More Money Needed For Nkandla

Government is set to spend “millions” in taxpayers’ money on president Jacob Zuma’s Nkandla homestead, according to a report by the Sunday Times. The Department of Public Works said that plans were in place to refurbish the property, repair “shoddy workmanship”, and address security concerns. While the assessment is not complete, the cost of additional upgrades and repairs could run into millions of rand.

Source : https://goo.gl/93Iv7s

PetroSA Board Told To Resign

Central Energy Fund (CEF) chairman Luvo Makasi has told the board of troubled state-owned oil company PetroSA to resign with immediate effect. Leadership and management instability have plagued CEF subsidiary PetroSA, which has suffered huge financial losses over the past three years. In a letter sent to the board at the end of March, Makasi said the CEF had been concerned for some time about the strategic direction, financial standing and management of PetroSA.

Source : https://goo.gl/WMuVx5

Cyril Ramaphosa Launches Presidential Bid

“Corruption must be rooted out” and anyone found guilty must be dealt with severely, Ramaphosa said at a memorial for the late ANC leader Chris Hani in South Africa’s Eastern Cape province. Allegations of families and people unduly influencing government appointments and contracts should be “of great concern” to the ANC, he said, adding that he supports a judicial commission of inquiry into charges of state capture.

Source : https://goo.gl/gLnXFY

Lynn Browne Blocks Brian Molefe Payout

The Sunday Times reported a fortnight ago that Molefe was due to get a R30.1-million golden handshake from Eskom. He told the newspaper that he was to be paid what was due to him but refused to give a figure. Brown said yesterday she could not support the payout because there was no justification for it. “I found the argument presented by the board lacking in legal rationale and it cannot be substantiated as a performance reward because Molefe has already been granted a performance bonus for his contribution to the turnaround of Eskom,” said Brown.

Source : https://goo.gl/xL5nZf

Net1 Denies Wrongdoing In Sassa Payments Saga

Net1 has come out with guns blazing in a bid to “set the record straight”, releasing a Sens announcement and links to 23 documents that it claims prove that accusations against the group have no merit. The documents, which include court rulings, relate to its controversial South African Social Security Agency (Sassa) contract to distribute social grants to 11-million recipients.

Source : https://goo.gl/MDbtPl

Venezuela Down To $10bn In The Bank

Venezuela only has $10 billion in reserves — the cash that’s intended to keep an economy stable and weather tough times. What’s worse: most of those reserves aren’t in hard cash. About $7 billion is in gold bars, which doesn’t make it easy to make payments. Venezuela has a lot of bills to pay soon. It owes $6 billion in debt payments for the rest of this year. There’s also no sign that the country’s lone source of revenue – oil exports – will be able to pay down those debts. Venezuela is running the risk of defaulting on its debt this year, meaning it wouldn’t be able to get more loans to pay for basics like food and medicine

Source : https://goo.gl/iIZHQC

Indicators : Oil 52.25 – Rand/USD 13.00 – Rand/GBP 16.59 – Rand/EUR 14.12

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Cosatu Derails MinWage Agreement

Cosatu took its Nedlac counterparts by surprise on Tuesday, putting the brakes on a minimum wage deal that everyone thought was in the bag. The signing-in ceremony for the minimum wage deal that was due to take place on Tuesday had to be postponed indefinitely when it emerged that Cosatu was still not happy with the package. However Deputy President Cyril Ramaphosa has already signed the deal according to secretary of the Federation of Unions of South Africa (Fedusa) Dennis George as saying it was a done deal.

Cell C Downgraded To Junk Status

S&P Global says Cell C missed interest payments and has been given the “d” rating for defaulting. The company has been working with Blue Label Telecoms to reduce its debt. This includes a planned 45% acquisition of Cell C by Blue Label. However, apart from the downgrade, S&P Global says it notes that Cell C has not sought bankruptcy protection and expects that it will continue to operate and meet its payroll and supplier obligations.

MTN Shares Drop And It Expects Full Year Loss

MTN’s share price lost nearly 7% to R110 on Wednesday morning after it warned shareholders it expected to report a basic and headline loss per share for the year to end-December. It said the loss was mainly due to the fine it received in Nigeria for failing to identify subscribers. The fine will drag its basic and headline earnings per share down by about R4.74.

SABC Loses Appeal To Bring Hlaudi Back

The SABC’s attempts to get Hlaudi Motsoeneng back have been dealt a blow after the Western Cape High Court dismissed the appeal application on Tuesday. The SABC had appealed the removal of Motsoeneng from the SABC and the matter was argued in the High Court last week.

Ngubane Denies Hiding Eskom Report

Eskom chairperson Ben Ngubane says he is not deliberately hiding anything which is of public interest regarding the report by law firm Dentons. Dentons had been was appointed to look into the state of affairs at Eskom in 2008 when the country suffered from a blackout costing the economy billions of rands.

Currencies And Stuff

Oil 54.77 – Rand/USD 13.51 – Rand/GBP 16.85 – Rand/EUR 14.40

 

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