New CEO for Wescoal

JSE-listed mining company Wescoal Holdings announced on Friday that mining and resources specialist Reginald Lavhelesani Demana has been appointed its Group CEO with effect from April 1 2019.

"Demana has over 20 years’ working experience, with the latter 14 years at the forefront of investment banking at Nedbank Limited, focussing on mining advisory. During this time, he has played a leading role in numerous major transformational transactions in the sector," said Wescoal in a notice to shareholders. 

Zukie Siyotula and Dr Martin van Wijngaarden have also been appointed as independent non-executive directors with effect from 14 February 2019. 

The rand was trading at R13.96 to the greenback on Friday morning after starting the day at R14.02.

"The rand touched 13.8700 before weakening back to 14.0400 levels in New York.

"This morning we are at 14.0250 as markets await fresh direction from either the dollar or possibly the ratings agencies as they continue to analyse the budget.

"The dollar is a touch firmer this morning at 1.1337 against the euro and 1.3029 against the pound on the back of higher US Treasury yields and positive trade talk news.

"Poor Capital Goods orders and weak home sales numbers had little impact. Wall Street closed lower across all three indices and Asian stocks are mixed this morning. Gold was a big loser yesterday and has slipped to $1 325.20 this morning."          

EOH CEO in fight to save graft-tainted IT company

EOH Holdings Chief Executive Officer Stephen Van Coller is in a race against the clock to restructure the sprawling South African IT business before shareholders and lenders run out of patience.

Van Coller, a former executive at the Barclays Africa Group and MTN, was brought in to turn around the troubled business and improve its corporate reputation after allegations of corruption linked to government contracts.

He plans to break Johannesburg-based EOH into different parts to release greater value from a portfolio of more than 270 companies, while appointing PwC as an internal auditor and launching a whistle blower app. - Bloomberg

Asia stocks drop on growth concerns

Asian stocks posted modest losses Friday following a weak US session as investors mulled an uncertain economic backdrop and mixed signals on trade negotiations.

Treasury yields pared Thursday’s gains.

Shares from Tokyo to Hong Kong edged lower after weaker than expected data on US durable goods orders and home sales reignited worries about global growth.

The dollar ticked higher amid reports signaling uneven progress in U.S.-China trade talks as next week’s deadline for more tariffs nears.

The kiwi fell after New Zealand’s central bank said proposals to lift bank capital requirements may force it to cut interest rates.

The weakness in equities comes after the MSCI’s global gauge of stocks surged 15% in less than two months on optimism over a US-China trade agreement and a less hawkish stance from some of the world’s major central banks.

President Donald Trump plans to meet with China’s top trade negotiator Friday afternoon as the US tries to forge a preliminary deal with its biggest economic rival, two people familiar with the matter said.

Despite increasing confidence a deal can be done, investors shouldn’t expect the stellar run for risk assets to continue at this pace, said Richard Turnill, global chief investment strategist at BlackRock. “Don’t chase the rally,” Turnill told Bloomberg TV. “Don’t extrapolate the double-digit gains we’ve seen in the first six weeks of this year.”

Also in focus on Friday is a speech from European Central Bank President Mario Draghi. Elsewhere, West Texas oil fell below $57 a barrel after an industry report showed American crude stockpiles continue to swell. The Aussie pared some losses after the nation’s Treasurer and trade minister said China had not banned coal imports to one of its ports. - Bloomberg