8 finweek 19 March 2020 http://www.fin24.com/finweek
in brief
>> Mining: More women = higher earnings p.
>> Amplats concentrator explosion could increase PGM deficit p.
>> Markets: SA may benefit from oil price standoff. Or not p.EDITORIAL & SALES
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RESERVED. TO INQUIRE ABOUT PERMISSION TO REPRODUCE MATERIAL CALL OUR ARCHIVE AT 021-406-3232.Share your thoughts with us on:@finweek finweek finweekmagazine- Rob Pietropaolo, private client trader at Unum Capital, cautioned following a
sharp slide in oil prices on 9 March, leading to a 46.7% plunge in Sasol’s share price
to R85.35, reported Business Day. The selling frenzy wiped out over R47bn of the
fuel and chemicals maker’s market value. The share meltdown came days after
Moody’s Investors Service downgraded Sasol’s debt to junk status (see p.30).
“For the domestic economy, we’ll
obviously benefit from lower oil
prices as the fuel price will come
down ... but Sasol and other
companies are going to struggle.”
“We saw a risk to the
outlook for the economy
and chose to act.”
- Jerome Powell, US Federal Reserve chairman, said that considering the
coronavirus’ evolving risks to economic activity, the Federal Open Market Committee
(FOMC) decided to make an emergency rate cut of 0.5 percentage points to a
target range of 1% to 1.25%. In a statement to the media, Powell said “the FOMC
is closely monitoring developments and their implications for the economic outlook
and will use its tools and act as appropriate to support the economy”. - Adv. Shamila Batohi, national director of public
prosecutions at the National Prosecuting Authority, said
she knows the pressure is high to prosecute for corruption
and state capture. She spoke at Daily Maverick’s ‘The
Gathering’ conference in March. “The last thing we need is
when the commission is finished to dump this massive data.
It really worries us,” she said. The publication said that the Special Investigating
Unit’s probes of municipal malfeasance reported 18 finalised cases, 21 are before
court and 25 are still under investigation.
“YES, PLEASE,
JUDGE ZONDO,
GIVE US AN
INTERIM REPORT.”
Raymond Zondo
South Africa’s
Deputy Chief
Justice