ConCourt Extends CPS Contract

The Constitutional Court has ruled that the ‘invalid’ contract of Cash Paymaster Services (CPS) to pay Sassa grants will be extended for a period of 12 months. The extension comes with extremely strict conditions including that minister Bathabile Dlamini and SASSA must submit reports every 3 months on progress of new contract. CPS has also been barred from providing recipients information to Net1 and they can no longer offer value added products to grants recipients based on that information.

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McDonalds Attacks Trump In A Tweet

A tweet from McDonald’s verified Twitter account took aim at President Donald Trump on Thursday. The tweet, which has been deleted, said: “@realDonaldTrump You are actually a disgusting excuse of a President and we would love to have @BarackObama back, also you have tiny hands.” McDonald’s later said its account was “compromised” but has been secured. They deleted the post.

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Allan Gray Calls For Board Removal At Net 1

Net1 shareholder Allan Gray is demanding that certain actions occur at Net1 subsidiary Cash Paymaster Services (CPS) to ensure social welfare recipients receive grants or it will seek to remove the board. Andrew Lapping, chief investment officer at Allan Gray, revealed this move to Business Day companies’ journalist Ann Crotty. Removing the board could also see Net1 CEO and founder Serge Belamant losing his position. Lapping said Allan Gray, which owns 16% of Net1, is working to understand issues around the integrity of management. “If these issues are not resolved to our satisfaction, we will call a shareholders’ meeting and attempt to remove the board.”

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Cape Town Has 100 Days Of Water Left

After two years of the least rainfall on record, the average level of the six main dams that supply the city of 3.7 million people has dropped below 30%, one of the lowest levels on record. The last 10% of the reservoir water is unusable, and the risk is mounting that taps and pipes will stop flowing before the onset of the winter rainy season that normally starts in May or June. Even if the supply stretches until then, heavy downpours may be needed to avert outages over the next two years in South Africa’s second-biggest city.

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Indian Tycoon Wants A Stake In Anglo American

Anil Agarwal, who made his fortune in mining, is trying to buy shares worth up to $2.4 billion in Anglo American. He will make the “personal investment” in the global mining group through his family trust, Volcan Investments. The proposed investment would give Agarwal a 12% stake in the the South Africa-based conglomerate, according to Bloomberg. That would make him the 2nd biggest shareholder behind the Public Investment Corp, which invests South African state pension funds.

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High Court Sets Aside Ntlemeza Appointment

The High Court in Pretoria has ruled that the appointment of Berning Ntlemeza as head of Hawks is invalid. Ntlemeza was appointed head of Hawks in December 2014 by Police Minister Nathi Nhleko. Freedom Under Law and the Helen Suzman Foundation brought the application to court.

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Renault In Emissions Cheating Scandal

Renault’s shares slumped amid concern that the French car maker may face hefty fines over allegations of breaching emissions rules and top management may have been involved in the fraudulent strategy. French newspaper Liberation reported on Wednesday the Economy Ministry’s fraud office said in a confidential report to prosecutors that the carmaker aimed to skew test results. As many as 900 000 cars with emissions breaching standards could have been sold, according to the newspaper. Renault have thus far denied wrongdoing.

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Indicators : Oil 51.69 – Rand/USD 12.76 – Rand/GBP 15.81 – Rand/EUR 13.78




Author: The Turk Report

Simplifying complex money matters

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