Simplified Sona Breakdown.

Beyond the drama, Zuma actually said some things which we need to note. These are the things which he plans to do in the coming year. Zuma says the economy will grow 1.3% this year and he also said Eskom will sign the outstanding power purchase agreements for renewable energy in line with the procured rounds. They have been delaying this. Govt plans to create 6 million new work opportunities in state-run public works by the end of 2019. Importantly the number of  R32 billion. That is how much government has shifted around in the budget to support students. Zuma also switched from “A good story to tell” to “radical economic transformation” as a buzz word. Remains to be seen if govt delivers.

Trump Commits To One-China Policy

Donald Trump reaffirmed the U.S.’s long-standing support for the ‘One-China’ policy in his first phone call as president with Chinese counterpart Xi Jinping. “The two leaders discussed numerous topics and President Trump agreed, at the request of President Xi, to honor our ‘One-China’ policy,” the White House said in a statement yesterday.

Sekunjalo Launches R500m Impact Fund

The Sekunjalo Investment Group is launching a R500 million impact fund to boost entrepreneurship, shore up renewable energy initiatives and support women-owned businesses. International investors will be invited to join the fund, which is immediately seeded with R500m by Sekunjalo, and is projected to grow exponentially, and is expected to reach R2bn within a year of being launched.

MTN To Acquire 49% Of Iranian Govt ISP

MTN is near an agreement with the Iranian government to acquire a 49% stake in a state-owned internet provider. MTN already owns a 49% stake in Tehran-based mobile carrier Irancell Telecommunication Services and has been repatriating some of the $1 billion (R13.44 billion) that had been trapped in Iran before restrictions were removed.

ANOTHER Kuga Goes Up In Flames

Johannesburg businessman‚ Warren Krog‚ says his guardian angels worked overtime on Thursday. Krog was en route to work when he noticed smoke coming from the back of his 2013 Ford Kuga. Krog’s Kuga is the 45th to have been destroyed by fire on SA’s roads since Reshall Jimmy burnt to death in his in December while on holiday in Wilderness in the Western Cape. At least nine Kugas have caught fire since the start of the year.

Group 5 Takes A Pounding

Group Five shares took a hammering on the JSE on Thursday after the listing construction and engineering group disclosed it expected to report a fully diluted headline loss a share of between 300c and 320c for the six months to December. The group attributed this to a combination of its R225 million socio-economic contribution in terms of the agreement reached with the government to implement a programme of initiatives to accelerate transformation of the construction sector and a difficult period for the group’s engineering and construction cluster.

Currencies And Stuff

Oil 55.77 – Rand/USD 13.37 – Rand/GBP 16.67 – Rand/EUR 14.24
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Author: The Turk Report

Simplifying complex money matters

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