EDITOR’S LUNCHBOX: How FNB stadium could become a giant sinkhole
Fighter pilot Tammie Jo Shults’s nerves of steel save 149 lives, and Irba CEO Bernard Agulhas proposes creating ‘audit-only’ companies
Stories of note
Bytes from the digital world
Johannesburg’s FNB sports stadium could eventually collapse as a result of illegal mining in the area‚ mayor Herman Mashaba has warned.
The pilot’s voice was calm yet focused as her plane descended, telling air traffic control she had "149 souls" on board and was carrying about 9,500kg — or about five hours’ worth — of fuel.
"Southwest 1380, we’re single engine," said Capt Tammie Jo Shults, a former fighter pilot with the US Navy. "We have part of the aircraft missing, so we’re going to need to slow down a bit."
In my opinion
Matters of debate
The Independent Regulatory Board for Auditors (Irba) should be the first in the line of fire for the growing list of accounting scandals, Iraj Abedian and Simon Mantell argue.
Irba CEO Bernard Agulhas has proposed creating "audit-only" firms, which would entail forcing firms to split audit and advisory arms to ensure independence and quality. He is following the UK regulator, who also recently proposed this. Hilary Joffe doubts this would help.
The long and the short of the markets
Steinhoff International Holdings’ nonexecutive director Johan van Zyl resigned from the board of the troubled retailer just two days before what could be a tempestuous annual shareholder meeting in Amsterdam.
"We are steadily confronted with new and more staggering media stories about the company, but so far it has not provided us with the information we need to vote on an informed basis," the head of the Dutch Investors’ Association said ahead of the Steinhoff AGM.
If Aton’s hostile bid for Murray & Roberts succeeds, it will be the second time in recent years that a household name has been sold to a foreign buyer, following on the heels of the purchase of SA Breweries by Anheuser-Busch InBev two years ago.
Graph of the day
In London the price of aluminium has been on a rocket-propelled charge since the US treasury announced sanctions on Rusal on April 6. At a current $2,527 per tonne, London Metal Exchange three-month aluminium has gained more than $500 in less than two weeks.