September 25, 2017

The Daily Dispatch – Business news



The Daily Dispatch – Business news

and the inside scoop on everything affecting South Africa's business landscape and both the local and national economy.

newspaper has a long and rich history dating back to 1872. It was the first penny daily newspaper published in the Eastern Cape in 1898. In its centenary it became the first newspaper in SA to offer full colour facilities to its advertisers and readers.

SAA to cut flights by 23%

South African Airways (SAA) plans to significantly reduce its flights by 23% from the end of the year‚ 37% of which would be on domestic routes‚ 11% regional and 4% on international. The initiative is part of a programme to remove loss-making routes and rationalise the airline’s network. The flight reduction will be the outcome

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SA banks ‘safe‚ well capitalised and sound‚’ despite Moody’s rating

The Banking Association of South Africa said the decision by Moody’s ratings agency to maintain its negative outlook for the banking industry was because of poor growth in the economic environment. Cas Coovadia‚ managing director association‚ said: “The decision is based on our banks’ exposure to the country’s broader economic environment‚ where growth has been

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Investors eye ocean economy wave

The exciting ocean economy, or Operation Phakisa, takes another step forward today when potential investors gather in Buffalo City to listen to government set out the opportunities. From tomorrow until Friday the national Department of Public Works will be @The Venue at Hemingways Hotel presenting some of the scores of coastal properties on its books

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SA economy exits recession

By: Sunita Menon And Staff Writers SA has left the economic recession behind‚ for now‚ as gross domestic product grew 2.5% in the second quarter from the first quarter. The biggest boost came in part from the agriculture‚ forestry and fishing sector — which grew by 33.6% and contributed 0.7 percentage points to GDP growth.

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Eskom was warned against Trillion payments

Eskom could have saved more than R300-million had it listened to advice it received in December that payments to Gupta-linked financial advisory firm Trillian were irregular and possibly illegal. Business Day https://www.businesslive.co.za/bd/national/2017-08-28-eskom-admits-it-lied-about-trillian-payments/ reports that this is likely to be revealed in a report that Eskom will submit to Public Enterprises Minister Lynne Brown on Friday.

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Manyi is the only shareholder in Lodidox

Former government communications boss Mzwanele Manyi is the sole shareholder in Lodidox‚ which bought the Guptas’ media interests with a loan from them‚ Manyi revealed on Wednesday. TimesLIVE had asked Manyi to disclose his shareholders‚ in terms of the Companies Act. Manyi revealed the documents during a press conference broadcast on ANN7. He called two

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Eskom lied about R1.6bn payments to Gupta-linked firm

By: Stephan Hofstatter And Sikonathi Mantshantsha Eskom chief financial officer Anoj Singh is allegedly behind the power utility’s lies when it defended payments of R1.6bn to Gupta-linked financial advisory firm Trillian and global consultancy McKinsey. Eskom admitted on Monday morning that it had lied to Business Day and other media in June when it said

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Gupta partnership ‘hurt’ state-owned arms firm Denel

State-owned arms manufacturer Denel is reeling after a bad year in which weapons orders plummeted‚ half its board jumped ship and a disastrous and costly partnership with associates of the Gupta family came to an end. Denel’s bungled partnership with Gupta-linked VR Laser Asia‚ which was cancelled on Friday‚ has cost it dearly by delaying

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Manyi furious over TimesLIVE request to reveal Lodidox shareholders

TimesLIVE has sent a legal letter demanding that Gupta ally Mzwanele Manyi provide information on the identities of the shareholders in his company Lodidox. Lodidox this week bought the Guptas’ newspaper and television station for R450-million with money loaned to him by the Guptas for the deal. It is law‚ according to Section 26 of

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‘Dodgy deals’ and power struggle at PetroSA

By: Natasha Marrian And Genevieve Quintal Allegations of the attempted “capture” of PetroSA form part of an affidavit filed at the High Court in Cape Town by a former board member who has applied to have his axing overturned. Former board member William Steenkamp alleges that the board was fired because it failed to support

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UPDATE: Guptas selling Tegeta mining interests

Gupta-owned Oakbay Investments announced on Wednesday that it was selling its mining business Tegeta Exploration and Resources‚ as the controversial family faces growing pressure over allegations of state capture. Tegeta has been at the centre of the allegations‚ which have implicated executives at state power utility Eskom. Oakbay said the mining assets would be sold

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Guptas selling Tegeta mining interests

Gupta-owned Oakbay Investments announced on Wednesday that it was selling its mining business Tegeta Exploration and Resources to Swiss-based Charles King SA for R2.97 billion. “The sale is part of Oakbay’s commitment to preserve jobs‚ provide certainty to over 7500 hard-working employees throughout the Group and to safeguard the inherent value of the businesses in

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‘Vodacom‚ I hope you’re having the worst day’ – Customers vent after data ‘theft’

Mobile network provider Vodacom has promised to reimburse customers who mysteriously lost data and said the error would be rectified. But the apology did little to calm anger among clientele. For some the consequences were potentially disastrous. High-profile consumers like Police Minister Fikile Mbalula‚ former public protector Thuli Madonsela and radio host Eusebius Mckaizer joined

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Banks may still not touch New Age accounts

Banks may still be cautious about allowing The New Age or ANN7 to open bank accounts for businesses purposes‚ even after the Guptas have sold these companies‚ say analysts. The Guptas’ company Oakbay has sold two thirds of the New Age newspaper and all of ANN7 TV station to their friend Mzwanele Manyi in a

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‘Your jobs are safe‚’ Guptas tell staff

Staff at the Gupta-owned ANN7 and The New Age have been told that their jobs are safe following the announcement that Oakbay are pulling out of their media interests. Management‚ which included family spokesman Gary Naidoo‚ New Age editor Ricky Naidoo and TNA/ANN7 editor-in-chief Moegsien Williams‚ addressed staff at a meeting on Monday following the

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Six companies face possible prosecution over employment equity

The Department of Labour’s Inspection and Enforcement Services branch has announced its intention to take six companies to court for prosecution for failure to prepare employment equity plans “and reporting to the Director-General on plans that do not exist‚ which amounts to misrepresentation”. The companies are Gooderson; Clientele Legal; Clientele Life; Mazor Aluminium; Mazor Steel;

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Guptas sell media businesses to Manyi

The Guptas have agreed to sell their shares in The New Age newspaper and ANN7 channel to Lodidox‚ owned by Mzwanele Jimmy Manyi‚ for R450 million. Oakbay Investments said in a press release: “The sale will also allow the shareholder [the Gupta family] the time to focus on clearing its name in the face of

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JSE opens firmer on upbeat Standard Bank interims

The JSE opened firmer on Thursday‚ supported by Standard Bank and Gold Fields on upbeat results and a positive trading update from troubled cement producer PPC. Gold shares were higher after the dollar lost ground against the euro in the wake of the US Federal Reserve minutes. The minutes‚ released on Wednesday‚ indicated seemingly divided

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SAA’s small business procurement policy ‘illegal’

SAA’s procurement policy‚ which sets aside 30% for small businesses‚ is illegal and will expose the airline to legal action by suppliers‚ including Bidair Services‚ according to a legal opinion obtained by the national carrier. The policy‚ which favours small‚ medium and micro enterprises owned by military veterans‚ rural women and previously disadvantaged youth‚ was

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Entrepreneurs gather in EL to map their way to success

The  “I am an entrepreneur” business summit was in East London for its fourth session over the weekend, connecting over a hundred young entrepreneurs. The mass-mentorship initiative is the brainchild of media entrepreneur Andile Khumalo, co-owner of MSG holdings. MSG now own Power FM , Capricorn FM and the up-coming Eastern Cape Rhythm FM. Khumalo

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