Steinhoff's new CFO; Stop being Twits - Cyril; Zim inflation horrors; Deutsche Bank fizzles; Boeing gets dropped
BizNews — Embattled multinational retailer Steinhoff, listed in Johannesburg and Frankfurt, announced on Monday that Theodore de Klerk would take over as its new CFO on September 1. President Cyril Ramaphosa has criticised Finance Minister Tito Mboweni, Minister of Transport Fikile Mbalula and the premier of Gauteng province, David Makhura, for “unbecoming” behaviour on social media after a Twitter spat on electronic road tolls in country’s richest province, reports Bloomberg. As inflation in Zimbabwe hits a 10-year record of close to 100% and the country battles 17-hour power cuts, the Zimbabwean government is ready to raise civil servants’ pay for the second time in three months, says The Guardian. The Deutsche Bank share price fizzled, with the shares down more than 6% as the global banking giant started shedding one-fifth of its 90 000-plus employees, reports Bloomberg. Saudi Arabian budget carrier Flyadeal reversed a commitment to buy as many as 50 Boeing 737 Max jets, becoming the first airline to officially drop the plane since its grounding following two deadly crashes, says Reuters. Leading stock price upwards on the JSE on Monday, were mining holding company Assore, which gained about 5%, and gold miner Harmony and retailer Woolies, both up more than 4%. The biggest loser was budget retailer Mr Price, down nearly 3%. Late on Monday, R14.15 would buy you one US dollar, while the Rand was trading at R17.70 to the British pound and R15.87 to the Euro.