COMPANY NEWS IN BRIEF
FirstRand CEO slams SA's 'foolhardy' support of Russia
FirstRand CEO Alan Pullinger has slammed government's decision to side with Russia and China amid geopolitical tensions, warning that South Africa's indifference to the war in Ukraine is detrimental to the country's banking sector.
"Our government's left-leaning and enthusiasm for China and Russia is being noticed by countries vehemently opposed to this war. Ironically, our country benefits far more from trade with and investment from the bloc comprising the US, the UK and Europe than these two countries combined," he said during the presentation of the banking group's latest financial results on Thursday.
Pullinger said South Africa's major trading partners' tolerance on this issue is wearing thin, and consequences are now likely to follow.
He said SA's banking sector is crucially dependent on access to global markets and its access to the US dollar, and the US can revoke that access.
According to Pullinger: Government's indifference on the war in Ukraine, and indeed, the hand of friendship to Russia, is foolhardy in the extreme.
He also said government needed to deal decisively with the constraints throttling the country's productive capacity and growth.-Fin24
FirstRand CEO Alan Pullinger has slammed government's decision to side with Russia and China amid geopolitical tensions, warning that South Africa's indifference to the war in Ukraine is detrimental to the country's banking sector.
"Our government's left-leaning and enthusiasm for China and Russia is being noticed by countries vehemently opposed to this war. Ironically, our country benefits far more from trade with and investment from the bloc comprising the US, the UK and Europe than these two countries combined," he said during the presentation of the banking group's latest financial results on Thursday.
Pullinger said South Africa's major trading partners' tolerance on this issue is wearing thin, and consequences are now likely to follow.
He said SA's banking sector is crucially dependent on access to global markets and its access to the US dollar, and the US can revoke that access.
According to Pullinger: Government's indifference on the war in Ukraine, and indeed, the hand of friendship to Russia, is foolhardy in the extreme.
He also said government needed to deal decisively with the constraints throttling the country's productive capacity and growth.-Fin24
Kommentaar
Republikein
Geen kommentaar is op hierdie artikel gelaat nie