Kumba Settles on Massive R2.5bn Tax Bill

In February 2016, Kumba was slapped with a R5.5bn tax claim, including R3.7bn in interest and penalties, following an audit of the tax years 2006 to 2010 of Sishen Iron Ore Company, in which Kumba has a 76.3% stake. Sishen received another R1bn tax bill for the 2011 tax year. The settlement will be paid in full in the first quarter of 2017.

Mkhwebane To Opposes Zumas State Capture Review

Public Protector Busisiwe Mkhwebane will oppose President Jacob Zuma’s application to take the State of Capture report on review‚ but this could change depending on legal advice. Meanwhile former ANC MP Vytjie Mentor has also submitted court papers to oppose President Jacob Zuma’s application to review the State of Capture report.

Bank Of China Closes Gupta Bank Accounts

VR Laser said in papers filed in the North Gauteng High Court in January that the Bank of China demanded that it cut ties with the Guptas as shareholders shortly before closing its accounts just three weeks after they were opened because of perceived political risk. VR Laser, which supplies steel products to arms maker Denel, approached the Bank of China after Nedbank and Standard Bank closed its accounts last year citing reputational risk. The bank is the third-largest in China and is 64% owned by the Chinese government’s sovereign wealth fund. Im pretty sure that Zuma isnt gonna complain about the BOC closing these accounts. China isnt one to be trifled with.

Uber CEO Quits Trump’s Advisory Panel

ber Technologies Chief Executive Officer Travis Kalanick is stepping down from President Donald Trump’s business advisory council after criticism from customers and drivers. Kalanick, 40, told the president that he would no longer be involved with the advisory council saying “Immigration and openness to refugees is an important part of our country’s success and quite honestly to Uber’s,”

Starbucks Launches Rewards Program In SA

Starbucks has launched its popular rewards programme in South Africa, allowing customers to redeem rewards for their purchases, and also pay at select stores through the Starbucks mobile app. Customers can join the programme by registering directly on the app or through a Starbucks card available from stores.

Currencies and Stuff

Oil 56.99 – Rand/USD 13.43 – Rand/GBP 16.81 – Rand/EUR 14.45

Author: The Turk Report

Simplifying complex money matters

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