COMPANY NEWS IN BRIEF

Basil Read appoints new CFOConstruction firm Basil Read has appointed a new chief financial officer after Talib Sadik resigned from the position and as finance director.According to a notice issued to shareholders on Tuesday, Sadik’s resignation was effective from December 31 2017.Basil Read subsequently appointed Pieter van Buuren as chief financial officer with effect from January 1 2018.Commenting on Van Buuren’s appointment, CEO Khathutshelo Mapasa said the group looks forward to working with him “to inject new energy” into the group’s efforts, which focus on improving business performance and the “strategic transformation” of the company.FIN24JSE climbs above 60 000The JSE all-share index climbed back over 60 000 points on Wednesday morning, re-crossing a barrier it first breached on November 3.The top 40 similarly reclaimed the over-53 000 level, rising 0.55% to 53 120 points.The rand weakening back to about R12.50 to the dollar on Wednesday morning — after flirting with under R12.30 per dollar on Tuesday boosted miners. The resource 10 index rose 1.3%, led higher by BHP which gained 2.28% to R259.30, followed by Anglo American which gained R1.96% to R268.50.BUSINESS DAYKoko back at EskomSuspended Eskom executives Matshela Koko and Prish Govender have been reinstated after being cleared of any wrongdoing, spokesperson Khulu Phasiwe confirmed to Fin24 on Wednesday.Koko will resume duties as head of generation on Monday, 8 January, and Govender returned as acting head of group capital on Tuesday, 2 January, Phasiwe said.“They have been cleared of any wrongdoing,” he confirmed.Koko faced a disciplinary hearing over allegedly not declaring a conflict of interest while his stepdaughter Koketso Choma was a director at Impulse International, a firm which benefited from about R1 billion worth of contracts awarded by Eskom over 11 months.FIN24Lagos GDP on the riseLagos is set to overtake Johannesburg as Africa’s second largest city by gross domestic product (GDP) by 2035, according to a report by Mark Britton, associate director at Oxford Economics.Lagos is expected to gain from policy reforms focused on improving the support for private firms. The city is forecast to become the most populous African city. Its population is expected to be 28.5 million by 2035 – more than double its current size.The Global Cities report looked at urban trends. It provides an overview of the economic outlook for 780 city metros around the world.FIN24Britain looking past BrexitBritain is interested in joining the Trans-Pacific Partnership trade bloc after it leaves the European Union, the Financial Times newspaper said.The FT said that Britain had started informal talks about joining the bloc in a bid to boost post-Brexit exports. Although the United States pulled out of the talks to form the bloc nearly a year ago, other TPP countries have pledged to move forward with plans for a trade group.The TPP has so far involved only countries around the Pacific Rim such as Japan, Canada and Mexico. However, junior trade minister Greg Hands said there was no geographical restriction that would prevent Britain's participation.NAMPA/REUTERS

COMPANY NEWS IN BRIEF

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