Thursday 21 September 2017
(Bloomberg 09/12/17)
The country’s graft ombudsman used a probe into an apartheid-era bailout of a lender to attack the South African Reserve Bank and didn’t disclose a meeting with lawyers in President Jacob Zuma’s office to discuss the investigation before its findings were released, the central bank said. Public Protector Busisiwe Mkhwebane instructed lawmakers in a June 19 report to amend the constitution to make the bank focus on the “socioeconomic well-being of the citizens” rather than inflation. This followed her probe into CIEX consultancy’s report on the bank’s bailout of Bankorp, which Barclays Africa Group Ltd.’s Absa bought
(Business Day 09/12/17)
Leaked e-mails show that President Jacob Zuma’s son has been deeply immersed in the Gupta family firms, having received help from them to buy an expensive home in Dubai and to pay for his wedding Duduzane Zuma says he is in the process of selling his shares in Gupta-owned Oakbay companies. The son of President Jacob Zuma has been deeply immersed in the Gupta family and their businesses, leaked Gupta e-mails show. They tell of the family helping him buy an expensive home in Dubai, to organise and pay for his wedding and to clean up messes in his personal life. He was a director of 21 companies but has resigned from the boards of most of them in the...
(Bloomberg 09/12/17)
South Africa’s High Court overturned the election in 2015 of African National Congress leaders allied to President Jacob Zuma in the eastern KwaZulu-Natal province, a decision that could sway the outcome of the race to become leader of the party and the nation. With the biggest ANC membership of the nine provinces, the party’s KwaZulu-Natal’s leadership will wield great influence over its internal elections due to be held in December. The party has split into two loose camps in the province, one led by Sihle Zikalala, who won the dispute vote for regional chairman, and another by previous leader Senzo Mchunu. The losing camp will likely appeal the ruling, Mdumiseni Ntuli, the party’s provincial spokesman, said outside the court. The...
(Times Live 09/12/17)
Failure to implement the Public Protector's remedial action on state capture allegations could harm the public's confidence in her office‚ the Democratic Alliance said on Tuesday. "The Public Protector is only as powerful as the effect of the remedial action. If it is not implemented‚ that could harm the public faith in her office‚" said DA federal executive chairman James Selfe. Selfe was speaking on Tuesday outside the Pretoria High Court‚ which the party has asked to force Zuma to comply with former public protector Thuli Madonsela's direction that the president establish a commission of inquiry into state capture allegations. Zuma is in the process of challenging the remedial action in court. The DA argues that Madonsela's remedial action should...
(Reuters (Eng) 09/12/17)
South African drugmaker Adcock Ingram will buy contact lenses, surgical and skincare products supplier Genop Holdings, it said on Tuesday, a deal that gives it a company with 400 million rand ($31 million) in annual sales. Adcock did not disclose the financial details of the deal, which forms part of the strategy to cut its reliance on prescription drugs, whose prices are regulated. Genop specializes in surgical and pharmaceutical products in the ophthalmic, optometry, skincare, aesthetic and plastic surgery sectors in southern Africa. Genop and its Epi-max branded skincare range of consumer products, has potential for further line extensions and diversification, said Adcock in statement. The acquisition remains subject to regulatory approvals.
(Bloomberg 09/12/17)
Standard Bank Group Ltd. appointed Sim Tshabalala as sole chief executive officer, ending a dual role he shared with Ben Kruger, and making him the first black person to lead Africa’s largest lender independently. Kruger, 58, will step down as joint-CEO immediately and continue as an executive director, reporting to Tshabalala, 49, Johannesburg-based Standard Bank said in a statement on Tuesday. The joint leadership structure was necessary as part of the company’s management succession plan when it was introduced in March 2013, the lender said. Tshabalala becomes the only black person to lead one of South Africa’s biggest banks since Sizwe Nxasana retired as the head of FirstRand Ltd., the second-largest by assets, in March 2015. President Jacob Zuma has...
(Business Day 09/12/17)
A judgment nullifying the province’s 2015 conference could see less delegates from KZN attending the ANC’s December conference While the so-called "ANC rebels" celebrated outside the Pietermaritzburg High Court following a decisive victory against their own party leadership‚ another man‚ several hundred kilometres away‚ would have been quietly smiling to himself. That man was presidential hopeful Cyril Ramaphosa‚ who could emerge the unlikely beneficiary of Tuesday’s ruling which‚ effectively‚ renders the ANC in KwaZulu-Natal leaderless and in disarray. And with the province among the biggest backers of Ramaphosa’s strongest rival for the party’s top job‚ Nkosazana Dlamini-Zuma‚ any instability in KwaZulu-Natal could prove decisive. This is the view of KwaZulu-Natal political analyst and researcher Thabani Khumalo‚ speaking in the wake...
(Times Live 09/12/17)
The Reserve Bank alleges that Public Protector Busisiwe Mkhwebane colluded with the Presidency to attack the central bank two weeks before she released her controversial report calling for the amendment of the Bank’s constitutional mandate and the recovery of an apartheid-era bail-out to Bankorp. The Bank’s general counsel‚ Johannes de Jager‚ filed a supplementary affidavit on Monday with new grounds for reviewing certain aspects of the report‚ arising from previously confidential notes of the public protector’s meeting with the Presidency’s legal advisers. Dated June 7 and attached to De Jager’s affidavit‚ the notes show Mkhwebane discussed reopening the Special Investigating Unit’s (SIU’s) prior probe into the Bankorp issue — which found that the funds could not be recovered without risks...
(Business Day 09/12/17)
The credit quality of South African companies will be constrained in 2018, according to a report by credit rating agency Moody’s on Tuesday. The report, "Corporate Credit Quality SA: Low growth and policy uncertainty frustrate corporate strategies", comes ahead of the Moody’s sub-Saharan Africa regional conference in Johannesburg on Wednesday. It cites low economic growth, poor business confidence and weak consumer consumption, due to ongoing policy uncertainty from the South African government, as constraining factors. Moody’s vice-president and senior analyst Dion Bate said: "Policy uncertainties and low GDP growth are making South African corporates more cautious in terms of domestic investment and expansion, limiting their ability to improve their credit quality over the next 12 to 18 months." He added,...
(Reuters (Eng) 09/12/17)
Olympic boxing’s governing body, AIBA, has banned African confederation head Kelani Bayor for three years for allegedly provoking the crowd at the continental championships in Brazzaville last June. Bayor is an AIBA vice-president and executive committee member as well as chairman of Togo’s national Olympic committee. “The Disciplinary Commission found that a hostile and threatening reaction to AIBA officials by spectators after the result of a bout on the last day of the competition was exacerbated by comments from Mr Bayor,” AIBA said in a statement on Monday. It found Bayor had “committed serious and unacceptable violations of the AIBA Disciplinary Code” at the tournament in Congo Republic. AIBA said the ban was from all boxing activities and responsibilities and...
(Independent Online 09/11/17)
South African businesses should keep knocking for trade opportunities in the Russian market, says the Minister envoy at the South Africa Embassy in Russia, Henry Short. Short was addressing to a 20-member South African business delegation that has arrived in Moscow to participate in the 2017 World Food Moscow International Exhibition that will be taking place from Monday until Thursday. According to Short, the sanctions that Russia has imposed on fresh produce imports from the European Union, the United States and a number of other countries until the end of December 2018 present an opportunity for South African businesses. He added that it is because of these sanctions that South African business people should knock for trade opportunities without despair...
(Reuters (Eng) 09/11/17)
South African Deputy President Cyril Ramaphosa, a leading contender to become head of the ruling ANC in December, stepped up his criticism of the government on Sunday, saying state-owned companies had been “captured” and funds looted from them. Ramaphosa’s remarks during a speech to an African National Congress meeting in the old diamond-mining town of Kimberley were tougher than others he has made on government graft, signaling the issue will be a main theme of his campaign. He also took aim -- without naming them - at the wealthy Gupta family, friends of President Jacob Zuma who have been accused of using undue influence to win lucrative state contracts. Zuma and the Guptas have denied any wrongdoing. “Many of these...
(AfricaNews 09/11/17)
President Jacob Zuma on Sunday welcomed progress made in discussions in the Republic of Congo towards the resolution of the conflict in Libya. Zuma was in Brazzaville to attend the 4th meeting of the African Union (AU) high level panel on Libya chaired by President Denis Sassou-N'Guesso of the Republic of Congo, the presidency said in a statement. The meeting had considered reports by the United Nations special representative, the League of the Arab States (LAS), the European Union (EU), and AU representative, former Tanzanian president Jakaya Mrisho Kikwete.
(Independent Online 09/11/17)
Finance Minister Malusi Gigaba has on Monday, urged South African tax practitioners to assist government in combating corruption, money laundering and illicit financial flows which deprive taxpayers their deserved benefits. Gigaba said that the tax revenues collected kept South Africa running, paying for social upliftment and poverty alleviation through grants and the multitude of services that the government provides, much of which benefits the most vulnerable in society. Gigaba was speaking at the South African Institute of Tax Practitioners’ Tax Indaba in Johannesburg on Monday. "We encourage you as tax professionals to help us send the message that individuals and businesses should obey the law, disclose their offshore assets, and pay their fair share, before they are caught out," Gigaba...
(Bloomberg 09/11/17)
Oil has denied Saudi Arabia the opportunity to overtake South Africa as the biggest stock market in the Middle East and Africa, even as political turmoil and a faltering economy hold back share prices in Johannesburg. The total market capitalization of the South African bourse was $489 billion as of Friday, about $25 billion more than that of Riyadh’s after its main index advanced 10 percent this year, about five-times the gain in Saudi Arabia’s Tadawul All Share Index. The kingdom’s market reforms, which were designed to attract foreign investors, have been countered by the effects of lower oil price, the kingdom’s main source of income. “While South Africa politics is improving a bit and the economy is now out...
(The Citizen 09/11/17)
Zimbabwe’s first lady claims Gabriella Engels, who brought charges of assault against her, was drunk and ‘unhinged’. Mugabe has given her side of the story after she allegedly went on a violent rampage at a luxury Sandton hotel, where her sons were staying in the company of a model and her friends. According to Reuters, Mugabe has completely denied the report brought forward by Engels that she was hit with a cord. Engels sustained injuries to her forehead and was left traumatised by the incident. In Mugabe’s statement, she alleges Engels was involved in a fight at Taboo nightclub in Sandton with other women and that is what caused her injuries. “She was worried about [her sons] and went to...
(The Citizen 09/11/17)
Steve Biko suffered great abuse, harassment and torture over a period of time, says Zuma. President Jacob Zuma called on South Africans on Monday to remember, celebrate and preserve the legacy of Black Consciousness Movement leader and struggle hero, Stephen Bantu Biko, who died in custody as a result of police brutality on September, 12, 1977, as the country gets ready to mark the 40th anniversary of his death. “To mark this sad episode in the history of the South African struggle for liberation, President Jacob Zuma will visit Kgosi Mampuru Correctional Centre tomorrow [Tuesday] and lay a wreath at the cell in which Mr Biko died,” the Presidency said in a statement. “Mr Biko died in a police cell...
(Bloomberg 09/11/17)
The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical expenses, a trend that’s giving at least one industry the scope to look past Brexit turmoil. “Even if I hadn’t had the money put aside, I would have found a way to pay for it,” said Corrie, 50, who estimates the business she runs with her husband would have lost 10,000...
(Reuters (Eng) 09/09/17)
South African veteran politician and anti-apartheid activist Nkosazana Dlamini-Zuma, a leading contender to take over as head of the ruling ANC in December, will be sworn in as a member of parliament next week, a senior party official said on Friday. Dlamini-Zuma, the ex-wife of current ANC leader and South African President Jacob Zuma, does not hold a top position and could use a seat in parliament to raise her profile ahead of the party’s December leadership conference. “She is going to be sworn in,” ANC Secretary General Gwede Mantashe was quoted as saying by the local EWN news network. The former health and foreign affairs minister’s main opponent in the ANC leadership race is expected to be Deputy President...
(AFP (eng) 09/08/17)
British public relations firm Bell Pottinger, accused of stirring racial tension in South Africa, faces administration to save it from collapse, a company source said Friday. "We may well be in administration by Monday," the source told AFP, in reference to the process whereby a troubled firm calls upon independent expert financial help in a bid to remain operational. In a chaotic week, major clients including banking giant HSBC and telecommunications group TalkTalk have axed ties with Bell Pottinger after it was accused of orchestrating a racially-charged campaign on behalf of the controversial Gupta family in South

Pages