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Following Absa CEO resignation, board must move quickly for stability

Daniel Mminele, Absa Group’s first black CEO, resigned last week. According to Bloomberg, Mminele left the company following a ‘dispute’ over strategy. This has left the Absa’s future hanging in the air, as the third event to plague the bank in recent months, with deputy CEO Peter Matlare passing away earlier this year from Covid-19 complications. More recently, the bank was in the spotlight for pulling off a controversial move; closing their Money Market, sparking surprise from many in the banking and investment community. Bloomberg reports that the company is now facing a dilemma – appoint an internal successor or target an outsider? Interestingly, Mminele was Absa’s third CEO in just two years. – Jarryd Neves

Inferno on Cape Town s Table Mountain Rages Out of Control

Inferno on Cape Town’s Table Mountain Rages Out of Control By Paul Vecchiatto and Mike Cohen | April 20, 2021 More than 250 firefighters in Cape Town battled a massive blaze that broke out on the slopes of the city’s Table Mountain on Sunday and spread to a university campus, severely damaging at least three buildings and forcing student residences to be evacuated. Efforts to extinguish the flames were hampered by howling winds, with helicopters that are usually deployed to douse the flames unable to fly on Monday. Some residents of the suburbs of Vredehoek and Devil’s Peak were instructed to vacate their homes, schools in the area were shut and several streets were closed to traffic.

Treasury weighing up Eskom debt options

Treasury weighing up Eskom debt options
biznews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biznews.com Daily Mail and Mail on Sunday newspapers.

Pandemic Isn t Half Over for S Africa Insurer Seeing

Word Count: 441 “We are basically planning for two-and-a-half more waves,” Sanlam Ltd. Chief Executive Officer Paul Hanratty said by phone. The insurer is also “very realistic” that South Africa’s vaccine program “is not going to impact the current year very significantly,” he said. Africa’s most-industrialized nation has been the hardest hit by the pandemic on the continent, with an official death toll of over 51,000 and more than 1.5 million infections. It started inoculating health workers in February, but the government’s program may only reach the two-thirds of the population necessary to achieve herd immunity in 12 to 18 months. With the widest reach across Africa of any insurer, Sanlam is preparing for a doubling in excess claims from surges in Covid-19 infections and the longer-term health effects of the pandemic in coming months.

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