May 26, 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.

‘We smell a rat’ – says Numsa on General Motors’ pull-out from SA

The National Union of Metal Workers of South Africa (NUMSA) says it will be consulting lawyers regarding General Motors’ (GM) announcement to pull its operations out of South Africa. “This is the second time that GM is pulling out of South Africa‚ and as NUMSA we smell a rat. We suspect that the shareholders got

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Masutha and Gigaba in talks on reviving special Fica advisory council

Justice Minister Michael Masutha is in talks with Finance Minister Malusi Gigaba over the restoration of the special advisory council which was legislatively provided for under the Financial Intelligence Centre Act (Fica) of 2002 but then abolished under this year’s amendments to the legislation. The council was never established but Masutha said at a media

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Gigaba re-enters legal battle with Oppenheimer aviation company

Finance Minister Malusi Gigaba has re-entered a legal battle between the Department of Home Affairs and Oppenheimer aviation company Fireblade over a rejected application for customs and immigration services at its OR Tambo terminal. Fireblade is seeking to review a decision by then home affairs minister Gigaba in November‚ denying customs and immigration services at

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Mthatha park project to boost jobs

The first phase of the Vulindlela Industrial Park was launched this week following a R22-million upgrade of the park’s infrastructure in Mthatha. The move is part of an effort to revive several defunct industrial zones across the province – and to create jobs. The project, which is being managed by the Eastern Cape Development Corporation

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Molefe didn’t resign – he retired‚ says Eskom

Former Eskom chief executive Brian Molefe did not resign but asked for an early retirement package after less than two years at the helm of the power utility‚ a member of the power utility’s board has said. He left Eskom in November last year following the release of the public protector’s State of Capture report.

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Irate Kuga owners still await answers as probe deepens into Ford

Ford Kuga fire victims are furious with the National Consumer Commission over the silence around its investigation into the global car manufacturer. But‚ says the commission‚ the silence is to ensure that the investigation is thorough and that Ford does not get away with any possible infringements. Between January and February‚ irate Kuga owners approached

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Rand weakens as US confirms business tax rate drop to 15%

The rand lost more than 20c in late afternoon trade on Wednesday after the dollar gained on speculation US President Donald Trump’s expected tax breaks would be bigger than anticipated. Treasury secretary Steve Mnuchin confirmed the business tax rate would be reduced to 15% from 35%‚ which would be a boost for small businesses. The

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Top Transnet post for port boss – Chamber lauds Brown’s hardwork

Jacqueline Brown, the East London port manager, is leaving the city to take up a Transnet head office position in Johannesburg, the port’s spokesman, Terry Taylor said yesterday. Brown will become the Transnet National Ports Authority (TNPA) executive manager for capacity development and enablement. The new acting port manager is Alvin Singama. Singama, a port

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Uncertainty over radical economic transformation ‘slow poison’ for investor confidence

Recent changes in government policy are driving a sharp decline in uncertainty among investors‚ an index published by North West University (NWU) shows. The NWU School of Business and Governance on Thursday released the Policy Uncertainty Index (PUI) for the first quarter of 2017 – and according to Professor Raymond Parsons‚ recent political events have

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SA to get world’s first biometric credit cards

South Africans will be the first in the world to use biometric credit cards. Mastercard will introduce the technology by the end of the year‚ allowing consumers to pay with a combination of a chip in the card and a fingerprint. “Authenticating a payment transaction biometrically — in this instance via a fingerprint — confirms

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Petrol prices expected to spike next month

Fuel price hikes will be the first major expense to hit South Africans in the wake of a weaker rand‚ the Automobile Association of South Africa has warned. The AA’s mid-month data forecasts that as of next month petrol will go up by 55 cents a litre‚ while diesel will cost around 30 cents a

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Banks downgraded but not to worry

Standard & Poor’s yesterday downgraded its ratings for seven local banks to junk status following its decision to rate the country’s foreign debt as junk status. The rating agency outlook measurement on the banks is negative‚ suggesting further downgrades. S& P said the bank downgrade was because “we do not rate financial institutions in South

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SA’s sovereign credit rating downgraded to junk status

S&P Global Ratings cut South Africa’s sovereign credit rating to junk status on Monday following an emergency meeting over the weekend. The ratings agency decided the economic crises President Jacob Zuma plunged the country into with his midnight cabinet reshuffle on March 31 was too severe to wait until June 2 for its next scheduled

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Bonds weaken as the rand loses 30c against the dollar

The South African bond market was weaker at midday on Monday after the rand lost 30c against the dollar in choppy trade. Bonds yields have risen‚ meaning prices have fallen‚ following President Jacob Zuma’s Cabinet reshuffle last week in which Malusi Gigaba replaced Pravin Gordhan as finance minister. The rand weakened to R13.69/$‚ the weakest

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BCM gets high marks in the financial stakes

They may be in and out of court over business shenanigans and caught in the middle of bizarre council faction fights, but this week metro bosses were patting themselves on the back after a ratings agency found that Buffalo City Metro has the best financial profile in South Africa. Independent Ratings Afrika gave BCM the

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On the drive for changing the future

Black entrepreneurs who joined a predominantly white business network franchise in East London on Thursday night said they needed to move on and do business on a mixed platform. There was applause when it was announced that the eighth group, or “Rainbow Chapter”, of Business Network International (BNI), was to be run by Ntombi Matyobeni,

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SARS has not yet paid almost R20bn worth of VAT refunds

The total value of VAT refunds‚ which had not been refunded by the South African Revenue Service (SARS) by end-February amounted to R19.6bn of the R129.3bn claimed during the 2016-17 tax year‚ Finance Minister Pravin Gordhan said on Thursday. His written reply to a parliamentary question by DA deputy finance spokesperson Alf Lees comes in

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R69m CitiBank ‘collusion’ settlement under the spotlight

The Competition Commission on Wednesday failed to disclose the percentage of its turnover the company will be paying as a fine. This happened at a Competition Tribunal hearing in Pretoria held to determine the fairness of a R69.5-million settlement agreement reached with CitiBank for its role in alleged anti-competitive behaviour by 14 banks relating to

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Top EL company enters mageu drinks market

A leading Eastern Cape dairy is spending R10-million on getting into the traditional maize drinks market. Sundale Free Range Dairy, based in the East London Industrial Development Zone (ELIDZ), is diversifying further by buying out the Mageu line from food and beverage company, the East London Vinegar Factory (Elvin). Sundale will put the new maize drinks

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Small decrease in grocery prices

In the wake of Finance Minister Pravin Gordhan’s budget speech last week in which he introduced new tax measures that target the rich and prioritise social spending, consumers can expect some relief at the tills as the prices of basic household grocery items continue to show signs of decline. January saw prices of items such

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