Fin24.com | SARB wants probe on VBS bank to see if regulators were ‘asleep on the job’

Cape Town – The South African Reserve Bank (SARB) governor intends to appoint a commission to determine what went wrong at VBS Mutual Bank, a committee heard on Wednesday. The standing committee on finance was briefed by regulators on the progress made since VBS was placed under curatorship. SARB placed VBS in curatorship in March when it was found to be facing a liquidity crisis after municipalities withdrew their deposits, in line with the Municipal Finance Management Act. SARB deputy governor Kuben Naidoo responded to a question by Democratic Alliance…

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Brain drain at Telkom

Telkom recently released its financial results for the year ended 31 March 2018, which showed a big decline in headline earnings per share. As a result of lower earnings and it struggling to hold on to its fixed-line customers, Telkom cut its annual dividend by 16% to R3.55 per share. What emerged in reports following its financial results was that Telkom is also struggling with a loss of experienced executives. Since 2017, Telkom has lost over 50% of its executive committee. This includes COO Brian Armstrong and former BCX CEO…

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Criminal complaint laid against SACE for failing to vet teachers

Criminal complaint laid against SACE for failing to vet teachers against sex offenders register 30 May 2018 Democratic Alliance (DA) MP Sonja Boshoff and fellow party members have laid a criminal complaint against South African Council for Educators (SACE) board members for failing to vet teachers against the sex offenders register. The party says one of SACE’s core functions was to vet teachers against the register before issuing licences, in terms of section 47 of the Criminal Law (Sexual Offences and Related Matters) Amendment Act. On Sunday, City Press reported…

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Cell C gets CompCom approval to buy GloCell assets

The Competition Commission has recommended to the Competition Tribunal that Cell C’s acquisition of GloCell’s postpaid subscriber base be approved without conditions. Cell C told MyBroadband it is in discussions with GloCell for the acquisition of its postpaid subscribers. The transaction is subject to several conditions and approvals, with the Competition Commission one of them. The Competition Commission found that the proposed transaction is unlikely to substantially prevent or lessen competition in any market. “In addition, the proposed transaction does not raise significant public interest concerns,” it said. Cell C…

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SA urgently needs a ‘marshall plan’ for its imploding municipalities

Theuns Eloff writes the excellent and constitutional concept of ‘cooperative government has essentially stopped working South Africa urgently needs a ‘marshall plan’ for its imploding municipalities 30 May 2018 The Auditor-General (AG) Kimi Makwetu and the Minister of Cooperative Governance, Zweli Mkhize, recently stated things are worsening with the finances (and by implication therefore with service delivery) at municipalities. The shocking figures in this regard are already well known: irregular expenditure increased to R28.3 billion (from R 16.2 billion in 2015/2016) nationwide – an increase of 75%. In addition, 128 of the 257 the municipalities across the country are experiencing serious financial difficulties, and only 13% (33) received clean audits. Eskom has announced that…

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‘No it’s not a prank’ – Bheki Cele tells callers at 10111 call centre

‘No it’s not a prank’ – Bheki Cele tells callers at 10111 call centre 30 May 2018 Minister of Police Bheki Cele went all out in honouring his promise to serve the South African public by fighting crime. Abandoning his position at the helm of the country’s police force for that time, Cele found himself a work station at the 10111 call centre on Tuesday, donned a headset and answered calls from members of the public. Part of his experience was captured on camera. In a video clip, which is…

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Minimum wage will hold the youth captive – Solidarity

Movement says those potential employees, who would be prepared to start at entry level would now not be able to enter the market Minimum wage will hold the youth captive – Solidarity 30 May 2018 Trade union Solidarity today pointed out that it is of the opinion that the approved minimum wage would indeed be to the detriment of the youth and the long-term unemployed, and it would mean that those groups would be left out of the labour force for even longer. According to Morné Malan, a researcher at…

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Slave wage disguised as national minimum wage – EFF

EFF statement on decision to vote against the National Minimum Wage Bill in Parliament 30 May 2018 The Economic Freedom Fighters (EFF) voted against the government efforts to institutionalise and legitimize slave wage disguised as a national minimum wage. At the first EFF National Assembly in July 2013, our founding manifesto adopted seven cardinal pillars. Cardinal pillar number five says there must be massive protected industrial development to create millions of sustainable jobs, including the introduction of minimum wages in order to close the wage between the rich and the…

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ANC covers up State Capture in Mineral Resources – James Lorimer

ANC covers up State Capture in Mineral Resources 30 May 2018 The long-delayed inquiry into State Capture in the Department of Mineral Resources is being sabotaged by the ANC. Months after being instructed by House Chairperson Cedric Frolick to conduct an inquiry into the behaviour of previous Minister Mosebenzi Zwane, Parliament supplied an evidence leader and the process appeared, at last, to be on track. However, at today’s meeting of the Portfolio Committee on Mineral Resources, the evidence leader Ms Fatima Ebrahim reported that her plans to travel to interview…

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SA Express CEO is now calling the shots at Denel – Solidarity

Solidarity demands explanation as former SA Express CEO is now calling the shots at Denel 30 May 2018 Trade union Solidarity today demanded an explanation from both the newly appointed chair of the Denel board, Ms Monhla Hlahla, and the Minister of Public Enterprises, Mr Pravin Gordhan, after it came to light that Mr Victor Xaba, former acting CEO of SA Express, has been appointed as acting CEO of Denel Aeronautics. Solidarity’s concerns about the appointment follow shortly after it became known that SA Express had awarded a controversial R2,4…

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