Denel seeks R30 billion boost, and major bank hit with $1.2 billion fine

Denel, the embattled state-owned arms manufacturer, is seeking a R30 billion boost in revenue through new defence contracts, a move that could help turn its financial situation around. As the rand strengthened to R16.46 against the US dollar, Denel's bid for recovery comes amidst a broader economic backdrop. However, the gains were overshadowed by the Bank of America's $1.2 billion fine, a stark reminder of the banking giant's own struggles with illicit financial activities, highlighting the need for robust safeguards in the industry.