Zuma To Sign R20 Minimum Wage

The National Minimum Wage will be R20 per hour from May 2018, after parties at the Nedlac came to an agreement this week. Business Day reported that a signing ceremony will be held in Cape Town on Tuesday, and that President Jacob Zuma is going to announce the minimum wage during his State of the Nation Address on Thursday but the details will be made public by news agencies at 2pm this afternoon.

State Of The Nation Address On Thursday

The ANC urged government to use the 2017 state-of-the-nation address (Sona) to be delivered by President Jacob Zuma on February 9 to “give expression to the 12 urgent tasks of the movement” in respect of economic transformation. There are also rumors that Zuma will reshuffle his cabinet and send the economy into another tailspin. As per ANC NEC lekgotla, radical economic transformation refers to a fundamental change in the structure, systems, institutions, and patterns of ownership and control of the economy in favour of all South Africans, especially the poor, the majority of whom are African and female. Will be interesting to hear what he says.

Eskom Report To Be released To The Public

The Eskom board has finally succumbed to pressure, allowing the contents of a 2015 “sanitised” report into the state of the power utility to be published. The report by law firm Dentons has been kept secret since 2015 and no explanation was provided as to why. The inquiry was initiated to establish the causes of the near operational meltdown the utility had suffered since 2008, when it could not adequately supply the economy with electricity.

Armyworm Spreading And Could Reach Asia

The fall armyworms that have ravaged corn fields from Ghana to South Africa since arriving on the continent last year could spread to Asia and the Mediterranean, a research body has said. The fall armyworm “could spread to tropical Asia and the Mediterranean in the next few years, becoming a major threat to agricultural trade worldwide.

Christo Wiese Slams ANC And Oxfam

South African billionaire, Christo Wiese has slammed the ANC government and a recent Oxfam report for his continued harassment as one of the richest people in South Africa. “There is a perverse obsession about the rich with little or no regard for what would happen to the poor if the rich are pulled down,” Wiese said. “The question government must ask is: ‘What better person is there to be managing and investing money than a person with a proven track record to earn it justly?’ I dont think that Wiese gets it.

Facebook Shareholders Want Zuckerberg replaced As Chair

Shareholders of Facebook have requested the board of directors to adopt a policy and amend the bylaws as necessary, to require the chair of the board to be an independent member. “If he’s an employee, he needs a boss, and that boss is the board. The chairman runs the board. How can the CEO be his own boss?” the group argued. Tough in business. SMH

Anglo Has Boosted Productivity By 40%

Technological improvements had boosted productivity 40% over the past three years and a further 40% could be delivered by 2020, Anglo American CEO Mark Cutifani said yesterday. According to Cutifani, Anglo was focused on the smart use of data and “integrated systems thinking” to cut maintenance spending and to reduce safety risks. “We are using advanced analytics to interrogate existing data and to estimate the probability of component failure in some of our most important mining equipment,” he said.

Currencies And Stuff

Oil 55.88 – Rand/USD 13.38 – Rand/GBP 16.60 – Rand/EUR 14.29

 

 

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Author: The Turk Report

Simplifying complex money matters

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