Financial Report

Bain Calls Its South African Tax-Body Work `Serious Failure’

Posted on by The Editorial Team
Bain Calls Its South African Tax-Body Work `Serious Failure’

JOHANNESBURG (Capital Markets in Africa) – Bain & Co., the Boston-based consultancy company that was hired to assist in restructuring South Africa’s tax agency in 2015, said it has become “painfully evident” that the firm’s involvement with the authority was a “serious failure.” Not only was Bain’s hiring potentially irregular, but it overstated the need for change at the South African Revenue Service, allowed the former SARS head Tom Moyane to influence its work and didn’t walk away…

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Old Mutual First-Half Profit Climbs as Insurer’s Split Looms

Posted on by The Editorial Team
Old Mutual First-Half Profit Climbs as Insurer’s Split Looms

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc, the London insurer planning to split into four separate businesses, said first-half profit almost doubled after it reduced debt and sold shares in its U.S. asset management unit. Pre-tax adjusted operating profit rose 37 percent and net income climbed to 531 million pounds ($689 million) from 284 million pounds a year earlier, the London-based insurer said in a statement on Friday. Diluted basic earnings per ordinary share increased…

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