Top 5 on Fin24: Rand topples off 'pedestal' and black ownership in JSE-listed companies drops

Cape Town - A roundup of Friday's top economic and finance reads on Fin24.

Eskom said to cave in on bonuses, unions likely to accept new offer

Power utility Eskom has offered to back down on its refusal to pay employees a bonus in addition to an inflation-beating wage increase to end a deadlock that caused power outages, according to two people familiar with the matter.

Unions are likely to accept the offer, said the people, who couldn’t be named because the matter hasn’t been finalised yet.

• READ: Eskom said to cave in on bonuses, unions likely to accept new offer

Black ownership dropped in JSE-listed companies - report

JSE-listed companies had only 38% representation by black people on their boards in 2017, with males accounting for 20% and females standing at 18%.

This is according to a report produced by the Broad-Based Black Economic Empowerment Commission. The study is part of the B-BBEE Commission’s mandate to determine SA’s present levels of economic transformation towards the achievement of the objectives of the B-BBEE Act.

• READ: Black ownership dropped in JSE-listed companies - report

Rand topples off 'pedestal' after Ramaphosa's land reform announcement - analyst

The rand started Friday trade at R13.46/$ - more than 2% weaker than at its close on Tuesday evening, with market bias once again tipping the scale towards weakness, says Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions.

She said the rand started the week on a good footing, with most analysts anticipating a move towards R13.00/$.

• READ: Rand topples off 'pedestal' after Ramaphosa's land reform announcement - analyst

How SA's 2 000 shopping malls stack up against other countries

SA has a total of 1 959 individual shopping centres, and these take up so much space that the country ranks 8th among its global peers in terms of shopping centre coverage. 

In an study of 43 countries by international investment research company MSCI, on behalf of the SA Council of Shopping Centres (SACSC), it was found that as of July 2017, SA's nearly 2 000 shopping centres take up an estimated 23.4 million square metres of Gross Lettable Area (GLA).  

• READ: How SA's 2 000 shopping malls stack up against other countries

SA banks set to show malaise gripping economy

South African banks face another wasted year for earnings growth, as the euphoria that greeted Cyril Ramaphosa’s ascendancy to the presidency fades alongside the reality of challenges facing the economy.

The country’s largest lenders start reporting first-half results from next week against the backdrop of tax hikes, record petrol prices, stubbornly high unemployment and an economy that is showing little sign of recovering after shrinking in the first quarter.

• READ: SA banks set to show malaise gripping economy

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