Steinhoff said on Monday former auditor Deloitte has agreed to pay $85 million to certain claimants as part of the retailer’s proposed $1 billion global lawsuit settlement plan, and that a company opposing the plan had withdrawn its court application, Reuters reported. The announcement sent Steinhoff’s Johannesburg-listed shares soaring 15.70% to reach their highest in nearly two and a half years, while its primary Frankfurt-listed shares jumped by 18.55% by 1231 GMT.
South Africa’s National Treasury will probably keep the levels of its bond auctions constant until the end of the fiscal year, even with domestic-debt issuance running ahead of target, Bloomberg News reported. The Treasury is unlikely to “adjust its in-year bond auction levels due to the short time period remaining after the presentation of the 2021 budget,” its media desk said Wednesday in an emailed response to questions, while emphasizing that the department “does not front-run the budget.” Finance Minister Tito Mboweni is due to present the national budget on Feb.
A 200 billion rand ($13 billion) loan program, one of the linchpins of President Cyril Ramaphosa’s plans to shore up a South African economy devastated by the coronavirus pandemic, may not even reach 10% of its target, Bloomberg News reported. Banks have distributed 17.8 billion rand since the initiative started in May through to Jan. 16, the Banking Association of South Africa said in a statement on Wednesday. At the current rate, only 18.9 billion rand will be allocated under the plan, it said.