South Africa’s president, Jacob Zuma, has dismissed the country’s finance minister, Pravin Gordhan, ending days of speculation that unsettled markets and the rand (ZAR).
A statement issued by the president’s office confirmed that former home affairs minister Malusi Gigaba will replace Gordhan, wh0 earlier this week was recalled from planned events in the UK. The ZAR fell by nearly 5% against other major currencies following the recall and is continuing to decline.
Among other personnel changes in Zuma’s cabinet, Sfiso Buthelezi will become deputy finance minister, replacing Mcebisi Jonas. A total of eight ministers were fired in the reshuffle.
“I have directed the new ministers and deputy ministers to work tirelessly with their colleagues to bring about radical socioeconomic transformation and to ensure that the promise of a better life for the poor and the working class becomes a reality,” Zuma’s statement added.
Last October, Gordhan was charged with fraud. He described the allegations as politically motivated and they were subsequently dropped.
He has won the support of other ministers, international investors and the public in his campaign for controlled spending and against corruption, but Zuma’s allies have accused him of thwarting the president’s desire to enact “radical economic transformation” tackling racial inequality.
Morgan Stanley is moving staff to Frankfurt in time for the March 2019 Brexit deadline.
The US bank, which already has 350 employees based in the city, will transfer some trading activities currently undertaken in London and create a further 150 to 250 jobs according to reports.
BNP Paribas is the latest in a long line of financial service companies to be penalised for misconduct during the financial crisis on both sides of the Atlantic.
Despite the country’s latest financial bailout, the outlook for Greek corporates over the next year is no better than mixed according to trade credit insurer Atradius.