Tuesday, 14 January 2020 – In the business news today, we see a lot of South Africans paying their last respects to the business mogul Dr. Maponya. In the other news, it is confirmed by the court that Moyo will not have his job back.
There hasn’t been any load-shedding in the past few days, however, the impact that of load shedding in the past few weeks has affected the rand negatively.
Woolworths CEO resigns and the company appoints Roy Bagattini.
Business mogul, Richard Maponya laid to rest today
South Africans are bidding Dr. Richard Maponya farewell as he’s laid to his final resting place. The Entrepreneur and Property developer died on Monday morning aged 99. Dr. Richard celebrated his 99th birthday on the 24th of December.
According to TIMELIVE, Dr. Richard at the age of 82 said: “We need to create jobs for our people. That is my primary objective. I have been blessed beyond measure and am able to put food on the table; I want the same for others.”
He is best known for the success of his 65,000 m² Maponya Mall in Soweto. The ribbon was cut by former and late president Nelson Mandela in 2007.
Old Mutual wins an appeal against former CEO Peter Moyo to be reinstated
Old Mutual can now move on to appoint a new CEO, after the court in Johannesburg ruled in its favor against Peter Moyo. The court confirmed that the company acted lawfully when Moyo’s contract was terminated. Mail & Guardian reports
No load-shedding is implemented on Tuesday
It has been noted, Eskom released a statement confirming there will be no load shedding on Today. However, they also mentioned that the power system is under a lot of pressure as heavy storms and rains hit Mpumalanga.
There haven’t been any updates. After rumors of the implementation of Stage 8, Eskom released a statement clarifying the matter.
‘An article claiming that municipalities have been informed that stage 8 load-shedding is imminent, is erroneous and incorrect’,
Eskom says stage 8 load-shedding is not expected but there is a possibility as it is planned for.
SA rand weakens
Load-shedding is putting pressure on the rand. On Tuesday morning the rand was weaker ahead of a busy week in South Africa.
Woolworths appoints a new CEO
Woolworth released a statement to announce the new CEO for the company. The company appointed Roy Bagattini as the former Chief Executive Officer, Iam Moir steps down on 16 February.