China Withholds Eskom Loan

China is withholding a R7-billion payment meant to help Eskom combat its current financial issues due to fears that the power utility will not complete its power station construction projects. According to a report in the City Press, the Chinese Development Bank (CDB) has become wary of Eskom’s promises and is concerned that it will not complete the construction of Medupi and Kusile. The R7-billion payment is part of a R33-billion loan which was meant only to aid in the construction of the two ongoing power station projects, and the CDB is reportedly concerned that these funds will be used on salaries and diesel instead of developing these projects.

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SABC Close To Total Shutdown

The SABC is potentially facing a total broadcasting blackout because of spiraling debt woes and lack of relief funding, the Sunday Times reports. SABC CEO Madoda Mxakwe told the Sunday paper that the public broadcaster cannot pay its creditors and while the company’s application for a R6.8 billion bailout was approved, the funds have not yet arrived. National Treasury agreed to provide the SABC with interim financial relief in March, to prevent the broadcaster from collapsing. It was declared technically insolvent at the end of January 2019. If it is unable to secure sufficient funding, the SABC will be forced to cut its national broadcast due to the inability to continue operations, the Sunday Times said.

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Congo Ebola Deaths Top 1000

The death toll from the Ebola epidemic in the Democratic Republic of Congo has passed 1,000, the health ministry says. DRC’s Ebola outbreak began in August and is the second deadliest in history. World Health Organization deputy director Dr Michael Ryan said mistrust and violence was harming efforts to tackle the disease as it spread through the east of the country.

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Trump Threatens More China Tariffs

President Donald Trump intensified pressure on China to strike a trade deal in Washington this week by threatening to more than double tariffs on $200bn of the Asian nation’s sales to the world’s largest economy. In an abrupt shift from the White House after both sides had indicated negotiations were going well, Trump tweeted on Sunday he’s not satisfied with the pace of progress and that the duties would increase Friday. He had twice delayed increasing tariffs to 25% from 10% after agreeing to a December 1 truce with President Xi Jinping to give their negotiators time to work out a comprehensive agreement.

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Amazon Robots TO Unload / Load Trucks

Siemens AG and Honeywell International have built machines that pull packages from the back of a tractor-trailer and place them on conveyor belts, whizzing the parcels off for sorting. Making robots that can load trucks is more complicated, although clearing that hurdle isn’t far off. The devices, unveiled at a recent automation conference in Chicago, hold out the promise of increasing productivity while reducing the need for one of the most grueling jobs in logistics. Couriers are relying on automation to grapple with the rise of online shopping, which is fueling record demand but pressuring profit margins. Amazon’s plan to handle more of its own shipping and offer more one-day deliveries is only upping the ante.

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Transnet On The Stand At State Capture Inquiry

ransnet is set to take the stand at the Commission of Inquiry into State Capture this week to shed light on how the Guptas and their allies gained access to the freight rail and transport logistics company’s lucrative contracts. Board chairperson Popo Molefe is expected to give details on how billions in kickbacks ended up with the controversial family. Investigations thus far have revealed that Transnet paid more than R5billion in advisory services on the purchase of 1064 locomotives from China that the utility spent more than R50bn on.

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Duarte’s In Tender Kickback Scandal

A company that scored tenders worth millions of rands from state-owned enterprises diverted money meant to fund supplier development programmes to ANC deputy secretary-general Jessie Duarte’s family members in return for them assisting it to snatch more state business. Combined Private Investigations (CPI), a company that was previously found to have spied on journalists and politicians, among them Peter Bruce, Rob Rose and Trevor Manuel, has told law-enforcement agencies that it paid more than R40m in two years to a group led by Gupta associate Salim Essa. The group included Malcolm Mabaso (a former adviser to former minister of mineral resources Mosebenzi Zwane), Duarte’s son Yusha and her ex-husband John Duarte

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Currencies : Rand/USD 14.47 – Rand/GBP 18.99 – Rand/EUR 16.20

iPhone Sales Drop At Record Pace

Sales of Apple’s iPhones fell at their steepest-ever rate, according to data for the three months to the end of March. The firm said revenue from the iPhone dropped by 17%, compared with the same period a year earlier, to $31bn. However, Apple chief executive Tim Cook said sales were stronger towards the end of March, including in China where it cut iPhone prices to boost demand.

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Most State Owned Companies Show Improvement

A Moneyweb analysis on the latest results of South Africa’s state-owned enterprises (SOEs) shows that most performed satisfactorily in the year to March 2018, but 13 of the 30 are still performing dismally. Nine of these – Eskom, SAA, SA Express, the SABC, the Post Office, Denel, roads agency Sanral, PetroSA and passenger rail agency Prasa – continue to bleed so much cash they dwarf the positive results from the rest. The nine struggling companies posted total losses of nearly R20 billion over the 12 months.

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MTN Plans To Sell Jumia Stake

MTN Group Ltd. plans to sell at least half of its $655 million interest in newly listed Jumia Technologies AG as Africa’s biggest wireless carrier looks to pay down debt and enter new markets. A selldown of the 19 percent stake in the online retailer could happen before the end of the year, said the people, who asked to remain anonymous as the deliberations are private. Johannesburg-based MTN first needs to wait out a half-year investor lock-in period that followed Jumia’s successful share sale in New York, they said.

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Congestion Tax And Other Road Taxes Planned

The Department of Transport plans to introduce a number of regulatory changes in an effort to cut down on South Africa’s greenhouse gas emissions. The Department of Transport said that it will prepare the following regulatory actions targeted at encouraging the modal shift from road to rail and from private vehicle use to public transport: Congestion tax, Environmental levy, Car life limits etc

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Putin Signs Russia Private Internet Law

Russian President Vladimir Putin has signed the law on providing stable operation of the Russian Internet (Runet) in case it is disconnected from the global infrastructure of the World Wide Web. Under the legislation, assuming it actually works in practice, the government would deal with “threats to the stable, safe and integral operation of the Russian Internet on Russian territory” by centralizing “the general communications network.” Put more simply, the law sets in train plans for an alternative domain name system (DNS) for Russia in the event that it is disconnected from the World Wide Web, or, one assumes, in the event that its politicians deem disconnection to be beneficial. Internet service providers would be compelled to disconnect from any foreign servers, relying on Russia’s DNS instead.

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Druglords Mistakenly Send Elderly Couple R100m In Meth

An elderly couple in Australia were the surprise recipients of an illegal drug shipment after signing for a wrongly delivered parcel containing millions of dollars’ worth of methamphetamine, police said Thursday. The Melbourne couple immediately called police when they discovered bags containing the white powder in the parcel on Wednesday, a police spokesman said. The package contained what police said were 20 kilograms of methamphetamine with an estimated street value of AU$10 million (R100 million).

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Currencies : Rand/USD 14.44 – Rand/GBP 18.85 – Rand/EUR 16.18

 

 

SARS Goes After Top ANC Officials

Top officials, politicians and businessmen of the ANC are facing tax claims of more than R250m on income earned from Bosasa, the services company at the heart of a widespread corruption scandal, the Johannesburg Sunday Times reports. Those on the list include Dudu Myeni, Nomvula Mokonyane, Vincent Smith and Zack Modise. Angelo Agrizzi, Bosasa’s chief operating officer from 1999 to 2016, is set to continue his testimony at the state capture commission and it’s alleged that he has more explosive evidence to provide which could take down more people. It’s a tough time being an ANC member

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DA and ANC In Election Trouble According To Polling Data

The poll, conducted between March and April 2019 using a demographically representative sample of over 3,600 people, continues a trend seen in many other pre-election polls – showing a drop in support for the DA and ANC, while support for the EFF rises. According to the latest results, published by the City Press, the ANC’s support has dropped from around 61% in its March poll to 56.9% in April. This is down from a 62.2% share of the vote in the 2014 national election. The DA has dropped even further from 18% in March to just 15% in April. The DA secured 22% of the vote in the 2014 elections, so should these snapshots carry through to the election, it would represent a significant drop in support.

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54c/l Petrol Price Jump For May

The price of petrol will increase by 54c/l at midnight on Tuesday, the department of energy confirmed on Sunday. The price was adjusted on the basis of local and international factors. “International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs,” the department said in a statement. Petrol will increase by 54c/l, diesel with 0.05% sulphur will increase by 1c/l, while the price of diesel with 0.005% sulphur will remain unchanged, the department said.

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Uber Set For Year’s Biggest IPO

Over the past decade, Uber Technologies Inc. proved itself to be one of the most prolific young fundraisers ever. It pulled together more than $20 billion from private investors. After burning through more than half that amount in just the last three years, Uber will soon see whether it can recreate that magic on the stock market. The ride-hailing company entered the final stretch of the ultimate capital-raising exercise on Friday, when it disclosed details of an initial public offering expected to net the company and its backers another $8 billion or more. Executives and bankers plan to hit the road next week to promote the stock to public investors and then ring the bell on the New York Stock Exchange floor on May 10, when the shares start trading, according to a plan obtained by Bloomberg.

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Pick n Pay Earnings Up 26.1%

Retailer Pick n Pay said on Friday its diluted headline earnings per share were up 26.1% during the 53 week weeks to March 3 and declared a final dividend of 192 cents per share. The company also said Aboubakar Jakoet would be retiring as group chief finance officer of the Pick n Pay but had agreed to remain in the post until a successor was appointed. Pick n Pay said its South Africa performance mitigated some operating challenges experienced outside its borders, with earnings from the Rest of Africa division down 16.2% year-on-year, reflecting difficult economic conditions in Zambia and the once-off impact of currency devaluation in Zimbabwe.

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Military Spending Around The World Booming

 

THE WORLD is arming itself to the teeth. That is the conclusion of a new report published on April 29th by the Stockholm International Peace Research Institute (SIPRI), a think-tank. Global military spending last year rose to $1.8trn, says SIPRI—the highest level in real terms since reliable records began in 1988, during the cold war, and 76% higher than in 1998, when the world was enjoying its “peace dividend”. Military spending as a share of global GDP has fallen in recent years, but that offers little reassurance in a world of rising geopolitical tension.

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Currencies : Rand/USD 14.38 – Rand/GBP 18.60 – Rand/EUR 16.04

 

 

AMCU Faces De-registration

The Labour Department has said it intends to deregister one of the country’s biggest mining unions, just weeks before crucial platinum-industry wage talks are expected to begin. The Association of Mineworkers and Construction Union (AMCU) “has ceased to function in terms of its constitution,” and “is not a genuine trade union,” the registrar of labour relations said in a notice published in the Government Gazette. It didn’t provide further details.

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Cyclone Kenneth Rolls Into Moz And Tanzania

Cyclone Kenneth is also predicted to hit Tanzania, bringing winds of up to 200km/h (124 mph) and torrential rain. Authorities in Tanzania have advised people in southern coastal regions to move to safer ground. Residents have been told to expect damage to their houses and farms. Cyclone Idai made landfall near the Mozambican port city of Beira on 14 March, packing winds of up to 177 km/h and bringing torrential rain which caused extensive flooding.

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Brian Molefe Loses Third Appeal Bid

Former Eskom CEO Brian Molefe has lost his third appeal regarding R11m he received from Eskom, part of a R30m pension agreement that was paid to him when he left the state-owned entity. According to a statement issued by trade union Solidarity, one of the respondents in the matter, Molefe’s application for leave to appeal was dismissed for the third time with a punitive cost order.

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Competition Commission Blasts Networks Over Data Prices

The Competition Commission has released a provisional report on its Data Services Market Inquiry, in which it prescribed new rules for mobile networks. In its preliminary findings, the commission said international benchmarking confirmed that South African data prices are high – particularly for mobile prepaid data. Notably, the commission found that South Africa’s data prices are higher than other BRICS and SADC countries. It also found that Vodacom and MTN charge higher prices in South Africa than other countries in which they operate.

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Mashaba Announces R20 Billion Inner City Investment

Herman Mashaba on Wednesday announced a R20-billion investment which he said was the single biggest property investment the city had ever made through private sector development. “Through the release of city properties to the private sector for redevelopment, the city expects to realise R20-billion in expected investment value, which will soon be visible in the inner-city with 24 developments set to start within six months,” Mashaba said in a statement.

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Currencies : Rand/USD 14.41 – Rand/GBP 18.61 – Rand/EUR 16.09

KZN Death Toll Rises To 32

The KwaZulu-Natal Co-operative Governance Department has on Tuesday confirmed the death toll from flooding has risen to 32. Children number among those who died in mudslides and round 10 people are still missing. Hundreds have been displaced by the recent heavy rains. eThekwini residents have been urged to move to higher ground and seek safety amid persistent flooding in the province.

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Nedbank Writes Off Poor Bond Holder Debts

The Gauteng department of human settlements wants South Africa’s major banks to write off millions in debt owed by indigent homeowners on bond repayments. This comes after the department managed to convince Nedbank – one of the nation’s top-five banks – to write off R14 million in bond debt and hand over 33 title deeds to beneficiaries in a joint initiative with the cities of Johannesburg and Ekurhuleni. Department deputy director-general Keith Khoza said the initiative was sparked by scores of bankrupt bond payers approaching them for help to thwart eviction and homelessness.

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SABC Fires COO Chris Maroleng

The SABC board has terminated the contract of employment of its Chief Operations Officer, Chris Maroleng, with immediate effect. This announcement followed “due consideration of the findings and recommendations of a disciplinary process”. According to the SABC, Maroleng was found guilty of breaching his fiduciary duties as well as negligence.

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Oil Prices Jump As America’s Iranian Oil Sanctions Bite

The United States on Monday said it will eliminate in May all waivers granted to eight economies allowing them to buy Iranian oil without facing U.S. sanctions, as it ratcheted up pressure to choke off all oil revenues of the Islamic Republic. Brent crude has rallied around 38% this year as OPEC and its partners embarked on a mission to cut output and avert a global glut, while disruptions in Venezuela, Nigeria and Libya have further squeezed supplies.

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Google Drone Deliveries Get Govt Approval

An offshoot of Alphabet Inc.’s Google has become the first drone operator to receive government approval as an airline, an important step that gives it the legal authority to begin dropping products to actual customers. The subsidiary, Wing, now has the same certifications that smaller airlines receive from the U.S. Federal Aviation Administration and the Department of Transportation. It plans to begin routine deliveries of small consumer items in two rural communities in Virginia within months, the company said.

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King Price Wants To Buy Alex Forbes Insurance Business

Fledging insurer King Price is preparing an audacious bid of up to R2 billion to buy Alexander Forbes’s short-term insurance business and will submit its formal bid for the asset next week. King Price chief executive Gideon Galloway said yesterday that he was confident the insurer would emerge victorious, despite expecting fierce competition.

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Coca Cola Making Move Into Coffee Business

Coca-Cola isn’t new to coffee, but the global beverage giant is planning on making a big push into the industry this year. The company is releasing Coca-Cola Coffee in more than 25 markets around the world by the end of 2019. “Coke Coffee was designed to reach consumers during specific occasions and channels like the mid-afternoon energy slump at work,” CEO James Quincey told analysts Tuesday.

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Philip Morris Goes into Life Insurance

Philip Morris International, the tobacco company that sells Marlboro cigarettes, is getting into the life insurance business. Called Reviti, the wholly owned subsidiary will initially sell life insurance in the U.K. with plans to expand into more markets overseas. Smokers will receive discounts if they stop, quit or switch to a possibly less carcinogenic product, like Philip Morris’ vaping devices. On average, people who switch to e-cigarettes will receive a 2.5% discount on premiums, people who switch to Philip Morris’ heated tobacco product iQOS for three months will receive a 25% discount, and people who quit smoking for at least a year will receive a 50% discount, the company said.

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Currencies : Rand/USD 14.32 – Rand/GBP 18.52 – Rand/EUR 16.08

Transnet Report Details Looting

They bought luxury BMWs, Jeeps, Mercedes Benzes, and even houses for cash, and were unable to explain how they managed to afford it. Forensic reports show billions of rands’ worth of kickbacks as well as wasteful expenditure by even relatively junior staff who lived beyond their means.

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Ramos Tipped To Head Eskom Unbundling

Former Absa CEO, Maria Ramos, has been tipped to head up the unbundling of Eskom into three different components. Ramos is the favourite to take up the new role of chief reorganisation officer (CRO) at the power utility. In this role, she would be responsible for representing the government in overseeing Eskom’s finances, contracts, and maintenance of facilities. The CRO will report directly to the board and the ministers of finance and public enterprises.

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Battle Over National Lottery

National lottery operator Ithuba and Hosken Consolidated Investments (HCI), the owners of Tsogo Sun, are embroiled in a bitter legal battle for control of the lucrative lottery business – with HCI demanding R5 million a month from Ithuba in management fees. At the heart of the dispute is the multimillion-rand loan that HCI granted to Ithuba in 2015 when it won the contract to operate the national lottery. HCI in 2015 stepped in to provide investment capital to Ithuba to the tune of R325m after Ithuba struggled to get funding from banks due to a legal challenge from erstwhile lottery operator Gidani, which wanted the courts to set aside the government’s decision to award Ithuba the licence to operate the lottery.

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Red Tape Delays Solar Projects

Applications to generate more than 1000MW of small-scale solar power are sitting on the desks of the authorities but red tape and “political wrangling” are holding up the process of getting this new electricity onto the grid. Experts say this clean energy would not only bring some financial relief to sectors such as agriculture, which cannot pass on the 380% electricity tariff increase over the last 10 years to the consumer, but would also be a buffer against Eskom’s rolling black-outs that cost the economy billions.

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Samsung Delays Galaxy Fold Public Launch

Samsung has delayed the launch of its new Galaxy Fold smartphone after reviewers around the world. Reviewers reported several problems with the Galaxy Fold, including the display breaking and flickering for unknown reasons. Some users, such as YouTuber Marques Brownlee, tried to peel off what looks like a screen protector on the Galaxy Fold’s display only to find that peeling off this layer completely breaks the display. Others reported the displays of their devices flicker and turning off after only a few days, even when this protective film was left undisturbed on the device.

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Currencies : Rand/USD 14.18 – Rand/GBP 18.41 – Rand/EUR 15.95

 

Comair Workers To Go On Strike

Ahead of the Easter weekend rush, staff of Comair affiliated with the National Union of Metalworkers of SA (Numsa) have issued their employer with a 48-hour notice to strike. The union said in a statement on Tuesday that workers would down tools over wage disparities at the airline. Comair operates British Airways in SA under licence and low-cost carrier kulula.com.

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New Kusile Unit Powers Up Ahead Of Schedule

For the first time on Sunday Kusile Unit 3 produced power, according to an internal memo to Eskom staff. According to the note from Eskom’s chief operating officer Jan Oberholzer, sent out to staff on Monday, the synchronisation of the unit happened eight months ahead of the scheduled December 2019. This is the third out of six Kusile units which have been synchronised to the national grid. “The first synchronisation of Unit 3 marks a key milestone towards the full commercial operation of the unit.

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Audi Announces New Models

The Audi A3 range gains two new special editions in its line-up – the Audi A3 Comfort Edition and A3 Black Edition. The Audi A3 Comfort Edition is applicable to only 30 TFSI (1.0-litre) engines and is aimed at providing comfort features with a cost-saving benefit to customers, Audi said. The package includes a different design 17-inch wheel, partial leather upholstery, LED headlights, parking aid sensors in the front and rear, black headlining and a storage package for the interior.

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Western Union Now Available On ABSA App

Absa says it has now made CashSend and payments via Western Union available on its app, claiming a banking first for South Africa. “Absa is the only Western Union partner to offer the international cash send payment service via online and cellphone banking. This game-changing development is part of Absa’s broader ambition of providing customers with a powerful blend of affordability, ease of use of digital platforms and a focus on safety and security.

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EOH Share Price Jumps After Restructuring

EOH’s share price rose by 55.76% on Tuesday as the company reported its financial results for the six months ended January 31. The company reported a loss for the six months of R3.3-billion mainly owing to one-off costs and impairments, while revenue stayed steady at R8.19-billion.

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BMW To Recall 360,000 Cars Over Airbag Malfunction

Germany’s BMW will recall 360,000 vehicles in China as part of the worldwide effort to root out defective airbags made by now-defunct Japanese supplier Takata, regulators in Beijing said. Around 20 people have died in accidents linked to defects in Takata airbags since 2013, prompting a massive worldwide recall of at least 100 million cars from a wide range of manufacturers. The recall will affect nearly 273,000 models built by BMW’s joint venture with Chinese manufacturer Brilliance Automotive and more than 87,000 imported BMW cars, China’s State Administration for Market Regulation said.

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Currencies : Rand/USD 13.99 – Rand/GBP 18.27 – Rand/EUR 15.81

Another Petrol Price Jump In May

Unexpectedly strong international fuel prices have raised the likelihood of an unwelcome fuel price hike for petrol users in May. he figures suggests that petrol may increase by 56c a litre in May,  while diesel is showing a reduction of 5c and illuminating paraffin is down by a cent. If the increases take place it  will be the third successive increase in fuel prices in 2019.

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Govt To Regulate Air BnB Over Tourism Concerns

Government will regulate Airbnb and other home-sharing apps in South Africa, amid growing concerns that they are damaging to the tourism sector. The amendment will also allow the minister to specify ‘thresholds’ when it comes to Airbnbs in South Africa. This could include limits on the number of nights that a guest can stay or even how much income an Airbnb earns

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CompCom Investigates Spar Group

Spar is being investigated by the Competition Commission after it allegedly removed certain brands of locally-produced cigarettes from its shelves. Sunday Times makes reference to two internal emails from a senior manager stating the retailer shouldn’t stock certain brands, citing an Ipsos study. The cigarettes are from the Fair-Trade Independent Tobacco Association, or Fita. The study, commissioned by rival industry body the Tobacco Institute of Southern Africa (Tisa), found certain brands were being sold at below the excise tax threshold.

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Middle Class SA Drowning In Debt

South Africa’s middle-income consumers spend an average of 25% of their take-home monthly income to pay interest accumulated on debt. This was the major finding in a new analysis of FNB retail banking customers who earn between R7,000 and R60,000 per month. FNB said that its data paints a picture of households that are heavily reliant on unsecured debt to get through each month.

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Notre Dame Cathedral Partially Destroyed In Fire

Paris’ Notre Dame Cathedral has been saved from “total destruction,” according to a French fire official, after a massive fire ripped through the structure on Monday and caused the roof and main spire to collapse. The blaze burned for eight hours, but has now been largely extinguished, according to firefighters. One official was quoted as saying the two iconic rectangular towers have been saved, which will come a relief after one of the towers caught fire earlier in the evening. Earlier, a French Interior Ministry official had said that firefighters might not be able to save the cathedral.

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Black Asset Management Company Coming

Former Liberty chief Thabo Dloti is set to shake up asset management game. Sithega has finalised its R360m purchase for a 75% controlling stake in Prescient Empowerment Trust to form a majority black-owned asset management company.

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Former VW CEO Charged With Fraud

German prosecutors have charged former Volkswagen chief executive Martin Winterkorn with fraud over diesel emissions. Prosecutors in Braunschweig announced Monday that Winterkorn was one of five people indicted in a case related to the automaker’s diesel emissions-cheating scandal. Winterkorn has been accused of a particularly serious fraud, according to a statement from prosecutors. The charge carries a maximum penalty of 10 years in prison.

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Currencies : Rand/USD 14.08 – Rand/GBP 18.42 – Rand/EUR 15.91

R750m For Ministers Homes & Buildings

The Sunday Times reported that the government is planning to spend R750 million to “spruce up” ministerial houses and other government buildings. According to the report, Public works minister Thulas Nexi revealed the plan, which includes: R5 million for new carpets for the Union buildings. R1 million for alterations to a kitchen and bathroom in a ministerial home. R29 million on gates and a dog house.

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Facebook, Insta and Whatsapp All Go Down

Facebook Inc suffered its third major outage this year, with users across the world unable to access the social network or its suite of services such as Facebook Messenger, Instagram and WhatsApp. Facebook and Instagram were inaccessible on Sunday morning for several hours with both sites refusing to refresh, while messages were unable to be sent or received in WhatsApp or the Messenger app.

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Air BnB Killing Tourism In South Africa

Major entiities in the hospitality industry in South Africa have called for government to step in an regulate Airbnb, according to a City Press report. Airbnb has seen impressive growth in South Africa, and local hotels are concerned that the unregistered accommodation establishments listed on the platform are taking away business from established bed-and-breakfasts and hotels. The Federated Hospitality Association of SA (Fedhasa) called for government to crack down on Airbnb, and smaller organisations have echoed this call.

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Disney To Launch Streaming Service

Disney just showed everyone how it plans to beat Netflix: Create an exclusive home for some of the world’s most popular movies, shows and characters, and charge a shockingly low price for it. The company on Thursday unveiled its long-awaited streaming service, Disney+. It will cost just $6.99 per month — about half the price of a standard Netflix subscription.

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SABC COO Found Guilty

SABC chief operating officer Chris Maroleng has been found guilty on three charges following a disciplinary enquiry initiated late last year, City Press reports. Maroleng faced an enquiry into charges of gross negligence and breaching fiduciary duty, which the report stated could lead to his dismissal.

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Currencies : Rand/USD 13.96 – Rand/GBP 18.28 – Rand/EUR 15.79

Court Dismisses FNB Discrimination Claims

First National Bank (FNB) on Thursday welcomed the judgment delivered by the Equality Court to dismiss the matter relating to allegations of racial discrimination on interest rates by Saambou Bank. On Wednesday, the court dismissed the matter in its entirety, including the complainant’s application to amend their declarations. North Gauteng High Court found that, after all the evidence had been led and all witnesses cross-examined, the claims that Saambou charged black people higher interest rates than white people were “completely unfounded”

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Loadshedding Risk Returns As

Eskom announced yesterday that there was a high risk of Stage 1 rotational load-shedding from 17:00 to 22:00. The national energy provider said in a statement that the possibility of load-shedding is due to “a shortage of capacity due to the loss of generating units at our power stations.” Eskom added that load-shedding will only take place if it is absolutely necessary.

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Cell C Strike Shuts Head Office

Cell C’s head office in Waterfall, Johannesburg was closed down due to a strike action yesterday and this morning. Multiple reports on social media state that Cell C’s head office has been on lockdown since Wednesday, when staff were reportedly striking at the premises. Other users reported that staff access to the premises had been denied today due to mass employee suspensions, with employees resorting to working outside the building.

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VW To Appeal Fees Order

Volkswagen Financial Services (VWFS) South Africa has acknowledged the order by the National Consumer Tribunal and plans to take it on appeal. In a statement released on Thursday (11 April), the company said that it has taken external legal advice and that its legal team has informed them that an appeal has a good chance of success.

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Mozambique Cyclone Loses Top $773 Million

World Bank estimates the direct economic losses from Cyclone Idai in Mozambique to range from $656-million to $773-million, covering damage to buildings, infrastructure and agriculture, a note sent out via the United Nations said on Thursday.

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CCMA Warns Of Scam

The Commission for Conciliation, Mediation and Arbitration (CCMA) has issued an email scam alert being used to collect personal information today. Dumisani Mavundla, the CCMA spokesperson said they have recently been made aware of emails being sent to our User’s from the admin@ccma.org.za email address. “It instructs the user’s to come into the CCMA’s Regional Offices for an “Arbitration”, it has a case number starting with GAJK. It has no branding nor watermarks. This email is fraudulent! It is a phishing scam to collect personal information,” said Mavundla. 

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Currencies : Rand/USD 14.00 – Rand/GBP 18.29 – Rand/EUR 15.80