Bitcoin In Flash Crash Down By $4000

Bitcoin flash crashed today on some of the exchanges after the Asian market open, with waves of selling hitting the most valuable coin even before that. The digital currency fell below the $16,000 level (Bitstamp prices) marking a 20% decline from its recent all-time high

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Old Mutual Wealth Sold To Buxton

Insurer Old Mutual has finally let superstar fund manager Richard Buxton go, selling the single-strategy business he runs at Old Mutual Wealth to him and his team, together with private equity group TA Associates, for £600m.

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ANC 68 Missing Votes Fiasco

The election of the entire ANC top six leadership structure – led by newly-elected president Cyril Ramaphosa – risks being challenged amid allegations of 68 unaccounted votes and irregularities in the tallying of votes. North West chairperson Supra Mahumapelo confirmed that the ANC’s steering committee met to investigate what is presently dubbed as “the disappearance” of 68 delegate votes.

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Steinhoff Cant Explain Irregularities

Steinhoff’s eagerly awaited presentation to a group of its bankers was met with dismay on Tuesday, as the global furniture retailer said that it could still not quantify the magnitude of the “accounting irregularities” that had led to the bombshell resignation of its charismatic CEO Markus Jooste two weeks ago. Its stock, which has lost most of its value since Jooste’s abrupt departure, had recently recovered from its lows of R6 a share, but plunged afresh, closing 17.45% weaker at R7.

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ANC Technically Insolvent

The ANC is technically insolvent as its liabilities exceed the value of its assets, according to the financial report tabled by outgoing treasurer-general Zweli Mkhize. The organisation is also R215m in debt and had a deficit of R47m over the past financial year. This was despite a debt-management programme over the past five years that brought debt down from the 2013 level of R249m.

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SABC And Unions Reach Wage Deal

The SABC says this has brought to an end the workers strike after Bemawu also signed the agreement last week following the CCMA intervention. Last week workers downed tools over salary disputes, demanding 10% salary adjustments while the employer was offering on 4.5%. The public broadcaster says CWU has agreed to a 4.8% increase, back-dated to July 2017.

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Currencies: R267,134 . Ether R12,360 . R/USD12.78 . R/GBP17.07 . R/EUR15.13

Acting Eskom CEO’s Daughter Gets Eskom Tenders

The stepdaughter of Eskom boss Mantshela Koko has raked in contracts worth about a R1-billion for her company from the state utility. The appointment of Koketso Choma, 26,  as a director at Impulse International last April was followed by the company netting eight lucrative contracts at Eskom over 11 months. The work, valued at  R1-billion, all came from a division of Eskom that Koko headed up until he was appointed acting CEO in December.

Source : https://goo.gl/XwLLFS

Old Mutual Close To Separation 

Old Mutual has taken another step in dismantling its business structure with the sale of its 25% stake in Old Mutual Asset Management (OMAM) worth $446m (R5.5bn) to HNA Capital US. Old Mutual, which has £395bn under management, said the transaction will reduce its shareholding from 50.8% to 25.9%

Source : https://goo.gl/kXLAEY

Rand Continues Winning Run

The rand continued its winning ways on Monday morning as it powered through the R12.35/$ level for the first time since July 2015. The latest bout of the rand strength has been partly traced to a weaker dollar, which is reeling from the expectation that the Federal Reserve will increase US rates gradually this year.

Source : https://goo.gl/7qSTcq

Ford Facing Lawsuits From Insurance Companies

Auto & General and Dialdirect, both part of insurance giant Telesure, have dealt with two and one fire-related EcoSport claims respectively, from May and July last year, and the third last month. They said Ford South Africa was informed of each incident.

Source : https://goo.gl/uW8EiS

Pipe Manufacturers Found Guilty of Collusion

The Competition Tribunal has found Dawn Consolidated Holdings (DCH), through its subsidiary DPI Plastics, and Sangio Pipes guilty of colluding to divide markets in South Africa between 2007 and 2012. The tribunal found that a shareholders’ agreement between DCH and Sangio, in which DCH held a 49% interest at the time, had the effect of dividing the market for the manufacture of regular HDPE pipes, in contravention of the Competition Act.

Source : https://goo.gl/DEeI2P

Indicators : Oil 50.80 – Rand/USD 12.36 – Rand/GBP 15.49 – Rand/EUR 13.42