Monday 25 September 2017
(News24 09/25/17)
The SABC has apologised for “demeaning” mistakes made in its news bulletins during its reportage on Dr Nkosazana Dlamini-Zuma, it said in a statement on Sunday. This follows its apology to Dlamini-Zuma in August when her name was spelt incorrectly, calling her Nkosazana "Mini-Zuma", which was due to “human error”, the broadcaster said. “More recently, one of our news headlines referred to her as an ex-wife, rather than using her name. This was sexist and wrong,” SABC acting group chief executive officer Nomsa Philiso said. The ANCWL’s criticised the SABC on how it had referred to Dlamini-Zuma, claiming it had been “co-opted by the advocates of patriarchy and cheerleaders of male chauvinism". In response, SABC...
(News24 09/25/17)
Chief Justice Mogoeng Mogoeng has been named as the 2017 South African of the Year, according to a poll hosted by News24, in conjunction with the National Braai Day initiative as part of Heritage Day celebrations. “Clearly Chief Justice Mogoeng’s efforts in his position and his continued excellence have resonated with the South African of the Year voters in 2017!,” said Jan Scannell – also known as Jan Braai – the man behind the award and National Braai Day Initiative. Mogoeng garnered nearly two thirds of the vote – 63%. He was followed by the Blitzbokke who obtained a 21% share of the 37 427 votes cast, followed by tennis player Kevin Anderson with 16%. Also included in the original...
(Financial Times 09/23/17)
Government departments told to examine relationships with firm after political scandal. South Africa’s finance minister has told all government departments to review their relationship with KPMG in response to the accounting firm’s role in a political scandal over links between the Gupta family and President Jacob Zuma. In a statement published yesterday, South African finance minister Malusi Gigaba, who was appointed in March, said he had “deep concerns about audit matters currently surrounding KPMG”. “These developments further threaten to undermine...
(Bloomberg 09/23/17)
South Africa’s Treasury is pressuring the continent’s biggest money manager to provide as much as 100 billion rand ($7.6 billion) to fund struggling state companies, according to two people with knowledge of the situation. The Public Investment Corp., which manages state-employee pension funds and has about 1.86 trillion rand in assets, has been asked by the Treasury to buy its entire 12-billion-rand stake in Telkom SA SOC Ltd. to pay for a bailout of South African Airways, said the people,...
(Reuters (Eng) 09/23/17)
Unilever (ULVR.L) (UNc.AS) has agreed a $900 million deal with South African investor Remgro (REMJ.J), buying Remgro’s 26 percent stake in its South African subsidiary in exchange for its southern African spreads business and a cash payment. The deal is the first step in Unilever’s broader exit from its shrinking spreads business, a move it promised earlier this year following an unsolicited $143 billion takeover offer from Kraft-Heinz (KHC.O). The Anglo-Dutch consumer goods maker, owner of Dove soap and Ben...
(Bloomberg 09/23/17)
Much of the focus around Indian mining tycoon Anil Agarwal’s pursuit of Anglo American Plc has been the company’s South African operations. But Botswana could be similarly important. Botswana is the source of about two-thirds of Anglo’s diamonds and the country is a major stakeholder in De Beers, the world’s biggest gem producer. There are few countries as dependent on a single commodity as Botswana is with diamonds and the nation is highly protective of the industry. So far Botswana...
(Independent Online 09/23/17)
Helen Zille, premier of Western Cape, is compared to Donald Trump in furious row over her water use and fake news A leading South African politician has claimed she only showers once every three days to save water, despite sometimes worrying about the “hygienic and aesthetic consequences”. Helen Zille, premier of the Western Cape, said that she regarded having oily hair during a drought to be “as much of a status symbol as a dusty car”. The revelations about her...
(AFP (eng) 09/22/17)
Nkosazana Dlamini-Zuma, one of the runners in the race for South Africa's ruling party leadership and newly-appointed lawmaker, faces difficulty distancing herself from her tarnished ex-husband President Jacob Zuma. The ruling African National Congress (ANC) veteran is an experienced technocrat who has served as minister under all post-apartheid leaders since the end of white minority rule in 1994. But running for the ANC top job may prove to be her biggest challenge yet, even though she is not tainted by the same corruption scandals that have defined Zuma's term in office.
(Reuters (Eng) 09/22/17)
South Africa’s central bank is concerned about “regrettable” practices at auditor KPMG [KPMG.UL], its governor said, as the company’s chairman held a meeting with a former finance minister it had tarnished in a report it later said was flawed. “We will engage banks and audit firms primarily to understand the context so we are better placed to manage any potential financial stability risk that may arise from the issues around KPMG,” Governor Lesetja Kganyago said on Thursday. KPMG cleared out...
(Reuters (Eng) 09/22/17)
South Africa’s Treasury is pressuring government pension fund Public Investment Corp (PIC) to provide as much as 100 billion rand ($7.6 billion) to fund struggling state companies, Bloomberg News reported on Friday. The Treasury has asked the PIC, Africa's biggest pension fund, to buy its stake worth 12 billion rand in landline provider Telkom (TKGJ.J) to fund a bailout of state airline South African Airways, Bloomberg reported, citing people familiar with the matter. (bloom.bg/2waLlHm) PIC Chief Executive Daniel Matjila has...
(Bloomberg 09/22/17)
South African Public Enterprises Minister Lynne Brown has instructed Eskom Holdings SOC Ltd. to begin legal action against companies including McKinsey & Co. over their involvement in disputed contracts at the country’s state-owned electricity company. Brown ordered Eskom to start taking legal steps against consultancy firms McKinsey and Trillian Capital Partners Ltd., as well as suspended acting Chief Executive Officer Matshela Koko and Chief Financial Officer Anoj Singh, who is on special leave, her spokesman, Colin Cruywagen, said by phone...
(Xinhuanet 09/22/17)
Former African Union (AU) Commission Chairwoman Nkosazana Dlamini-Zuma was sworn in as a new Member of Parliament (MP) in South Africa on Thursday amid speculations that she would be promoted to a cabinet position. Dlamini-Zuma will immediately undergo an induction program and be provided with all necessary tools of trade to assist her with carrying out her parliamentary duties without delay, parliamentary spokesperson Moloto Mothapo said. It has been widely speculated that the deployment of Dlamini-Zuma in Parliament would be...
(Bloomberg 09/22/17)
Africa’s biggest fund manager may be dumped by a labor federation representing 230,000 South African state workers because it’s concerned that the funds of its members may be used to bail out mismanaged state-owned companies. The Federation of Unions of South Africa, the country’s second-largest labor union grouping, is considering replacing the state-owned Public Investment Corp. with privately owned fund managers to oversee the pension funds of the state workers, including nurses and teachers, that it represents. “There is nothing...
(Bloomberg 09/22/17)
Companies controlled by the Guptas lost a court bid to prevent Bank of Baroda from shutting their accounts, which would leave the politically connected family without banking services in South Africa from the end of this month. Judge Hans Fabricius dismissed the application of 20 companies linked to the Gupta family and awarded costs against them at the Pretoria High Court on Thursday. The Bank of Baroda was the family’s last hope after a series of lenders, including South Africa’s...
(Bloomberg 09/22/17)
With its surprise decision to leave rates on hold on Thursday, South Africa’s central bank may have shut its policy-easing window. Forward-rate agreements, which had been pricing in a 25 basis-point reduction in the benchmark rate this year, now suggest the South African Reserve Bank will be forced to stay put as central banks around the world move toward tighter policy. The rate on contracts starting in three months jumped 19 basis points, moving to within 10 points from the...
(Reuters (Eng) 09/22/17)
South Africa’s ruling African National Congress should discipline President Jacob Zuma for bringing the party into disrepute, housing minister and presidential hopeful Lindiwe Sisulu said on Friday. Sisulu’s comments are the latest swipe taken at Zuma by former allies as the ANC fractures ahead of an elective conference in December where a new party leader will be chosen. Zuma can remain head of state until a 2019 parliamentary election. Sisulu, a veteran cabinet minister who comes from a prominent family...
(Reuters (Eng) 09/22/17)
From deadly droughts and destroyed crops to shrinking water sources, communities across sub-Saharan Africa are struggling to withstand the onslaught of global record-breaking temperatures. But the dangers do not end there. Rising heat poses another threat - one that is far less known and studied but could spark disease epidemics across the continent, scientists say. Mosquitoes are the menace, and the risk goes beyond malaria. The Aedes aegypti mosquito, which spreads debilitating and potentially deadly viruses, from Zika and dengue...
(AFP (eng) 09/21/17)
An ex-wife of South African President Jacob Zuma said Thursday that she was being re-appointed a lawmaker in parliament, in what is being seen as her latest step to secure the country's presidency in two years' time. Local media reported that Nkosazana Dlamini-Zuma, a former African Union chief, was sworn in Thursday as a member of parliament for the governing African National Congress. She posted on Twitter that "5 years ago I left parliament with mixed feelings today I return...
(Bloomberg 09/21/17)
The top leadership of South Africa’s ruling African National Congress starts meeting on Friday in a bid to heal a bitter split in the key region of KwaZulu-Natal that could derail its plans to elect a successor to President Jacob Zuma as party leader in December. The three-day meeting comes after the High Court annulled the election of Zuma allies as the province’s party leadership because the conference that chose them wasn’t lawfully convened. While the officials who lost the...
(Eye Witness News 09/21/17)
The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%. South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced that the repo rate will be unchanged at 6.75%. The repo rate is the rate at which the central bank lends money to banks. The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%. The announcement comes after a meeting of the Monetary Policy Committee in...

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