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16:28 Top 5 on Fin24: Popo Molefe waiting on 'proper response' from Transnet's Gama, SA’s new energy plan is imminent



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  • Lawyer refuses to give evidence at Nugent inquiry, risks prosecution

    22 October 2018 9:57 AM 18

    David Maphakela, the lawyer who gave legal assistance to SA Revenue Service head of human resources Luther Lebelo, on Monday morning declined to give oral evidence at the Nugent Inquiry, despite a ruling by the commission's head Judge Robert Nugent that he is obliged to do so. Maphakela left the commission of inquiry on Monday morning without testifying

  • Gama 'hears from media' he was fired as Transnet CEO

    21 October 2018 7:16 PM 22

    Siyabonga Gama's contract as CEO of Transnet has been terminated, the state-owned enterprises' chair Dr Popo Molefe told Fin24 late on Sunday afternoon. Molefe, who is abroad at the moment, confirmed the termination of Gama's contract to Fin24 in a WhatsApp message. "Yes Gama’s contract of employment has been terminated," Molefe told Fin24. Gama told Fin24 in a WhatsApp

  • Gungubele: Rescuing VBS would send message that 'criminals can steal' and state will bail out

    21 October 2018 10:38 AM 25

    Deputy Finance Minister Mondli Gungubele has cautioned against a bailout of VBS Mutual Bank, saying rescuing the bank would send a message that “criminals can steal” and the state would pay, according to a Sunday Times report. Some MPs in the African National Congress (ANC) caucus have argued that government must step in to save the beleaguered bank, just as it did with African

  • Mini budget: Treasury expected to weigh in on zero-rated items

    18 October 2018 12:21 PM 66

    Finance Minister Tito Mboweni is expected to make announcements in the mini budget about the progress Treasury is making on the review of zero-rated items, according to analysts. During a panel discussion ahead of the mini budget to be held on October 24, Mazars senior tax partner Bernard Sacks shared views on the VAT hike and the zero-rated items list which

  • Mining production down 9.1% for August

    18 October 2018 10:05 AM 25

    Stats SA announced on Thursday that mining production had decreased by 9.1% year-on-year in August 2018. This followed a decrease of 5.2% in July 2018, when compared to July 2017. On a month-on-month basis, seasonally adjusted mining production decreased by 1.2% in August 2018 compared with July 2018. This followed month-on-month changes of -8,3% in July 2018 and 5,1% in June 2018, said Stats

  • Markets LIVE: Mr Price head to step down at end of 2018

    18 October 2018 7:58 AM 56

    Barry Dumas, of, says in a morning note to clients that the FOMC has signalled its intention to hike rates again before the year end. This may, in turn, put pressure on the rand. "The US Federal Open Market Committee released its meeting minutes on Wednesday evening. The minutes offered some interesting insights to the stance of the committee

  • Internet access has become a human right, data inquiry hears

    18 October 2018 5:23 AM 27

    The need to communicate and access the internet has become a human right in South Africa and should be treated as such, Media Monitoring Africa has said during an inquiry into data services. Bird said that while the wealthy can control their access to the internet, which is easily available to them, the poor, which make up the majority of the population

  • JUST IN: Ramaphosa reveals terms of reference into PIC probe

    17 October 2018 5:40 PM 30

    The commission of inquiry into the Public Investment Corporation will be headed by the former President of the Supreme Court of Appeal Justice Lex Mpati, and it will be assisted by Gill Marcus and Emmanuel Lediga. This is according to the terms of reference gazetted by President Cyril Ramaphosa on Wednesday. The commission of inquiry was initially announced

  • Markets LIVE: Bias on the rand remains stronger

    17 October 2018 4:48 AM 36

    The rand benefited yesterday from surging stock markets worldwide, taking its cue from the Turkish lira which hit a two-month high against the dollar. Paul Muller, Corporate Treasury Manager at Peregrine Treasury Solutions says the dollar remains on the back foot against all major currencies, still reeling from the release of sluggish retail sales figures

  • Audi agrees to pay R13bn fine to settle emission case

    16 October 2018 8:34 PM 27

    Volkswagen AG’s Audi unit will pay a fine of $927m (R13bn) to settle an investigation by German prosecutors into the carmaker’s cheating on emissions regulation. The penalty, which Audi accepted and won’t appeal, consists of €5m (about R82m) for regulatory offenses, with the remainder a repayment of economic benefits as a result of the cheating, Audi said on Tuesday