SADC Countries Ban SA Cold Meats

otswana on Monday recalled imports of processed meat products from South Africa after a deadly listeria outbreak was linked to a factory there, the ministry of health said in a statement. Botswana’s move follows a similar ban by Namibia, Malawi, Mozambique and Zambia in the wake of the outbreak that has claimed 180 lives in South Africa.

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SA To Raise GDP Growth Forecast In October

National Treasury will probably raise projections for economic growth this year in its October mid-term budget as the country overcomes governance and financial problems that have lowered confidence, said Finance Minister Nhlanhla Nene. The economy is forecast to expand 1.5% this year, compared with the previous projection of 1.1% and an estimated 1% in 2017.

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Mkhwebane To Be Grilled On Vrede Investigation

Public Protector Busisiwe Mkhwebane will face MPs on Tuesday to respond to allegations that she suppressed information in her office’s Vrede dairy project investigation, which has been widely dismissed as a whitewash. The DA and the Council for the Advancement of the South African Constitution have both taken the report on review.

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Trumps Steel Tariffs Could Cost Billions

President Trump’s steel tariff could cost Ford and General Motors $1 billion a year.
That’s the hit each company could take if the tariff translates into a similar increase in steel prices, according to a Goldman Sachs (GS) analysis. $1 billion represents 12% of Ford’s profit last year and 7% of GM’s

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Tiger Brands Down Over 7% On Listeria

iger Brands’ share price has declined sharply after Enterprise Foods was identified as the source of the current listeriosis outbreak. The food giant’s shares dropped by more than seven-percent in Monday morning trade. The decline follows safety recall notices for processed food manufacturers Enterprise Foods, which is a division of Tiger Brands, and Rainbow Chicken.

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Currencies: Bcoin R136,899 . Ether R10,319 . R/USD11.82 . R/GBP16.36 . R/EUR14.59

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Zuma To Address The Nation

In a televised interview with CNN, finance minister Malusi Gigaba confirmed that Pres Jacob Zuma will address the nation at 10am and is expected to resign. Gigaba further went on to say that if Zuma does not resign, the ANC will have no choice but to side with opposition parties in parliament in a vote of no confidence in Zuma

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Reserve Bank To Regulate Crypto Currencies

The South African Reserve Bank has confirmed that it will be launching a special unit to address regulation in the growing fintech space. In a statement released on Tuesday, the SARB said that the main goal of the programme is to track and analyse fintech developments and to assist policymakers in formulating frameworks in response to these emerging innovations.

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National Credit Amendment Bill Mooted

According to legal experts, the Amendment Bill, should it pass, is expected to have a significant impact on the lives of thousands of ordinary South Africans as well as large parts of the finance and banking sectors because of the wide-scale debt relief it will provide. The proposed Bill makes provision for debt intervention for consumers earning a maximum of R7,500 per month and with less than R50,000 in unsecured debt. As the proposed Bill is currently crafted, 16 million loans could qualify for debt intervention.

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Unemployment Rate Improves Slightly

SA’s unemployment rate improved to 26.7% in the fourth quarter of 2017. This was a one percentage point improvement on the unemployment rate of 27.7% recorded in the third quarter of the year. A decline in unemployment was observed across all age groups, but was highest among the youth, irrespective of educational level.

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City Of Joburg To Launch Jan Smuts Avenue Revamp

The City of Joburg will proceed with a planned expansion of Jan Smuts Avenue in the Parktown area and beyond, in a two-year project that will impact congestion levels and travel times for many residents in the area. It is expected to involve major roadworks on and around Jan Smuts, stretching from Zoo Lake to Bompas road. The drive behind the project is to alleviate traffic congestion in the area, and will be the start of a new phase in infrastructure upgrades in the city.

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KZN To Get Direct Flights To London

KwaZulu-Natal could soon have direct flights between Durban and London. “We had a very productive meeting with British Airways. They see huge potential in the Durban-London route and we are extremely optimistic that our engagements will bear fruits. For a number of years now, KwaZulu-Natal has been working on securing air services between Durban and the UK and we are happy that British Airways has finally given us the opportunity to engage them on the viability and potential of the route,” said MEC Sihle Zikalala.

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Diesel Cars On The Way Out In Europe

In 2012 European governments started reducing incentives on Diesel cars in favor of electric vehicles and consumers have shifted with those incentives. From 2015 to 2017, diesel’s market share has dropped from 51% to 44% and it is dropping every year in Europe

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Currencies: Bcoin R108,917. Ether R10,679. R/USD11.93 . R/GBP16.58 . R/EUR14.77

Zuma Digs In His Heels

President Jacob Zuma has dug in his heels, telling the ANC to do as it pleases after it took a decision early on Tuesday morning to recall him. It is said that Jacob Zuma had agreed to resign but Zuma wanted to stay in office for 3 months as one of his conditions. It was rejected by the NEC. The ANC NEC is due to announce the outcomes of their meeting later today

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DA To Take Vrede Report On Judicial Review

The Democratic Alliance (DA) on Monday said it was taking the Public Protector’s report on the Vrede Dairy Farm project on judicial review, calling her findings a sham. Speaking in Cape Town, DA leader Mmusi Maimane said there were too many omissions from the report and said Public Protector Busisiwe Mkhwebane even failed to probe what was already in the public domain.

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Taste Holdings Appoints New CEO

Taste, the JSE-listed holding group responsible for bringing US brands Starbucks and Domino’s Pizza to South Africa, have appointed a new chief executive, following the resignation of  co-founder, Carlo Gonzaga. Taste, which also has jewellery retailers Arthur Kaplan and NWJ in its stable, announced that Tyrone Moodley will change his function from non-executive director and be appointed to the Group CEO role effective 12 February 2018

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Unilever Threatens To Pull Facebook Ads

Unilever (UL), which owns brands like Dove and Ben & Jerry’s, warned on Monday that it would stop advertising on platforms that damage society by enabling the spread of fake news, sexism, racism, and extremism. The latest clash highlights the power imbalance in digital media. Brands and publishers are increasingly under the thumb of Facebook and Google, which offer unparalleled audiences in the billions and vast data troves on those users.

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Currencies : Bcoin R107,000 . Ether R10,512 . R/USD11.94 . R/GBP16.53 . R/EUR14.71

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.

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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.

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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.

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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.

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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.

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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.

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

Free Education Plan Blocked by Treasury

President Jacob Zuma’s budget-busting plan for free higher education set off a flurry of panic among senior government officials this week‚ even prompting threats by a senior National Treasury official to resign should the proposal go ahead‚ the Sunday Times reports. It said the president had planned to announce the R40-billion free education plan on Tuesday last week ‚ but held off amid warnings from officials that such a move would plunge South Africa into an economic crisis.

Source: https://goo.gl/UXbFgg

Bitcoin Rollercoaster Erases $38bn Off Market

Bitcoin plunged as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators who had profited from a more than 800% surge this year. The cryptocurrency has dropped 9.5% since late Friday, extending its slide from last week’s record to as much as 29%, according to data compiled by Coinmarketcap.com and Bloomberg. Bitcoin cash, a rival that split from the original bitcoin in August, has jumped nearly 40% since Friday.

Source: https://goo.gl/1NuCxX

Eskom Cash Dries Up

Eskom’s latest report to its shareholder representative, Public Enterprises Minister Lynne Brown, showed that the state utility’s liquidity is fast drying up, as it struggles to raise funds in an unsympathetic market. In the report, Eskom tells Brown that its governance issues are having a negative impact on financial sustainability and the utility’s ability to keep going. Several key Eskom executives, including suspended chief financial officer Anoj Singh, ex-Eskom boss Brian Molefe and suspended executive Matshela Koko are being investigated for their role in state capture at the state utility, while parliament has heard shocking revelations of how looting took place at Eskom with the assistance of key executives.

Source: https://goo.gl/HhxHcp

Nigeria Rejects Moody’s Downgrade

Nigeria has rejected the downgrading of Nigeria from a B1 stable to a B2 stable rating by Moody’s Investors Service Research. In a statement, the Nigerian authorities said the downgrade was not a true reflection of the current state of the country’s economy, which government said has improved. “The attention of the Federal Ministry of Finance (FMF), Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) has been drawn to today’s announcement of the decision by Moody’s to downgrade Nigeria from a B1 stable to a B2 stable rating. “While we respect the right of Moody’s to make this decision, we strongly disagree with the premise and must address some of the conclusions upon which the decision rests,” the statement said.

Source: https://goo.gl/Rqg8L9

Uber Loses Employee Rights Case In Britian

Uber on Friday lost a landmark case in Britain that would give drivers the right to paid holidays and the national minimum wage, lawyers representing the claimants said. The London employment tribunal rejected Uber’s appeal against an October 2016 ruling in a case that is being closely watched for the wider implications for Britain’s booming “gig economy”.

Source: https://goo.gl/gU2VC3

Vodacom Hits 40 Million Subscribers For First Time

Vodacom has released its results for the six months ended 30 September 2017. The company said it gained 2.9 million local customers during the period, taking the network to 40 million South African subscribers for the first time. Vodacom said it defines a customer as a user using any service during the last three months. This includes customers paying a monthly fee.

Source: https://goo.gl/wJLjCD

Hlaudi Sues SABC For Pension

Former SABC chief operating officer Hlaudi Motsoeneng has filed another court application to force the SABC pension fund to pay him R8-million in pension benefits. Motsoeneng, through his attorneys Majavu Incorporated, filed an application in the South Gauteng High Court on Monday asking for an order to compel the public broadcaster’s pension fund to release the millions he is claiming.

Source: https://goo.gl/3wTzCw

Currencies : Bitcoin R99,205 – Rand/USD 14.41 – Rand/GBP 18.85 – Rand/EUR 16.77

 

 

 

 

Zuma Must Give Gordhan Recall Reasons

The High Court in Pretoria has given President Jacob Zuma until next Thursday to submit all documents containing his reasons for dismissing former finance minister Pravin Gordhan and his deputy, Mcebisi Jonas. Initially, he cited an alleged fake intelligence report claiming Gordhan and his deputy were not acting in the best interests of the country and were trying to effect regime change.

Source : https://goo.gl/UBMcrp

Pioneer Profits Drop 40-45%

Pioneer Foods has cautioned its shareholders to expect a decline in earnings for the six months to end March. The company said it anticipated that its operating profit for the period to ease between 40 percent and 45 percent, down from R1.24 billion reported in 2016. The group said it attributed the decline to an impact of the Phase1 B-BBEE share-based payment charge and merger and acquisitions costs during the period.

Source : https://goo.gl/o5lJtP

China Launches First Major Commercial Jet

China’s first large jetliner has successfully completed its maiden flight, a key moment in the country’s push to challenge the U.S. and Europe as a global manufacturer. With the flight, China joins the ranks of the few nations that have developed homegrown large airliners: the U.S., Russia, Brazil, Canada, the U.K., France and Germany. Made by the Commercial Aircraft Corporation of China (Comac), the 168-seat C919 is roughly the same size as Airbus’s A320 and Boeing’s 737-800, which are the most popular airliners in the world.

Source : https://goo.gl/7tBFG2

Gauteng To Spend R46bn On Infrastructure Projects

The Gauteng provincial government will spend R46-billion on infrastructure over the next three years, Premier David Makhura said on Thursday. Makhura said it was important to note that the Gauteng Infrastructure Master Plan estimates that R1.8-trillion is needed to meet the province’s infrastructure needs over the next decade-and-a-half. Makhura pointed out that between 2013 and 2016, the Gauteng government spent R30-billion on infrastructure project developments.

Source : https://goo.gl/2VIx1S

Mugabe Defiant At WEF

Mugabe was a panellist on a debate about fragile states in the main hall at the International Convention Centre that included diverse voices from former AFDB head Donald Kaberuka to Hollywood actor Forest Whittaker. The first question went to Mugabe about whether he thought Zimbabwe, with its economic troubles, is a fragile state. “We are not a poor country, you can’t call us a fragile state, you can call America a fragile state,” says Mugabe to chuckles from the hundreds in the audience. Mugabe pointed to his country’s vast resources, 14 universities and 90 per cent literacy rate.

Source : https://goo.gl/XdcPxj

Oil Price Collapses Below $45

Oil slid below $45 a barrel for the first time since OPEC agreed to cut output in November as US shale confounds the producer group’s attempts to prop up prices. Prices are still more than 50% below their peak in 2014, when surging shale output triggered crude’s biggest collapse in a generation and left rival producers such as Saudi Arabia scrambling to protect market share.

Source : https://goo.gl/wIinzC

CurrenciesRand/USD 13.64 – Rand/GBP 17.63 – Rand/EUR 14.98

 

 

 

Petro SA Board Asks For Business Rescue

The board of state-owned oil company PetroSA has asked its holding company, the Central Energy Fund (CEF), to place it under business rescue, raising questions over its status as a going concern. PetroSA has a projected loss of R2.2bn for the year to March 2017. This follows its record R14.6bn net operating loss in the 2014-15 financial year. Despite these losses, PetroSA paid out large performance bonuses to its executives at the end of 2016, linked to the Ikhewzi project, responsible for a near R15bn impairment in financial 2014-15

Source : https://goo.gl/3Co6f1

SAA Gets Court Order Against Strike

The Labour Court granted South African Airways (SAA) a final order against the South African Cabin Crew Association (Sacca) and its members. This was after the court had granted an interim order in favour of the airline on 26 April. The order interdicts Sacca and its members from embarking on industrial action and declares the industrial action an unprotected strike.

Source : https://goo.gl/sC23kh

ABInBev To Launch Budweiser In South Africa

Anheuser-Busch InBev plans to launch Budweiser in SA, it said in its March quarter results on Thursday morning. The group’s overall revenue grew 3.7% to $12.9bn from the matching quarter in 2016.

Source : https://goo.gl/0Leykf

Eskom Ready To Report On CEO Nepotism Scandal

Eskom has finalised the report on its investigation into allegations that a stepdaughter of acting chief executive Matshela Koko benefited from contracts worth at least R1 billionFollowing reports that Koketso Choma, Koko’s stepdaughter, had scored the contracts, there were also allegations that the board had proposed to pay Molefe R30 million after he was at the helm of the power utility for about 18 months.

Source : https://goo.gl/SjbPq9

Whatsapp Blackout Causes Havoc

WhatsApp experienced downtime around the world, leaving many users unable to send and receive messages over the app for over two hours. Africa, Europe, South America and the US experienced downtime with WhatsApp hashtags #WhatsAppDown and #WhatsAppisDown trending on the social network.

Source : https://goo.gl/hr3CFn

indicators : Oil 50.36 – Rand/USD 13.50 – Rand/GBP 17.36 – Rand/EUR 14.73