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


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.


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.


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.


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.


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.


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


Snapchat Raises $3.4bn In IPO

Snap, the parent company of Snapchat, priced its initial public offering at $17 a share on Wednesday. It had previously proposed a range of $14 to $16 a share. That equates to a Snap market value of nearly $24 billion, making it the largest U.S. tech IPO since Facebook. Snap’s sales are growing at a fast pace, rising to more than $400 million in 2016 from just $58.7 million in 2015. Most analysts expect Snap to report around $1 billion in sales this year.

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Net 1 To Buy 15% Of Cell C

Electronic payments provider Net1 UEPS Technologies, which has found itself at the centre of a social grants storm in South Africa, has confirmed that it has agreed to buy a R2bn, 15% stake mobile network Cell C. Along with Blue Label Telecoms, Cell C is set to be able to pay off its debts and has said it has further concluded a memorandum of understanding to acquire 49.6% of DNI-4PL Contracts with an option to acquire a controlling stake in DNI in the future. DNI is a distributor of mobile subscriber starter packs for Cell C and also distributes pre-paid airtime through a network of field operatives and agents.

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SABC’s R5.1bn Irregular Expenditure

The Standing Committee on Public Accounts (Scopa) has put forward a proposal to SABC group executives that the Hawks launch a forensic investigation into the affairs of the SABC. The proposal was made during a briefing by the SABC to Scopa on the broadcaster’s financial annual report for the 2015/2016 year which revealed R5.1-billion in irregular expenditure. CEO James Aguma painted a rosy picture of its progress regarding audience figures for radio and television, its progress on financial management, blaming a R411 million loss on expenditure on unforeseen events of national interest, less than three percent funding from government, and currency fluctuations, among others.

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Unilever Charged For Cartel Collusion

This follows the investigation by the Commission which found that Unilever and Sime Darby divided markets by allocating specific types of products and customers goods in the market for the manufacturing and supply of bakery and cooking products throughout South Africa. The Commission said its investigation found that from at least 2004 to 2013, Unilever and Sime Darby entered into a sale of business agreement, which contained a clause in terms of which they agreed not to compete with each other in respect of certain pack sizes of margarine and edible oils.

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SA Taxi Seals R100 Million Finance Deal

SA Taxi has signed a deal with the Small Enterprise Funding Agency (SEFA), which is wholly-owned by the Industrial Development Corporation. SA Taxi’s business model includes the financing of industry-specific vehicles, provision of bespoke taxi insurance that helps operators protect their income-generating asset and optimise cash flow, a Taximart division that restores pre-owned vehicles to a virtually new condition, and a dealership network through which both new and pre-owned minibus taxis are sold directly to taxi operators.

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Joburg Trashed Due To Jozi@Work Protests

A group of angry Jozi@Work protesters took to the streets of the Johannesburg CBD for the second consecutive night on Wednesday‚ leaving a trail of destruction and trash in their wake. About 200 workers‚ wearing their yellow uniforms‚ marched through Bree and Jeppe streets up to Rissik Street in front of the city council offices‚ upending rubbish bins along the way‚ in protest against the canning by Mayor Herman Mashaba of the Jozi@Work programme.

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IndicatorsOil 56.17 – Rand/USD 13.03 – Rand/GBP 15.99 – Rand/EUR 13.74




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