Ramaphosa Suspends Tom Moyane

SARS commissioner Tom Moyane has been suspended with immediate effect. According to the presidency, President Cyril Ramaphosa has cited among his reasons the “deterioration in public confidence in the SARS and public finances being compromised” due to the ongoing controversy at the tax agency under Moyane’s leadership. Earlier Business Day reported that Moyane had refused to step down after he was asked to resign by President Cyril Ramaphosa. Mark Kingon has been appointed as Acting Commissioner

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Deloitte Disciplinary Hearing On ABIL Conduct Begins

Public disciplinary hearings into Deloitte’s audit of African Bank Investments Limited (Abil) began on Monday, in what is the biggest case the Independent Regulatory Board for Auditors (IRBA) has handled since its formation in 2006. IRBA is also reviewing Deloitte’s audit files on Steinhoff for 2014 to 2016.

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Busses And Taxis Suspended In Ekhurhuleni

Public transport will grind to a halt in Ekurhuleni on Tuesday as the taxi industry will go on strike over the planned roll-out of the bus-rapid transport (BRT) system. As a result of the anticipated protest, the City of Ekurhuleni said that Harambee bus services will be suspended as a precautionary measure for the day following a threat of violence.

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Tiger Brands Sets Aside R425Million For Class Action

Tiger Brands is recalling yet another batch of products, a move that could cost it up to R800m, twice the R324m in operating profit generated by its snacks, treats and beverages division for the financial year to end-September. About R377m of the costs arising from the listeria crisis are attributable to the sales value of contaminated products and the destruction of the items returned. This includes the reimbursement for the recall of products produced at the Germiston, Clayville and Polokwane sites. The remainder of the costs could serve as a payout of an estimated R425m that could be sought in a looming class action case.

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Third Of SA’s Water Lost To Poor Infrastructure

Over a third of SA’s water supply is being lost due to aged and leaking infrastructure before it can be used. That’s according to CSIR principal researcher and research group leader for resource-specific scientific measures Marius Claassen. Claassen, speaking during a panel discussion on Thursday ahead of World Water Day, said countrywide an average of 37% of SA’s water supply was lost before it reached users due to leaks.

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Pick n Pay and Absa Launch New Stokvel Product

The Grocery Stokvel account is the product of a collaboration between Absa Bank and Pick n Pay stores. The aim is to give communities or groups with a common savings goal an opportunity to make purchases of better value and earn interest on their savings at the same time. With the new Grocery Stokvel Account, stokvels are able to earn a very competitive interest rate on balances of as little as R50, and spend their money safely and conveniently at Pick n Pay, where they receive further savings on groceries.

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Currencies: Bcoin R106,602 . Ether R6,763 . R/USD11.99 . R/GBP16.85 . R/EUR14.82

 

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Dineo Devastes Mozambique

Tropical storm Dineo has killed seven people in Mozambique since it hit the eastern coast on Wednesday. Mozambique’s emergency operational centre said in a statement about 130,000 people living in the Inhambane province, 500 km north of the capital Maputo, had been affected by the storm. About 20,000 homes were destroyed by heavy rains and fierce winds. Floods in 2000 and 2001 killed hundreds of people in Mozambique and two cyclones in January 2012 killed 26 and displaced more than 125,000.

Source : https://goo.gl/VuJdup

DSTV To Increase Prices

From 1 April 2017, the price of DStv Premium will rise to R789/month, from R759/month now, an increase of 4%. Last year, MultiChoice hiked the price of DStv Premium by more than twice that by 8,6% from R699/month to R759/month. DStv Extra will increase on 1 April 2017 by 6,5% to R489/month, from R459/month now, while DStv Compact customers will have to fork out R365/month, a 5,8% increase over the R345/month currently charged. The 2016 increases for Extra and Compact were 8% and 8,2% respectively.

Source : https://goo.gl/zCGbhK

Citigroup And Barclays To Avoid Collusion Fines

Citigroup and Barclays won’t be targeted for fines by South African antitrust authorities for colluding to manipulate the value of the rand because they co-operated with regulators. The banks manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.

Source : https://goo.gl/XMpkVj

Samsung Chief Arrested

Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal rocking the highest levels of power in South Korea. Lee is a suspect in the influence-peddling scandal that led parliament to impeach President Park Geun-hye in December, a decision that if upheld by the Constitutional Court would make her the country’s first democratically elected leader forced from office.

Source : https://goo.gl/0EKBLT

Facebook Adds An HR Function For Job Listings

Companies can now create job posts, track applications, and communicate with applicants through Facebook. After posting a job, page admins will be able to review applications and contact applicants in Messenger. As an applicant, when you click on the “Apply Now” button, a form will open that’s populated with information from your profile on Facebook. Applicants can review and edit their information before submitting an application

Source : https://goo.gl/LAABJR

Currencies And Stuff

JSE 52’586 – Oil 55.78 – Rand/USD 13.01 – Rand/GBP 16.22 – Rand/EUR 13.88

Absa Report Drama. Did Thuli Mess Up?

The Public Protector’s leaked interim report that recommends Absa pay back the SA Reserve Bank (Sarb) an outstanding interest of R1.225bn is being ripped apart by Johann Rupert and apartheid era reserve bank governor Chris Stals. The argument that Absa owes SARB interest on the deal apparently hinges on a quote by former Sarb governor Chris Stals, who said Absa agreed to pay back the interest. Stals has however said he was misquoted and that Absa met its obligations in 95. Rupert on the other hand called the report a work of fiction and denied any wrongdoing. Meanwhile, the public protector has opened a case with the police over the leaking of the interim report. Thuli Madonsela may have a lot to answer to if it turns out to be true that she messed up this report.

Shoprite Increases Turnover By 14%

The Shoprite Group increased its turnover by 14.0% from R62.5 billion to R71.3 billion for the six months to December 2016. Shoprite’s non-South African supermarkets recorded sales growth of 32.3% assisted by higher inflation and achieved in the face of low commodity prices and foreign exchange shortages in certain countries. Growth on a like-for-like basis was 14.2%. The Group’s furniture division grew sales by 10.0% for the period.

Credit Regulator Takes Standard Bank To Court

The National Credit Regulator (NCR) is seeking a high court order to stop banks from unilaterally taking money from customers’ savings accounts to settle outstanding balances on their credit agreements. The regulator is seeking an order declaring that provisions of the National Credit Act supersede common law “set-off”, whereby a consumer’s debt is satisfied by setting it off against credit held by that consumer with the bank, such as in a savings account.

Theresa May Speech Leads Pound Higher

Prime Minister Theresa May pledged to pull Britain out of the European Union’s single market while staying inside parts of its customs union, saying the UK parliament will get a vote on the final Brexit deal. The prime minister didn’t say what would happen if the parliamentary vote is lost. At that point, it might be impossible to reverse the Brexit process, meaning the UK found itself outside the EU without any agreement with the bloc. That outcome would be a disaster for the UK.

British American Tobacco Buys Rest Of Reynolds

BAT has announced it will buy the 57.8% of Reynolds American it does not already own for $49.4 billion after agreeing terms with an independent Reynolds committee. The deal will consolidate its ownership of Newport, Kent and Pall Mall, which Reynolds – the second largest cigarette maker in the US – produces.

China Pledges $40bn Investment In Nigeria

Nigeria has ordered Taiwan to move its trade mission from the capital, Abuja, to the commercial hub, Lagos, following a visit by the Chinese foreign minister during which his government pledged to invest $40 billion into infrastructure in Nigeria. Interesting how other African countries are treating the One China policy after the D.A issue.

Currencies & Stuff

Oil 55.57 – Rand/USD 13.53 – Rand/GBP 16.65 – Rand/EUR 14.43

Absa To Pay Back Apartheid Billions?

Absa could be forced to pay R2.25‑billion to the fiscus for an unlawful apartheid-era bank bailout. In Busisiwe Mkhwebane’s suggested remedial action she also proposes that the president should consider a commission of inquiry into apartheid-era looting of the state. Thuli Madonsela started the investigation in 2011 which centered around The Ciex report. It claimed that the loans were fraudulently given as to gifts to various shareholders, banks and businesses. The Ciex report found that Sanlam and Absa benefited from the deal and that the money should be clawed back by the government. The report is preliminary and Absa has said its inaccurate and denied wrongdoing.

Zuma Backs Nkosazana, Says Not Policy For Deputy To Be President

Zuma said yesterday that “Anyone who is nominated can contest. There is no policy. It’s not true that it’s a tradition.” He went on to say it was a coincidence that former presidents Oliver Tambo, Nelson Mandela and Thabo Mbeki were succeeded by their deputies. When he was asked about a woman president he said “In the ANC that is no longer the issue. It has been accepted that women can hold senior positions.” Interesting how the divisions are playing out so openly and the senior leadership seems to be speaking in different voices.

ANCWL Calls For Probe Into SAA

The ANC Women’s League has called for Judicial Commission of Inquiry or Parliament Inquiry to investigate various disturbing allegations of corruption and anti-transformation at SAA. In a 12-point corruption report, the Women’s League has damned South African Airways for an alleged R232 million conflict of interest, poor transformation policies and “ghost workers”. This is the first useful thing the women’s league have done in years.

Zimbabweans Force Networks To Drop Data Prices

Zimbabwean consumers have forced mobile companies to drop their data prices after new “floor” data tariffs approved by the Zimbabwe government sent data prices soaring. Econet Wireless, the biggest telco in Zimbabwe had implemented the new charges and was charging $5 for 250MB and 50 cents for 5MB and users didn’t hold back in their attack of the company. By this morning, all mobile operators had reverted to the old and promotional data tariffs.

Drug Cartels Looting Mexico Gas Lines 

Mexico’s government removed subsidies on fuel which was costing them an estimated annual amount of 200 billion pesos ($9 billion) to help stabilize rising public debt and foster competition and private investment in the fuel market.Since then, the black market has exploded with several states experiencing gasoline shortages at the end of last year as more thieves tapped into state-owned Petróleos Mexicanos (Pemex) pipelines. The stolen fuel was sold to drivers hoping to save money. Pipeline theft in 2015 increased seven-fold, to more than 5,500 taps, from just 710 in 2010. Hectic!

Summary

Absa sceletons are coming back to haunt them and the new Public Protector may actually be doing something useful after all. Speaking of useful women, The ANCWL arent happy with SAA. A bit late considering the whole country has been raising this issue for ages. The Mexico and Zim situations are similar. if you get people used to something and sweep it from underneath them, you get chaos! The Zim govt responded, now for Mexico to do the same.

Currencies & Stuff

Oil 55.92 . Gold 1195.70 . Silver 16.72 . Rand/USD 13.50 . Rand/GBP 16.41 . Rand/EUR 14.36