Business

Manyi denies links between ANN7, New Age and the Guptas

admin No Comments

Jimmy Manyi continues to deny any existing links between the TV news channel ANN7 and the New Age newspaper and the Guptas.

This despite the fact that the two media entities are still listed on the Guptas’ holding company Oakbay’s official website as part of its group of companies.

Manyi acquired ANN7 and the New Age from the Guptas six months ago for R450 million by way of vendor financing- which means the Guptas lent him the money to buy their assets from them.

Click video below:

The post Manyi denies links between ANN7, New Age and the Guptas appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Source: SABCNews

Hawks wait for NPA directive on Guptas

admin No Comments

The Gupta brothers Ajay, Atul and Rajesh relocated to South Africa from India in 1993.

The Hawks have denied claims that the arrest of the Gupta brothers is imminent. A local newspaper reported that the Hawks had obtained a warrant for the arrest of at least one of the brothers.

Hawks spokesperson, Hangwani Mulaudzi says they are awaiting a directive from the National Prosecuting Authority (NPA).

The Asset Forfeiture Unit (AFU) has already taken action against two Gupta-linked companies – Trillian and McKinsey – hoping to recoup R1.6 billion in assets related to consultancy work done by the companies for Eskom and Transnet.

The Gupta brothers Ajay, Atul and Rajesh relocated to South Africa from India in 1993 at the dawn of democracy – when the country was seen as a land for opportunities.

Previously small-scale businessmen in India, they built a sprawling empire with interests in computers, mining, media and IT.

They were all housed under the listed entity Oakbay, and their mining asset, Shiva Uranium looked forward to the consummation of a nuclear deal.

They also developed close links with the ruling African National Congress (ANC), and particularly with President Jacob Zuma, well before he became president in 2009.

The Guptas’ relationship with President Jacob Zuma often made headlines… members of the President’s family were employees, shareholders and former directors of the Gupta firms.

There has been deep concern that the Guptas enjoy inside knowledge of cabinet and executive appointments, and allegedly have influence over the appointment of the heads of state-owned enterprises and cabinet ministers.

Atul Gupta was listed among the Sunday Times richest list worth R10 billion

As such, they are the subject of the Public Protector’s State of Capture report, from which a judicial commission has been set up, after much legal back and forth.

According to a letter submitted to the Public Protector’s office, included in the State of Capture report, total revenues from their business activities for the 2016 financial year amounted to R2.6 billion, with government contracts contributing a total of R235 million of the revenues.

In 2016 Atul Gupta was listed among the Sunday Times richest list worth R10 billion.

The Gupta family businesses had a fall out with the banks when their accounts were closed.

The controversial family made headlines again when they landed a chartered aircraft, carrying Indian politicians and 300 guests at Waterkloof Air Force Base for the Gupta wedding at Sun City in 2013.

This was followed by another controversy when the New Age televised business briefings that were sponsored by state-owned enterprises.

Reports say State Owned Enterprises like Transnet forked out R17.5 million for 18 breakfast sessions, while Eskom paid R7.2m to sponsor six sessions.

It was also reported that Telkom sponsored 12 business breakfasts to the tune of R12m in the 2012/13 financial year.

And in a series of the Gupta leaks emails, it emerged that global consultancy firm McKinsey lined up a R9.4-bn bonanza from Eskom with the help of Gupta-linked Trillian Capital Partners.

The emails also show that after Eskom cancelled the consulting engagement in July 2016, it also paid Trillian R565 million.

This was without any contract in place, but on the basis Trillian was McKinsey’s empowerment partner, though McKinsey and Trillian had already parted ways.

Now the Pretoria High Court has authorised the freezing of R1.6 billion in assets earned by global consultancy McKinsey and Trillian.

The court made the decision in December, after a request by the NPA to freeze the fees earned by McKinsey and local consultancy Trillian for advising Eskom.

Meanwhile, some of the political parties welcomed the decision by the Asset Forfeiture Unit to freeze the Gupta family assets.

The NPA’s forfeiture unit served a summons to preserve the Gupta’s assets which are worth billions of rands.

Click video below:

The post Hawks wait for NPA directive on Guptas appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Source: SABCNews

Mining sector steadily coming out of stagnation

admin No Comments

The mining sector is slowly but surely recovering out of the doldrums. Mining production output increased by 6.5 % year on year in November 2017.

The largest positive contributors were Iron Ore which is up by 20.7 % and contributed 2 point 5 percentage points.

Coal increased by 8.5 %, whereas Platinum Group metals increased by 12.3 %.

Economists are optimistic that this will contribute positively to the country’s Gross Domestic Product.

Ian Cruickshanks,  Chief economist at the South African Institute of Race Relations says: “It means that worldwide there is demand for the mining commodities which we produce, it’s also going to help us with our exports – they will have higher value.”

But a negative significant contributor was Gold which decreased by 8.3 %.

Cruickshanks says this was caused by a reduction in Gold commodities globally.

“Perhaps what that shows is that there is less demand on gold as a hedge against inflation, and as we know worldwide inflation is relatively low especially in developed market economy.”

With the world economy continuing to grow its expected that this will help boost the demand for South African mining export commodities.

 

The post Mining sector steadily coming out of stagnation appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Source: SABCNews

Sarb appoints Fundi Tshazibana as Governor’s 7th adviser

admin No Comments

The South African Reserved Bank (Sarb) has appointed Fundi Tshazibana as a new adviser to the Governor. Tshazibana will take up her new post on 19 February, as the seventh member of the Monetary Policy Committee (MPC) of the Sarb. The Sarb has said Tshazibana has 17 years of experience in public policy analysis and formulation,
Source: The New Age

Shoprite interim turnover up by 6.3 %

admin No Comments

Retail group Shoprite said on Tuesday its turnover increased by 6.3% for the six months to December 2017, compared to 14% previously, with operations outside South Africa declining.

Shoprite said Supermarkets RSA, the group’s primary business, increased sales by 7.8 % for the period, but the Supermarkets Non-RSA operating segment reported a turnover decline of 0.4% in rand terms.

“The impact of lower commodity prices and the depreciation of local currencies remain prevalent in the larger economies of operation outside of South Africa,” it said.

The furniture division was up 10.8% while other operating segments, mainly driven by the OK franchise division, saw a growth of 6.7%.

“The current pace of growth must be viewed in context of the strong turnover growth of 14% in the corresponding six months in the prior year and overall internal price deflation that occurred in the last quarter,” said Shoprite.

The grocery chain is due to publish its financial results around February 27.

The post Shoprite interim turnover up by 6.3 % appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Source: SABCNews

Rand weaker ahead of rates decision

admin No Comments

The rand continued to trade sideways on Tuesday, inching weaker against the dollar with investors looking to hold positions ahead of a local interest rate decision later this week.

At 06:30 GMT the rand was 0.14% weaker at 12.3175 per dollar compared to a close of 12.3000 overnight in New York.

The currency initially saw some gains in offshore trade, reaching 12.2850, its firmest since January 4, with inflows driven by higher gold prices and mounting speculation that President Jacob Zuma would soon be forced out of office.

But with little clarity on Zuma’s future and U.S. manufacturing data due in the session investors looked to consolidate recent gains and get ahead of a dollar rebound.

Technical analysis suggests the rand could break in either direction in coming weeks, with support at 12.50 and resistance around 12.20, the latter a major target for bullish bets of a rally below the 12.00 mark. The Reserve Bank is expected to keep interest rates unchanged on Thursday, with seventeen of the twenty economists polled by Reuters last week expecting the bank will leave rates at 6.75%.

Bonds were flat, with the yield on the benchmark paper due in 2026 at 8.51%.

Stocks were set to open higher at 07:00 GMT, with the futures index of benchmark Top-40 up 0.25%.

The post Rand weaker ahead of rates decision appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Source: SABCNews

Outa welcomes ‘summons’ on Gupta linked companies

admin No Comments

The Organisation Undoing Tax Abuse (Outa) says they’re elated following news reports that the Asset Forfeiture Unit is expected to serve summons on Gupta linked Trillian and consultancy firm McKinsey, for deals they had with Eskom and Transnet.

The National Prosecuting Authority (NPA) last year applied for an order at the High Court in Pretoria to have the companies asserts worth about R 1.6 billion preserved.

ANC President Cyril Ramaphosa has promised a crackdown on state capture and on families that had benefitted through corrupt dealings – at the expense of ordinary South Africans.

Outa chief operating officer Ben Theron says, “We had laid charges against Brian Molefe and Ben Ngubane, we’ve laid charges against various people and we’ve actually taken up the case with Parliament where we think that Lynn Brown, even in her silence, is complacent in this process. So we have attempted and ultimately with this case rolling out today is just the start of a very long process where there are billions of rand that’s in people’s hands that must be confiscated and be brought back into the fiscus.”

Click here to listen:

 

Content hosted by iono.fm

The post Outa welcomes ‘summons’ on Gupta linked companies appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Source: SABCNews

De Lille pushes for drought levy amidst uncertain future

admin No Comments

Cape Town Mayor Patricia de Lille has once again stated the importance of imposing a drought levy in the Western Cape.

De Lille has called on council to approve the levy which will affect more than 460 000 households in the midst of the worst drought in the province in decades.

In a lengthy statement released by De Lille’s office, she stresses the importance of the much-needed levies. She says due to water users decreasing their water consumption and paying less for the scarce commodity, The Water and Sanitation Department has a projected deficit in the region of R1.7 billion for the 2017/ 2018 financial year.

If approved by council, the income generated will be more than R400 million for the 2017/2018 financial year and approximately R1 billion over three years. But the proposal has not been well received by some.

On Wednesday, the DA Metro Executive called on council not to approve the levy. The public has until next Monday the 15th of January to make submissions.

More than 45 000 submissions have already been received.

Dam levels below 30%

De Lille has confirmed that dam levels in the Western Cape have dropped below 30% as the province battles the worst drought in decades.

De Lille attended the first drilling tests in Mitchells Plain into the Cape Flats Aquifer for additional water supply.

De Lille says it is hoped to gain an additional 150 million litres of water per day from the three major aquifers in and around the Mother City.

“For the first time since the drought began the dam levels are below 30 percent, 29 point four which also means that 19 point four percent is usable, which means it’s very critical now, and also because of the high usage of water, capetownians still use 580 million litres of water per day, there are many people who are not adhering to the 87 litres per person per day, and because of that day zero has now been moved forward to the 22nd of april.”

Click videos below:

The post De Lille pushes for drought levy amidst uncertain future appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Source: SABCNews

Parliamentary hearings on Steinhoff scandal to begin end of January

admin No Comments

The Chairperson of the Standing Committee on Finance Yunus Carrim has confirmed that parliamentary hearings on the Steinhoff scandal will be held at the end of January. “Depending on the outstanding administrative issues, the hearing will begin on the 30th or 31st of January.” Carrim also rejected rumours that the hearings are being held at the
Source: The New Age

Slight uptick in SA foreign reserves in December

admin No Comments

SOUTH Africa’s net foreign reserves rose in December to $42.927bn, from $42.689bn in November. Gross reserves also jumped to $50. 722bn from $50.297bn, Reserve Bank data showed. However, the forward position, which represents the Bank’s unsettled or swap transactions, decreased to $1.196bn from $1.732bn. Foreign exchange reserves are reserve assets held by a central bank
Source: The New Age

Recent Comments

    Categories