Former Absa CEO Maria Ramos is AngloGold Ashanti’s new chairman, after Sipho Pityana resigned with immediate effect on Tuesday without giving a reason. AngloGold has faced controversy after its CEO, Kelvin Dushnisky also quit suddenly earlier this year. While this was ostensibly for personal reasons, the revelation of a $800,000 sign-on cash payment when he joined the company in 2018 may also have had something to do with it.
Rand rallies to 10-month high
The rand is at its strongest levels since February this morning, at R14.93/$, R19.97/pound and R18.11/euro. This after US markets – including the S&P 500, Nasdaq composite, and Dow Jones indices – closed at record highs overnight as US Congress inched closer to a $908 billion stimulus compromise and coronavirus vaccinations began in the UK. This has increased traders’ risk appetite for emerging-market currencies.
The currency also received a boost from stronger-than-expected economic growth numbers. SA’s economy expanded by 13.5% compared to the previous quarter. This followed a 17.5% contraction in the second quarter (at the height of lockdown).
Barloworld wants to sell dealerships
Barloworld announced that it is in talks to sell its car dealership business. Barloworld holds franchises for Mercedes, Audi, BMW, Ford, Volkswagen and Toyota dealerships.
Business Insider SA