SA Banks Face Lawsuits Over Steinhoff

The Dutch Investors’ Association (VEB), which launched legal proceedings against Steinhoff International in January, has notified the three banks involved in Steinhoff’s Frankfurt listing that it is holding them liable for damages incurred by Steinhoff shareholders. The move by VEB stems from the role played by Absa, Barclays and Commerzbank in Steinhoff’s listing on the Frankfurt Stock Exchange in November 2015.

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Shoprite And Checkers Will Offer Students 10% Discounts

Shoprite and Checkers announced that registered South African students can get 10% off at any Shoprite and Checkers stores starting next week Wednesday the 25th of April 2018. The student discount is valid for four days per month until the end of October, for all purchases up to a maximum of R1,500.

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Eskom Facing Coal Shortages

Seven Eskom power stations have coal stockpiles that are lower than the levels required‚ Parliament heard on Wednesday. Urgent authorisation had to be obtained from the Treasury to purchase more coal without having to go to tender‚ acting group executive for transmission Willie Majola told members of Parliament’s public enterprises committee. A recovery plan was in place and coal was also being moved from stations that had healthy stockpiles to stations that did not have sufficient stock.

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Andile Mazwai Resigns As Rebosis CEO

Rebosis Property Fund said on Wednesday its CEO, Andile Mazwai, had resigned and the firm would postpone the release of its interim financial results, sending shares down more than 10%. The company said in a statement its current Executive Deputy Chairman Sisa Ngebulana would be appointed as the interim CEO.

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Mark Lamberti Quits As Imperial CEO

Mark Lamberti has resigned as Imperial CEO‚ following an adverse judgment in the case brought by fired employee Adila Chowan‚ whom he called a “female employment equity candidate”. Imperial has promoted its chief financial officer‚ Osman Arbee‚ to succeed Lamberti as CEO on May 1.

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Audi And Porsche Raided Over Emissions Scandal

Porsche is the latest Volkswagen brand to be sucked into the ongoing diesel emissions cheating scandal that first erupted three years ago. German police and prosecutors raided a number of Audi and Porsche properties on Wednesday in search of documents as part of an investigation into two top Porsche executives and one former employee.

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Facebook Data Breach Affected 100,000 South Africans

Facebook has told SA’s information regulator that almost 100,000 people in the country were affected by its data leak — far more than estimated. Last week the information regulator said it would “proactively and voluntarily engage Facebook with regards to the alleged data breach”, and that it would ask the company to clarify the extent of the data leak and to state what corrective measures it was taking. This was after the personal information of about 87-million Facebook users – mostly in the US — was misused by Cambridge Analytica, a political consultancy that obtained the data from a personality app.

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Currencies: Bcoin R100,518 . Ether R6,549 . R/USD11.93 . R/GBP16.94 . R/EUR14.76

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Steinhoff Paid Wiese €325m Before Collapse

On Tuesday, Steinhoff stunned investors and corporate governance analysts when it confirmed media reports that the company had prepaid Wiese €325m during October and November 2017 for Shoprite shares, just weeks before Steinhoff collapsed. Unlike South African company law, there is no provision in the Dutch law requiring oversight of the provision of loans or financial assistance to directors. Section 45 of the South African Companies Act requires a board resolution and also requires that shareholders agree to any payments made to directors.

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KPMG Under Fire Over VBS Scandal

KPMG has suspended one of its top executives who was the lead partner on VBS Mutual Bank which has been accused of severe mismanagement and fraud. The South African Reserve Bank has red flagged the bank, saying that nearly R1 billion cannot be accounted for. KPMG has now taken action against Sipho Malaba who signed off the independent auditors’ report on the bank’s accounts until July 2017

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McKinsey & Trillian To Repay Eskom

Global consulting firm McKinsey and Gupta-associated Trillian Capital Partners have both agreed to repay the R1.6bn they received from Eskom and will not oppose Eskom’s court application to get them to pay back the money.

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JSE Pulls Sagarmatha Listing

Sagarmatha’s failure to submit its annual financial statements to the Companies and Intellectual Property Commission (CIPC) was behind the JSE’s decision not to allow it to go ahead with a proposed listing on Friday. On Wednesday, the company was due to announce the results of a private placement ahead of the Friday listing. However, instead of this announcement, shortly after 6pm the company released a Sens statement, saying that the JSE had decided the listing could not go ahead.

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Facebook To Incentivise Whistleblowers

Facebook yesterday launched a data abuse bounty program to incentivise anyone who can prove the misuse of Facebook data. In an effort to clean up its tattered reputation, the online social media company which has been criticised for its data breach and exposed the information of millions of Facebook users has launched a bounty program.

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Burgh Group To Run Gupta Mines

South Africa’s Burgh Group Holdings won a temporary contract to keep mines linked to the Gupta family afloat, according to a business-rescue manager for the assets. Other parties offered financing, but Burgh “came without conditions,” Louis Klopper, a bankruptcy-proceedings manager at Coronado Consulting Group, said Wednesday. Burgh is “an ideal partner” to provide technical expertise and banking facilities, he said, without disclosing financial terms.

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Currencies: Bcoin R84,874 . Ether R5,300 . R/USD11.98 . R/GBP16.99 . R/EUR14.81

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

Zuma To Sign R20 Minimum Wage

The National Minimum Wage will be R20 per hour from May 2018, after parties at the Nedlac came to an agreement this week. Business Day reported that a signing ceremony will be held in Cape Town on Tuesday, and that President Jacob Zuma is going to announce the minimum wage during his State of the Nation Address on Thursday but the details will be made public by news agencies at 2pm this afternoon.

State Of The Nation Address On Thursday

The ANC urged government to use the 2017 state-of-the-nation address (Sona) to be delivered by President Jacob Zuma on February 9 to “give expression to the 12 urgent tasks of the movement” in respect of economic transformation. There are also rumors that Zuma will reshuffle his cabinet and send the economy into another tailspin. As per ANC NEC lekgotla, radical economic transformation refers to a fundamental change in the structure, systems, institutions, and patterns of ownership and control of the economy in favour of all South Africans, especially the poor, the majority of whom are African and female. Will be interesting to hear what he says.

Eskom Report To Be released To The Public

The Eskom board has finally succumbed to pressure, allowing the contents of a 2015 “sanitised” report into the state of the power utility to be published. The report by law firm Dentons has been kept secret since 2015 and no explanation was provided as to why. The inquiry was initiated to establish the causes of the near operational meltdown the utility had suffered since 2008, when it could not adequately supply the economy with electricity.

Armyworm Spreading And Could Reach Asia

The fall armyworms that have ravaged corn fields from Ghana to South Africa since arriving on the continent last year could spread to Asia and the Mediterranean, a research body has said. The fall armyworm “could spread to tropical Asia and the Mediterranean in the next few years, becoming a major threat to agricultural trade worldwide.

Christo Wiese Slams ANC And Oxfam

South African billionaire, Christo Wiese has slammed the ANC government and a recent Oxfam report for his continued harassment as one of the richest people in South Africa. “There is a perverse obsession about the rich with little or no regard for what would happen to the poor if the rich are pulled down,” Wiese said. “The question government must ask is: ‘What better person is there to be managing and investing money than a person with a proven track record to earn it justly?’ I dont think that Wiese gets it.

Facebook Shareholders Want Zuckerberg replaced As Chair

Shareholders of Facebook have requested the board of directors to adopt a policy and amend the bylaws as necessary, to require the chair of the board to be an independent member. “If he’s an employee, he needs a boss, and that boss is the board. The chairman runs the board. How can the CEO be his own boss?” the group argued. Tough in business. SMH

Anglo Has Boosted Productivity By 40%

Technological improvements had boosted productivity 40% over the past three years and a further 40% could be delivered by 2020, Anglo American CEO Mark Cutifani said yesterday. According to Cutifani, Anglo was focused on the smart use of data and “integrated systems thinking” to cut maintenance spending and to reduce safety risks. “We are using advanced analytics to interrogate existing data and to estimate the probability of component failure in some of our most important mining equipment,” he said.

Currencies And Stuff

Oil 55.88 – Rand/USD 13.38 – Rand/GBP 16.60 – Rand/EUR 14.29