ANC Shifts Policy On Land And SARB

The ANC has adopted a resolution calling for the nationalisation of the central bank and land expropriation without compensation. Party delegates also agreed that Treasury must develop a wealth tax that may be in the form of a land tax in an effort to promote equity and raise the revenue in the state coffers.

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30000 Shoprite Employees To Go On Strike

Pre-Christmas shopping may be disrupted on Friday when supermarket workers down tools. The South African Commercial‚ Catering and Allied Workers Union and Congress of South African Trade Unions have announced a planned one-day nationwide strike by Saccawu members at Shoprite Checkers on Friday 22 December 2017.

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Investors Sue Steinhoff In Germany

The case against the owner of Mattress Firm in the U.S. and Conforama in France was filed in Frankfurt district court, TILP law firm said in a statement on Wednesday. Investors are seeking to recover funds after the South African company reported accounting irregularities, causing the stock to slump about 90 percent over two weeks. The class-action-style lawsuit, filed Tuesday, is likely to be the first of many similar cases filed by investors angry over their losses. Innsworth Litigation Funding, a London-based unit of Paul Singer’s Elliott Management Corp., has begun building a case against Steinhoff and is seeking shareholder clients willing to sue, it said last week.

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ABSA Wants Jooste Company Liquidated

Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Jooste’s Mayfair Speculators, the company that, until this week owned South Africa’s best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. Absa has also demanded an investigation into a suspicious transaction that saw Mayfair move R1.5 billion of assets to its holding company in August this year.

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Nedbank CEO’s Open Letter To Ramaphosa

CEO Mike Brown has thrown his full weight behind ANC president Cyril Ramaphosa. Brown said in an open letter to Ramaphosa that his team was looking forward to engaging with him and addressing the pressing needs the country is facing.

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Distell To Sell Bisquit Brand

Distell has entered into a definitive agreement to sell its cognac business, Bisquit Dubouche et Cie to Italian branded beverage company Campari Group for an enterprise value of 2.5 million, or R800-million. The disposal is expected to close during the first quarter of 2018.

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Currencies: Bitcoin R264,999 . Ether R12,683 . R/USD12.75 . R/GBP16.99 . R/EUR15.12

 

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 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

Mandela Funeral Fraud Report Expected Today

Former public protector Thuli Madonsela announced in 2016 that her office was investigating allegations of maladministration, corruption and misuse of public funds relating to the procurement of service providers for the former statesman’s memorial services and funeral. Various Eastern Cape municipalities allegedly spent nearly R65m without following proper procurement procedures. A report in May 2016 revealed that R22m was used for T-shirts, food and transport. The full report is set to be released today.

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FIFA Struggling For World Cup Sponsors

Teams from 32 countries learned Friday who they will play at the soccer showcase, but with just six months until kick off, FIFA is struggling to find companies that are willing to spend millions of dollars on ads and logo placement. Brands have been scared off by the 2015 corruption scandal that ensnared top FIFA officials, including former general secretary Joseph “Sepp” Blatter. Political controversies involving Russia, sanctioned in 2014 following the annexation of Crimea and accused of meddling in the U.S. presidential election, haven’t helped.

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Eskom Says Loadshedding Is Unlikely

On Thursday investigative news outfit AmaBhungane reported Eskom may be forced into nationwide electricity cuts after a coal mine linked to the Gupta family threatened to halt supply. Eskom has been at the heart of allegations of illegal contracts and undue influence in awarding tenders to the Gupta family, friends of South African President Jacob Zuma. Spokesman Khulu Phasiwe confirmed Eskom had held an emergency meeting last Friday to determine whether strategic coal stockpiles at Hendrina and other stations were sufficient after Tegeta Exploration and Resources threatened to halt supply to Hendrina.

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Gauteng To Build Five Mega Cities

Gauteng is currently undergoing massive infrastructure development with over a R100 billion being invested in more than 800,000 houses within 30 residential developments, across five designated development corridors. According to the Gauteng Department of Human Settlements’ (GDHS), these developments form part of a new mandate to shift away from sporadic and uncoordinated developments to purposely planned and developed “Mega Cities” that are completely self-sufficient in providing for the housing, economic and social needs of the community.

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Germany Offering Migrants Money To GO Back Home

Germany wants to support rejected asylum-seekers who voluntarily move back to their home countries with a one-time payment of 3,000 euros ($3,570). The Interior Ministry says those who qualify can apply by a Feb. 28 deadline and they would get the money once they return home. Migrants who agree to go back even before their asylum request is rejected have already been offered 1,200 euros per adult and 600 euros per child under a different program for almost a year. They are now eligible to apply for both programs.

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AdvTech Fraud Drops Share Price

Private education group ADvTECH’s share price dropped by 7.06% on the JSE after the group said on Friday it had uncovered incidents of fraud in the schools division. ADvTECH shares closed 3.99% lower on the JSE at the end of the day at R15.65. The group said that the fraud was perpetrated by a financial manager in the schools division head office and took place over a period of three years, beginning in 2015.

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MTN Launches Data Saver Option

MTN has launched a simple way for subscribers to block out-of-bundle (OOB) data usage, with its new “Out of Bundle Barring” service. Out of Bundle Barring is available to users via the USSD menu, by dialing *141*0# and selecting the relevent option.

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Currencies: Bitcoin R170,013 . Ether R6,942 . R/USD13.78 . R/GBP18.51 . R/EUR16.35

 

S A Companies Implicated In Tax Leak

High-profile South Africans and local institutions including Shanduka, Glencore and Standard Bank are flagged in the biggest tax leak since the Panama Papers, which is set to cause ripples among many who have stashed their wealth in offshore tax havens.

This leak — dubbed the Paradise Papers — highlights damning cases of tax abuse and questionable practices involving multinational companies, politicians, celebrities, wealthy executives and royals. It includes previously hidden details of corporate registries from countries infamous for ensuring high levels of secrecy.

Source: https://goo.gl/J6niF3

Avian Flu Outbreak Affects KFC Sales

KFC is one of the hard hit retailers and their popular Zinger and Dunked wings have been temporarily out of stock at a number of outlets. KFC Africa spokesperson Thanisa Mkhwanasi said the wing shortages in some areas were a direct result of the outbreak of avian influenza. “KFC South Africa can confirm that KFC restaurants, together with the broader industry, are experiencing a shortage of wings in some areas due to the impact of the outbreak of avian influenza (AI) on bird availability.

Source: https://goo.gl/jUucjj

Suadi Arabia Arrests Princes And Officials In Anti-Corruption Drive

In just a few hours, security forces arrested princes, billionaires, ministers and former top officials as soon as King Salman announced a sweeping anti-corruption drive. Those detained included billionaire Prince Alwaleed bin Talal, who was picked up at his desert camp outside Riyadh, according to a senior Saudi official. Before midnight, the suspects’ names were already being leaked to local media, first as initials and later in full.

The king also relieved Prince Miteb bin Abdullah from his post as head of the powerful National Guard. The decision removed one of the last senior royals to have survived a series of cabinet shuffles that promoted allies of his son.

Source: https://goo.gl/eqAe71

Eskom Manager Received R20m For Kusile Tender

An Eskom contract manager allegedly received R20 million as a bribe to ensure Tubular Construction Projects got a large tender at the Kusile project, stated the Rapport. According to the report, the money has been in the account of Hlakudi Translation and Interpretation CC since 2015. France Hlakudi, an Eskom contract manager for the Medupi and Kusile projects, is the only member of the closed corporation. He denies there are any irregularities.

Source: https://goo.gl/GP5DKH

Around 300 Take On Banks In Home Repossession Claim

A joinder application seeking permission for 70 new applicants to join a class action suit against the nation’s largest banks and home loan providers has been filed with the Constitutional Court. The application brings the number of people seeking to participate in the civil claim against the likes of Nedbank, Absa, FirstRand, Standard Bank, Changing Tides 12 – a trustee of the SA Home Loans Guarantee Trust – and Investec, to around 300.

This, after an application was filed by Advocate Douglas Shaw in August, to establish whether South Africa’s current law of sale in execution – whereby properties are sold at a public auction held by a Sheriff of the Court so as to recover home loan repayments that are in arrears – is constitutional.

Source: https://goo.gl/zv6nJx

A Simple Guide To Bitcoin Forks And Why They Happen

Right now people keep hearing about the pending fork scheduled for on or around the 16th of November. Because software forks and blockchain splits can be a confusing subject, we want to explain just what a fork is and what it means for all the network participants involved. If you are just getting involved in cryptocurrencies, and you’ve done a little research, you might have read about the great scaling debate and the topic of forks recently. Forks represent changes to the bitcoin protocol that make previous rules valid or invalid. Cryptocurrency forks are merely protocol upgrades, and there are two types of blockchain forks that bitcoin enthusiasts refer to

Source: https://goo.gl/wuF1go

Currencies: Bitcoin: R115,898 – Rand/USD 14.24 – Rand/GBP 18.56 – Rand/EUR 16.51

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

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

Zuma Doesnt Want Lifestyle Audits

President Jacob Zuma has lashed out at those who called for implementation of lifestyle audits in the top echelons of the ANC, despite two of the party’s top six insisting on their importance. Zuma said leaders requesting such audits must “behave properly”, as the movement had pulled out all the stops to fight corruption, which he said was “not a problem brought by us”.

Missing Millions After Gambia’s Jammeh

More than $11m (£8.8m) is missing from The Gambia’s state coffers following the departure of long-time leader Yahya Jammeh. Luxury cars and other items were reportedly loaded on to a Chadian cargo plane as Mr Jammeh left the country. He had refused to accept election results but finally left after mediation by regional leaders and the threat of military intervention.

Motsepe Buys 10% Of Alex-Forbes

African Rainbow Capital, chaired by billionaire Patrice Motsepe, will acquire a 10% stake in financial services company Alexander Forbes. Alexander Forbes said shareholders approved ARC’s acquisition in its African operations, with net proceeds of R678.1m.

AB InBev Offer Severance Packages In SA

AB InBev, the world’s largest brewer, has offered more than 1 000 employees in South Africa voluntary severance following its merger with SAB Miller. As part of the merger conditions, AB InBev was required to maintain the number of employees in SAB Millers’s South African operations for five years after the date of the merger and not implement forced retrenchments.

Samsung Blames Battery Design & Manufacturing For Note 7 Fires

Samsung internal and independent investigations concluded that batteries were found to be the cause of the Note 7 incidents. According to the findings, the problems centred on insufficient insulation material within the batteries and a design that did not give enough room to safely accommodate the batteries’ electrodes. The recall is thought to have cost $5.3bn (£4.3bn)

Currencies & Stuff

Oil 55.32 – Rand/USD 13.53 – Rand/GBP 16.77 – Rand/EUR 14.50