Cape Times 2022-01-18

Siphelele Dludla siphelele.dludla@inl.co.za INFLATION has come out tops as one of the most pressing issues that need to be resolved by the global community in order to promote steady recovery of the world economy as central banks have started correcting their monetary policies. The virtual World Economic Forum (WEF) Davos Agenda 2022 meeting kicked off on a high note yesterday. The US has already indicated that it will start hiking interest rates in March after inflation reached a 40-year high of 7 percent in the world’s largest economy. In China, inflation has eased to 1.5 percent from a 15-month high of 2.3 percent amid efforts by the governments to secure supply as well as the re-imposition of lockdown measures in some regions as the omicron strain spread…

Siphelele Dludla siphelele.dludla@inl.co.za OXFAM has slammed the growing gap between the rich and the poor which has significantly widened during the Covid-19 pandemic across the world. In a report titled “Inequality Kills”, published yesterday ahead of the World Economic Forum’s Davos Agenda 2022, Oxfam said the wealth of the 10 richest men had doubled since March 2020 while the incomes of 99 percent of humanity were worse off because of Covid-19. The global charitable foundation reported that the wealth of billionaires’ had risen by $5 trillion (R76.72trln) since Covid-19 began, the biggest surge in the wealth of the ultra-rich since records began. “In July 2021, the world’s richest man launched himself and his friends into space in his luxury rocket while millions were dying needlessly below him…

Banele Ginindza banele.ginindza@inl.co.za BUSINESS Leadership South Africa (BLSA) has maintained its position on the penance of advisory firm Bain and Company against the tide of criticism over its exoneration of the group in the wake of sanctions against it stemming from findings of Deputy Chief Justice Raymond Zondo. BLSA chief executive Busisiwe Mavuso, in a weekly note, said yesterday that criticism that the business organisation had “embraced” or “defended” Bain following the Zondo Commission was nonsense. “This was certainly no embrace or defence. It reflected our absolutely clear view that our members must reflect the high standards of the integrity pledge that they made to fight against corruption,” Mavuso said. Critics, including the Black Business Council, have called for the consultancy Bain & Co to be blacklisted from further government…

Siphelele Dludla siphelele.dludla@inl.co.za SOUTH African stocks recovered yesterday after China posted an impressive 8.1 percent economic growth for 2021, but the rand faltered as oil prices rose to a 3-year high. The Chinese economy grew 8.1 percent in 2021, the fastest expansion in nearly a decade, exceeding the government's target of above 6 percent and following a revised 2.2 percent growth in 2020. The JSE All Share Index yesterday rose as much as 0.5 percent, to above 75 600 points by 3pm, lifted by oil giant Sasol, which was buoyed by the rally in global oil prices. The index closed at 75 593.47 points yesterday. Sasol rose more than 0.5 percent to R291.48 per share in the afternoon trade, before closing at…

Edward West edward.west@inl.co.za DISTELL’S shares will be suspended on the JSE on July 20 and delisted on September 6 upon the conclusion of a scheme to enable international brewer Heineken International to make a €2.2 billion (R38.53bn) offer for the local liquor group. Distell, which owns brands like Nederburg, JC le Roux, Klipdrift, Ama- rula, Savanna and Hunters Dry, and which sells wines on every continent and is the world’s second-largest cider producer, provided its shareholders details of the proposed Heineken transaction in a circular and prospectus that was released yesterday. Distell shareholders will vote on the transaction on February 15 at a general meeting. The deal is one of the biggest foreign investments into South Africa in recent times and will see Heineken offer R180 a share, which…

Edward West edward.west@inl.co.za FORMER Old Mutual chief executive Peter Moyo was back in court yesterday in his bid for reinstatement and damages following his dismissal twice from the insurance and investment group in 2019 for alleged conflict of interest. His claim for reinstatement and damages is being heard in the Gauteng High Court. Moyo was fired in June 2019 for allegedly pocketing dividend payments of R30.6 million linked to an investment firm he co-founded, NMT Capital, in which Old Mutual has a 20 percent stake, which it acquired in 2005 as part of a black economic empowerment deal. Moyo chaired an NMT meeting in 2018 where he declared a R105m ordinary dividend and allegedly paid himself dividends, but Old Mutual’s preference share dividends were not paid. Moyo and…