Snapchat Raises $3.4bn In IPO

Snap, the parent company of Snapchat, priced its initial public offering at $17 a share on Wednesday. It had previously proposed a range of $14 to $16 a share. That equates to a Snap market value of nearly $24 billion, making it the largest U.S. tech IPO since Facebook. Snap’s sales are growing at a fast pace, rising to more than $400 million in 2016 from just $58.7 million in 2015. Most analysts expect Snap to report around $1 billion in sales this year.

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Net 1 To Buy 15% Of Cell C

Electronic payments provider Net1 UEPS Technologies, which has found itself at the centre of a social grants storm in South Africa, has confirmed that it has agreed to buy a R2bn, 15% stake mobile network Cell C. Along with Blue Label Telecoms, Cell C is set to be able to pay off its debts and has said it has further concluded a memorandum of understanding to acquire 49.6% of DNI-4PL Contracts with an option to acquire a controlling stake in DNI in the future. DNI is a distributor of mobile subscriber starter packs for Cell C and also distributes pre-paid airtime through a network of field operatives and agents.

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SABC’s R5.1bn Irregular Expenditure

The Standing Committee on Public Accounts (Scopa) has put forward a proposal to SABC group executives that the Hawks launch a forensic investigation into the affairs of the SABC. The proposal was made during a briefing by the SABC to Scopa on the broadcaster’s financial annual report for the 2015/2016 year which revealed R5.1-billion in irregular expenditure. CEO James Aguma painted a rosy picture of its progress regarding audience figures for radio and television, its progress on financial management, blaming a R411 million loss on expenditure on unforeseen events of national interest, less than three percent funding from government, and currency fluctuations, among others.

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Unilever Charged For Cartel Collusion

This follows the investigation by the Commission which found that Unilever and Sime Darby divided markets by allocating specific types of products and customers goods in the market for the manufacturing and supply of bakery and cooking products throughout South Africa. The Commission said its investigation found that from at least 2004 to 2013, Unilever and Sime Darby entered into a sale of business agreement, which contained a clause in terms of which they agreed not to compete with each other in respect of certain pack sizes of margarine and edible oils.

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SA Taxi Seals R100 Million Finance Deal

SA Taxi has signed a deal with the Small Enterprise Funding Agency (SEFA), which is wholly-owned by the Industrial Development Corporation. SA Taxi’s business model includes the financing of industry-specific vehicles, provision of bespoke taxi insurance that helps operators protect their income-generating asset and optimise cash flow, a Taximart division that restores pre-owned vehicles to a virtually new condition, and a dealership network through which both new and pre-owned minibus taxis are sold directly to taxi operators.

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Joburg Trashed Due To Jozi@Work Protests

A group of angry Jozi@Work protesters took to the streets of the Johannesburg CBD for the second consecutive night on Wednesday‚ leaving a trail of destruction and trash in their wake. About 200 workers‚ wearing their yellow uniforms‚ marched through Bree and Jeppe streets up to Rissik Street in front of the city council offices‚ upending rubbish bins along the way‚ in protest against the canning by Mayor Herman Mashaba of the Jozi@Work programme.

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IndicatorsOil 56.17 – Rand/USD 13.03 – Rand/GBP 15.99 – Rand/EUR 13.74





Author: The Turk Report

Simplifying complex money matters

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