Former Eskom CEO Brian Molefe has reportedly been sworn in as ANC member of Parliament. The official announcement is expected to be made when the National Assembly sits on Thursday afternoon.
VAT On Fuel Coming In 2018
Treasury is currently mulling the potential of removing the zero VAT rating on fuel but adds that “this will be subject to consultation leading up to the 2018 budget”. Gordhan announced that there will be a 30c per litre increase in the fuel levy and a nine cents per litre increase in the RAF levy‚ effective on 5 April.
Sibanye Pays R1.3 Billion Dividend
Sibanye, which during 2016 added the whole of Aquarius Platinum and Anglo American Platinum’s Rustenburg mines to its portfolio, declared a total dividend of R1.45 per share for the year, returning R1.3bn to shareholders. Sibanye reported a profit for the year to end-December of R3.3bn compared with R538m a year earlier. Net debt in the group grew to R6.3bn from R1.3bn a year earlier as its gross debt shot up to R8bn from R1.8bn a year earlier
Pravin Gordhans Investment Portfolio
A document released by Parliament’s ethics committee reveals that finance minister Pravin Gordhan held shares in more than 35 listed companies in 2016. Fin24 provided an image from the document highlighting Gordhan’s investment portfolio, which includes some of the biggest JSE-listed companies. The ministers’ portfolio includes shares in the banking industry, mining, real estate investment trusts, retailers, and the telecommunications sector. News24 reported on Tuesday that members of Parliament who did not meet the deadline to submit their financial interests and gifts will be given seven days to explain why they failed to do so. The seven days will only come into effect once the members have received letters from the acting registrar of Parliament, who has not sent them out yet.
$1 Trillion Trade Deal
The Trade Facilitation Agreement (TFA) is aimed at cutting red tape and making the international flow of goods more seamless. It spans all 164 members of the World Trade Organization, including the U.S. The WTO said the deal will slash its members’ trade costs by average of 14.3% and will boost global merchandize trade by $1 trillion a year.
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