6 things you need to know in SA business today and the safest seats on a crashing plane
1. President Cyril Ramaphosa has promised to unveil "well-crafted" industrial and tax incentives to attract investors to South Africa. The president, who's currently in the UK to promote SA, said he’s getting positive feedback from investors.
2. Imperial Holdings CEO Mark Lamberti quit after a court ruled against him in a race and gender discrimination case. Lamberti is accused of referring to an employee as "female employment-equity" in front of fellow managers.
3. Johan van Zyl, the former group CEO of Sanlam, resigned from the Steinhoff’s supervisory board. Tomorrow, the Steinhoff annual general meeting takes place in Amsterdam. South Africans will be able to shout at Steinhoff directors from Cape Town. And in other news, a Dutch shareholder group plans a class action lawsuit against Barclays and Absa over their roles in a 2015 Steinhoff share sale.
4. Yesterday’s inflation number was a surprise: March CPI came in at only 3.8% - the lowest rate since February 2011. While meat and alcohol price rose, the price of bread and other cereals fell by 5%. The rand strengthened to its best level (R11.93) in a week following the news.
5. Andile Mazwai, the CEO of the Rebosis Property Fund (which owns the Hemingways Mall in East London among others), has resigned. Also, the firm has postponed the release of its interim financial results, sending shares down more than 10 percent.
6. Pick n Pay’s results have just been released: Sales for the year to end-February grew by 5.3% (Shoprite’s interim sales were up 6.3%), with headline earnings up 7.1%. Overall, its prices rose by only 2.2%, compared to more than 6% in the previous year.
The safest place to sit on a plane...
Studies show that the safest place to be sitting if your plane does crash is most likely in a middle seat near the back of the plane.
According to one research study, middle seats near the back had a 28% fatality rate - compared to 44% among aisle seats in the middle of planes (the most dangerous place to be).
It's worth reiterating that flying is far safer than other forms of transport. People's lifetime odds of dying in a car crash are 1 in 112 — close to 1%. Lifetime odds of dying in a plane crash are 1 in 8,000 — or about 0.0125%.
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