SAP Suspends Execs Over Gupta Leaks

Software multinational firm SAP has suspended South Africa’s management team after a #GuptaLeaks exposé by AmaBhungane and Scorpio revealed it allegedly paid a Gupta front R100m in kickbacks for state business. SAP has initiated an independent external investigation as well as an internal probe into the matter. The current management team has been placed on leave pending the findings of the review.

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MTN Accepts Rwanda Fine

frica’s cellular giant, MTN, confirmed it was in talks with the Rwandan authorities on how it would pay the R111 million fine for non-compliance. MTN landed itself in hot water for failing to comply with a directive precluding it from including its operation in that country into the IT hub it runs in Uganda. The company was fined $5.2 billion in Nigeria for failing to disconnect unregistered SIM- cards.

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Labour Broker Employees Now Entitled To Full Benefits

The Labour Appeal Court has ruled that employees hired via labour brokerage firms will be entitled to benefits if they remain employed by a company for more than three months. This effectively means that after the end of a three month period, labour broker employees cannot be treated any differently from a traditional employee. Employers will also no longer be able to simply cancel the labour contract and would have a number of obligations including full dismissal procedure under the Labour Relations Act.

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6 Million Verizon Customers Data Hacked

The security issue, uncovered by research from cybersecurity firm UpGuard, was caused by a misconfigured security setting on a cloud server due to “human error.” The error made customer phone numbers, names, and some PIN codes publicly available online. PIN codes are used to confirm the identity of people who call for customer service. No loss or theft of customer information occurred

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China Fertility Clinic Industry Booming

A paradox has emerged in China: As the country finally relaxes its one-child policy, factors like lower sperm counts, later pregnancies and other health barriers are making it harder for many to get pregnant. As a result, businesses from China to Australia, and even California are lining up to help — and profit from — the growing market of hopeful prospective parents. Families in the world’s most populous country are willing to pay top dollar for fertility therapies with some paying up to 100,000 yuan ($14,700) for each round. China’s market for IVF alone was worth $670 million in 2016 and is expected to surge to $1.5 billion in 2022, according to BIS Research

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Hyperloop One Has Successful Test

Hyperloop One recently completed its first test of its system.  The experiment, on a test track in Nevada, saw a sled magnetically levitated inside a full-scale tube and reach a speed of 112km/h in under six seconds. When Hyperloop One is operating at full capacity, it promises to deliver speeds of up to 1,125km/h. Hyperloop One announced in June that it plans to connect cities in Europe, with cross-country journeys set to take a fraction of the time of traditional train and car trips.

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Indicators : Oil 47.39 . Rand/USD 13.17 . Rand/GBP 16.99 . Rand/EUR 15.02

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Author: The Turk Report

Simplifying complex money matters

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