ANC Shifts Policy On Land And SARB

The ANC has adopted a resolution calling for the nationalisation of the central bank and land expropriation without compensation. Party delegates also agreed that Treasury must develop a wealth tax that may be in the form of a land tax in an effort to promote equity and raise the revenue in the state coffers.

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30000 Shoprite Employees To Go On Strike

Pre-Christmas shopping may be disrupted on Friday when supermarket workers down tools. The South African Commercial‚ Catering and Allied Workers Union and Congress of South African Trade Unions have announced a planned one-day nationwide strike by Saccawu members at Shoprite Checkers on Friday 22 December 2017.

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Investors Sue Steinhoff In Germany

The case against the owner of Mattress Firm in the U.S. and Conforama in France was filed in Frankfurt district court, TILP law firm said in a statement on Wednesday. Investors are seeking to recover funds after the South African company reported accounting irregularities, causing the stock to slump about 90 percent over two weeks. The class-action-style lawsuit, filed Tuesday, is likely to be the first of many similar cases filed by investors angry over their losses. Innsworth Litigation Funding, a London-based unit of Paul Singer’s Elliott Management Corp., has begun building a case against Steinhoff and is seeking shareholder clients willing to sue, it said last week.

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ABSA Wants Jooste Company Liquidated

Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Jooste’s Mayfair Speculators, the company that, until this week owned South Africa’s best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. Absa has also demanded an investigation into a suspicious transaction that saw Mayfair move R1.5 billion of assets to its holding company in August this year.

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Nedbank CEO’s Open Letter To Ramaphosa

CEO Mike Brown has thrown his full weight behind ANC president Cyril Ramaphosa. Brown said in an open letter to Ramaphosa that his team was looking forward to engaging with him and addressing the pressing needs the country is facing.

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Distell To Sell Bisquit Brand

Distell has entered into a definitive agreement to sell its cognac business, Bisquit Dubouche et Cie to Italian branded beverage company Campari Group for an enterprise value of 2.5 million, or R800-million. The disposal is expected to close during the first quarter of 2018.

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Currencies: Bitcoin R264,999 . Ether R12,683 . R/USD12.75 . R/GBP16.99 . R/EUR15.12

 

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Bitcoin In Flash Crash Down By $4000

Bitcoin flash crashed today on some of the exchanges after the Asian market open, with waves of selling hitting the most valuable coin even before that. The digital currency fell below the $16,000 level (Bitstamp prices) marking a 20% decline from its recent all-time high

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Old Mutual Wealth Sold To Buxton

Insurer Old Mutual has finally let superstar fund manager Richard Buxton go, selling the single-strategy business he runs at Old Mutual Wealth to him and his team, together with private equity group TA Associates, for £600m.

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ANC 68 Missing Votes Fiasco

The election of the entire ANC top six leadership structure – led by newly-elected president Cyril Ramaphosa – risks being challenged amid allegations of 68 unaccounted votes and irregularities in the tallying of votes. North West chairperson Supra Mahumapelo confirmed that the ANC’s steering committee met to investigate what is presently dubbed as “the disappearance” of 68 delegate votes.

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Steinhoff Cant Explain Irregularities

Steinhoff’s eagerly awaited presentation to a group of its bankers was met with dismay on Tuesday, as the global furniture retailer said that it could still not quantify the magnitude of the “accounting irregularities” that had led to the bombshell resignation of its charismatic CEO Markus Jooste two weeks ago. Its stock, which has lost most of its value since Jooste’s abrupt departure, had recently recovered from its lows of R6 a share, but plunged afresh, closing 17.45% weaker at R7.

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ANC Technically Insolvent

The ANC is technically insolvent as its liabilities exceed the value of its assets, according to the financial report tabled by outgoing treasurer-general Zweli Mkhize. The organisation is also R215m in debt and had a deficit of R47m over the past financial year. This was despite a debt-management programme over the past five years that brought debt down from the 2013 level of R249m.

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SABC And Unions Reach Wage Deal

The SABC says this has brought to an end the workers strike after Bemawu also signed the agreement last week following the CCMA intervention. Last week workers downed tools over salary disputes, demanding 10% salary adjustments while the employer was offering on 4.5%. The public broadcaster says CWU has agreed to a 4.8% increase, back-dated to July 2017.

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Currencies: R267,134 . Ether R12,360 . R/USD12.78 . R/GBP17.07 . R/EUR15.13

Still No Result At ANC Conference

Glitches with registration at University of Johannesburg’s Soweto campus became one of the reasons the African National Congress (ANC)’s 54th elective conference began late this weekend, with delegates from the North West questioning how fairly they will be represented during the votes at Nasrec. Some delegates were unable to get their accreditation at the weekend, claiming that bogus members were put on the list to represent their regions.

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6.7 Million On 200 Bullet Proof Vests

The South African Police Service has purchased “what could be the most expensive bulletproof vests in the world”. This is according to a report in the Sunday Times, which stated that R6.7 million was spent on 200 hi-tech lightweight vests for ballistics testing. A further order for R33 million from Indian manufacturer MKU is potentially in the works, stated the report. The Sunday Times said the SAPS paid R33,402 per vest, of which “a significant slice” went to a Durban businessman who acted as a middleman.

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Zuma Announces Free Higher Education

President Jacob Zuma has announced that government will subsidise free higher education for poor and working class students. He said in a statement on Saturday that the definition of poor and working class students will now refer to “currently enrolled TVET Colleges or university students from South African households with a combined annual income of up to R350 000” by the 2018 academic year.

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Nersa Grants Eskom 5.23% Tariff Increase

The National Energy Regulator of South Africa (Nersa) has granted power parastatal Eskom an average percentage price increase of 5.23% for the 2018/19 financial year.

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FSB May Review Wiese Share Sale

Life became even tougher for Christo Wiese at the weekend when it emerged that the forced sale of 98.5-million of his Steinhoff shares is likely to be reviewed by the Financial Services Board (FSB) to determine if it contravenes insider-trading regulations.

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Slight Decrease In Petrol Price Expected

Slight decreases in the fuel price are being predicted on mixed news from the currency markets and international oil trade, the Automobile Association said on Friday. The AA was commenting on unaudited mid-month fuel price data released by the Central Energy Fund (CEF), which showed that the price both grades of petrol declining marginally in January.

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Deloitte To Be Investigated For Steinhoff Audits

Deloitte South Africa is set to be probed for its role as Steinhoff International’s auditor, City Press reported. It comes after rival firm and fellow Big Four auditing unit, KPMG, came under scrutiny for its role in state capture. KPMG was accused of aiding state capture by facilitating or ‘turning a blind eye’ to alleged money laundering by Gupta-linked companies.

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Bitcoin Futures Launches On CME

The world’s biggest exchange just joined the bitcoin revolution. Bitcoin futures started trading Sunday night at CME Group Inc.’s venue, a week after Chicago rival Cboe Global Markets Inc. introduced similar derivatives on the volatile cryptocurrency. CME is a much bigger player in futures, so many traders expect it to make a bigger splash in the nascent space.

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Currencies: Bitcoin R305,999 . Ether R11,520 . R/USD13.08 . R/GBP17.41 . R/EUR15.38

Christo Weise Resigns As Steinhoff Chair

Steinhoff International chairman and largest shareholder, billionaire Christo Wiese, is stepping down from the supervisory board following the accounting scandal that has engulfed the retail giant. The board accepted Wiese’s resignation to resolve questions of conflict of interest, the owner of furniture chains such as Mattress Firm in the US and Conforama in France said in a filing on Thursday. Heather Sonn, a member of the board and its independent subcommittee, will take the role of acting chairwoman.

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DA Suspends De Lille

The federal executive of the DA has decided to suspend City of Cape Town Mayor Patricia De Lille from party activities pending the outcome of ongoing investigations into a series of reports and an affidavit containing allegations of maladministration in the city, also asking her to give reasons why she shouldn’t resign as mayor. This comes after the conclusion of an investigation of the allegations by a subcommittee.

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Lungisa Fezile Appointed Standard Bank CEO

Standard Bank has appointed Lungisa Fuzile as CEO for its South African unit. A former director-general within the Treasury, Fuzile will take over from Sim Tshabalala, who has served in the role since 2008. “This appointment follows the recent changes to the group’s executive structure, which resulted in the disbanding of the joint group CEO construct,” Standard Bank Group said in a statement. Ben Kruger stepped down as joint CEO of Standard Bank Group in September, leaving Tshabalala as the sole head of Africa’s biggest bank by assets.

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Zuma, Ministers And Guptas Sued Over Eskom

The Helen Suzman Foundation and Sygnia Asset Management CEO Magda Wierzycka have approached the courts to deal with the capture of Eskom. According to an affidavit filed at the North Gauteng High Court on Thursday, the foundation and Wierzycka want the courts to set upside the “series of unlawful, improper and corrupt” exercises of public power, and to recover all the proceeds lost in order to benefit the fiscus. The application has been brought against 73 respondents including Eskom itself, President Jacob Zuma, Minister of Finance Malusi Gigaba, Minister of Public Enterprises Lynne Brown, Mineral Resources Minister Mosebenzi Zwane, Eskom executives including Anoj Singh and Brian Molefe and former Oakbay CEO Nazeem Howa and Oakbay’s Ronica Ragavan, and both Ajay and Atul Gupta.

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University Fee Increase Capped At 8%

Universities South Africa says it’s decided to cap fees at 8% for the 2018 academic year. Last month President Jacob Zuma released the findings of the Heher Commission, which was tasked with investigating the feasibility of free higher education in South Africa.

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Govt Plans To Raise R4bn From Telkom Share Sale

South Africa is reportedly seeking to raise as much as 4 billion rand ($297 million) from the sale of part of its 39 percent stake in Telkom SA SOC Ltd. to raise funds for the country’s unprofitable state airline and post office

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Currencies: Bitcoin R263,370. Ether R9,843. R/USD13.50 . R/GBP18.10 . R/EUR15.90