SAA Gets R2.b Billion Bailout

National Treasury has announced that it has come to South African Airways’ aid, by bailing the failing airline out of a R2.2 billion debt payment that it could not get an extension for. The payment was made to Standard Chartered, which refused to extend a loan facility, and has been made in terms of section 16 of the PFMA which makes provision for the use of funds in an emergency situation as follows:

Source : https://goo.gl/Tgyj32

KPMG Deny Ignoring Gupta Wedding SPlurge

Auditing firm KPMG has refuted an amaBhungane report that claimed the group effectively turned a blind eye to the Gupta family using proxy companies to launder millions of rands received by the Free State government. Reports citing many emails from the Gupta leaks, showed how the Gupta businesses took money meant for an agricultural project in the Free State, and ran it through bank accounts in India belonging to businesses owned by the family. Two different Gupta-linked companies – Linkbay Trading and Accurate Investments – were then billed for and paid the tune of R30 million for wedding services

Source : https://goo.gl/KJxHft

68c Drop In Petrol Price Expected

The Retail price of 93 octane unleaded petrol (ULP) and lead replacement petrol (LRP) will drop by 69c/* with effect from midnight on Tuesday, the energy department has announced. The retail price of 95 octane ULP and LRP will drop by 68c/* , it said. The wholesale price of both grades of diesel – 0.05percent sulphur and 0.005percent sulphur – would decrease by 60c/* . The wholesale price of illuminating paraffin would drop by 57c/* and the single maximum national retail price by 76c/* . The maximum retail price for LP gas would drop by 91c/kg, due to the average international product prices decreasing during the period under review

Source : https://goo.gl/k2efBD

Tesla To Release Model 3 This Month

Tesla’s first mass market electric car will start rolling off the production line this week.
“Model 3 passed all regulatory requirements for production two weeks ahead of schedule,” Tesla CEO Elon Musk tweeted on Monday. The first one is expected to be finished Friday, he said. The automaker is aiming to dramatically ramp up output of the eagerly awaited vehicle in the coming months. After throwing a “handover party” for the first 30 customers in late July, Tesla (TSLA) plans to produce 100 Model 3 cars in August, 1,500 in September and 20,000 in December, according to Musk.

Source : https://goo.gl/jaoLAj

13 Funeral Schemes Under Investigation

The Financial Services Board (FSB) warned the public against illegal funeral policies amid a probe of thirteen entities. Funerals are important occasions in South Africa and are often lavish and costly affairs. In some instances, families incur large debts to fund a decent send-off. To avoid this, people are increasingly turning to funeral plans, but this could turn out to be a money making scheme, cautioned the FSB in a statement on Wednesday. It urged the public to be wary when purchasing such policies. “The FSB investigates and takes action against entities who sell funeral policies to the public whilst such policies are not underwritten by a registered long-term insurance company.”

Source : https://goo.gl/vB17HS

Indicators : Oil 48.71 – Rand/USD 13.15 – Rand/GBP 17.03 – Rand/EUR 14.97

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Author: The Turk Report

Simplifying complex money matters

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