Government has declared a national state of disaster to deal with the country’s drought and water crisis. Cooperative Governance and Traditional Affairs (COGTA) Minister Zweli Mkhize made the announcement on behalf of the Inter-Ministerial Task Team on Drought and Water Scarcity during a media briefing in Cape Town on Tuesday. It comes after ratings firm, Moody’s Investors Service warned on Monday that Cape Town would need up to spend up to R12.7 billion ($1 billion) over the next five years on water and sanitation infrastructure to deal with its water crisis.
Zuma’s Spy Tapes Legal Bill Over R15Million
Former president Jacob Zuma spent R15.3m of the taxpayers’ money in his legal battles to avoid prosecution. Ramaphosa revealed this information to the DA on Tuesday in a bid to settle legal action brought by the opposition party over Zuma’s refusal to disclose his legal fees in what is known as the spy tapes case.
R385Million Fund Stuck In VBS Bank
A fund, the beneficiaries of which are children of deceased mine workers, has about R385m on deposit with VBS Mutual Bank, which the Reserve Bank placed under curatorship on Sunday. The Financial Services Board (FSB) confirmed that the Bophelo Beneficiary Fund, which with its administrator, Bophelo Benefit Services was placed under curatorship by the board in June 2017, had R385m deposited with VBS. The board was in talks with the Bank to recover this money for the orphans’ fund.
SASSA Has No Back Up Plan
The South African Social Security Agency’s (Sassa’s) contingency plan to manage the cash component of the social grants system, were the Constitutional Court to deny an extension of the invalid CPS contract, was only work in progress. The plan however, would be “very inconvenient” and there is still no “feasible” contingency plan that will guarantee cash payments on April 1.
Coinbase Gets E-Money License In The UK
Coinbase is officially expanding digital money services in the U.K. and EU. The U.K.’s Financial Conduct Authority granted Coinbase an e-money license, the company announced Wednesday. The license now enables the company the ability to provide payment services and issue digital cash alternatives, which can then be used to make card, internet or phone payments.
Currencies: Bcoin R113,599 . Ether R8,605 . R/USD11.77 . R/GBP16.45 . R/EUR14.59