Icasa Data Decision Expected Today

Consumers will know later on Thursday whether Icasa will slash data prices. There has been general concern regarding the high cost of data as well as the expiry of data bundles.The Independent Communications Authority of South Africa (Icasa) has held public hearings to draft the charter regulations.

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Tiger Brands Conceded Products Had Deadly Listeria

Tiger Brands Ltd. said it’s confirmed that the bacteria strain responsible for the world’s worst listeriosis outbreak was found in its products. Results from independent laboratory retesting found the listeria ST6 strain, the company said in a statement Wednesday. The strain has been identified by South African authorities as responsible for the outbreak that’s killed 199 people since the start of 2017.

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Half Of Mining Industry Unprofitable

Mine closures, job losses and the cutting of hundreds of thousands of platinum ounces will be forced on SA’s beleaguered platinum sector, despite companies’ efforts to keep operations going when more than half the industry is unprofitable. Platinum mines employ about 170,000 people, a far cry from 199,948 a decade ago. Lonmin is embarking on cutting 12,600 jobs as it closes old mines, while Impala Platinum (Implats) is reviewing mines in its flagship Impala Lease Area near Rustenburg as it accelerates the closure of old mines by “harvesting” them.

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Consol Drops Relisting Plan

Glass packaging firm Consol, which planned to ease its hefty debt burden by raising R3bn in fresh capital, has canned its proposed JSE flotation barely 10 days after publishing a pre-listing statement. On Wednesday, Consol announced that challenging market conditions had scuppered the listing and associated capital raising. It deemed the prevailing environment not conducive to the offer achieving valuation objectives and not in the company’s best interests.

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Transnet Loses Massive Pension Claims Case

Transnet and two pension funds have 20 court days within which to file a plea in answer to the class action claim by about 60‚000 Transnet pensioners. This follows a Constitutional Court judgment on Wednesday which dismissed exceptions to the claim raised by Transnet‚ the Transport Pension Fund and Transnet Second Defined Pension Fund a few years ago. The pensioners’ claim is based on a promise made to them in 1989 that they would receive the same pension benefits under a commercial entity‚ Transnet‚ as they did under the state entity that had employed them until then‚ the South African Transport Services (SATS)‚ and its two pension funds. The pension funds kept the promise until 2002‚ when the funds failed to grant any pension increases beyond the minimum of 2% per year. The pensioners had calculated that the debt owed to the two pension funds stood at R80-billion by March 2013. This figure is now higher.

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Forex Rigging Case To Start Next Year

Court proceedings against 18 banks accused of rigging the rand are likely to start next year, as prosecutors need time to prepare the complex case, the head of cartels at the Competition Commission said. The commission concluded an investigation last February into whether local and foreign banks colluded to coordinate their trading activities when giving quotes to customers who were buying or selling currencies.

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Ramaphosa Suspends Tom Moyane

SARS commissioner Tom Moyane has been suspended with immediate effect. According to the presidency, President Cyril Ramaphosa has cited among his reasons the “deterioration in public confidence in the SARS and public finances being compromised” due to the ongoing controversy at the tax agency under Moyane’s leadership. Earlier Business Day reported that Moyane had refused to step down after he was asked to resign by President Cyril Ramaphosa. Mark Kingon has been appointed as Acting Commissioner

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Deloitte Disciplinary Hearing On ABIL Conduct Begins

Public disciplinary hearings into Deloitte’s audit of African Bank Investments Limited (Abil) began on Monday, in what is the biggest case the Independent Regulatory Board for Auditors (IRBA) has handled since its formation in 2006. IRBA is also reviewing Deloitte’s audit files on Steinhoff for 2014 to 2016.

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Busses And Taxis Suspended In Ekhurhuleni

Public transport will grind to a halt in Ekurhuleni on Tuesday as the taxi industry will go on strike over the planned roll-out of the bus-rapid transport (BRT) system. As a result of the anticipated protest, the City of Ekurhuleni said that Harambee bus services will be suspended as a precautionary measure for the day following a threat of violence.

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Tiger Brands Sets Aside R425Million For Class Action

Tiger Brands is recalling yet another batch of products, a move that could cost it up to R800m, twice the R324m in operating profit generated by its snacks, treats and beverages division for the financial year to end-September. About R377m of the costs arising from the listeria crisis are attributable to the sales value of contaminated products and the destruction of the items returned. This includes the reimbursement for the recall of products produced at the Germiston, Clayville and Polokwane sites. The remainder of the costs could serve as a payout of an estimated R425m that could be sought in a looming class action case.

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Third Of SA’s Water Lost To Poor Infrastructure

Over a third of SA’s water supply is being lost due to aged and leaking infrastructure before it can be used. That’s according to CSIR principal researcher and research group leader for resource-specific scientific measures Marius Claassen. Claassen, speaking during a panel discussion on Thursday ahead of World Water Day, said countrywide an average of 37% of SA’s water supply was lost before it reached users due to leaks.

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Pick n Pay and Absa Launch New Stokvel Product

The Grocery Stokvel account is the product of a collaboration between Absa Bank and Pick n Pay stores. The aim is to give communities or groups with a common savings goal an opportunity to make purchases of better value and earn interest on their savings at the same time. With the new Grocery Stokvel Account, stokvels are able to earn a very competitive interest rate on balances of as little as R50, and spend their money safely and conveniently at Pick n Pay, where they receive further savings on groceries.

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