Mail & Guardian Sold To American Group

The Mail & Guardian has been acquired by the Media Development Investment Fund (MDIF), which is now the majority shareholder of M&G Media Limited. As part of the same deal, current Chief Executive Officer Hoosain Karjieker becomes a minority shareholder. Trevor Ncube, the former publisher, has left the company. The MDIF is a New York-based non-profit organisation. Since its founding in 1996, it has invested $163-million in over 113 publications across 39 countries.

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Steinhoff Cost Investors Nearly R300 Billion

Concerns around financial irregularities at Steinhoff International have had a material impact on investors on the JSE. It’s not only Steinhoff’s share price that has suffered, but the share prices of a number of related companies as well. The most obvious is its subsidiary Steinhoff Africa Retail (Star). Investors have sold the share down as it appears that Star has guaranteed at least a portion of Steinhoff’s debt. The extent of these guarantees is however unclear. The impact has also spread to Shoprite, of which Steinhoff chairman Christo Wiese owns around 18.0%. Just days before Markus Jooste resigned as Steinhoff CEO, Star had announced that it had exercised call options to acquire a 23.1% economic stake and 50.6% voting control of Shoprite. The deal remains subject to regulatory approval. The Wiese connection appeared to put pressure on Brait, Stellar Capital, Tradehold and Invicta Holdings as well. He is closely associated with all of these companies.

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ANC Vote Buying Scandal Emerges

ANC presidential candidate Lindiwe Sisulu has become the latest high-ranking ANC leader to express her concern about the toxic effect that money could have on the ANC’s elective conference. On Tuesday, the ANC’s chief whip in Parliament, Jackson Mthembu, claimed in several tweets that regional secretaries in some provinces were trying to “allocate fraudulent delegates to branches that have failed to hold BGMs (branch general meetings)”.

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Job Losses Continue In SA

The jobs bloodbath continued in the third quarter, with more than 30,000 jobs lost, Statistics SA data showed on Tuesday. On the same day, manufacturing figures showed the sector performed better than had been expected. Mining production data released last week showed the sector was growing. Formal employment in SA, excluding the agricultural sector, fell by 31,000 jobs in the third quarter of 2017.

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Jooste Accused Of Manipulating Horse Betting

The National Horseracing Authority of Southern Africa (NHA) has given former Steinhoff chief executive Markus Jooste 48 hours to respond to allegations that he is manipulating and controlling the horse industry in South Africa for his personal gain. The NHA said it wanted to give Jooste, who is heavily invested in horse racing in South Africa and abroad, a chance to explain himself. Chief executive Lyndon Barends said the NHA had already made contact with the group that represents Jooste in horse racing to respond to these allegations.

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Disney To Buy Fox For $60 Billion

Walt Disney is close to confirming a deal to buy 21st Century Fox’s entertainment assets for about $60bn, reports say. The sale would include the 20th Century Fox film studio and the Sky and Star satellite broadcasters in the UK, Europe and Asia. Disney was left as the front runner after Comcast, the NBC owner, dropped out of the race on Monday.

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Proposal For Meat Taxes

Some investors are betting governments around the world will find a way to start taxing meat production as they aim to improve public health and hit emissions targets set in the Paris Climate Agreement. Socially focused investors are starting to push companies to diversify into plant protein, or even suggest livestock producers use a “shadow price” of meat – similar to an internal carbon price – to estimate future costs. Meat could encounter the same fate as tobacco, carbon and sugar, which are currently taxed in 180, 60, and 25 jurisdictions around the world, respectively, according to a report on Monday from investor group the FAIRR  (Farm Animal Investment Risk & Return) Initiative.

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Ethereum And Litecoin Soaring

In the past two days, Ethereum has broken through the $500 and $600 price barriers for the first time, and is up around 30% in the last 24 hours alone, according to Coinbase. Litecoin, meanwhile, is up an astounding 91% from the previous day and is sitting around $365 as of Tuesday afternoon—nearly four times what it was worth a week ago. (Bitcoin, meanwhile, is not far off its record high of around $17,300 but its relative price gains have been modest this week.)

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Possible Meat Taxes On The Cards

Some investors are betting governments around the world will find a way to start taxing meat production as they aim to improve public health and hit emissions targets set in the Paris Climate Agreement. Socially focused investors are starting to push companies to diversify into plant protein, or even suggest livestock producers use a “shadow price” of meat – similar to an internal carbon price – to estimate future costs. Meat could encounter the same fate as tobacco, carbon and sugar, which are currently taxed in 180, 60, and 25 jurisdictions around the world, respectively, according to a report on Monday from investor group the FAIRR  (Farm Animal Investment Risk & Return) Initiative.

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SABC Staff Go On Strike

Union Bemawu informed members on Monday that it had given the SABC notice of its intention to strike. The union is demanding a 10% increase, while management is offering 4.5%. The Communication Workers’ Union has also reportedly notified management of plans to strike. Besides salaries, the unions have also taken issue with a reported R3.9-million paid to members of the interim SABC board, given the corporation’s shaky finances.

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Currencies: R264,718 . Ether R9,706 . R/USD13.66 . R/GBP18.16 . R/EUR16.05

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Australia Exchange To Use Blockchain

Australia’s main stock exchange has said it will use blockchain, the technology behind cryptocurrency bitcoin, to process its equities transactions in a shift touted as a world-first for a major financial institution. The Australian Securities Exchange (ASX), the eighth-largest share market in the world, will replace its current system Chess with the distributed ledger technology to manage the clearing and settlement for buying and selling stocks. ASX chief executive Dominic Stevens said the move “will put Australia at the forefront of innovation in financial markets”, in a statement.

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Matsela Koko Wants His Job Back

Suspended Eskom executive Matshela Koko yesterday claimed the power utility had failed to prove wrongdoing against him and wants to be reinstated to his old job immediately. In his closing submission to the chairperson of the disciplinary hearing Mzungulu Mthombeni, Koko said Eskom had dismally failed to establish a strong case on any of the six charges he faced.

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California Fires Cause Billions Of Damage

Wildfires in California have caused insured losses of more than $3.3 billion, based on claims reported by 15 insurers, and the figure will rise. The number includes claims for 10,016 partial residential losses, 4,712 total residential losses, 728 commercial property losses, and 3,200 personal auto losses. California is the largest U.S. insurance market, where insurers collect about $289 billion in premiums per year. The $3.3 billion total is more than three times the $1.05 billion preliminary estimate. It’s also more than an estimate of $2 billion to $3 billion made last week by Boston-based AIR Worldwide.

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Russia Signs $30bn Nuclear Deal With Egypt

Egypt and Russia have signed a $30bn deal to build North Africa’s first nuclear power plant as the Kremlin moves to expand its influence in the region. The project increases Russia’s economic presence and political influence in the Middle East, already on the rise since Putin intervened in Syria’s war in 2015 and began a more active role in Libya, conflicts where he and El-Sisi see eye to eye. The Cairo visit comes less than two weeks after the countries said they were in talks to use each other’s military air bases.

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Russian Hackers Steal $10 Million From US Banks

A previously unknown ring of Russian-language hackers has stolen as much as $10 million from U.S. and Russian banks in the last 18 months, according to a Moscow-based cyber-security firm that runs the largest computer forensics laboratory in eastern Europe. The MoneyTaker group broke into 20 systems, which includes 15 U.S. lenders, targeting ATMs with “mules” and Russia’s interbank money-transfer system

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Blue Label Telecom’s Acquisition Of 3g Approved

Blue Label has completed its acquisition of 3G Mobile through its subsidiary The Prepaid Company. Blue Label successfully completed the initial acquisition of 47.37% of the issued share capital of 3G Mobile for R900 million in August. It has now received permission to acquire the remaining 52.63% of the issued share capital of 3G Mobile for R1 billion.

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Currencies: Bitcoin RR245,478 . Ether R7,664 . R/USD13.64 . R/GBP18.16 . R/EUR16.05

 

 SASSA And Post Office Sign Deal

The South African Social Security Agency (Sassa) and the South African Post Office (Sapo) have signed an agreement to ensure social grant beneficiaries continue to receive their payments after Sassa’s contract with Cash Paymaster Services (CPS) ends on March 31, government announced on Sunday. The cost of the five-year plan, will be within the government’s current budget, if not cheaper, according to Sapo CEO Mark Barnes. It entails a hybrid payment model that will provide SA’s 17-million social grant beneficiaries with the choice of four payment channels: Sapo’s Postbank, commercial bank accounts, merchants in large retail shops, or a “second tier” of merchants that includes village banks, general dealers, small retail outlets and spaza shops.

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Bitcoin Futures Trading Begins

Bitcoin landed on Wall Street with a bang. Four hours after the debut of Cboe Global Markets Inc.’s bitcoin futures, the contracts climbed more than 20 percent and triggered two trading halts designed to cool volatility. Dealers said initial volumes exceeded expectations, while traffic on Cboe’s website was so strong that it caused delays and outages. The exchange said all its trading systems were normal. The launch of futures traded on a regulated exchange is a watershed for bitcoin — testing infrastructure that will make it easier for legions of professional traders and mainstream investors to bet on the cryptocurrency’s rise or fall, potentially helping to steer its price. Until now, trading in bitcoin was driven mainly by individual investors who were willing to risk buying on mostly unregulated markets. Some users of those little-policed venues have been targeted by hackers who’ve stolen digital tokens.

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Carl Niehaus Caught In Another Scam

Political spin doctor Carl Niehaus  has been caught in yet another lie — concocting an elaborate scam to convince a businessman he owed money to that his mother had died and he was about to inherit millions. Niehaus owes R4.3-million for rental of two luxury apartments in Sandton —   as well as damage to expensive furnishings and artwork —  unpaid concierge charges and interest. In an audacious bid to avoid legal action, he claimed his mother had died and he would soon receive a generous inheritance, 90% of which would allow him to settle the debt. His mother, Magrietha Niehaus, 88, is in fact alive and living in a home for the elderly in Johannesburg, other Niehaus family members said.

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FSB Demands Steinhoff Exposure Details

Financial Services Board takes the unprecedented step of requesting all financial services providers supply it with details of their exposure to Steinhoff International. The FSB’s move appears to have been prompted by concern expressed by the minister of finance earlier in the last week. In the latest development in the scandal that has rocked SA, the company announced it would set up a board subcommittee to engage with its banks.

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Apple To Buy Shazam

Apple Inc. is close to acquiring Shazam Entertainment Ltd., the startup whose music recognition app is already built into Apple’s Siri virtual assistant, according to a person familiar with the discussions. A deal for the London-based app maker could be announced as soon as Monday, said the person, who declined to be identified because the details are not yet public. TechCrunch earlier reported the takeover, adding that it could value Shazam at about 300 million pounds ($404 million).

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Social Welfare Director Arrested Over R5m Theft

One of the directors of a social welfare organisation doing business with the Gauteng government has been arrested following the alleged theft of more than R5million meant for the rehabilitation of drug addicts in the province. Nomawethu Kunene, who is a director of Are Ageng Social Services, was arrested in a police trap in Pretoria on Friday following intense police crime intelligence surveillance. The arrest came after a criminal case of theft was reported at the Randfontein police station in November last year, after the owner of Are Ageng made a report to senior officials of the Gauteng Department of Social Development that their bank account was hacked and an amount of more than R5m had been stolen.

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SA Banks Could Freeze Exiled Zimbabweans Accounts

After months of uncertainty surrounding their stay in South Africa as their permits neared expiry, thousands of Zimbabwean nationals in the country are now contending with threats by local banks to freeze their accounts by end of the month when the permits elapse. Some 250 000 holders of the Zimbabwean Special Dispensation Permit (ZSP), who are among millions that have fled economic and political crises to the neighbouring South Africa, are in panic mode as none of the new permits would be issued by December 31.

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Youtuber Made $16.5Million This Year

You may not see Daniel Middleton walking down a red carpet, but he is a celebrity in a league of his own. With nearly 17 million followers, a world tour that included four sold-out nights at the Sydney Opera House and over 11 billion views on YouTube, gamer DanTDM, as he is known to his fans, ranks as the world’s highest-paid YouTube star of 2017 with $16.5 million—the highest came of any YouTube star since Forbes started keeping track in 2015. The rising stars on YouTube may spend most of their time in pixelated worlds, but make no mistake, they’re collecting millions of dollars in cold, hard cash. For the first time, nearly half of those on our annual list are gamers. Viewers flock to their channels to watch them play the latest titles while delivering pithy commentary. Six of the 10 celebs on the ranking are newcomers, who entertain with videos of stunts, children unwrapping toys and, in DanTDM’s case, Minecraft streams. Combined, the world’s 10 highest-paid YouTube stars earned $127 million between June 1, 2016 and June 1, 2017, before management fees and taxes.

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Currencies: Bitcoin R248,949. Ether R6,906. R/USD13.65 . R/GBP18.24 . R/EUR16.07

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

R180 Bn Wiped Off JSE After Steinhoff Crash

Investors are shell-shocked after the market witnessed a stunning crash yesterday. Shares in the biggest retailer in Africa, Steinhoff, went into free-fall and fell by more than 61% as the JSE opened – plunging from R45.64 to around R17.50. The company fell even further during the day. This means that more than R130 billion was wiped off the company’s market capitalisation or value in one day. And R180 billion was wiped off all related companies combined.

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Christo Wiese Lost R28bn In A Day

Following Tuesday evening’s announcement that Steinhoff would not be publishing its financial results due to allegations of accounting fraud, South African billionaire and chairman of the company Christo Wiese has seen his net worth halved. Retail tycoon Wiese, who owns 23% of Steinhoff, was named as the fourth richest person in South Africa with a net worth $5.5 billion of according to a January 2017 report by Forbes. This amount was nearly halved on Tuesday as shares in the company dropped to R17.56, a loss of R28.09 or 61.53%, shortly after the JSE opened. According to Forbes’ real-time tracker, Wiese lost $2.1 billion (R28.3 billion) by 11:40AM on Wednesday. This equates to a loss of 54.2% of his total net worth since 5PM EST on Tuesday (midnight local time).

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Bitcoin Soars Past R14000

Bitcoin climbed as much as 7.9% on Thursday as it surged above $14 000, extending this month’s advance to more than 40%. The price of the cryptocurrency touched $14 399.99, a new record, according to Bloomberg pricing

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Mugabe’s Missing $15 Billion Saga

Zimbabwean opposition parties have welcomed a call by Zimbabwean President, Emmerson Mnangagwa for all persons who under Mugabe’s rule, externalised money to return the said monies within three months. Mnangagwa has set the amnesty deadline line to February for the return the ill-gotten wealth with the promise prosecution post deadline. Former Zimbabwean President, Robert Mugabe previously revealed that the country had “lost” an amount of USD $15 billion in diamond mining revenue. The missing money is believed to have been externalised and squandered by government officials with the aid of dodgy investors.

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New Regulation Structures For Financial Services Sector

At present, South African insurers, pension funds, collective investment schemes and other financial services providers are regulated by the Financial Services Board (FSB), whereas banks are regulated by the South African Reserve Bank (SARB). Each institution is required to comply with its own industry-specific legislation. The current Financial Services Board (FSB) will be transformed into the FSCA – responsible for regulating how firms conduct their business, design and price their products and treat their customers. While the Prudential Authority will regulate financial institutions’ solvency and liquidity.

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Tshwane Asks Treasury For Help

Tshwane city manager Moeketsi Mosola has approached National Treasury to help draft a financial recovery plan that might see it restructuring income and expenditure in its current approved budget. Tshwane’s creditors amount to R6.9 billion and include service providers such as Eskom, Rand Water and many small businesses that are normally dependent on timeous receipt of the payment for the services rendered.

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Currencies: R223,400 . Ether R5,922 . R/USD13.54 . R/GBP18.07 . R/EUR15.97

U.S Firm Investigating Naspers Businesses

US law firm Pomerantz issued a statement in New York saying it was investigating claims on behalf of Naspers’s investors. “The investigation concerns whether Naspers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices,” Pomerantz said. The law firm, which has been described by some US-based investors as the corporate equivalent of an ambulance chaser, has invited Naspers shareholders to join a class action. It pioneered corporate class actions and has been involved in many high-profile cases. “They’re not always successful but these are people you don’t really want looking into your business,” said an analyst.

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Steinhoff CEO Resigns

Steinhoff International Holdings NV Chief Executive Officer Marcus Jooste resigned with immediate effect after the global furniture and clothing retailer reported irregularities in its accounts that require further investigation. The owner of the France-based Conforama furniture store chain and Pep clothing stores in Africa has appointed auditor PwC to probe the matter, it said in a statement on Tuesday. South African billionaire and chairman of the company, Christo Wiese, will run the company on a temporary basis. The retailer, which has origins in South Africa, has a base in Amsterdam and a primary listing in Frankfurt, said Monday it wasn’t able to release audited full-year financial results on Wednesday due to matters related to a criminal and tax investigation in Germany. It had previously rejected allegations made in a Manager-Magazin report that Jooste is among employees being investigated by German prosecutors in a 2015 case linked to possible accounting fraud.

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Bitcoin Raors To $12000

Bitcoin surpassed $12 000 for the first time amid speculation that the widespread use of futures will help lead to digital currencies being viewed as a legitimate asset class for mainstream investors. The largest cryptocurrency by market value has soared from less than $1 000 at the start of the year as optimism climbs for the distributed ledger technology known as blockchain that is at the heart of bitcoin.

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Capetonians To Pay Monthly Drought Charge

Cape Town residents may have to pay a monthly “drought charge” for about three years from February, as officials try and raise R1 billion annually while dams in the province recover from the worst dry spell in more than a hundred years. Details about the proposed charge are contained in a report to be considered by the council of the City of Cape Town, which was signed on Friday by, among others, Mayor Patricia de Lille. The charge, if authorised by National Treasury, would be in place until the 2020/2021 financial year.

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78% Of SA Grade 4’s Cant Read

The Progress in International Reading Literacy Study (PIRLS), which measures literacy rates of grade 4 learners, has revealed that as many as 78% of learners in that grade in South Africa are not able to read in any language. South Africa has been ranked last out of 50 countries that participated in the PIRLS 2016, which compares the reading achievement of participating countries by measuring reading ability, collecting extensive background information about policy, home support, and curricula

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Lamborghini Launches R2.7 Million SUV

Italian brand and manufacturer of luxury supercars, Lamborghini has unveiled the Urus. The long-awaited SUV fills the gap in the automaker’s lineup previously bereft of a utility vehicle. Lamborghini is among the last automakers worldwide to add an SUV or crossover to its portfolio of models.

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Engen Sells Service Stations To Vivo Energy

Engen Limited, through subsidiary Engen Holdings, is selling more than 300 Engen-branded service stations in 10 African countries to Vivo Energy Holding. As a result of the deal, Vivo will get a footprint in nine new countries – DR Congo, Zimbabwe, Réunion, Zambia, Gabon, Rwanda, Mozambique, Tanzania and Malawi. Vivo said Engen’s Kenya operations, where Vivo already had a presence, were also part of the deal. Engen’s South African business and refinery as well as its businesses in Mauritius, Botswana, Ghana, Namibia, Swaziland and Lesotho were not part of the transaction.

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Currencies: Bitcoin R184,400 . Ether R6,668 . R/USD13.48 . R/GBP18.05 . R/EUR15.95

 

 

R300 Million Spent On Madiba Funeral

The Eastern Cape provincial government “improperly diverted funds” amounting to R300m that were supposed to be spent on social infrastructure, to pay for president Nelson Mandela’s funeral, Public Protector Busisiwe Mkhwebane has found. Mkhwebane said the finance minister should ask the president to issue a proclamation to allow the Special Investigating Unit to investigate the unlawful appropriation or expenditure of public money.

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Huge Petrol Price To Jump

The Department of Energy has published the official petrol prices for December 2017 – with the increases higher than first anticipated, thanks to a weaker rand and higher oil prices. From Wednesday, 6 December, the price of petrol for all grades will increase by 71 cents a litre. The per litre price of diesel 0.05% sulphur and 0.005% sulphur will increase by 60 cents and 57 cents respectively.

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BBC Lays Charges Against Suspended Danisa Baloyi

The Black Business Council (BBC) has laid criminal charges of fraud and theft against controversial businesswoman and suspended president Danisa Baloyi, as mystery continued over the missing R5 million donation from the Airports Company of SA (Acsa). BBC secretary-general George Sebulela yesterday said the lobby group laid the charges in against Baloyi and oil and gas company Merit Energy Johannesburg two weeks ago but suspended Baloyi on Thursday, pending investigations.

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Steinhoff Share Drops Despite Increased Revenue

Steinhoff Africa Retail (Star) fell nearly 10% on the JSE, despite the group increasing its revenue to R58.6 billion on the back of a star performance from its discount and value segment. The shares closed 9.8% weaker at R50.34 as Star reported that the division, which consists of Pep Stores, Ackermans, Russells, Bradlows, Flash and Poco,  contributed R44.1bn to overall revenue for the year to end September.

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Heineken To Open $100m Moz Brewery

Heineken will open a $100 million brewery in Mozambique, its first production facility in the southern African nation. The world’s second-largest brewer plans to start production at the 0.8 million hectoliters capacity plant in the capital Maputo in the first half of 2019. Heineken, which also brews Amstel and Sagres, opened a marketing office in Mozambique last year, importing products to compete in a market where AB Inbev’s 2M is entrenched.

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Xiaomi To Launch IPO In 2018

Xiaomi, the Chinese smartphone maker that was once the most valuable startup in the world, is in talks with investment banks about a possible initial public offering and seeking a valuation of at least $50 billion. Xiaomi last raised money in 2014 at a $46 billion valuation.

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BMW To Make 50% Increase In Electric Vehicle Sales

BMW AG is targeting another ambitious hike in plug-in hybrid and battery car sales next year to defend its position in the electric-car shift as competitors like Volkswagen AG ready their own battery lineups. The planned increase to about 150,000 cars sold would represent a 50 percent rise from this year, and a jump of about two-thirds from last year’s deliveries of green cars. BMW, an early mover in the electric-car shift with 2013’s i3, is facing increasing competition from rivals like Mercedes-Benz and Volkswagen.

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UK Treasury Plans Tighter Cryptocurrency Regulation

The British government is planning to introduce strict regulations of cryptocurrencies like bitcoin to combat crime like tax evasion and money laundering. The UK Treasury will lead the effort into regulating cryptocurrencies like bitcoin, bringing it under the purview of anti-money laundering and counter-terrorism financing legislation.

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Currencies: Bitcoin R169,894 . Ether R6,830 . R/USD13.49 . R/GBP18.14 . R/EUR16.01