Christo Weise Resigns As Steinhoff Chair

Steinhoff International chairman and largest shareholder, billionaire Christo Wiese, is stepping down from the supervisory board following the accounting scandal that has engulfed the retail giant. The board accepted Wiese’s resignation to resolve questions of conflict of interest, the owner of furniture chains such as Mattress Firm in the US and Conforama in France said in a filing on Thursday. Heather Sonn, a member of the board and its independent subcommittee, will take the role of acting chairwoman.

Source

DA Suspends De Lille

The federal executive of the DA has decided to suspend City of Cape Town Mayor Patricia De Lille from party activities pending the outcome of ongoing investigations into a series of reports and an affidavit containing allegations of maladministration in the city, also asking her to give reasons why she shouldn’t resign as mayor. This comes after the conclusion of an investigation of the allegations by a subcommittee.

Source

Lungisa Fezile Appointed Standard Bank CEO

Standard Bank has appointed Lungisa Fuzile as CEO for its South African unit. A former director-general within the Treasury, Fuzile will take over from Sim Tshabalala, who has served in the role since 2008. “This appointment follows the recent changes to the group’s executive structure, which resulted in the disbanding of the joint group CEO construct,” Standard Bank Group said in a statement. Ben Kruger stepped down as joint CEO of Standard Bank Group in September, leaving Tshabalala as the sole head of Africa’s biggest bank by assets.

Source

Zuma, Ministers And Guptas Sued Over Eskom

The Helen Suzman Foundation and Sygnia Asset Management CEO Magda Wierzycka have approached the courts to deal with the capture of Eskom. According to an affidavit filed at the North Gauteng High Court on Thursday, the foundation and Wierzycka want the courts to set upside the “series of unlawful, improper and corrupt” exercises of public power, and to recover all the proceeds lost in order to benefit the fiscus. The application has been brought against 73 respondents including Eskom itself, President Jacob Zuma, Minister of Finance Malusi Gigaba, Minister of Public Enterprises Lynne Brown, Mineral Resources Minister Mosebenzi Zwane, Eskom executives including Anoj Singh and Brian Molefe and former Oakbay CEO Nazeem Howa and Oakbay’s Ronica Ragavan, and both Ajay and Atul Gupta.

Source

University Fee Increase Capped At 8%

Universities South Africa says it’s decided to cap fees at 8% for the 2018 academic year. Last month President Jacob Zuma released the findings of the Heher Commission, which was tasked with investigating the feasibility of free higher education in South Africa.

Source

Govt Plans To Raise R4bn From Telkom Share Sale

South Africa is reportedly seeking to raise as much as 4 billion rand ($297 million) from the sale of part of its 39 percent stake in Telkom SA SOC Ltd. to raise funds for the country’s unprofitable state airline and post office

Source

Currencies: Bitcoin R263,370. Ether R9,843. R/USD13.50 . R/GBP18.10 . R/EUR15.90

Advertisements

Zuma Must Personally Pay Legal Costs

Jacob Zuma has been held personally liable for all costs incurred in his bid to block the release of the Public Protector’s ‘State Of Capture’ report. The DA’s James Selfe said, after speaking to the DA’s legal team, that the approximate costs of the litigation since October 14, 2016 would be around R1.5-million. But Zuma will also be liable for costs incurred by other parties as well.

Source

Zuma Given 30 Days To Set Up Inquiry

President Jacob Zuma was ordered by the high court on Wednesday to set up a judicial commission of inquiry into state capture headed by a judge selected by Chief Justice Mogoeng Mogoeng. For the second time in less than a week, the High Court in Pretoria found that Zuma could not effectively exercise his powers as head of state due to personal conflict of interest. It said the president was so conflicted that he was unable to fulfil his constitutional duties.

Source

IRBA Receives Steinhoff Fraud Notice

The Independent Regulatory Board for Auditors (Irba) has confirmed that a notice of a reportable irregularity has been filed with it in the last week regarding suspicions of fraud in relation to the accounts of Steinhoff. This is notable because a reportable irregularity (IR) is filed by an auditor of a company in the event where an “unlawful act or omission” committed by an executive in charge of an entity that has caused, or will cause “material financial loss” to the company, including other providers of capital.

Source

17 New Shopping Malls In SA This Year

A new study published by Morgan Stanley Capital International (MSCI) Real Estate South Africa on behalf of the South African Council of Shopping Centres (SACSC), has found that local malls are getting bigger. The data indicates that the average size of centres developed have steadily increased in size since the 1990s, with centres slated for completion between 2017 and 2020 being significantly larger than those developed during the 1990s and 2000s. As of July 2017, the South African retail development pipeline measures 1.9 million square metres across 68 centres – the bulk of which is planned for completion in 2018. Currently, there are 17 shopping centres slated for completion in the remaining weeks of 2017.

Source

US Federal Reserve Raises Interest Rates

The Federal Reserve on Wednesday raised interest rates one notch higher as the U.S. economy continues to get healthier. The rate hike, which was widely expected, was the third this year. Policy makers pointed to the lower number of unemployed workers, increased spending by households, and bigger investments by businesses in recent quarters.

Source

Alibaba To Sign Deals With NBC And Sony

Alibaba Group Holding Ltd.’s video streaming service, Youku Tudou, has signed content licensing deals with NBCUniversal and Sony Pictures Television, marking a deeper foray into entertainment for the Chinese e-commerce giant. The multiyear agreements gives Youku subscribers access to hundreds of films from the studios, the service said Thursday in a statement. Users will also have faster access to new and recently released movies, including “Blade Runner 2049”

Source

SARS Wants To Track CryptoCurrency Earnings

The South African Revenue Service (Sars) is in discussions with some of the top technology companies in the world to enable it to track cryptocurrency trades more efficiently. Interest in cryptocurrencies, like bitcoin, has risen significantly, but since the environment is fairly opaque, regulators around the world are still struggling to formulate a plan to deal with it. The exponential rise in the price of bitcoin in particular poses a threat to Sars’ revenue collection efforts as it is largely dependent on traders’ own truthful declaration of profits. Financial institutions like banks are required to supply Sars with information on the investments of their clients for verification purposes, but in a crypto environment where such information is lacking, Sars may have to trust that a taxpayer made honest declarations with regard to crypto gains.

Source

Currencies: Bitcoin R263,799 . R11,854 . Rd/USD13.47 . R/GBP18.06 . R/EUR15.92 

Mail & Guardian Sold To American Group

The Mail & Guardian has been acquired by the Media Development Investment Fund (MDIF), which is now the majority shareholder of M&G Media Limited. As part of the same deal, current Chief Executive Officer Hoosain Karjieker becomes a minority shareholder. Trevor Ncube, the former publisher, has left the company. The MDIF is a New York-based non-profit organisation. Since its founding in 1996, it has invested $163-million in over 113 publications across 39 countries.

Source

Steinhoff Cost Investors Nearly R300 Billion

Concerns around financial irregularities at Steinhoff International have had a material impact on investors on the JSE. It’s not only Steinhoff’s share price that has suffered, but the share prices of a number of related companies as well. The most obvious is its subsidiary Steinhoff Africa Retail (Star). Investors have sold the share down as it appears that Star has guaranteed at least a portion of Steinhoff’s debt. The extent of these guarantees is however unclear. The impact has also spread to Shoprite, of which Steinhoff chairman Christo Wiese owns around 18.0%. Just days before Markus Jooste resigned as Steinhoff CEO, Star had announced that it had exercised call options to acquire a 23.1% economic stake and 50.6% voting control of Shoprite. The deal remains subject to regulatory approval. The Wiese connection appeared to put pressure on Brait, Stellar Capital, Tradehold and Invicta Holdings as well. He is closely associated with all of these companies.

Source

ANC Vote Buying Scandal Emerges

ANC presidential candidate Lindiwe Sisulu has become the latest high-ranking ANC leader to express her concern about the toxic effect that money could have on the ANC’s elective conference. On Tuesday, the ANC’s chief whip in Parliament, Jackson Mthembu, claimed in several tweets that regional secretaries in some provinces were trying to “allocate fraudulent delegates to branches that have failed to hold BGMs (branch general meetings)”.

Source

Job Losses Continue In SA

The jobs bloodbath continued in the third quarter, with more than 30,000 jobs lost, Statistics SA data showed on Tuesday. On the same day, manufacturing figures showed the sector performed better than had been expected. Mining production data released last week showed the sector was growing. Formal employment in SA, excluding the agricultural sector, fell by 31,000 jobs in the third quarter of 2017.

Source

Jooste Accused Of Manipulating Horse Betting

The National Horseracing Authority of Southern Africa (NHA) has given former Steinhoff chief executive Markus Jooste 48 hours to respond to allegations that he is manipulating and controlling the horse industry in South Africa for his personal gain. The NHA said it wanted to give Jooste, who is heavily invested in horse racing in South Africa and abroad, a chance to explain himself. Chief executive Lyndon Barends said the NHA had already made contact with the group that represents Jooste in horse racing to respond to these allegations.

Source

Disney To Buy Fox For $60 Billion

Walt Disney is close to confirming a deal to buy 21st Century Fox’s entertainment assets for about $60bn, reports say. The sale would include the 20th Century Fox film studio and the Sky and Star satellite broadcasters in the UK, Europe and Asia. Disney was left as the front runner after Comcast, the NBC owner, dropped out of the race on Monday.

Source

Proposal For Meat Taxes

Some investors are betting governments around the world will find a way to start taxing meat production as they aim to improve public health and hit emissions targets set in the Paris Climate Agreement. Socially focused investors are starting to push companies to diversify into plant protein, or even suggest livestock producers use a “shadow price” of meat – similar to an internal carbon price – to estimate future costs. Meat could encounter the same fate as tobacco, carbon and sugar, which are currently taxed in 180, 60, and 25 jurisdictions around the world, respectively, according to a report on Monday from investor group the FAIRR  (Farm Animal Investment Risk & Return) Initiative.

Source

Ethereum And Litecoin Soaring

In the past two days, Ethereum has broken through the $500 and $600 price barriers for the first time, and is up around 30% in the last 24 hours alone, according to Coinbase. Litecoin, meanwhile, is up an astounding 91% from the previous day and is sitting around $365 as of Tuesday afternoon—nearly four times what it was worth a week ago. (Bitcoin, meanwhile, is not far off its record high of around $17,300 but its relative price gains have been modest this week.)

Source

Possible Meat Taxes On The Cards

Some investors are betting governments around the world will find a way to start taxing meat production as they aim to improve public health and hit emissions targets set in the Paris Climate Agreement. Socially focused investors are starting to push companies to diversify into plant protein, or even suggest livestock producers use a “shadow price” of meat – similar to an internal carbon price – to estimate future costs. Meat could encounter the same fate as tobacco, carbon and sugar, which are currently taxed in 180, 60, and 25 jurisdictions around the world, respectively, according to a report on Monday from investor group the FAIRR  (Farm Animal Investment Risk & Return) Initiative.

Source

SABC Staff Go On Strike

Union Bemawu informed members on Monday that it had given the SABC notice of its intention to strike. The union is demanding a 10% increase, while management is offering 4.5%. The Communication Workers’ Union has also reportedly notified management of plans to strike. Besides salaries, the unions have also taken issue with a reported R3.9-million paid to members of the interim SABC board, given the corporation’s shaky finances.

Source

Currencies: R264,718 . Ether R9,706 . R/USD13.66 . R/GBP18.16 . R/EUR16.05

Australia Exchange To Use Blockchain

Australia’s main stock exchange has said it will use blockchain, the technology behind cryptocurrency bitcoin, to process its equities transactions in a shift touted as a world-first for a major financial institution. The Australian Securities Exchange (ASX), the eighth-largest share market in the world, will replace its current system Chess with the distributed ledger technology to manage the clearing and settlement for buying and selling stocks. ASX chief executive Dominic Stevens said the move “will put Australia at the forefront of innovation in financial markets”, in a statement.

Source

Matsela Koko Wants His Job Back

Suspended Eskom executive Matshela Koko yesterday claimed the power utility had failed to prove wrongdoing against him and wants to be reinstated to his old job immediately. In his closing submission to the chairperson of the disciplinary hearing Mzungulu Mthombeni, Koko said Eskom had dismally failed to establish a strong case on any of the six charges he faced.

Source

California Fires Cause Billions Of Damage

Wildfires in California have caused insured losses of more than $3.3 billion, based on claims reported by 15 insurers, and the figure will rise. The number includes claims for 10,016 partial residential losses, 4,712 total residential losses, 728 commercial property losses, and 3,200 personal auto losses. California is the largest U.S. insurance market, where insurers collect about $289 billion in premiums per year. The $3.3 billion total is more than three times the $1.05 billion preliminary estimate. It’s also more than an estimate of $2 billion to $3 billion made last week by Boston-based AIR Worldwide.

Source

Russia Signs $30bn Nuclear Deal With Egypt

Egypt and Russia have signed a $30bn deal to build North Africa’s first nuclear power plant as the Kremlin moves to expand its influence in the region. The project increases Russia’s economic presence and political influence in the Middle East, already on the rise since Putin intervened in Syria’s war in 2015 and began a more active role in Libya, conflicts where he and El-Sisi see eye to eye. The Cairo visit comes less than two weeks after the countries said they were in talks to use each other’s military air bases.

Source

Russian Hackers Steal $10 Million From US Banks

A previously unknown ring of Russian-language hackers has stolen as much as $10 million from U.S. and Russian banks in the last 18 months, according to a Moscow-based cyber-security firm that runs the largest computer forensics laboratory in eastern Europe. The MoneyTaker group broke into 20 systems, which includes 15 U.S. lenders, targeting ATMs with “mules” and Russia’s interbank money-transfer system

Source

Blue Label Telecom’s Acquisition Of 3g Approved

Blue Label has completed its acquisition of 3G Mobile through its subsidiary The Prepaid Company. Blue Label successfully completed the initial acquisition of 47.37% of the issued share capital of 3G Mobile for R900 million in August. It has now received permission to acquire the remaining 52.63% of the issued share capital of 3G Mobile for R1 billion.

Source

Currencies: Bitcoin RR245,478 . Ether R7,664 . R/USD13.64 . R/GBP18.16 . R/EUR16.05

 

 SASSA And Post Office Sign Deal

The South African Social Security Agency (Sassa) and the South African Post Office (Sapo) have signed an agreement to ensure social grant beneficiaries continue to receive their payments after Sassa’s contract with Cash Paymaster Services (CPS) ends on March 31, government announced on Sunday. The cost of the five-year plan, will be within the government’s current budget, if not cheaper, according to Sapo CEO Mark Barnes. It entails a hybrid payment model that will provide SA’s 17-million social grant beneficiaries with the choice of four payment channels: Sapo’s Postbank, commercial bank accounts, merchants in large retail shops, or a “second tier” of merchants that includes village banks, general dealers, small retail outlets and spaza shops.

Source

Bitcoin Futures Trading Begins

Bitcoin landed on Wall Street with a bang. Four hours after the debut of Cboe Global Markets Inc.’s bitcoin futures, the contracts climbed more than 20 percent and triggered two trading halts designed to cool volatility. Dealers said initial volumes exceeded expectations, while traffic on Cboe’s website was so strong that it caused delays and outages. The exchange said all its trading systems were normal. The launch of futures traded on a regulated exchange is a watershed for bitcoin — testing infrastructure that will make it easier for legions of professional traders and mainstream investors to bet on the cryptocurrency’s rise or fall, potentially helping to steer its price. Until now, trading in bitcoin was driven mainly by individual investors who were willing to risk buying on mostly unregulated markets. Some users of those little-policed venues have been targeted by hackers who’ve stolen digital tokens.

Source

Carl Niehaus Caught In Another Scam

Political spin doctor Carl Niehaus  has been caught in yet another lie — concocting an elaborate scam to convince a businessman he owed money to that his mother had died and he was about to inherit millions. Niehaus owes R4.3-million for rental of two luxury apartments in Sandton —   as well as damage to expensive furnishings and artwork —  unpaid concierge charges and interest. In an audacious bid to avoid legal action, he claimed his mother had died and he would soon receive a generous inheritance, 90% of which would allow him to settle the debt. His mother, Magrietha Niehaus, 88, is in fact alive and living in a home for the elderly in Johannesburg, other Niehaus family members said.

Source

FSB Demands Steinhoff Exposure Details

Financial Services Board takes the unprecedented step of requesting all financial services providers supply it with details of their exposure to Steinhoff International. The FSB’s move appears to have been prompted by concern expressed by the minister of finance earlier in the last week. In the latest development in the scandal that has rocked SA, the company announced it would set up a board subcommittee to engage with its banks.

Source

Apple To Buy Shazam

Apple Inc. is close to acquiring Shazam Entertainment Ltd., the startup whose music recognition app is already built into Apple’s Siri virtual assistant, according to a person familiar with the discussions. A deal for the London-based app maker could be announced as soon as Monday, said the person, who declined to be identified because the details are not yet public. TechCrunch earlier reported the takeover, adding that it could value Shazam at about 300 million pounds ($404 million).

Source

Social Welfare Director Arrested Over R5m Theft

One of the directors of a social welfare organisation doing business with the Gauteng government has been arrested following the alleged theft of more than R5million meant for the rehabilitation of drug addicts in the province. Nomawethu Kunene, who is a director of Are Ageng Social Services, was arrested in a police trap in Pretoria on Friday following intense police crime intelligence surveillance. The arrest came after a criminal case of theft was reported at the Randfontein police station in November last year, after the owner of Are Ageng made a report to senior officials of the Gauteng Department of Social Development that their bank account was hacked and an amount of more than R5m had been stolen.

Source

SA Banks Could Freeze Exiled Zimbabweans Accounts

After months of uncertainty surrounding their stay in South Africa as their permits neared expiry, thousands of Zimbabwean nationals in the country are now contending with threats by local banks to freeze their accounts by end of the month when the permits elapse. Some 250 000 holders of the Zimbabwean Special Dispensation Permit (ZSP), who are among millions that have fled economic and political crises to the neighbouring South Africa, are in panic mode as none of the new permits would be issued by December 31.

Source

Youtuber Made $16.5Million This Year

You may not see Daniel Middleton walking down a red carpet, but he is a celebrity in a league of his own. With nearly 17 million followers, a world tour that included four sold-out nights at the Sydney Opera House and over 11 billion views on YouTube, gamer DanTDM, as he is known to his fans, ranks as the world’s highest-paid YouTube star of 2017 with $16.5 million—the highest came of any YouTube star since Forbes started keeping track in 2015. The rising stars on YouTube may spend most of their time in pixelated worlds, but make no mistake, they’re collecting millions of dollars in cold, hard cash. For the first time, nearly half of those on our annual list are gamers. Viewers flock to their channels to watch them play the latest titles while delivering pithy commentary. Six of the 10 celebs on the ranking are newcomers, who entertain with videos of stunts, children unwrapping toys and, in DanTDM’s case, Minecraft streams. Combined, the world’s 10 highest-paid YouTube stars earned $127 million between June 1, 2016 and June 1, 2017, before management fees and taxes.

Source

Currencies: Bitcoin R248,949. Ether R6,906. R/USD13.65 . R/GBP18.24 . R/EUR16.07

Gigaba Wants Steinhoff & Auditors Investigated

Finance minister Malusi Gigaba has reacted with  “concern” to the recent revelations on Steinhoff International’s accounting irregularities. The Johannesburg Stock Exchange (JSE) will be conducting an internal audit into the holdings company and is expected to report its findings to Gigaba. Gigaba said he had requested the Financial Services Board, Public Investment Corporation, and the Government Employees Pension Fund to provide him with a report on the extent of exposure for retirement funds. “The minister expects that this report will give assurances that the interests of the shareholders are protected, including their retirement and savings funds,” said Gigaba. Gigaba said he supported the FSB’s independent investigation into possible false and misleading reports in terms of section 81 of the Financial Markets Act, as well as any related abuses regarding Steinhoff.

Source

Moodys Downgrades Steinhoff

Moody’s Investors Service downgraded Steinhoff by four notches to B1, and placed the global retailer’s rating on review for further downgrade. The rating agency said in a statement late on Thursday that it had downgraded the issuer ratings of Steinhoff International Holdings and Steinhoff Investment Holdings, and the senior unsecured notes rating of Steinhoff Europe to B1 from Baa3.

Source

EOH Shares Tumble 34%

Software and technology company EOH plunged 34.7% on Thursday to close at R45. The free-fall came one day after investigators from the Independent Police Investigative Directorate (Ipid) reportedly searched the home of Keith Keating, a director of three businesses owned by the group, over his involvement in corrupt government contracts. On Wednesday, Daily Maverick reported that Keating was implicated in alleged procurement irregularities in the South African Information and Technology Agency and South African Police Service (SAPS) amounting to about R6.1bn. EOH’s share price has fallen more than 73% over the past year, as questions arose over the way in which the group landed lucrative government contracts.

Source

General Electric To Shed 12000 Jobs

The US industrial group expects the “painful but necessary” job losses to help save $1bn next year as demand for fossil fuel power plants wanes. GE intends to cut 1,100 jobs from its UK power business, one-third of the firm’s Swiss workforce and one-sixth of German workers are likely to be hit. In October, GE slashed its profits guidance after posting a 5% fall in third-quarter earnings to $1.8bn, due to weak trading in its power and oil and gas businesses. GE Power is the company’s largest industrial business, employing more than 55,000 people worldwide.

Source

Bitcoin Soars Past $18000

The price of Bitcoin crashed through $19,000 today, just days after hitting $10,000, $12,000, and other psychological barriers, and then retreated to $18,000. Many cryptocurrency experts are predicting Bitcoin will hit $50,000 or even $100,000 as institutional investors continue to pile in.

Source

SA Egg Prices Rise 20%

Egg prices in South Africa are expected to increase by as much as 20% after an outbreak of the highly pathogenic avian flu in June forced farmers to cull egg laying birds, industry experts said on Thursday. The outbreak of avian flu prompted farmers to cull millions of birds and neighbouring countries including Zimbabwe, Namibia and Botswana to ban poultry imports from South Africa. Industry experts said in October commercial egg production had tumbled 17% and over 1 000 workers lost their jobs in the wake of the outbreak of avian flu. Prices are expected to increase between 15 and 20% from December to June 2018.

Source

Currencies: Bitcoin R243,000.Ether R6,351 . R/USD13.73 . R/GBP18.46 . R/EUR16.11

R180 Bn Wiped Off JSE After Steinhoff Crash

Investors are shell-shocked after the market witnessed a stunning crash yesterday. Shares in the biggest retailer in Africa, Steinhoff, went into free-fall and fell by more than 61% as the JSE opened – plunging from R45.64 to around R17.50. The company fell even further during the day. This means that more than R130 billion was wiped off the company’s market capitalisation or value in one day. And R180 billion was wiped off all related companies combined.

Source

Christo Wiese Lost R28bn In A Day

Following Tuesday evening’s announcement that Steinhoff would not be publishing its financial results due to allegations of accounting fraud, South African billionaire and chairman of the company Christo Wiese has seen his net worth halved. Retail tycoon Wiese, who owns 23% of Steinhoff, was named as the fourth richest person in South Africa with a net worth $5.5 billion of according to a January 2017 report by Forbes. This amount was nearly halved on Tuesday as shares in the company dropped to R17.56, a loss of R28.09 or 61.53%, shortly after the JSE opened. According to Forbes’ real-time tracker, Wiese lost $2.1 billion (R28.3 billion) by 11:40AM on Wednesday. This equates to a loss of 54.2% of his total net worth since 5PM EST on Tuesday (midnight local time).

Source

Bitcoin Soars Past R14000

Bitcoin climbed as much as 7.9% on Thursday as it surged above $14 000, extending this month’s advance to more than 40%. The price of the cryptocurrency touched $14 399.99, a new record, according to Bloomberg pricing

Source

Mugabe’s Missing $15 Billion Saga

Zimbabwean opposition parties have welcomed a call by Zimbabwean President, Emmerson Mnangagwa for all persons who under Mugabe’s rule, externalised money to return the said monies within three months. Mnangagwa has set the amnesty deadline line to February for the return the ill-gotten wealth with the promise prosecution post deadline. Former Zimbabwean President, Robert Mugabe previously revealed that the country had “lost” an amount of USD $15 billion in diamond mining revenue. The missing money is believed to have been externalised and squandered by government officials with the aid of dodgy investors.

Source

New Regulation Structures For Financial Services Sector

At present, South African insurers, pension funds, collective investment schemes and other financial services providers are regulated by the Financial Services Board (FSB), whereas banks are regulated by the South African Reserve Bank (SARB). Each institution is required to comply with its own industry-specific legislation. The current Financial Services Board (FSB) will be transformed into the FSCA – responsible for regulating how firms conduct their business, design and price their products and treat their customers. While the Prudential Authority will regulate financial institutions’ solvency and liquidity.

Source

Tshwane Asks Treasury For Help

Tshwane city manager Moeketsi Mosola has approached National Treasury to help draft a financial recovery plan that might see it restructuring income and expenditure in its current approved budget. Tshwane’s creditors amount to R6.9 billion and include service providers such as Eskom, Rand Water and many small businesses that are normally dependent on timeous receipt of the payment for the services rendered.

Source

Currencies: R223,400 . Ether R5,922 . R/USD13.54 . R/GBP18.07 . R/EUR15.97