Zuma Doesnt Want Lifestyle Audits

President Jacob Zuma has lashed out at those who called for implementation of lifestyle audits in the top echelons of the ANC, despite two of the party’s top six insisting on their importance. Zuma said leaders requesting such audits must “behave properly”, as the movement had pulled out all the stops to fight corruption, which he said was “not a problem brought by us”.

Missing Millions After Gambia’s Jammeh

More than $11m (£8.8m) is missing from The Gambia’s state coffers following the departure of long-time leader Yahya Jammeh. Luxury cars and other items were reportedly loaded on to a Chadian cargo plane as Mr Jammeh left the country. He had refused to accept election results but finally left after mediation by regional leaders and the threat of military intervention.

Motsepe Buys 10% Of Alex-Forbes

African Rainbow Capital, chaired by billionaire Patrice Motsepe, will acquire a 10% stake in financial services company Alexander Forbes. Alexander Forbes said shareholders approved ARC’s acquisition in its African operations, with net proceeds of R678.1m.

AB InBev Offer Severance Packages In SA

AB InBev, the world’s largest brewer, has offered more than 1 000 employees in South Africa voluntary severance following its merger with SAB Miller. As part of the merger conditions, AB InBev was required to maintain the number of employees in SAB Millers’s South African operations for five years after the date of the merger and not implement forced retrenchments.

Samsung Blames Battery Design & Manufacturing For Note 7 Fires

Samsung internal and independent investigations concluded that batteries were found to be the cause of the Note 7 incidents. According to the findings, the problems centred on insufficient insulation material within the batteries and a design that did not give enough room to safely accommodate the batteries’ electrodes. The recall is thought to have cost $5.3bn (£4.3bn)

Currencies & Stuff

Oil 55.32 – Rand/USD 13.53 – Rand/GBP 16.77 – Rand/EUR 14.50

Author: The Turk Report

Simplifying complex money matters

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