Flash Briefing: Economists warn Tito will disappoint; EOH CEO takes big bonus, but cut staff salaries; Amplats; Sasol
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* As South Africans prepare to hear the details of the National Budget on Wednesday, 65% of economists surveyed by Bloomberg say the government won’t reach its goal of achieving a primary budget surplus in the next four years. Officials including Mboweni have repeatedly warned that the country faces a sovereign debt crisis unless is takes urgent action. However, plans to reduce expenditure by about 300 billion rand over the next three fiscal years,
* Anglo American Platinum Ltd. plans to increase its mine output by about a fifth over the coming decade, while seeking to stimulate demand for the platinum-group metals it produces, reports Bloomberg.
* Sasol, the South African chemicals and fuel maker, called off a potential $2 billion share sale and announced first-half profit more than tripled. The shares hit the highest in a year.
* Many EOH employees are angry, reports mybroadband.co.za, because they have been told they will not receive their expected salary increases this month and that the issue will only be revisited in August.EOH’s 2020 annual reported reveals that CEO Stephen van Coller received a total salary package of R17.6 million over the last financial year - of which more than half was bonus pay. Learn more about your ad choices. Visit megaphone.fm/adchoices
* Anglo American Platinum Ltd. plans to increase its mine output by about a fifth over the coming decade, while seeking to stimulate demand for the platinum-group metals it produces, reports Bloomberg.
* Sasol, the South African chemicals and fuel maker, called off a potential $2 billion share sale and announced first-half profit more than tripled. The shares hit the highest in a year.
* Many EOH employees are angry, reports mybroadband.co.za, because they have been told they will not receive their expected salary increases this month and that the issue will only be revisited in August.EOH’s 2020 annual reported reveals that CEO Stephen van Coller received a total salary package of R17.6 million over the last financial year - of which more than half was bonus pay. Learn more about your ad choices. Visit megaphone.fm/adchoices
