South African banks face another wasted year for earnings growth as the euphoria that greeted Cyril Ramaphosa’s ascendancy to the presidency fades with the reality of the challenges facing the economy. The country’s largest lenders start reporting first-half results from next week against the backdrop of tax hikes, record gasoline prices, stubbornly high unemployment and [...]
Implats yesterday added to South Africa’s economic woes, announcing that it planned to retrench 13000 employees in the next two years as part of a restructuring programme just days after information emerged that the country had shed nearly 300000 in the second quarter. The miner said it would reduce its labour complement of employees plus [...]
Naspers has denied that its CEO Bob van Dijk reportedly earned R1.6bn in the year ended March 31, 2018, saying that he has not yet cashed in his share options. According to Naspers' remuneration report, Van Dijk earned $2.4m (about R32m) in cash in the year ended March 31. This includes a salary of $1.332m [...]
In this article by Ann Crotty in the Business Day, we read about the remuneration package that Naspers CEO Bob van Dijk collected during the financial year. Aeon Investment Management, Asief Mohamed comments on shareholder efforts to vote against this type of remuneration policies by the board of Naspers. Read this important article here
The Absa Group, formerly Barclays Africa, on Wednesday admitted to making mistakes in its retail banking business (RBB) that saw it lose market share. The admission came as the group rebranded its identity following its separation from Barclays plc, with Absa now aiming to unleash its digital strategy as it goes full throttle to claw back [...]
The SA Reserve Bank (Sarb) on Monday washed its hands of municipalities who deposited millions in embattled VBS Mutual Bank as Nedbank stepped in to facilitate payouts to other depositors. The central bank said its deal with Nedbank covered 97 percent of depositors and that the municipalities would have to wait to see if there [...]
Auditing firm KPMG has blamed the loss of lucrative government contracts for its decision to let go of 400 of its staff as KPMG International ramped up its scrutiny of the local office’s work. KPMG South Africa chief executive Nhlamulo Dlomu said Auditor-General Kimi Makwetu’s decision to sever ties with the controversy-prone firm left some of its [...]
The Raging Bull Awards ceremony held on the 31 January 2018 was a prestigious event. Aeon Investment Management was awarded two Raging Bull Certificates for the Aeon Balanced Prescient Fund for Top Performance in the following categories: Best South African Multi-Asset Medium Equity Fund Best South African Multi-Asset Medium Equity Fund on a risk-adjusted basis The [...]
Liberty announced a change in it's top management. Old Mutual announced a new appointment to their senior management. In this article, Ann Crotty briefly informs you on the changes and why they are noteworthy in a South African context. Asief Mohamed, Chief Investment Officer at Aeon Investment Management, provides comment on the appointment of Casper Troskie [...]
The Aeon Smart Multi-Factor Equity Fund was included the Top 20 Unit Trust List for 2017 in this Moneyweb.co.za article. Article -South African investors enjoyed a much better year in 2017 than they have for a while. The strong performance of the JSE in the third and fourth quarters meant that by far the majority [...]
