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.

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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.

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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.

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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.

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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.

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


R42m License Dept Fraud Uncovered

The Gauteng government has concluded a wide-ranging investigation into financial irregularities at 34 provincial licensing centres, identifying a syndicate that could involve hundreds of officials who have been accepting bribes in exchange for clearing unpaid fines. 15 Officials have been arrested, 19 others are due to be suspended while an estimated 394 other officials could be charged in a syndicate that is said to have cost the fiscus R42 million. I suspect that number is much higher.

African Bank To List On JSE Next Week

African Bank Investments Limited say it will, under a new name, resume trading again on the JSE at the beginning of next month after the JSE approved the lifting of the suspension of trading of its shares. The company will trade as African Phoenix Investments Limited (Apil), with effect from February 1.

FNB To Reimburse Safety Deposit Box Owners

FNB confirmed on yesterday that it was in the process of reimbursing customers impacted by loss of valuables at its branches. The bank experienced break-ins and robberies at its Randburg, Parktown and Sunnypark branches in Gauteng, resulting in thousands of safety deposit boxes containing millions of rand worth of valuables being stolen. The bank will reimburse customers for reasonable costs incurred for replacement of marriage certificates, identity documents, birth certificates and passports.

Trump Wants 20% Tax On Mexican Imports

The Trump administration floated the idea of using a 20% tax on goods imported from Mexico to pay for the wall.The U.S imported $303 billion from Mexico in 2015 and 20% of that is about $60 billion, more than enough to pay for President Trump’s wall on the border. Meanwhile the Mexican president Enrique Pena Nieto cancelled a planned trip to the US after Trump pushed on with plans to build his wall. Experts have warned that although this will impact US citizens badly and kill jobs.

ANCYL Members Storm Absa Branch, Demand Payback Of Apartheid Money

ANCYL members entered an Absa branch yesterday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. The youth league bused hundreds of supporters from around KwaZulu-Natal province to join the protest outside the branch in the Durban central business district as part of a national call for action against Absa. Some gained entry into the branch, while others danced and sang in the street.

Sasol Profits Drop 44%

Sasol, has released a statement saying first-half profit declined as much as 44% from a year earlier. The company saw translation losses of about R1.3 billion ($98 million) due to the strengthening of the rand against the dollar, while strike action at its Secunda mining operations resulted in a cost of about R1 billion.

McDonalds To Test Out A Big Mac ATM

This is crazy. At the touch of a screen, customers can choose between three sizes of Big Mac, which will come out of the ATM with no human help. Participants will need to tweet out their experience to receive the free meal.This is a one day trial by McDonalds but i sincerely hope this idea falls flat on its face.

Currencies And Stuff

Oil 56.15 – Rand/USD 13.40 – Rand/GBP 16.79 – Rand/EUR 14.29