EDITOR’S LUNCHBOX: SABC is cutting staff costs, apparently by using freelancers
Institutional investors want to see links between executive rewards and shareholder returns and they also want simplicity (take note Naspers)
Stories of Note
Bytes from the digital world
It was not Atul but Ajay Gupta who prophesied to Fikile Mbalula that former president Jacob Zuma would appoint him sports minister, Mbalula told Business Day, quibbling with former finance minister Trevor Manuel’s details when he raised the alarm the Gupta brothers were picking cabinet members.
Another accounting scandal is brewing, with the Independent Regulatory Board for Auditors accusing Deloitte of allowing African Bank to hide its bad loan problems from investors and creditors.
In My Opinion
Matters of debate
The person responsible for putting together the SABC’s sports broadcasts works Monday to Friday, which means a freelancer has to be brought in to take care of live sports broadcasts over weekends, writes Larry Claasen.
“So two things will remain certain: executives will score big no matter what happens to the share price; and alignment with shareholder interests is not guaranteed,” writes Ann Crotty.
The long and the short of the markets
Telkom subsidiary BCX will retrench about 700 employees following weak financial performance.
Reuters reports that the Saudi Arabian government is considering acquiring Denel’s half of its joint-venture with Germany’s Rheinmetall.
Oh, Very Twitty
The lighter side of the web
Graph of the day
A 19% crash in gold production, which dragged down overall mining output, would not be enough to prevent SA emerging from its first recession in a decade, economists have said.