Macron Wins French Election

Emmanuel Macron was elected France’s youngest head of state since Napoleon last night after beating his far-Right rival Marine Le Pen in an 
emphatic result that will have far-reaching consequences for Brexit and Europe. Projections gave 39-year-old Mr Macron almost two thirds of the vote, showing a clear path to the Élysée Palace for the pro-EU centrist who was a political unknown until three years ago and has never held elected office.

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Ramaphosa Apologizes For Marikana

Deputy President Cyril Ramaphosa has apologised for the manner in which the Marikana massacre unfolded, saying he was sorry for the type of language he used at the time. On the eve of the Marikana shooting, Ramaphosa allegedly said in an email discussion between Lonmin management and government officials that events around the strike “are plainly dastardly criminal acts and must be characterised as such”.

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Eskom Threatens To Cut Zimbabwean Power

Eskom has threatened cutting power to Zimbabwe in June if its power utility Zesa does not clear its debt arrears of over R118m. Zimbabwe, which uses over 1 400 megawatts per day, risks losing 300 megawatts in June, which would see power cuts effecting industry and winter wheat cropping.

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Russia Blocks China’s Biggest Messaging App

Moscow’s communications regulator has added WeChat to its list of prohibited websites, according to Russian state news agency TASS. WeChat has about 900 million monthly active users, the vast majority of whom are in China. Tencent which owns WeChat said in a statement Monday that it’s “in discussions with relevant authorities regarding the situation” in Russia. WeChat has been blacklisted since at least Friday, according to the TASS report.

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Google Pays Italy $335 Million In Tax Arrears

Italy’s tax agency confirmed that Google would pay €306 million ($335 million) to cover taxes for the years 2009 to 2015. Google and other global giants such as Apple (AAPL, Tech30) and Starbucks (SBUX) have been accused of shifting their sales and profits across international borders to avoid paying high rates of corporate tax. They set up regional headquarters in countries such as Ireland, Luxembourg and the Netherlands, where taxes are much lower. The biggest outstanding dispute in Europe concerns a record breaking €13 billion ($14.2 billion) tax bill that Ireland has been ordered to serve Apple. The European Commission, which administers EU law, said the Irish government helped the tech giant artificially lower its tax bill for more than 20 years.

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CurrenciesRand/USD 13.47 – Rand/GBP 17.42 – Rand/EUR 14.78




Author: The Turk Report

Simplifying complex money matters

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