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.


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.


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.


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.


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).


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.


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.


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.


Currencies: Bitcoin R248,949. Ether R6,906. R/USD13.65 . R/GBP18.24 . R/EUR16.07


Koko Claims Eskom Bosses Were Bribed

Suspended Eskom executive Matshela Koko on Thursday accused some of his colleagues of taking bribes from suppliers and said that they had started leaking damning allegations against him in retaliation when he dealt with corruption. The allegations against him, said Koko, started surfacing when he dealt with corruption on becoming interim CEO. For instance, France Hlakudi, the former Kusile power station project manager, was paid a R61m bribe, Koko said. He produced a document that showed another R400,000 was paid to Hlakudi Interpretation and Translation — owned by Hlakudi — by Tubular Construction Projects on the day that Eskom’s tender committee approved a tender for Tubular. The money was transferred into Hlakudi Interpretation and Translation’s bank account in 2015, said Koko.


Gigaba Says Ignore Economic Gloom

Speaking in the National Assembly on Thursday during a debate on the Medium Term Budget Policy statement he delivered last month‚ the Finance Minister chose to look on the bright side of life. “South Africans should brush aside the message of despondency and doom. Even at our bleakest moments we must not drown ourselves in our own message of doom and gloom. The difficult decisions are being taken now‚ but our economy will turn around. A brighter day beckons.” he said.


Taxman Going After US Bitcoin Traders

The Internal Revenue Service (IRS) has won a US court case which will force Coinbase to disclose customer information. Coinbase must now share the data of users who have bought, sold, sent, or received over $20,000 through their accounts in a single year, between 2013 and 2015. This is estimated to be 14,355 individuals.


Firstrand To Drop State Capture Implicate Companies

Outgoing FirstRand chairman and cofounder of the group Laurie Dippenaar expressed extreme disappointment on Thursday with “the number of large corporations that have been complicit” in state capture, saying that some would lose FirstRand’s business. Commenting on state capture, he said: “I’ve been bitterly disappointed. We have expressed our disdain and disappointment [to these companies] and some of them will not get business from FirstRand again.


NPA Panel Convened For Zuma Corruption Charges

Controversial KwaZulu-Natal director of public prosecutions Moipone Noko will lead the National Prosecuting Authority’s (NPA’s) team that considers President Jacob Zuma’s representations on corruption charges. NPA boss Shaun Abrahams gave Zuma until Thursday to argue why he should not be charged after the Supreme Court of Appeal upheld a high court judgment that the 2009 decision to drop charges had been irrational. The president is facing 783 counts of fraud, corruption, racketeering, money laundering and tax evasion.


Guptas Hijacked Lesotho Mine

In August 2014 Lesotho Prime Minister Tom Thabane appointed Atul Gupta as an “economic investment envoy”. Thabane said ANC president Jacob Zuma had introduced him to the Gupta family and he had enlisted them “to help scout for investment” for the country. Now new evidence is emerging that the main “investment” the Guptas were touting – apart from in Thabane himself – was their takeover of a Lesotho diamond mine.


PWC Does First Major Commercial Bitcoin Transaction

PricewaterhouseCoopers (PWC), one of the world’s largest accounting firms, has accepted its first ever bitcoin payment for its advisory services. PwC in Hong Kong revealed it is working with a number of startups involved in bitcoin and the wider cryptocurrency industry, prompting the firm to accept the world’s most widely-known cryptocurrency. Notably, PwC also confirmed its advent into advising clients about crypto funds and investments, cryptocurrency exchanges and initial coin offerings –  a radical new form of fundraising powered by cryptocurrencies.


Currencies: Bitcoin R156,949 . Ether R6,934 . R/USD13.73 . R/GBP18.54 . R/EUR16.36

16 Letters Detail Gordhan & Moyane War

16 letters have emerged exposing the true extent of the war between SARS commissioner Tom Moyane and minister of finance Pravin Gordhan. In one letter Moyane accuses Gordhan of subjecting him to “horrible and intolerable working conditions through belittling, humiliating, denigrating, antagonising and disparaging persona” he goes on to say, “I ask  myself every day what have i ever done to you that has made you mistreat and beseige me as if i am a little boy”. In turn, Gordhan warned Moyane that approving his own performance bonus was unethical, immoral and illegal. In most cases Gordhan did not respond to the letters but it seems Moyane approached pres Zuma for help which the president didnt give him.

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Xenophobia March & MTN Nigeria Attack

Thousands of people are expected to take part in an anti-immigration march in Pretoria where law Law enforcement officers will be deployed along the route and at venues where memorandums would be handed over. The anti-immigration march was organised by a group calling itself the Concerned Mamelodi Residents. Meanwhile, the MTN offices in Nigeria were attacked yesterday and vandalised in retaliation to what is going on here. This lead to police having to be deployed to protect the premises.

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SA Tops Global Equity Returns Since 1900

South African stocks have returned an average 7.2%, more than 2%age points above the global average and the most among 23 nations tracked by Credit Suisse and LBS. The nation is Africa’s biggest coal and iron-ore producer, and the world’s largest of platinum, manganese and ferrochrome. Denmark tops the list for bond returns with an average 3.3%, equities were the best-performing asset in every country, showing over the long run there has been a reward for higher risk.

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Discovery posts Encouraging Results

Shares in Discovery rose as much as 7.92% to R127.99, despite the group missing earnings forecasts. The share price closed 4.35% higher at R124.70. Delivering the group’s results for the six months to December 2016, CEO Adrian Gore said the group had more than R1bn to fund new business growth and operating losses in emerging businesses Ping An Health, Discovery Insure and the Vitality Group were substantially lower.

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Swiss Firm hit By $100 Million Fraud

Swiss engineering group ABB on Wednesday said it fell victim to a “sophisticated criminal scheme” at its South Korean subsidiary, with the chief suspect an executive responsible for ethics training. The executive is suspected of forging documents and colluding with third parties to steal funds, ABB said, estimating it would take a pre-tax charge of about $100 million for the affair, which analysts said raised concerns about its corporate oversight. The company claimed that he embezzled a combined 35.7 billion won ($31.31 million) in 73 transactions, the official said, adding that police were investigating the man’s accounts.

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Swedes Overpaying Their Taxes

Official figures published on February 22nd showed tax revenues poured in far faster than forecast last year. Sweden’s government got a budget surplus of 85bn kronor ($9.5bn) in 2016. Nearly half of that, 40bn Skr, was from overpayment by firms and individuals. This appears to be deliberate. Income tax rates, at least for the well-off, can be as high as 57% while we are crying about 45% in South Africa. then again, you get what you pay for in those countries while nobody really knows what we get here.

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Indicators : Oil 56.43 – Rand/USD 12.90 – Rand/GBP 16.16 – Rand/EUR 13.66