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.


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.


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.


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.


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.


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”


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.


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


Snapchat Raises $3.4bn In IPO

Snap, the parent company of Snapchat, priced its initial public offering at $17 a share on Wednesday. It had previously proposed a range of $14 to $16 a share. That equates to a Snap market value of nearly $24 billion, making it the largest U.S. tech IPO since Facebook. Snap’s sales are growing at a fast pace, rising to more than $400 million in 2016 from just $58.7 million in 2015. Most analysts expect Snap to report around $1 billion in sales this year.

Source : https://goo.gl/CzEPlr

Net 1 To Buy 15% Of Cell C

Electronic payments provider Net1 UEPS Technologies, which has found itself at the centre of a social grants storm in South Africa, has confirmed that it has agreed to buy a R2bn, 15% stake mobile network Cell C. Along with Blue Label Telecoms, Cell C is set to be able to pay off its debts and has said it has further concluded a memorandum of understanding to acquire 49.6% of DNI-4PL Contracts with an option to acquire a controlling stake in DNI in the future. DNI is a distributor of mobile subscriber starter packs for Cell C and also distributes pre-paid airtime through a network of field operatives and agents.

Source : https://goo.gl/60LWzN

SABC’s R5.1bn Irregular Expenditure

The Standing Committee on Public Accounts (Scopa) has put forward a proposal to SABC group executives that the Hawks launch a forensic investigation into the affairs of the SABC. The proposal was made during a briefing by the SABC to Scopa on the broadcaster’s financial annual report for the 2015/2016 year which revealed R5.1-billion in irregular expenditure. CEO James Aguma painted a rosy picture of its progress regarding audience figures for radio and television, its progress on financial management, blaming a R411 million loss on expenditure on unforeseen events of national interest, less than three percent funding from government, and currency fluctuations, among others.

Source : https://goo.gl/wCMukn

Unilever Charged For Cartel Collusion

This follows the investigation by the Commission which found that Unilever and Sime Darby divided markets by allocating specific types of products and customers goods in the market for the manufacturing and supply of bakery and cooking products throughout South Africa. The Commission said its investigation found that from at least 2004 to 2013, Unilever and Sime Darby entered into a sale of business agreement, which contained a clause in terms of which they agreed not to compete with each other in respect of certain pack sizes of margarine and edible oils.

Source : https://goo.gl/M7VoS1

SA Taxi Seals R100 Million Finance Deal

SA Taxi has signed a deal with the Small Enterprise Funding Agency (SEFA), which is wholly-owned by the Industrial Development Corporation. SA Taxi’s business model includes the financing of industry-specific vehicles, provision of bespoke taxi insurance that helps operators protect their income-generating asset and optimise cash flow, a Taximart division that restores pre-owned vehicles to a virtually new condition, and a dealership network through which both new and pre-owned minibus taxis are sold directly to taxi operators.

Source : https://goo.gl/xHMq6D

Joburg Trashed Due To Jozi@Work Protests

A group of angry Jozi@Work protesters took to the streets of the Johannesburg CBD for the second consecutive night on Wednesday‚ leaving a trail of destruction and trash in their wake. About 200 workers‚ wearing their yellow uniforms‚ marched through Bree and Jeppe streets up to Rissik Street in front of the city council offices‚ upending rubbish bins along the way‚ in protest against the canning by Mayor Herman Mashaba of the Jozi@Work programme.

Source : https://goo.gl/izGJzr

IndicatorsOil 56.17 – Rand/USD 13.03 – Rand/GBP 15.99 – Rand/EUR 13.74




Tswane Truck Protests Cause Havoc

There were massive traffic jams on Gauteng’s N1 North, R21 North and the N14 routes leading into Pretoria in Tshwane this morning. Representatives of the Coal Transport Forum said that Eskom’s agreement with Independent Power Producers (IPPs) will see mining job losses and the truck drivers transporting the coal blocked the roads in protest of the looming IPP agreements. As part of diversifying its energy mix, Eskom is expected by government to roll out an IPP programme that allows for the likes solar and wind power to be fed into the national grid.

Source : https://goo.gl/CSyRSH

SASSA Begs ConCourt To Allow CPS Contract To Continue 

The social security agency approached the Concourt for an order “authorising Sassa to engage the respondent (‘CPS’) to provide services for the payment of social grants for the period 1 April 2017 to 30 March 2018. The Concourt had given Sassa about three years to sort out the illegal CPS contract for distributing social grants, but the agency is so unready that it is asking the court for another year’s grace. The question is why wasnt anything done since 2014 and why does the department insist on CPS being the provider? They cant tell us that only this company can do the job.

Source : https://goo.gl/LwWfA1

FICA Bill Gets The Green Light From Parliament

Opposition MPs on Tuesday urged President Jacob Zuma to sign the Financial Intelligence Centre Amendment Bill without delay after the National Assembly adopted minor changes to it aimed at answering his concerns that it may be unconstitutional. Zuma now has two choices. He can either sign the bill in the form in which the National Assembly approved it on Tuesday, or take it to the Constitutional Court.

Source : https://goo.gl/ufQa9u

Curro To List University Business Embury Later This Year

Curro is busy designing courses and degrees and getting them accredited, a process that will take two years. Curro believes that the tertiary-education component can reach more than 100,000 students over the long term and is keeping the school and tertiary education businesses separate, and plans to unbundle its tertiary offering and list it separately during the course of the year. Curro saw a significant leap in the number of learners attending its schools, adding over 7,200 learners during the course of 2016, and adding 4,400 more in the 2017 school year, taking it to a total of 47,589 learners by January 2017.

Source : https://goo.gl/93GiQo

Youtube Launches TV Streaming Service

Google launched YouTube TV on Tuesday, which will cost $35 a month and offer access to content from broadcast networks as well as YouTube. YouTube CEO Susan Wojcicki‏ said people around the world watch one billion hours of YouTube content each day, and younger generations don’t want to consume television through traditional channels. You’ll now be able to watch shows from over 40 networks including ABC, CBS, FOX and NBC, as well as Bravo, FX, ESPN and Fox Sports. Along with the cable channels, users can also watch shows previously only available on YouTube Red, the ad-free YouTube subscription service.

Source : https://goo.gl/YJAxxv

Fired Prasa Acting CEO Refuses To Leave

Collins Letsoalo‚ the disgraced acting CEO of the Passenger Rail Agency of SA‚ is going nowhere.  Letsoalo claims he did nothing wrong. “I am still the acting CEO; there is nothing wrong that I have done‚ I have not appointed myself and would never give myself an increase‚” he said. “I am seconded by the shareholder and appointed by the board chairperson as acting group CEO and to date no one has informed me of this removal‚” he said.

Source : https://goo.gl/OkhqRO

Eskom & Transnet Sponsored PPF Led By Mzwanele Manyi

Public Enterprises Minister Lynne Brown disclosed in a written reply to a parliamentary question on Tuesday by DA finance spokesman David Maynier that Eskom and Transnet had provided sponsorships of R440,000 and R400,000, respectively, to the forum.

Source : https://goo.gl/iRavfZ

Indicators : Oil 56.50 – Rand/USD 13.10 – Rand/GBP 16.17 – Rand/EUR 13.83

Prasa CEO Ups His Salary 4

The acting CEO of the Passenger Rail Agency of South Africa (Prasa) is accused of upping his own salary to more than four times the agreed amount. Collins Letsoalo who has been acting CEO since July 2016, was supposed to be paid R1.3 million a year. The Sunday Times newspaper reported that Letsoalo demanded that Prasa pay him the R5.9 million package that controversial former CEO Lucky Montana was paid, plus have a chauffeur-driven car and company cellphone with unlimited calls

Source : https://goo.gl/VAP0Iu

Hawks Target Mcebisi Jonas

City Press has established that the Hawks’ Crimes Against the State (Cats) unit is gathering evidence that could implicate Jonas in a case of corruption involving a supplier to SAA’s aviation maintenance division, SAA Technical. The case is being investigated by Cats unit head Brigadier Nyameka Xaba, who also investigated the case against Gordhan. The theory is that removing Jonas will allow Brian Molefe to replace him and that is key because the deputy minister of finance is also chairperson and Non-Executive Director of Public Investment Corporation Limited.

Source : https://goo.gl/cDNb69

Millions Of Traffic Fines To Be Scrapped In Gauteng

The North Gauteng High Court has ruled that millions of traffic fines issued since 2008 must be scrapped. According to a ruling on Friday, all fines issued since 2008 that did not comply with the conditions outlined in the Administrative Adjudication of Road Traffic Offences (AARTO) Act must be cancelled.

Source : https://goo.gl/TolZxa

Cell C’s BEE Partner threatens To Derail BlueLabel Deal

Cell C’s black equity partner, CellSaf, has threatened to scupper Blue Label Telecoms’ significant investment in the cellphone operator. CellSaf accused Oger Telecom of not working in the best interest of Cell C and threatened legal action if Blue Label’s proposed acquisition of a 45% interest in Cell C goes ahead. CellSaf owns 25% of Cell C’s holding company, 3C Telecommunications.

Source : https://goo.gl/0t3fzC

Nokia Launches 4 New Phones, Not Just The 3310

HMD, the guys who have the brand rights to Nokia, announced a slate of low-cost new phones that will be sold under the Nokia brand. The company, run by a cast of former Nokia executives. The new phone models by Nokia are the “Nokia 6”, “Nokia 5”, “Nokia 3” and “Nokia 3310”.  The new 3310 has the same old-fashioned keypad and comes in a couple of bright plastic-y colors. A small color screen and potentially weeks of battery life round out the 49 euro ($52) device.

Source : https://goo.gl/xUkVKd

Over Half Of Joburg Water Lost To Leaks & Illegal Use

The Johannesburg and Durban metros are currently losing losing a combined 56% of their water through leaks and illegal connections. In the Johannesburg Metro alone‚ we have 35% of non-revenue water and of that 16% is unaccounted for. In the eThekwini Metro also‚ we have 40.7% of non-revenue water and of that‚ 59.3% is unaccounted for. In all likelihood‚ in both cases‚ this is water lost through leaks and illegal connections.

Source : https://goo.gl/r92Ktw

Indicators : Oil 56.74 – Rand/USD 12.98 – Rand/GBP 16.06 – Rand/EUR 13.72

16 Letters Detail Gordhan & Moyane War

16 letters have emerged exposing the true extent of the war between SARS commissioner Tom Moyane and minister of finance Pravin Gordhan. In one letter Moyane accuses Gordhan of subjecting him to “horrible and intolerable working conditions through belittling, humiliating, denigrating, antagonising and disparaging persona” he goes on to say, “I ask  myself every day what have i ever done to you that has made you mistreat and beseige me as if i am a little boy”. In turn, Gordhan warned Moyane that approving his own performance bonus was unethical, immoral and illegal. In most cases Gordhan did not respond to the letters but it seems Moyane approached pres Zuma for help which the president didnt give him.

Source : https://goo.gl/VpRSBz

Xenophobia March & MTN Nigeria Attack

Thousands of people are expected to take part in an anti-immigration march in Pretoria where law Law enforcement officers will be deployed along the route and at venues where memorandums would be handed over. The anti-immigration march was organised by a group calling itself the Concerned Mamelodi Residents. Meanwhile, the MTN offices in Nigeria were attacked yesterday and vandalised in retaliation to what is going on here. This lead to police having to be deployed to protect the premises.

Source : https://goo.gl/CzE26j

SA Tops Global Equity Returns Since 1900

South African stocks have returned an average 7.2%, more than 2%age points above the global average and the most among 23 nations tracked by Credit Suisse and LBS. The nation is Africa’s biggest coal and iron-ore producer, and the world’s largest of platinum, manganese and ferrochrome. Denmark tops the list for bond returns with an average 3.3%, equities were the best-performing asset in every country, showing over the long run there has been a reward for higher risk.

Source : https://goo.gl/Ungikg

Discovery posts Encouraging Results

Shares in Discovery rose as much as 7.92% to R127.99, despite the group missing earnings forecasts. The share price closed 4.35% higher at R124.70. Delivering the group’s results for the six months to December 2016, CEO Adrian Gore said the group had more than R1bn to fund new business growth and operating losses in emerging businesses Ping An Health, Discovery Insure and the Vitality Group were substantially lower.

Source : https://goo.gl/7E41sQ

Swiss Firm hit By $100 Million Fraud

Swiss engineering group ABB on Wednesday said it fell victim to a “sophisticated criminal scheme” at its South Korean subsidiary, with the chief suspect an executive responsible for ethics training. The executive is suspected of forging documents and colluding with third parties to steal funds, ABB said, estimating it would take a pre-tax charge of about $100 million for the affair, which analysts said raised concerns about its corporate oversight. The company claimed that he embezzled a combined 35.7 billion won ($31.31 million) in 73 transactions, the official said, adding that police were investigating the man’s accounts.

Source : https://goo.gl/PTHKXE

Swedes Overpaying Their Taxes

Official figures published on February 22nd showed tax revenues poured in far faster than forecast last year. Sweden’s government got a budget surplus of 85bn kronor ($9.5bn) in 2016. Nearly half of that, 40bn Skr, was from overpayment by firms and individuals. This appears to be deliberate. Income tax rates, at least for the well-off, can be as high as 57% while we are crying about 45% in South Africa. then again, you get what you pay for in those countries while nobody really knows what we get here.

Source : https://goo.gl/D9ctDr

Indicators : Oil 56.43 – Rand/USD 12.90 – Rand/GBP 16.16 – Rand/EUR 13.66