Mbete Must Make Secret Ballot Decision

It is now up to National Assembly speaker Baleka Mbete to decide whether or not to allow a secret ballot in the vote in a motion of no confidence against President Jacob Zuma. The Constitutional Court on Thursday ordered that Mbete has the constitutional power to prescribe that voting in a motion of no confidence be conducted through a secret ballot.

Source : https://goo.gl/1J7vJe

Govt Debt Now Costs More Than Social Grants

Servicing its debt is now costing the South African government more than the amount it spends on social grants, political analyst Daniel Silke said on Thursday. This growing gap between revenue and expenditure by government means the pressure on government to raise taxes, especially indirect taxes, will become more and more acute. This in turn will put pressure on citizens and raise frustration on ground level, according to Silke.

Irregular Expenditure Balloons

Deviation from supply chain management regulations resulted in the irregular expenditure of municipalities ballooning over 50% to R16.81bn, the auditor general revealed. The auditor general assessed 263 municipalities and 51 municipal entities. On average, 20% of the 263 municipalities was classified as having “robust and strong” financial controls. Eastern Cape, North West, KwaZulu-Natal and Mpumalanga were the main contributors to the increase in irregular expenditure. Eastern Cape’s irregular expenditure increased by 60% to R5.6bn, North West increased by 117% to R2.5bn, KwaZulu-Natal increased by 50% to R2.3bn and Mpumalanga increased by 162% to R2.2bn.

Source : https://goo.gl/Mz8RdG

Uber CEO Resigns

Uber has been run by a committee of executives since Kalanick agreed to go on an indefinite leave of absence last week. The leave was intended for him to grieve for his mother and work on becoming a better leader. Uber has also been searching for a COO for months to help Kalanick. Reps for Uber did not immediately respond to a request for comment on updates to this plan. Even though Kalanick is no longer CEO, he will likely continue to have a strong influence on the startup he co-founded.

Source :  https://goo.gl/fnJCbk

JSE Warns Gupta Companies Of Suspension

The JSE is considering suspending Gupta-owned Oakbay Energy and Resources because it no longer has an audit committee chairperson, sponsor or transfer secretary, which the stock exchange requires for a company to trade. This was revealed by Oakbay on Thursday in a statement to shareholders, in which it said it “is considering various alternatives available to it”.

Source : https://goo.gl/T5M85k

Indicators : Oil 44.71 – Rand/USD 13.01 – Rand/GBP 16.46 – Rand/EUR 14.54




Author: The Turk Report

Simplifying complex money matters

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