Nationwide Bus Strike Ends

Labour unions in the bus sector have accepted a wage increment offer of 9% across the board‚ ending a prolonged national strike. The offer is effective from April‚ while a second pay rise increment of 8% will be implemented from April 2019. There will also be allowances‚ including nightshift and subsistence‚ over both years.

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Gordhan Fires Transnet Board

The Department of Public Enterprises has confirmed that a new interim board has been appointed at Transnet. In a statement issued on Monday night, Public Enterprises announced that he has removed all the remaining Transnet directors with immediate effect and that he’s appointed a new interim board, pending a full appointment, in consultation with Cabinet.

Source

Vodacom To Implement Data Rollover And Transfers

Vodacom will abide by ICASA’s new regulations, which require operators to allow subscribers to roll over unused data or transfer it to another user on the same network. Additionally, the new regulations will not allow operators to charge out-of-bundle tariffs without first obtaining consent from subscribers.

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Vehicle Loan Defaults Hit Record Highs

Over the first three months of 2018, the vehicle loans consumer default index (CDI) hit its highest level yet, according to the latest Experian CDI. The 3.55% CDI level for vehicle loans defaults was even higher than the overall Experian CDI. While there was a month-on-month (m/m) and year-on-year (y/y) deterioration in the vehicle finance category, the latest CDI shows a y/y improvement in personal loans, credit cards and home loans.

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Moyane Threatens Ramaphosa

Moyane faces charges of misconduct in violation of his duties and responsibilities linked to his handling of allegations against second-in-command Jonas Makwakwa, making unauthorised bonus payments, misleading Parliament and instructing a SARS official not to co-operate with an inquiry by audit firm KPMG. Moyane’s attorney, Eric Mabuza, has since written to President Cyril Ramaphosa to raise concerns about the format of the disciplinary inquiry. Mabuza has given Ramaphosa until Tuesday afternoon to respond favourably to his demands, which includes legal costs. It is understood that Mabuza will approach the courts if the president fails to comply with his demands.

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Another 70 Cents Increase In Fuel Price Expected

Despite the stronger dollar and a number of geopolitical worries, the rand has held up remarkably well. While a positive sentiment continues to surround the country, it is definitely not a great time to be a motorist. The record-high inland petrol price of almost R15 per litre looks set to rise by another 70 cents per litre (in June 2018).

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Mark Shuttleworth Now Worth £500 Billion

Mark Shuttleworth’s wealth has increased by £340 million in the past year, according to a report by the BBC. Directly translated into rand, this equals R5.6 billion. The report was based on the UK’s Sunday Times Rich List for 2018, which stated that Shuttleworth is now worth £500 million (R8.3 billion). Shuttleworth big rise in wealth was attributed to the success of Canonical, his company which offers open-source software solutions.

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Currencies: Bcoin R108,274.17 . R9,112.95 . R/USD12.39 . R/GBP16.79 . R/EUR14.77

 

 

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Author: The Turk Report

Simplifying complex money matters

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