DA And Zille Avoid Collision Course

On Tuesday, Zille apologised unreservedly for her tweets on colonialism as part of the political settlement. According to the deal, Zille keeps her job as premier but steps down from all party structures on both national and provincial government levels. Her public communication should be limited to her role as premier, which ends in 18 months’ time. If she does communicate on party matters, it should go through the correct party channels.

Source : https://goo.gl/A3kmpd

Gigaba Signs FIC Amendment Act

Finance Minister Malusi Gigaba signed and gazetted various provisions of the Financial Intelligence Centre (FIC) Amendment Act, National Treasury said on Tuesday.
“Commenting on the signing of the Act, Minister Gigaba said it was critical for government to accelerate the implementation of the Act as it demonstrated government’s commitment to the fight against corruption, money laundering and illicit flows. The Minister added that although the signing of the Act was a big step forward, more work still needed to be done,” Treasury said.

Source : https://goo.gl/Dag0LH

Comp Com To Probe Aspen Over Price Fixing

Africa’s biggest generic drug maker Aspen Pharmacare, already under investigation by European authorities over the price of its cancer drugs, is now under similar scrutiny from SA’s Competition Commission. On Tuesday, the commission announced it was investigating Aspen and multinational pharmaceutical manufacturers Roche and Pfizer for suspected excessive pricing of their cancer drugs.

Source : https://goo.gl/bEBs4X

83,000 British Jobs At Risk After Brexit

The European Union is preparing the ground for a raid on one of the crown jewels of British business. The bloc proposed rules on Tuesday that would give it the power to force a large slice of London’s financial services to move out of the city after Brexit, putting at risk an estimated 83,000 jobs. The European Central Bank has long argued that the clearing of such vast quantities of trades should take place inside the group of 19 countries that use the currency. The bank says it needs to monitor what’s happening to ensure the financial stability of the eurozone.

Source : https://goo.gl/7q6Zfu

Uber CEO Takes Forced Leave

Travis Kalanick, the CEO and cofounder of Uber, told staff Tuesday he will take time off in order to grieve for his mother, who recently died in a tragic boating accident. “It’s hard to put a timeline on this — it may be shorter or longer than we might expect,” Kalanick wrote in a company-wide memo. “Tragically losing a loved one has been difficult for me and I need to properly say my goodbyes.” The announcement came moments before Uber held a staff meeting to discuss recommendations from a months-long investigation into Uber’s office culture conducted by former U.S. Attorney General Eric Holder.

Source : https://goo.gl/Q4DeAj

Brait Shares Taking A Pounding

Brait’s share price fell 4.6% on Tuesday to close on a 52-week low of R62.51, as a substantial reduction in the value of New Look — the UK retailer for which it paid handsomely — caused a plunge in the group’s year-end net asset value. For the year to March, Brait’s net asset value per share slid 42.6% to R78.15. It was hit by rand strength and an 80% year-on-year decline in the value of New Look to R7bn — less than half what it paid for it.

Indicators : JSE 51’775 – Oil 48.40 – Rand/USD 12.76 – Rand/GBP 16.25 – Rand/EUR 14.30

 

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Author: The Turk Report

Simplifying complex money matters

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