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