MMM Pyramid Scheme Back In S.A

MMM, the online pyramid scheme that collapsed in South Africa, Zimbabwe and Nigeria in 2016, is attempting to reboot its scheme by offering a Bitcoin-based currency. This new currency wont allow users to recoup the money they lost when it shut down last year. In essence, you’re an idiot if you join MMM and deserve the losses you incur!

Total Buys Ugandan Oil Project For $900m 

Total SA has agreed to buy a stake in a project in Uganda from Tullow Oil Plc for $900 million. Total will pay an initial $100 million in cash, with another $100 million split equally when the project gets sanctioned and when it first starts pumping oil. The remaining $700 million is a “deferred consideration,” used by Tullow to fund its share of the costs. With the oil price increasing, companies will also ramp up acquisitions.

Bain & Co Charge R12m To Manage SAA, Mango & SA Express Merger

It will cost government R12.1m to make use of the services of Bain and Company, the Boston-based consultancy firm appointed to manage the merger of South Africa’s three state airlines – SAA, Mango and SA Express. Both SAA and SA Express are surviving on state debt guarantees. SAA in the past two financial years made a combined financial loss of over R7bn, while Mango recorded a loss of R36.9m.

Drunk Driving Could Possibly Be Classified Similarly To Rape & Murder

The Department of Transport wants to reclassify drunken driving as a schedule 5 offence, the same category as rape and murder, in a raft of measures aimed at reducing deaths on South African roads. Road fatalities rose 5% in the 2016-17 festive season where 1,714 people were killed. My question is this. You only do visible policing drives in holiday periods and expect people to change their behavior? Why not do that all year round and implement the laws that are there already? So many people can attest to driving drunk and never having been arrested because the cops just don’t do their jobs!

Niger Delta Fighters Threaten To Shut Down Nigeria Oil Production

The group known as The Niger Delta Avengers have blown up a pipeline operated by the Italian oil company Eni and also set off explosions on a pipeline operated by Shell Petroleum. The Niger Delta Avengers have promised to disrupt the country’s entire oil production which is a disaster for Nigeria which is already struggling with a recession.

Volkswagen Reaches $4.3 billion U.S. Settlement Over Diesel Emissions

Volkswagen has negotiated a $4.3 billion draft settlement with U.S. regulators to resolve its diesel emissions troubles and plans to plead guilty to criminal misconduct. Volkswagen said with the addition of the fine, its diesel costs will exceed the nearly 18.2 billion euros ($19.2 billion) it has set aside to handle the problem. We need stricter measures to protect consumers in South Africa. If that was the case, we wouldn’t have this Kuga issue.

Summary

Only idiots would buy into MMM and they should be prosecuted like drunk drivers for being that stupid. There’s a lot of oil news about with Total and Niger Delta Avengers getting themselves involved. The less said about SAA the better!

Currencies & Indicators

Oil 53.77 – Gold 1190.30 – Silver 16.81 – Rand/USD 13.71 – Rand/GBP 16.65 – Rand/EUR 14.47
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Author: The Turk Report

Simplifying complex money matters

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