Kgosana Loses Alex Forbes Job Over Gupta Leaks

Former KPMG Africa lead, Moses Kgosana, has announced he will be resigning as a non-executive director at Alexander Forbes, following media reports implying he turned a blind eye to dodgy Gupta dealings during his time at the auditing firm. In a statement on Monday, Kgosana said that since becoming aware of recently published allegations in respect of KPMG which related to his previous position, he believes resigning is the correct course of action for himself, the company, its clients and shareholders.


Pre-Gordhan Insider Trading Probe Dropped

The FSB said its directorate of market abuse (DMA) had concluded that currency futures contract trades done before March 27, when Gordhan was ordered back from London, “were undertaken in the normal course of business by institutional investors who at the time that they traded had no prior knowledge that Mr Gordhan would be recalled from the roadshow”.


Eskom Secures R20bn Loan From Chinese Bank

Eskom will sign a $1.5bn (R19.78bn) loan agreement with China Development Bank on Thursday. Last week, new acting Eskom CEO Johnny Dladla revealed that Eskom had secured 77% of its funding requirements for the 2017/18 financial year. He said that for the 2016/17 financial year, Eskom increased its borrowings by over R60bn.


Maths May Be Scrapped As Pass Requirement In Schools

The Department of Basic Education is considering amending promotion requirements that could result in key subjects such as mathematics being removed as a compulsory requirement in the progression from lower to senior grades. To minimise the effect of the higher promotion requirements in the senior phase, the department issued a national assessment circular in 2015 to allow for the adjustment of marks. In 2016, “given the adverse impact” of the maths pass requirement of 40%, a special condonation dispensation for maths was applied, Mhlanga said.


Tax Season Open

Tax Season 2017 officially opened on Saturday, 1 July 2017 for eFilers, and on Monday for branch filers. Taxpayers can now commence completing and submitting their 2017 personal income tax returns for the 2016/17 tax year


Britian Headed For Recession

Here’s the evidence: Brits are saving the smallest share of disposable income in over 50 years. Credit card borrowing is at record high. Wages are stagnating and consumer confidence is crashing. Data published on Friday confirmed the economy grew just 0.2% in the first three months of the year, cementing Britain’s position as the slowest growing economy in the European Union.


Mazda Sales Grow 16% In Last Year

South Africa’s domestic new-vehicle market declined by 11.4% in 2016 over 2015, while Mazda SA managed to grow sales by 33%, from 9 067 units in 2015, to 12 049 units in 2016. (Consider also that the company sold 4 939 units in 2014.)


Indicators : JSE 51’756 – Oil 49.46 – Rand/USD 13.18 – Rand/GBP 17.03 – Rand/EUR 14.98


Author: The Turk Report

Simplifying complex money matters

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