5 things you need to know in SA business today and why the latest version of Android isn't named after a dessert
1. Old Mutual fired its CEO yet again on Thursday – despite a court ruling overturning the first sacking. Peter Moyo was fired in June after accusations involving a company he founded. Old Mutual owned a big stake in the company, and was owed a large payment in dividends. While this remained unpaid - Moyo received more than R30 million in dividends from the company, Old Mutual claims.
Moyo, for his part, claims his relationship with Old Mutual chair Trevor Manuel started to deteriorate after he pointed out that a company, which Manuel chaired, stood to benefit financially from the group’s massive restructuring.
Last month, a court ruling forced Old Mutual to take Moyo back as CEO - at least temporarily, as the legal battle continues.
In an open letter to shareholders, Old Mutual’s board said it would explore all reasonable alternative options but could not have Moyo running the company.
“A continued employment relationship between Mr Moyo and Old Mutual is untenable. For this reason, Old Mutual has now given Mr Moyo a further notice terminating his employment.”
Moyo's lawyer, Eric Mabuza, said in response to the publication of the letter that Old Mutual was engaged in "a classic case of contempt of court".
2. The rand - last at R15.22/$ - was left in limbo after it emerged last night that US monetary policymakers are not all keen for more steep rate cuts. The release of minutes from the Fed’s July meeting showed that some opposed the 0.25% rate cut in July – this cast doubt on further cuts. Lower US interest rates are good for the rand.
3. President Cyril Ramaphosa confirmed that government is serious about prescribed asset yesterday.
“We need to discuss this matter (prescribed assets) and we need to discuss it with a view to actually saying what is it we can do to utilise the various resources in our country to generate growth in a purposeful manner,” Ramaphosa told parliament.
4. This morning, Northam Platinum a massive jump in its profits thanks to strong metal prices.
5. But South African aluminium rolling company Hulamin, which has a long-standing contract with Tesla, reported a loss due to problems exporting to the US.
Why the latest version of Android isn't named after a dessert
Reported by Ben Gilbert
Google is making a major change to its widely used, beloved operating system: The next version of Android won't feature a dessert-centric name.
Instead, the next version of Android is simply named "Android 10."
It's a lot less exciting, no doubt, but there's a pretty great reason for changing it: Android is a globally used operating system, and English isn't spoken everywhere.
"We've heard feedback over the years that the names weren't always understood by everyone in the global community," the announcement says. "For example, L and R are not distinguishable when spoken in some languages. So when some people heard us say Android Lollipop out loud, it wasn't intuitively clear that it referred to the version after KitKat."
That's a pretty strong argument for changing the tradition of naming Android after various sweets in alphabetical order.
A look through the full list of Android names reveals how it could be difficult to decipher these somewhat obscure words when English isn't your first language:
Android (Alpha)Android (Beta)Android CupcakeAndroid DonutAndroid EclairAndroid FroyoAndroid GingerbreadAndroid HoneycombAndroid Ice Cream SandwichAndroid JellybeanAndroid KitKatAndroid LollipopAndroid MarshmallowAndroid NougatAndroid OreoAndroid PieAndroid â€¦.. 10— Marques Brownlee (@MKBHD) August 22, 2019
It's quite a list!
Beyond the naming convention change, Google is also subtly altering the branding for Android. If that's your kinda thing, you can check out a video on the subject right here: