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<p>Alternative stock exchange A2X is one of the country&#8217;s most popular exchanges after the JSE. Today it added Exchange Traded Funds to its platform with Absa signing on to be one of the first to offer three of its metal exchange traded funds. A2X CEO, Kevin Brady joins CNBC Africa for more.</p>


Absa lists metal ETFs on A2X


<p><em><a href="https://www.businesslive.co.za/bd/companies/financial-services/2019-02-21-absa-said-to-court-reserve-banks-daniel-mminele-as-ceo/">Speculation</a> has been rife since February that  Absa Group is considering South African Reserve Bank  deputy governor Daniel Mminele as its next CEO after Maria Ramos, left in March. Now that he has stepped down from SARB could this be the reason?</em>  </p>



<p><strong>SARB&#8217;s full statement </strong></p>



<p>The
South African Reserve Bank (SARB) wishes to announce that Deputy Governor
Daniel Mminele will be retiring from the service of the SARB when his second
five-year term as Deputy Governor expires on 30 June 2019. Mr Mminele has
advised President Cyril Ramaphosa and the Board of Directors of the SARB
(Board) that he has decided not to serve another term. </p>



<p>Deputy
Governor Mminele leaves the SARB after almost 20 years of service, having
joined the SARB on 6 September 1999. Before being appointed Deputy Governor in
2009, Mr Mminele served as an Executive Assistant to former Senior Deputy
Governor James Cross. Later he also served as General Manager and Head:
International Banking Department, Head: Financial Markets Department and
Executive General Manager: Markets. </p>



<p>His
most recent responsibilities as Deputy Governor include the Financial Markets
Department, International Economic Relations and Policy Department, Legal
Services Department and National Payment System Department, as well as
oversight of the Human Capital Cluster and Operations Cluster reporting to the
Chief Operating Officer (COO), Mogam Pillay. Mr Mminele is a member of the
Governors’ Executive Committee, Prudential Committee, Monetary Policy Committee
and Financial Stability Committee. He also chairs the Information Technology
Steering Committee, the Reserves Management Committee, the Board of Directors
of the Corporation for Public Deposits and the Financial Markets Liaison Group.
Mr Mminele currently serves as South Africa’s G20 and BRICS Central Bank
Deputy, and as Chairperson of the IMFC Deputies of the International Monetary
Fund. </p>



<p>The
SARB takes this opportunity to thank Mr Mminele for his dedicated service,
commitment and significant contribution to the work of the SARB and wishes him
well for the future. In a message to staff, Governor Kganyago said: “Deputy
Governor Mminele has left an indelible mark on this fine institution and his
contribution to the Bank has been invaluable and immeasurable.” </p>



<p>In
accordance with the policy of the SARB, Mr Mminele will serve a mandatory
six-month cooling-off period. </p>



<p>The
Board has been in communication with the President and the Minister of Finance
regarding the process to announce Mr Mminele’s successor, in accordance with
the SARB Act 90 of 1989, as amended. In the interim, Governor Kganyago will
take over the responsibility for the International Economic Relations and
Policy, and Legal Services departments, while Deputy Governor Naidoo will
assume responsibility for the Financial Markets and National Payment System
departments. The COO will report to the Governor, and the Executive responsible
for the Currency Cluster will report to Deputy Governor Naidoo.</p>


SARB Deputy Governor Daniel Mminele retires, is he headed to Absa?

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<p>Khokhela Consulting, CEO, Laurence Grubb joins CNBC Africa to at South African Executive’s remuneration. This is in light of a large percentage of shareholders opposing the executive remuneration at both Absa and Old Mutual, with reports suggest that South Africa’s banking CEO’s are some of the highest paid executives in the country.</p>


How much are SA CEOs banking?


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) for May fell as business activity and new sales orders declined, the survey showed on Monday.</p>



<p>The index, which gauges manufacturing activity in Africa’s most industrialised economy, slipped to 45.4 in May from 47.2 in April, below the 50 mark that separates contraction from expansion.</p>



<p>Reporting by Alexander Winning, editing by Larry King</p>


South Africa’s Absa PMI drops in May, what you need to know

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<p>As Barclays Africa Group transitions into ABSA Group Limited, CNBC Africa&#8217;s Makeda Mahadeo caught up with the CEO of Barclays Bank Kenya Jeremy Awori, on their commitment to shared value, their position in a highly active east African banking sector and their approach to mobile banking.</p>


Barclays Kenya commits to Uhuru’s ‘Big Four’ agenda

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<p>Statistics South Africa released its first quarter results revealing higher unemployment rate this year. The jobless rate has increased to 27.6 per cent; this is a 0.5 per cent higher than Q4 2018. The unemployment figure has come as no surprise following the sluggish growth of the economy. Joining CNBC Africa to unpack the Q1 unemployment results is Miyelani Maluleke, Macro Economist, Absa.</p>


The cost of high unemployment to SA’s economy

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<p>In Houghton CNBC Africa’s Fifi Peters spoke to former Finance Minister Trevor Manuel and former Absa CEO Maria Ramos. She said President Cyril Ramaphosa has worked very hard in his time as president to openly confront the big issues in South Africa &#8211; issues like growth and jobs.</p>


Manuel, Ramos on what’s at stake in the #SAElections2019

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<p>Absa’s Purchasing Managers Index rose from 45 points to 47.2 points, its highest increase in four months. The Manufacturing activity index is still registering below the 50 point mark which separates contraction from expansion. Joining CNBC Africa to unpack the data is Miyelani Maluleke, Senior Economist, Absa.</p>


PMI climbs to 47.2 in April as load shedding fears ease

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<p>As oil prices hit a six month high, yesterday the United States government ended all waivers on Iranian oil exports. This has resulted in a halt for a key revenue source for the Islamic state as well as a sharp hike in crude oil prices. Tsitsi Hatendi-Matika, Head of Retail Investment Specialist at Absa&#8217;s Wealth and Investment Management joins CNBC Africa for more.</p>


Oil spikes to six-month high, here’s what it means for SA

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<p>Craig Pheiffer, Chief Investment Strategist of Absa joins CNBC Africa to unpack the latest retail sales and consumer price figures from Statistics South Africa.</p>


Unpacking SA’s CPI and retail sales

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<p>After the much anticipated Moody’s credit rating on South Africa being reprieved last week Friday, Yesterday they released a credit opinion on South Africa. Moody’s has relieved the country as they have left the rating at Baa3 with a stable outlook. Although the credit opinion does not constitute a rating action, this saw a positive push to the rand and other South African sectors. ABSA Senior Economist, Peter Worthington joins CNBC Africa for more.</p>


Peter Worthington on what SA should do to improve its credit rating


<p>Absa&#8217;s former deputy CEO David Hodnett will join Standard Bank as its  Group’s Chief Risk Officer designate from 25 March 2019 and replace Neil Surgey on 1 May.</p>



<p>Hodnett left Absa in 2018 after his position effectively disappeared due to a restructure.  </p>



<p>In a statement Standard Bank says the banking veteran previously worked for it from 2000 until 2008, during which time he held various risk roles at an executive level, mainly in the Personal and Business Banking division. He joined Absa in 2008, undertaking roles including Chief Risk Officer, Finance Director and Deputy CEO with responsibility for IT, Operations and Rest of Africa. He was most recently appointed as Deputy Chief Executive of South Africa, the role he held until May 2018.</p>


Absa’s former deputy CEO joins Standard Bank

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<p>The consolidation in the gold mining sector globally is the topic for discussion at the 25th African Mining Indaba. CNBC Africa’s Fifi Peters spoke to Shelley Webber, Head of Natural Resources at Absa about the likely impact this will have on the industry in South Africa.</p>


Absa’s Shelley Webber on consolidation in the gold mining sector

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<p>South Africa&#8217;s only female Top 40 CEO Maria Ramos will retire at the end of February 2019 Ramos after 10 years as Absa group&#8217;s Chief Executive Officer. For more on her legacy, Aly-Khan Satchu, CEO Rich Management joins CNBC Africa.</p>


Rich Management CEO Aly-Khan Satchu talks on impact of Absa’s Maria Ramos legacy

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<p>Jobs, more jobs and investment. This is what the President of South Africa, Cyril Ramaphosa, has pointed out as the key builder of the economy. With many of the country&#8217;s sectors coming under more pressure, is job creation still a possibility? Philip Landman, Assistant General Secretary at Absa Portfolio Sasbo joins CNBC Africa for more.</p>


SA banking sector set cut jobs in 2019

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<p>Retail trade sales increased by 2.2 per cent year-on-year in October 2018, up from 0.6 per cent in the previous month. The biggest contributor was retailers in the household furniture, appliances and equipment was up 10.1 per cent. CNBC Africa&#8217;s Kopano Gumbi spoke to Tsitsi Hatendi-Matika, Head Retail Investment Specialist, Absa&#8217;s Wealth &#038; Investment Management to unpack these numbers.</p>


Retail trade sales rose 2.2% y/y in October 2018

<p>On Wednesday Steinhoff’s former CEO Markus Jooste will give his side of the story as to what led to the demise of one of the world’s largest furniture retailers when he appears in front of parliament, see below. It will be the first time the man who has been described as a megalomaniac and was allegedly responsible for the accounting irregularities at the group will give public testimony since resigning on 5<sup>th</sup> December 2017. Events that precipitated <a href="http://cnbc.africa/insights/steinhoff/2017/12/22/steinhoff-scandal-knocks-12bn-off-value-blow-tycoon-wiese/">the wiping out of billions of dollars of Steinhoff’s market capitalisation</a>. Here are ten facts about Jooste you probably didn’t know revealed in <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em> by James-Brent Styan, which was published this year:</p>
<p>[bc_video video_id=&#8221;5831084088001&#8243; account_id=&#8221;1571595826001&#8243; player_id=&#8221;962b8774-5f97-47fd-81a6-837da7aecf49&#8243; embed=&#8221;in-page&#8221; padding_top=&#8221;56%&#8221; autoplay=&#8221;&#8221; min_width=&#8221;0px&#8221; max_width=&#8221;640px&#8221; mute=&#8221;&#8221; width=&#8221;100%&#8221; height=&#8221;100%&#8221;]</p>
<ul>
<li>Jooste did not own Steinhoff shares in his own name when he resigned on the 5 December 2017. His wife Ingrid and son Michael, did.</li>
<li>The 68.9 million shares he owned in his name on the 30 September 2016 were transferred into other companies including Mayfair Speculators, his horse racing business, which is part of a holding company named Mayfair Holdings. The entities’ two directors are Jooste and his son-in-law, Stefan Potgieter. The holdings business is owned by Jooste’s personal trust.</li>
<li>In August 2017, just over three months before the collapse in Steinhoff’s share price, notes Brent Styan’s <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em> Jooste and Potgieter declared a dividend in specie from Mayfair Speculators to Mayfair Holdings comprising houses, property developments, shares in other companies and about R200 million cash. The total value of the assets transferred was R1.5 billion.  After Jooste and Potgieter stripped Mayfair Speculators of the majority of its assets, mainly debt and Steinhoff shares remained in the company, that were practically worthless by December 2017. The debt was more than R1 billion and owed to various financial institutions including Investec, Absa and Sanlam Capital Markets. According to <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em>, “At the end of November, just days before the Steinhoff collapse, Potgieter asked Investec for an increase in Mayfair Speculators’ credit facility. Investec extended an amount of R93.4 million and paid it to Mayfair Speculators in late November. This brought the total loan amount to R250 million. The collateral for the additional debt was Steinhoff shares”.</li>
<li>Jooste remains one of the major racehorse owners in the country through his stakes in Mayfair and the Klawervlei Stud farm.</li>
<li>Jooste is still a major shareholder in JSE-listed company, Phumelela. At the end of July 2017 he and Investec’s co-founder Bernard Kantor’s Kalamojo Trading &amp; Investments owned 9.19% of the horseracing company.</li>
<li>A consortium of which Jooste was part of purchased retail tycoon Christo Wiese’s historic farm Lanzerac in the Jonkershoek Valley.</li>
<li>For several years, Jooste worked for the South African Revenue Service specialising in taxation.</li>
<li>In 2011, Jooste received the Vice-Chancellor’s Gold Award from Stellenbosch University. According to <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em>, the award is given to individuals or institutions who have donated more than R5 million to the university.” Only one other individual besides Jooste has been honoured with a Gold Award”, FirstRand’s co-founder GT Ferreira.</li>
<li>Jooste co-owned the farm formerly known as Bengale opposite PSG founder Jannie Mouton’s farm Klein Gustrouw in the Jonkershoek Valley.</li>
<li>Whilst studying at Stellenbosch University, Jooste stayed at the male residence Wilgenhof to which he later donated a black Jaguar.</li>
</ul>
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Absa

Absa lists metal ETFs on A2X

SARB Deputy Governor Daniel Mminele retires, is he headed to Absa?

How much are SA CEOs banking?

South Africa’s Absa PMI drops in May, what you need to know

Barclays Kenya commits to Uhuru’s ‘Big Four’ agenda

The cost of high unemployment to SA’s economy

Manuel, Ramos on what’s at stake in the #SAElections2019

PMI climbs to 47.2 in April as load shedding fears ease

Oil spikes to six-month high, here’s what it means for SA

Unpacking SA’s CPI and retail sales

Peter Worthington on what SA should do to improve its credit rating

Absa’s former deputy CEO joins Standard Bank

Absa’s Shelley Webber on consolidation in the gold mining sector

Rich Management CEO Aly-Khan Satchu talks on impact of Absa’s Maria Ramos legacy

SA banking sector set cut jobs in 2019

Retail trade sales rose 2.2% y/y in October 2018

Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

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Absa

Absa lists metal ETFs on A2X

SARB Deputy Governor Daniel Mminele retires, is he headed to Absa?

How much are SA CEOs banking?

South Africa’s Absa PMI drops in May, what you need to know

Barclays Kenya commits to Uhuru’s ‘Big Four’ agenda

The cost of high unemployment to SA’s economy

Manuel, Ramos on what’s at stake in the #SAElections2019

PMI climbs to 47.2 in April as load shedding fears ease

Oil spikes to six-month high, here’s what it means for SA

Unpacking SA’s CPI and retail sales

Peter Worthington on what SA should do to improve its credit rating

Absa’s former deputy CEO joins Standard Bank

Absa’s Shelley Webber on consolidation in the gold mining sector

Rich Management CEO Aly-Khan Satchu talks on impact of Absa’s Maria Ramos legacy

SA banking sector set cut jobs in 2019

Retail trade sales rose 2.2% y/y in October 2018

Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

News Tips

Advertise With Us

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