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  • Court papers show Transnet executives 'colluded fraudulently'

    13 November 2018 5:02 AM 25

    Court papers filed by Transnet to recover R189m in inflated payments from Gupta-linked Regiments Capital have revealed collusion by senior executives of the state-owned firm, in allowing the transaction. Former Transnet CEO Siyabonga Gama, ex-chief financial officer Anoj Singh, Robert Ramosebudi who resigned in October as group treasurer and Garry Pita who vacated

  • Zimbabwe Platinum miners plan base-metal refinery, minister says

    11 November 2018 10:27 AM 34

    Platinum miners in Zimbabwe plan to jointly develop a base-metal refinery in the country, Mines Minister Winston Chitando said. The processing plant has been under consideration since at least 2014. The project may cost $134m, the state-owned Zimbabwe Broadcasting Corporation reported in September. Zimplats Holdings, Unki PGM Mine and Mimosa Mine have “come up with a joint

  • Sasol Oil wins appeal against Tax Court, it won't have to pay R1.3bn to SARS

    09 November 2018 8:24 PM 90

    Sasol Oil has won an appeal lodged with the Supreme Court of Appeal, over a ruling which required the oil company to pay R1.3bn to the South African Revenue Service. The group on Friday issued a notice to shareholders indicating that the SCA upheld its appeal against the Tax Court of Johannesburg's ruling in favour of SARS on June 30, 2017. The litigation

  • Ghana raising $500m in loans to fund education pledge

    09 November 2018 7:09 PM 85

    Ghana is raising $500m in loans to help finance President Nana Akufo-Addo’s pledge to provide free secondary education at public schools. The Ghana Education Trust Fund, also known as the GETFund and governed by the Ministry of Education, will use the financing to build new schools and upgrade facilities after admissions soared since the implementation

  • Gold Fields cuts output forecast as SA mine struggles

    09 November 2018 7:35 AM 38

    Gold Fields [JSE:GFI] has lowered 2018 output forecasts after workers at its South African mine embarked on a go-slow and a strike protesting the producer’s plans to cut jobs as part of a restructuring. Production is now expected at 2 million ounces from an earlier forecast of as many as 2.08 million ounces to 2.10 million ounces, the Johannesburg-based

  • MTN is said to be nearing Nigeria deal over $8.1 billion claim

    09 November 2018 4:15 AM 27

    The MTN Group [JSE:MTN] is close to securing a deal with Nigeria’s central bank over an order to repay $8.1bn it is alleged to have illegally taken out of the country, according to a person familiar with the matter. A settlement is expected by Monday and could come as early as Friday, said the person, who asked not to be identified because they’re not authorised

  • Foschini Group stocks climb over 2% on half-year results

    08 November 2018 2:10 PM 76

    The Foschini Group's stocks climbed over 2% on the back of its half-year results release on Thursday. The fashion retailer's stock, which opened at R168 on Thursday, was trading ahead R165.90 ahead of the release, before climbing 2.6% to R170.22 just after. The group's unaudited financial results for the half year-ended September 30, 2018 reflects headline

  • Annual gold production falls by a fifth in September

    08 November 2018 10:02 AM 33

    South Africa's mining production for September decreased 1.8% year-on-year, Statistics South Africa announced on Thursday, with gold production falling by a fifth. Gold production for September 2018 was down 19% when compared to September 2017. This contributed -3.1 percentage points to SA's overall production decrease of -1.8%. Gold sales, meanwhile

  • Debit fraud: Here is how SA's big 4 banks are handling it

    08 November 2018 8:19 AM 74

    For bank account holders who have been victims of debit order fraud, banks have heard their concerns and have taken steps to prevent it. The four major banks – ABSA, Standard Bank, Nedbank and FNB – have partnered with the Payments Association of South Africa [PASA] to stop unauthorised debit orders going off clients' accounts. PASA's offering DebiCheck

  • Gautrain seeks R4bn for new trains

    08 November 2018 4:31 AM 36

    South Africa’s high-speed rail network, Gautrain, is seeking R4bn to increase its number of trains by 50% ahead of a potential expansion to other parts of Johannesburg and Pretoria. The Development Bank of Southern Africa is leading the fundraising, a spokeswoman said in an emailed response to questions on Wednesday. Canada’s Bombardier, CRRC Corp. of China