Even as Standard Bank reported the highest headline earnings in its history, CEO Sim Tshabalala said he believes the group could have delivered a stronger set of results were it not for the myriad of issues currently facing South Africa.
People’s businesses suffer, it costs more to do business, diesel for generators is expensive, theft is rife, he said. “One case in point is Transnet’s decision to concession the Johannesburg-to-Durban freight line… Another is the Treasury’s requirement that Eskom concessions many of its power stations.”S&P unexpectedly cuts outlook on SA’s junk-rated debtTshabalala said reforms need to be accelerated, particularly with respect to South Africa’s energy crisis and the country’s transport industries, adding that the stability and capability of local authorities needs to be strengthened.
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