Richest 1% Have 42% Of SA’s Wealth

The total net wealth of just three billionaires in SA is equivalent to that of the bottom 50% of country’s population, according to Oxfam’s inequality report released on Monday. The Oxfam report An Economy for the 1%, shows that the wealth of the poorest half of the world’s population has fallen by a trillion dollars since 2010, a drop of 38%. This has occurred despite the global population increasing by around 400 million people during that period. The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years,

Ford Recalls 4500 Kuga’s After Fires

Ford South Africa had a press conference yesterday where they recalled the recall of over 4500 1.6 model Kuga’s after a recent series of fires. Investigations show the fires were caused by overheating in some parts of the engine which led to oil leaks. A total of 48 Kuga’s have so far caught fire in South Africa‚ 11 of them this month.

Moody’s And S&P Hit With Massive Fines For Inflating Ratings

Moody’s has agreed to pay almost $864m to resolve a multiyear US investigation into credit ratings on subprime mortgage securities. Moody’s inflated ratings on mortgage securities which is a big part of the 2008 financial crisis. Standard and Poor’s, after fighting the US in court for two years, settled similar claims with the US for $1.5bn last year. Basically these guys deceived the market into thinking bonds that were crap were actually good, when it all fell apart the world went into a recession. Scum!

Important Theresa May Speech Expected

Theresa May is expected to use the most important speech of her premiership to confirm that Britain will be leaving the single market while insisting that it wants to remain “the best friend” to European partners. She is expected to say there is no option that leaves Britain “half-in, half-out” as she sets out 12 key priorities for the EU negotiations.

Uganda To Build Railway Linking Kenya, Rwanda And South Sudan

Uganda said the first phase of a railway designed to improve connections between the landlocked East African country and three of its neighbors will cost $2.3 billion, with Chinese contractors expected to begin construction this year. Uganda, which plans to start producing oil by about 2020, is seeking to build a combined 1,724 kilometers of standard-gauge railway.

Vodacom Launches Free Facebook

Vodacom has launched a new promotion Facebook Flex. “Facebook Flex will give customers on the Vodacom network an opportunity to connect with friends and family using the basic version of Facebook for free,” said Vodacom. Vodacom said Siyakha is a platform that will offer zero-rated and lower-priced products and services to the “emerging prepaid segment of Vodacom’s customer base”

Currencies & Stuff

Oil 55.65 . Rand/USD 13.53 . Rand/GBP 16.36 . Rand/EUR 14.39
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Author: The Turk Report

Simplifying complex money matters

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