VAT And Excise Duty Hikes In Budget 2018

64% of the R36bn of extra revenue is coming from a 1% VAT hike to 15%, 12% is from excise duty hikes and 19% coming from personal income tax adjustments and 3.4% from fuel levy hike. There will be R57billion allocated for free higher education for students from households earning less than R350 000 a year.

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Zwane To Face Own State Capture Inquiry

Mineral Resources Minister Mosebenzi Zwane will be subjected to a full-scale state capture inquiry by the parliamentary portfolio committee on mineral resources and could be summonsed to answer questions after his repeated failure to appear before the committee. Zwane has been linked to dodgy interactions with the Guptas as a Free State MEC when R150m was stolen in a failed dairy project.

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Strike At Optimum Coal Mine

Work at the Gupta-owned Optimum Coal Mine in Mpumalanga came to a standstill on Wednesday as workers marched to hand over a memorandum of grievances to CEO George van der Merwe. The mine supplies coal to power utility Eskom for its power generation.

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Michael Jordaan To Launch Bank Zero

Bank Zero, which in January said it got a provisional license from the central bank and has 10 staff, isn’t going to lend out money. Instead it’s going to encourage South Africans to save through attractive interest rates. With a mutual bank structure, which is funded by its members, the Johannesburg-based Bank Zero is entirely backed by its founders and will offer customers with smartphones an app and a card.

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Uber Teams Up With Toyota On Self Driving Cars

The world’s largest car maker and the world’s biggest ride-hailing company plan to team up on autonomous driving as technological changes sweep through the transportation industry. Uber and Toyota have given few details of their collaboration on autonomous technology before, though both have been active in the field separately. Toyota bought a stake in Uber in 2016, without disclosing the size or the reason for the investment.

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Currencies: BCoin R134,999 . R10,766 . R/USD11.67 . R/GBP16.23 . R/EUR14.32

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Theresa May Calls For Early UK Election

UK Prime Minister Theresa May said she will seek an early election on June 8, in an unexpected gamble aimed at strengthening her hand going into talks on leaving the European Union. The surprise statement came less than a month after she triggered the formal start of Brexit and marks a reversal of her position before the Easter break, when her office insisted an early election wasn’t on the cards.

Source : https://goo.gl/iViQmB

Petrol Price To Go Up By 40 Cents Next Month

South Africa’s downgrade to junk could see petrol going up by at least 40c a litre next month. The fuel increase is just the first of the dominos to fall. Growing unemployment and a slowdown in our growth rate of 1.2%. The increase in the fuel price is almost entirely due to the drop in the rand as crude oil prices had actually come down slightly over the past month.

Source : https://goo.gl/zFbylt

Gigaba On Roadshow To Woo Ratings Agencies & Investors

Finance Minister Malusi Gigaba will meet with Moody’s on his trip to the US this week, in a last-ditch attempt to prevent a downgrade by the ratings agency. The purpose of this is to discuss global economic trends, and Gigaba will meet with leaders and finance ministers from various countries. He will also discuss South Africa’s role as a gateway to attract investment for the rest of the continent. He added that the trip will include a “small-scale” meeting with investors and not a full-blown roadshow, but government decided not to waste the opportunity to engage with investors and to reassure them. Gigaba said he would also give Moody’s the assurance that government’s policy direction has not changed.

Source : https://goo.gl/HahY55

CompCom Calls For Investigation Into Cell Industry Competition

The Competition Commission has called for a wider investigation into the state of competition in the mobile phone market. This comes after its decision to dismiss a complaint by Cell C against Vodacom and MTN for anticompetitive conduct related to on-net calls (calls between users of the same network) because of lack of evidence. Cell C said the price differentials applied by Vodacom and MTN prevented competition. It accused the companies of excessive pricing, inducement and margin squeeze.

Source : https://goo.gl/cXiT8E

Deloitte To Build R1 Billion Office In Midrand

Deloitte’s new premises will be developed in Waterfall in Midrand, Gauteng joining a number of leading corporates consolidating their operations in that area, including PwC. The total estimated development cost is in excess of R1 billion. The new premises will comprise 42 500m² of \workspace, which will consolidate Deloitte’s current Woodmead and Pretoria offices in a single central location. The building has space capacity for close to 5,000 people.

Source : https://goo.gl/LgnbDT

Uber Launches Uber Central For Businesses

Uber has launched Uber Central, which is built on the Uber Business platform. “With Central, businesses can request, manage, and pay for rides for others, at scale,”. Uber said Central will provide companies with a complete overview of usage, including drafts, trip history, and trip costs. This will allow them to manage their transport logistics and provide Uber-based transportation for employees or customers.

Source : https://goo.gl/IPIftd

Indicators : Oil 54.92 – Rand/USD 13.32 – Rand/GBP 17.04 – Rand/EUR 14.27