Guptas Lied About Selling Their Shares

The Gupta’s were a big part of the news cycle last year and controversy led them to announce plans to sell all shares in their business operations by the end of 2016. It has emerged that this hasn’t happened and they are nowhere near “leaving the country” as they said they would. The Gupta family remains committed to disposing of its shareholdings in South Africa as soon as is practically possible” as spokesperson said. I read this to mean that they will leave as soon as the nuclear deal is done.

Cell C Blames Increases Data Prices

The price of Cell C’s SmartData Bundles has increased with the cheapest 25MB bundle rising by R2 to R10, and biggest bundle of 500MB increasing by R9 to R99. Cell C’s SmartData Contracts have also increased with SmartData 500MB now costing R45, up from R39. Meanwhile, 1GB now costs R75 and 10GB, which previously cost R299, is now priced at R349 per month. Cell C cited “Rising inflation, the rand, US Dollar exchange and uncertainty in the industry over the allocation of spectrum” as reasons for the price increases. R9 to R99? That’s rubbish guys!

UCT To Pilot New Funding Model

 

February 24 is the deadline for applications to the Ikusasa student financial aid programme, a scheme devised by Higher Education Minister Blade Nzimande’s funding task team. It will be used to fund students from households with annual income of between R122,000 and R600,000 – the so-called missing middle. UCT students eligible to apply must be studying medicine, actuarial science, engineering or occupational therapy. Great initiative but still falls short unfortunately. We just need more universities to be built because so many students wont even get in, regardless of the funding issue.

Allan Gray Voted Best Asset Manager

Allan Gray scored the top spots in investment research firm Morningstar’s SA Rating Analysis of unit trusts’ returns for the quarter ended December 2016. The report compares funds’ risk-adjusted returns over three, five and 10 years on a rolling quarterly basis. Coronation topped the fixed-income rankings for the quarter ended December 2016, while Allan Gray was placed first in the multi-asset category for the third quarter running.

Army Worms Threaten Southern Africa Crops

Farmers in southern Africa face a growing threat amid an outbreak of armyworms, a destructive pest that’s spread to Zimbabwe while continuing to decimate fields in neighboring Zambia. The black-striped caterpillars have infested 124,000 hectares (306,400 acres) of Zambian fields out of 1.4 million planted hectares, up from an estimated 90,000 hectares last week. This is disastrous for a region already facing a drought and heading towards winter. Very worrying!

Woolworths Sales Up More Than 6%

Woolworths sales are up 6.7% compared to last year. Its clothing and merchandise, and food sales each grew by 3.5% and 9.5% respectively. However sales growth for department store chain David Jones and clothing group Country Road were negatively impacted by the timing of Boxing Day, they said. David Jones sales growth was down 2.7% and sales growth for Country Road was down by 1.1%.

Summary

When it rains it pours and those worms are just adding to a bad situation. Seems its the same for us with the Gupta’s who just wont go away. Maybe we need to ask Allan Gray to find us a pesticide company for the Gupta’s and the worms! Heck, maybe Woolworths can stock it too since their sales are doing so well.

Currencies & Stuff

Oil 55.38 . Gold 1199.20 . Silver 16.80 . Rand/USD 13.63 . Rand/GBP 16.65 . Rand/EUR 14.49
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Author: The Turk Report

Simplifying complex money matters

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