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

 

 

 

Advertisements

Joemat-Petersen Lies Exposed By Kubayi

The government has admitted for the first time that the secret disposal of 10.3-million barrels of SA’s strategic oil reserves by the Strategic Fuel Fund (SFF) in December 2015 had indeed been a sale and not a “rotation of stock”, as former energy minister Tina Joemat-Pettersson repeatedly had asserted to justify her approval of the deal. Newly appointed Energy Minister Mmamoloko Kubayi apologised to MPs and Parliament on Tuesday for their having been misled about the nature of the transaction. This was after DA energy spokesman Gordon Mackay expressed concern that the energy portfolio committee had been misled.

Source : https://goo.gl/7qiwSZ

S.A May Appeal Court Ruling On Nuclear

South Africa’s government may appeal last week’s court judgment declaring a cooperation pact with Russia’s state-owned nuclear company Rosatom unlawful, the energy minister said on Tuesday. South Africa and Russia signed an Intergovernmental Agreement (IGA) in 2014 for cooperation between Rosatom and South African utility Eskom, which aims to build 9 600 MW of nuclear capacity to wean the African nation off coal.

Source : https://goo.gl/cTKcIb

McDonalds Accused Of Overcharging Franchisees

McDonald’s should be investigated for gouging franchisees on rents and deceiving them about how the amounts are calculated, a labour union said in letters to two state attorneys general. US franchisees paid the world’s biggest fast-food chain more than $3bn in rents last year, a rate of return on McDonald’s real-estate investments that’s as much as triple the industry average. McDonalds has denied the allegations.

Source : https://goo.gl/gDDkhG

MTN Releases Encouraging Revenue Numbers

MTN has released its quarterly update for the period ended 31 March 2017. The company stated that it currently serves approximately 237 million people in 22 countries across Africa and the Middle East. Group total revenue increased by 7.1%, with data revenues up 29.4% year-on-year. Data revenue contributed 20% to total revenue, said MTN.

Source : https://goo.gl/j0W4In

Look & Listen To Close Final Store

The Look & Listen at Hillfox Value Centre – the last one in South Africa – will soon close, marking the end of an era. Look & Listen was started nearly 50 years ago by Rob Ziegler. In February 2013, Look & Listen halted its online purchases, and in June 2014, the company was placed under business rescue.

Source : https://goo.gl/Rjzy4x

Indicators : Oil50.87 – Rand/USD 13.32 – Rand/GBP 17.16 – Rand/EUR 14.56

Gupta’s v Gordhan In Court

Finance Minister Pravin Gordhan’s legal team will on Tuesday face off with 14 Gupta-owned companies over the blacklisting of their bank accounts by South Africa’s top four banks. Meanwhile President Jacob Zuma has asked to intervene as an “interested party” in the matter. Zuma argued that Standard Bank had sought relief that affected the president directly, but failed to join him into the legal proceedings as a party

Source : https://goo.gl/OkEwD1

Judge Dismisses Zuma’s Application To Join Pravin Case

The High Court in Pretoria has told President Jacob Zuma’s legal representatives that he is not formally part of the process and so cannot be added as an “interested party”. Zuma made an 11th-hour application on Monday asking to be added in Finance Minister Pravin Gordhan’s application against Gupta-linked Oakbay Investments as an “interested party”. Gauteng Judge President Dunstan Mlambo said on Tuesday that because Zuma was not a party in the matter, his legal team could only observe.

Source : https://goo.gl/w0KuDU

Zuma Recalls Pravin Gordhan From Investment Roadshow

The rand plummeted about 52c against the dollar on Monday after President Jacob Zuma ordered Finance Minister Pravin Gordhan home from a global investor road show, while banks and property stocks retreated on the JSE in similar fashion to Nenegate in December 2015. The rand’s retreat was directly attributable to Zuma’s action despite a weaker dollar, which usually supported an appreciation in the rand, analysts said..

Source : https://goo.gl/r5mIwj

Brian Joffe To Step Aside

Bidcorp executive chairperson Brian Joffe has announced that he will be stepping down from this position to launch a new JSE-listed company. “Brian (Joffe) has informed the board that he will be launching a new listed JSE investment vehicle which will not focus on activities competitive with the current Bidcorp’s foodservice business,” Bidcorp said on Tuesday.

Source : https://goo.gl/eEhQy0

SAA Losses Climb Significantly

Losses of the already cash-strapped South African Airways (SAA) has rapidly increased to R4.5-billion, documents submitted to Parliament’s standing committee on Finance revealed. “This new figure of R4.5-billion is significantly higher than the R3.5-billion revealed ten days ago and the R1.7-billion estimated in September 2016.

Source : https://goo.gl/PW0Od7

Fake TV’s Recalled From Massmart Stores

Massmart has quarantined TVs which are being sold as Full HD (1080p), but have HD Ready panels (720p) in them and has initiated a product recall for the units. The recall follows an investigation by MyBroadband and ISACA member Abu-Huraira Oman Abdalla, which showed that a “Full HD” 32-inch Telefunken TV sold at Game stores sported an HD Ready panel.

Source : https://goo.gl/jPHbmL

Indicators : Oil 50.99 – Rand/USD 12.87 – Rand/GBP 16.24 – Rand/EUR 14.03

 

 

Acting Eskom CEO’s Daughter Gets Eskom Tenders

The stepdaughter of Eskom boss Mantshela Koko has raked in contracts worth about a R1-billion for her company from the state utility. The appointment of Koketso Choma, 26,  as a director at Impulse International last April was followed by the company netting eight lucrative contracts at Eskom over 11 months. The work, valued at  R1-billion, all came from a division of Eskom that Koko headed up until he was appointed acting CEO in December.

Source : https://goo.gl/XwLLFS

Old Mutual Close To Separation 

Old Mutual has taken another step in dismantling its business structure with the sale of its 25% stake in Old Mutual Asset Management (OMAM) worth $446m (R5.5bn) to HNA Capital US. Old Mutual, which has £395bn under management, said the transaction will reduce its shareholding from 50.8% to 25.9%

Source : https://goo.gl/kXLAEY

Rand Continues Winning Run

The rand continued its winning ways on Monday morning as it powered through the R12.35/$ level for the first time since July 2015. The latest bout of the rand strength has been partly traced to a weaker dollar, which is reeling from the expectation that the Federal Reserve will increase US rates gradually this year.

Source : https://goo.gl/7qSTcq

Ford Facing Lawsuits From Insurance Companies

Auto & General and Dialdirect, both part of insurance giant Telesure, have dealt with two and one fire-related EcoSport claims respectively, from May and July last year, and the third last month. They said Ford South Africa was informed of each incident.

Source : https://goo.gl/uW8EiS

Pipe Manufacturers Found Guilty of Collusion

The Competition Tribunal has found Dawn Consolidated Holdings (DCH), through its subsidiary DPI Plastics, and Sangio Pipes guilty of colluding to divide markets in South Africa between 2007 and 2012. The tribunal found that a shareholders’ agreement between DCH and Sangio, in which DCH held a 49% interest at the time, had the effect of dividing the market for the manufacture of regular HDPE pipes, in contravention of the Competition Act.

Source : https://goo.gl/DEeI2P

Indicators : Oil 50.80 – Rand/USD 12.36 – Rand/GBP 15.49 – Rand/EUR 13.42

Namibia Demands Germany Reparations

Namibia is to launch a $30 billion lawsuit against Germany over genocide committed during colonial rule, when tens of thousands of people were killed. The Namibian government has previously avoided demanding financial compensation, but it changed its stance as two indigenous groups filed a class-action suit in New York against Germany. Over 65,000 people are believed to have been killed when colonial Germany massacred Namibian tribes such as the Herero and Nama between 1904 and 1908. Namibian Vice President Nickey Iyambo issued a statement on Friday saying it had sent a report to Germany last year on the genocide, an official apology and reparations.

Source : https://goo.gl/VLC1Cx

Lambo Picture Gets ORT Suspect Caught

The suspected kingpin behind the audacious OR Tambo International Airport cash heist has been arrested after posting pictures of himself with a new R5-million Lamborghini on social media. The suspect, was arrested Sunday at his luxury Blue Valley Estate home in Centurion near Pretoria just hours after he posted pictures of himself and friends on social media with his new wheels.

Source : https://goo.gl/BDAstH.

Public Protector To Investigate Ministers Ties To CPS

Public Protector Busisiwe Mkhwebane is to investigate the relationship between Social Development Minister Bathabile Dlamini and Cash Paymaster Services (CPS), the company that administers the payment of social grants. In 2015, Sassa had assured the court it would take over the payment of grants from April 1 2017, but it came to light earlier this year that the agency would be unable to do this and had to extend the CPS contract. The Constitutional Court judgment was scathing of Dlamini’s conduct, saying the ultimate responsibility for the “crisis” lay with her.

Source : https://goo.gl/5dcZ6Y

Home Affairs To Deport Zimbabweans On Special Permits

Home affairs minister Malusi Gigaba is expected to announce changes to the country’s position on Zimbabwe special permits (ZSPs) before the end of the month – with all indications that there is no room for extension. The ZSP was first introduced in October 2014, as a three year permit that would allow Zimbabwean nationals living in the country to legally work, own a businesses and study in South Africa, despite not carrying a valid visa. 

Source : https://goo.gl/Pf77yp

Eskom Signs R6 Billion Deal With French Agency

Eskom has signed a R6-billion multi-tranche framework agreement with the French Agency for Development (AFD).“This multi-tranche loan facility will contribute towards Eskom plans to strengthen and refurbish the transmission infrastructure while diversifying our funding structures,” said Eskom CFO Anoj Singh. AFD’s funding will focus on transmission lines and substations that support grid strengthening in areas where the development of future renewable-energy sources is envisaged, as well as supporting the facilitation of cross-border transmission projects.

Source : https://goo.gl/dAUdCi

Indicators Oil 51.53 – Rand/USD 12.66 – Rand/GBP 15.68 –Rand/EUR 13.63

Bathabile Dlamini Goes To Court

A hive of activity is expected when Dlamini gives answers to questions in relation to the ongoing social grants issue. On Monday, Dlamini and the South African Social Security Agency missed the 4pm deadline to answer the ConCourt’s questions in relation to the controversial contract with Cash Paymaster Services (CPS). The appearance will be televised live on ENCA from 10am and you can stream it here : https://goo.gl/8ZeAcy

Source : https://goo.gl/WPJPv7

CPS Threatens Govt With Ultimatum

The South African Social Security Agency (Sassa) has until Wednesday afternoon to sign a new contract with Cash Paymaster Services (CPS) or risk defaulting on social grants on April 1, according to CPS CEO Serge Belamant. Belamant dropped the bombshell in an affidavit to the Constitutional Court, answering the South African Post Office’s application to be admitted as a friend of the court. Basically holding the country to ransom.

Source : https://goo.gl/LEzjP1

Cell C Posts First Ever Full Year Profit 

Cell C says it has swung into the black, reporting a surprise full-year profit of R540m after 16 years, the first since its start-up in 2001. The company increased earnings before interest and tax by R1.26bn in 2016 compared with 2015 and revenue for the 2016 financial year grew to R14.6bn from R13.2bn. Cell C has 15.3-million subscribers, up 20%.

Source : https://goo.gl/zmoxmt

Kusile Reaches Full Capacity

Eskom on Tuesday said that Kusile power station’s Unit 1 had reached its full 800 MW load-generating capacity last week after the initial synchronisation on December 26.
Kusile Unit 1, which is in the final stages of the combustion optimisation phase, is now one step closer to commercial operation.

Source : https://goo.gl/mOq6Xr

Somali Pirates Hijack First Ship Since 2012

Pirates have hijacked an oil tanker with eight Sri Lankan crew onboard, a Somali official said on Tuesday, the first time they have successfully taken a commercial ship since 2012. The ship reported it was being followed by two skiffs yesterday afternoon. Then it disappeared.

Source : https://goo.gl/0aO3Lo

Apple Found Guilty Of Price Fixing In Russia

Apple has been found guilty of fixing the price of iPhones in Russia for several years.Russia’s antitrust regulator, the Federal Antimonopoly Service, said today that Apple’s local subsidiary coordinated the price at which businesses were allowed to sell its phones. If sellers tried to discount an iPhone, Apple would email them and ask for it to be changed; failing to do so could have led to their contract being terminated. Apple is said to have done this for the last several years of phones, from the iPhone 5 through the iPhone 6S.

Source : https://goo.gl/v9M6cp

Canadian Marijuana Company To List On Stock Exchange

Canopy Growth, a marijuana-growing company based in Ontario, is being added to the S&P/TSX composite index. The company will be added to the index’s healthcare sector and start trading on March 20. Shares were down 0.72%, at 11.05 Canadian dollars, on Tuesday afternoon. Canopy is the largest legal grower of medical marijuana in the world, and has been hailed as the marijuana industry’s first unicorn — it blew past a $2 billion valuation in November, though its total valuation has slipped since then.

Source : https://goo.gl/KfIjG4

 

R24 Million Cash Heist At O.R Tambo

Police are investigating after R24 million in cash was stolen from a plane at OR Tambo International Airport on Tuesday evening. After the SAA flight landed, people in a marked police vehicle intercepted the money. A white Mercedes-Benz is believed to have been used in the operation. Hawks spokesperson Brigadier Hangwani Mulaudzi said a high-level investigation, involving all law enforcement agencies, was underway. He declined to divulge further information.

Source : https://goo.gl/yHe4NS

MTN Announces New CEO

MTN has announced that Godfrey Motsa is the new CEO of MTN SA and he will start at MTN on 13 March. The announcement follows the news that current MTN SA CEO Mteto Nyati is leaving the company to join Altron. Motsa is currently VP of the SEA region at MTN Group.

Source : https://goo.gl/JKAf9z

Gauteng Budget Released

Infrastructure and Education take up the biggest slice in the Gauteng R108-billion provincial budget for 2017/18, which this year included the addition of R10-billion to departmental baselines.Finance MEC Barbara Creecy said R44.4-billion had been set aside for infrastructure spend over the 2017 Medium-Term Expenditure Framework.

Source : https://goo.gl/rDhzKC

Racing Pigeon Bought For R5 Million

Two South African pigeon farmers paid a record R5 million to buy a racing pigeon in Belgium. The Belgian pigeon, called “Golden Prince” was put up for auction by conservation group Pipa, and with a closing bid of €360,000 (R4.94 million), has now become the most expensive pigeon ever sold, replacing the former record holder “Bolt”, which sold for €310,000 (R4.25 million) in 2010.

Source : https://goo.gl/SVKWA8

Wikileaks Publishes Biggest Ever Leak Of CIA Documents

The thousands of leaked documents focus mainly on techniques for hacking and reveal how the CIA cooperated with British intelligence to engineer a way to compromise smart televisions and turn them into improvised surveillance devices. The revelations in the documents include : CIA hackers targeted smartphones and computers and the Center for Cyber Intelligence, based at the CIA headquarters in Langley, Virginia, has a second covert base in the US consulate in Frankfurt which covers Europe, the Middle East and Africa.

Source : https://goo.gl/XENhWD

Trump Releases Details Of Plan To Replace Obamacare – It Sucks

After months of wait for an official Republican plan to replace Obamacare, the House Energy and Commerce and Ways and Means committees unleashed legislation dubbed the American Health Care Act (AHCA) late Monday that would nix the existing health law’s unpopular mandate to buy insurance and pare back its far more popular expansion of Medicaid for the working poor, among other provisions. Health experts have said “It will be the biggest transfer of wealth from low- and middle-income people to wealthy people in our country. Show us the numbers as to how many people will be thrown off. It couldn’t be worse.”

Source : https://goo.gl/q4zKwd

IndicatorsOil 55.63 – Rand/USD 12.97 – Rand/GBP 15.78 – Rand/EUR 13.69