In the news today: Recession relief lies ahead, Discovery directors will pay R1.85bn to buy out FirstRand’s stake in Discovery Card, and Munich Re posts a profit of €483m in the third quarter


South Africa to exit recession?

An economic recovery in the third quarter of the year could propel South Africa out of the technical recession in which it currently finds itself – largely thanks to a 1.7% grow in manufacturing and positive retail sales figures (a 2.5% growth in August following 1.4% growth in July).  READ MORE

Discovery directors to acquire FirstRand’s stake in credit-card venture

Discovery directors are set to acquire full control of Discovery Card by buying out FirstRand’s 25% stake in the venture – at a cost of R1.85bn.  READ MORE

Munich Re posts quarterly profit of €483m

Despite suffering huge losses owing to Typhoon Jebi and Hurricane Florence, Munich Re is on track to achieve its profit target for 2018. The reinsurer experienced robust growth in property-casualty reinsurance this year.  READ MORE

MTN close to deal with Nigeria over $8.1bn claim

If MTN reaches a deal with Nigeria over the $8.1bn it allegedly took out of the country illegally, it can dismiss its court case against the central bank. However, Nigeria still maintains the company owes $2bn in back taxes.  READ MORE

Bank of England tests financial system’s resilience to cyber-attacks

The Bank of England is set to carry out a test today to gauge whether the financial system can withstand a major cyber-attack. Last month, Tesco Bank was fined £16.4 by the UK Financial Conduct Authority (FCA) for cyber-security failings – the first such fine to be imposed.  READ MORE