coface since August 2008 and has held the position of COO since September 2014. With a career spanning more than 20 years at the entity, Ms Jooste has grown through the…

Double blow for South Africa as downgrades continue

Double blow for South Africa as downgrades continue

Double blow for South Africa as downgrades continue

Fitch Ratings has followed Standard & Poor’s in downgrading South Africa, in a move that was widely expected but which has been met with concern among insurers and brokers alike, who fear it will be expensive for the country and scare investors away. Fitch has downgraded South Africa’s long-term foreign- and local-currency issuer default ratings (IDR) to BB+ from BBB-.…

South African insurers and reinsurers hit by country downgrade

South African insurers and reinsurers hit by country downgrade

South African insurers and reinsurers hit by country downgrade

South African insurers and reinsurers have been hit by downgrades, following the downgrade of the country as a whole by Standard & Poor’s (S&P) Global Ratings. S&P warned: “The negative outlooks largely reflect that on the sovereign, meaning we could lower the ratings further if we lower our ratings on South Africa.” The ratings agency revised the outlook to negative…

Sucker punch: political bungling sets South Africa on the recession path…

Sucker punch: political bungling sets South Africa on the recession path…

Sucker punch: political bungling sets South Africa on the recession path…

In December 2015, South Africa made international headlines after going through three finance ministers in just four days. Nhanhla Nene was replaced by David Van Rooyen, since dubbed the ‘weekend minister’, before sanity prevailed and the portfolio was handed to the respected Pravin Gordhan. Mr Gordhan set about undoing the damage caused by this cynical political shuffling, working round the…

South Africa downgraded to junk status after cabinet reshuffle

South Africa downgraded to junk status after cabinet reshuffle

South Africa downgraded to junk status after cabinet reshuffle

“Heightened political and institutional uncertainties that have arisen from the recent changes in executive leadership” have resulted in S&P Global Ratings effectively taking the country to junk status, with Moody’s placing the country on watch for a possible investment downgrade. This reaction from the ratings agencies had been feared by businesses both inside and outside the country. Political commentators said…

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