New Mining Charter Causes A Stir

South African minister of mineral resources Mosebenzi Zwani has announced government’s new position on mine ownership in the country, saying that 30% of all mines need to be black-owned. Zwane said that the new policy was that prospecting rights must also have 50% black control and the Mining Charter will channel a minimum of 1% of mine turnover to local communities.  Zwane has defended the controversial new mining charter, saying that he can’t please everybody – as R50 billion gets wiped from the sector.

Source : https://goo.gl/hy6AT8

Lynne Brown Basically Calls Brian Molefe A Liar

Public Enterprises Minister Lynne Brown has filed a scathing affidavit in which she admonishes former Eskom CE Brian Molefe for his urgent bid in the Labour Court to have his removal overturned. Brown is denying the urgency of the matter as Molefe is “very wealthy” and he can “wait in line”, as all other South Africans would have to do. In her affidavit, she stops short of calling Molefe a liar and argues that his reappointment at Eskom has been unlawful to begin with.

Source : https://goo.gl/nYVGfX

Brexit Talks Begin

On Monday, nearly a year after the U.K. voted to leave the European Union, it will begin the tricky process of hammering out the details of the divorce. It looks like it’s going to be a messy breakup. Last week’s general election left Prime Minister Theresa May without a majority, and without a clear negotiation plan. May has called for a hard exit fro the EU, which would mean keeping immigrants out of the U.K., stepping away from the European bloc’s trading area and refusing to pay for the separation. But that may be hard to do without political support. If she shifts gears to a “softer” Brexit, the U.K. could ease its immigration stance in exchange for maintaining business ties with Europe — as many British companies would like to do.

Source : https://goo.gl/rJoCqg

Sibanye Fires 1500 Striking Workers

Sibanye Gold has fired around 1500 workers taking part in a wildcat strike at its Cooke mine, it said on Thursday, prompting an angry reaction from the National Union of Mineworkers (NUM). Workers at the mine downed tools over a week ago, angered by a company drive to root out illegal miners which has included the arrest of employees for collusion and taking food down to the illegal miners working underground. Illegal gold mining has plagued South Africa for decades, and Sibanye has vowed it will clear all illegal miners from its shafts by January 2018.

Source : https://goo.gl/YNtTZd

Amazon Buys WholeFoods

Amazon announced Friday that is buying organic grocery chain Whole Foods (WFM) for $13.7 billion in cash. The deal values Whole Foods at $42 a share, 27% higher than where the stock was trading Thursday. Amazon (AMZN, Tech30) said Whole Foods stores will continue operating under that name as a separate unit of the company. Whole Foods CEO John Mackey will stay on to lead Whole Foods, which will keep its headquarters in Austin, Texas.

Source : https://goo.gl/As6e46

Google Faces Record Anti-Trust Fine 

The EU’s powerful anti-trust regulator will decide a historic case against Google in the coming weeks that could see the Internet giant hit with a record fine, according to sources. Led by hard-charging European Commission competition chief Margrethe Vestager, Google faces a massive penalty that could reach as much $9bn, or 10% of Google’s total revenue last year.

Source : https://goo.gl/kghi4P

Indicators : JSE 50’831 – Oil 47.19 – Rand/USD 12.78 – Rand/GBP 16.29 – Rand/EUR 14.31

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Author: The Turk Report

Simplifying complex money matters

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