Steinhoff implosion staggers SA

The collapse of Steinhoff International’s share price this week, following allegations of accounting fraud, is being described as the biggest corporate failure on the JSE so far, but it may just be the tip of the iceberg. On Thursday afternoon, Finance Minister Malusi Gigaba said he supported a decision by the Financial Services Board (FSB) […]
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How you will pay for Zuma’s free education plan

The government is considering drastic budget cuts to fund free higher education, including cutting social grants, freezing the roll-out of RDP houses and increasing taxes. With the country facing an unpre-cedented R50.8‑billion revenue hole, a treasury document has been put before President Jacob Zuma by the presidential fiscal committee, outlining possible areas where budgets could […]
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Saudi tensions could increase SA fuel prices

The recent political upheaval in Saudi Arabia will lead to South African motorists paying an additional 70 to 80 cents more for fuel in December. And there could be a further increase of about 60 cents in January if current tensions persists, says Econometrix chief economist Azar Jammine. Oil, which has traded at about $50 […]
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Ben Martins denies Gupta ‘tea party’ with Eskom legal head

Deputy Public Enterprises Minister Ben Martins has denied meeting suspended Eskom head of legal Suzanne Daniels with Ajay Gupta and Duduzane Zuma in a flat near Melrose Arch in 2017. “I am perplexed by Ms Suzanne Daniels’ testimony to the parliamentary inquiry into Eskom,” he said in a statement on Thursday. “She falsely claimed that […]
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Gigaba’s first test: Can he ace the mid-term budget?

Finance Minister Malusi Gigaba is in an unenviable position. In his maiden budget – today’s medium-term budget policy statement – he must confront, among other things, low economic growth, a tax revenue hole big enough to fly a plane through and the budgetary consequences of struggling state-owned enterprises. These issues are some of the chief […]
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JZ nukes protocol for his own agenda

Amid the long series of Gupta emails that show the family’s trail through the corridors of “state capture”, it can be easy to lose sight of the other instance of “state capture” — or even “country capture” — that is afoot. Jacob Zuma’s Cabinet reshuffle earlier this week, his 11th in the eight years he […]
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Banks go on the offensive to parry political attacks

South Africa’s banks have gone on the offensive after being criticised by some politicians over their lending practices and records in addressing racial inequality. Attacks on the lenders have been led by Jacob Zuma, who’s accused them of monopolising the financial services industry, and questioned whether they colluded when closing accounts belonging to members of […]
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UK to probe European banks linked to SA state capture

A complaint about European banks who may be involved in the illicit financial flows of state capture in South Africa has been forwarded to two law enforcement agencies in the United Kingdom, leaving these banks open to investigation and prosecution. The Chancellor of the Exchequer Philip Hammond forwarded a message about banks based in the […]
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Achieve your franchise dream -here’s everything you need to know

South Africa’s economy is under significant pressure and, for a number of reasons, there is little promise that this will change in the near future. In May this year, the International Monetary Fund (IMF) predicted only 1% growth in 2017, up 0.2% from their previous prediction of 0.8%. While it may be moving in the […]
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