Copy
VIEW ONLINE  |  FORWARD
46c9beab-5448-48c1-b143-69abc74d6629.jpg
   
 
EDDELS WALKING THE TALK
Child welfare manager Phumzile Gwala with one of the 10 boxes of shoes handed over buy Eddels representative Amy Comley,

Leading shoe manufacturer Eddels recently donated 300 pairs of shoes to the Pietermaritzburg Child Welfare as part of its outreach programme to make a difference and in recognition of the organisation’s work in the community. The shoes will be distributed to children in need, according to the organisation’s director Julie Todd.

   
   
MICHAELHOUSE MAKES HERITAGE HISTORY
The Bishop of Natal, Bishop Dino Gabriel, presiding over the official opening of Michaelhouse’s new heritage centre.

The Michaelhouse community celebrated Heritage Month with the opening of its new custom-built Heritage Centre to house interactive digital and physical displays marking the school’s 122-year history. The first South African school to digitise its history, the project is a joint initiative of the school and its Old Boys’ Club, and is set to become a feature on the Midlands Meander. The 980 sq/m facility includes modern heat and moisture controlled basement facilities, an interactive display area, and a gallery space dedicated to the many renowned artists who have passed through the school’s ranks.

   
   
 
     
  Today in History  
     
 

1937: JRR Tolkien's The Hobbit or There and Back, was published.

International Day of Peace is marked today and so too is World Alzheimer’s Day.

 
     
  News worth knowing  
     
 

MA BAKER CRIES FOUL OVER RHODES JOB CUTS

A row over job cuts at Rhodes Food Group’s subsidiary, Pietermaritzburg-based Ma Baker, has spilled into the open. Ma Baker founder Wayne Lund alleged that the move was in contravention of the April 2017 sale agreement and Competition Commission conditions for the merger. Lund, who in 1987 established Ma Baker – a producer of pies, pastries and snacking products – said this week that Rhodes had left a number of the company’s former employees in the lurch. "It became obvious to me, as people were fired on an ongoing basis that Rhodes never intended to honour their commitment to my former staff members, many of whom had over 20 years of service," said Lund. Rhodes bought Ma Baker for ZAR212 million - its largest transaction since the company’s 2014 JSE listing - in a deal that gave the food producer a bigger footprint in the pie and pastry market. Rhodes CEO Bruce Henderson disputed Lund’s allegations and insisted that the retrenchment of the 12 employees was within the law and in compliance with the commission’s conditions. (BDLive)

 
 

CLOSE CALL TO KEEP INTEREST RATES ON HOLD

The SA Reserve Bank’s decision to keep interest rates unchanged was as close as it could be, with the monetary policy committee (MPC) separated by a single vote, and probably swayed by another grim economic forecast. It is understood that four members of the MPC voted for no change in rates; three voted for a 25-basis-point increase. Governor Lesetja Kganyago and his colleagues said the economy would likely grow just 0.7% in 2018, meaning they have cut the outlook by a full percentage point in the past two meetings. While they still expect expansions of 1.9% and 2% in the next two years, that will now be coming off a much lower base. (BDLive)

 
 

MINING CHARTER CRACKS CABINET NOD

South Africa's cabinet approved a long-delayed mining charter that sets out requirements for black ownership levels and backed the withdrawal of a mining bill after industry opposition, communications minister Nomvula Mokonyane said yesterday. She said more details about the charter would be announced today by president Cyril Ramaphosa when he unveils a new economic stimulus package, to kick-start economic growth. The mining charter - which was introduced to redress the exclusion of black people in the mining sector under apartheid - could, however, still be the subject of legal challenges if mining companies are unhappy with its contents after it is published. The Minerals Council, which represents South African mining companies, says policy and regulatory certainty could potentially add ZAR122 billion in capital expenditure to the struggling mining sector over the next four years. (Reuters)

 
 

SECTION 25 DATA COLLATION RAISES HACKLES

Drama about the suitability of a company to collate data about the findings on possible constitutional amendments to ease expropriation of land without compensation overshadowed parliament’s constitutional review committee seeking an extension to a September 28 deadline. MPs rejected the findings by Silumko Consulting and questioned how parliament selected the company to collate the data and whether its staff was capable of doing a proper job. The panel has yet to decide how the submissions will now be evaluated. The committee received 449 522 valid written submissions and 65% of respondents favoured an unchanged constitution, while 34% wanted it amended, according to an analysis by Silumko, a recruitment and data capturing company that had initially been hired to assist parliament with the collection of submissions and not the drafting of a report. MPs across the political spectrum poked holes in the report’s credibility with some MPs described the report as "amateurish" and without a clear methodology. (BDLive/Bloomberg)

 
 

COURT SILENCES PENSION FUND WHISTLEBLOWER

Pension fund whistleblower Rosemary Hunter’s campaign to force the Financial Services Sector Authority (FSCA), formerly known as the Financial Services Board (FSB), to investigate irregularities surrounding the cancellation of 4 600 pension funds was rejected in the Constitutional Court yesterday. Hunter achieved a few minor victories, including gaining access to the previously withheld reports by Judge Kate O’Regan and KPMG. She was also granted leave to appeal (though lost the actual appeal) and was found to have sufficient standing in court to represent the public interest. The court further softened the blow by refusing to grant a costs award against her. But the big fight – to force an investigation into the so-called cancellations project and any prejudice suffered by beneficiaries – was lost on the grounds that the FSCA had already launched investigations by engaging O’Regan, KPMG and pension funds attorney Jonathan Mort. In a minority judgment, three judges said it was “common ground that the cancellations project was infested with unlawfulness” and that “the FSCA had a lax approach to lawfulness in the cancellations project.” (Moneyweb)

 
 

PUBLIC SERVANTS MEDICAL SCHEMES TO BE CONSOLIDATED

The Council for Medical Schemes is proposing consolidation of all medical schemes for public servants into the Government Employees Medical Scheme (GEMS) in line with government policy on National Health Insurance. The proposal is contained in a discussion document released for public comment on Wednesday and is likely to run into opposition from industry players and public servants alike. The state contributes significantly to public servants’ medical scheme contributions. Unionised workers are likely to resist moves they see as a threat to their current benefits. State sector schemes make up about 30.3% of the industry and include Polmed for the police and Parmed for MPs and judges. The council identified 10 schemes that could be amalgamated with GEMS, including those of state-affiliated entities such as the SABC and Rand Water. It said that consolidating public sector medical schemes with GEMS offered potential savings; a larger scheme would have more negotiating power with health-care providers. (BDLive)

 
 

NIGERIA REVIEWING MTN FINE

Nigeria's central bank is reviewing information provided by MTN and four banks accused of helping the South African telecoms company to illegally repatriate US$8.1 billion (about ZAR116 billion), with a view to reaching an equitable resolution, it said. Last month the central bank said it had ordered MTN and the four banks to bring US$8.1 billion back into Nigeria that it alleged the telecoms firm sent abroad in breach of foreign exchange regulations. Nigeria's financial regulator said it would continue to welcome foreign investments, and that the sanctions imposed on the banks were not designed to restrict access to investor returns. (Reuters)

 
 

ARE WEED INVESTORS BUZZING IN A BUBBLE?

Investors are craving marijuana stocks as Canada prepares to legalise pot next month, leading to giant gains for Canada-based companies listed on US exchanges. Some experts are concerned that the ending will be a buzzkill. Billions of dollars have poured into the stocks in the last few months, and investors smell green (money, not leaves) in the air as they consider the opportunities these companies might have as the marijuana market in Canada grows, along with the possibility that the US and other countries could follow suit. The value of one company, British Columbia-based Tilray, has jumped 10-fold since its initial public offering just two months ago.  (Bloomberg)

 
 

MORE NEWS, NOTICES AND APPEALS

 

IT’S TIME FOR OPEN GARDENS IN THE MIDLANDS

 

Garden enthusiasts are looking forward to the Open Midlands Gardens, on show from September 22 to November 25. The addition of 44 new gardens brings the total to 58 gardens in what is a showcase for gardening excellence and also a means to raise funds for charity. Last year ticket sales raised ZAR65 000 with the Harcourts Foundation donating an additional ZAR 20 000. The ZAR85 000 total was shared among local charities chosen by the gardeners. Season tickets cost ZAR60 with ZAR10 for a single entry. This year also sees the launch of The Great Little Garden Route that features 21 smaller gardens in Pietermaritzburg and Hilton from October 20-21. Tickets for this route are priced at ZAR50 with proceeds destined for PADCA. For more information, contact beth@purplemookiting.com
 

 
   
     
  Advertorial  
     
   
 

LA ROSE WEDDING, FUNCTION AND EVENT VENUE


has been operating successfully since June 2015,

offering an exclusive country venue for hire.

 
Situated in the Natal Midlands, off the Hilton College Road we are conveniently close to all amenities, whilst being in the calm of the countryside. Surrounded by spacious rolling lawns, we have a wonderful established garden with views across the uMngeni Valley and Drakensberg range on the horizon.
 
Diverse options are available – we mainly offer DIY/self-catering - however we will assist you on your journey with lists of accommodation and preferred suppliers to create the perfect package to suit your budget. We are also available to plan and create a complete package if you so require. 
 
We host corporate events, team-building, staff year ends, weddings and birthday parties to name a few. 
 
Suitable for groups of 30 to 150, although provision can be made for larger groups as well.
 

CONTACT US FOR YOUR NEXT CORPORATE EVENT, TEAM BUILD, WEDDING OR BIRTHDAY CELEBRATION
 
Email: info@larosedesvents.co.za
Cell: 082 445 6441 / 072 456 1097
Website: www.larosedesvents.co.za

 
     
  QUOTE  
     
 
a15e8135-2af7-4685-a114-a460e27d7ec8.gif

If we can be the best people we are as individuals, then that's the way to change the world. 

Byron Howard

89352eb5-1fe4-45d9-8eb0-bde15cade8ae.gif
 
     
  financial indicators  
     
 
Dollar R14.32 - 0.16%
Pound R18.91 + 0.35%
Euro R16.86 - 0.08%
Yen 0.126768  
Repo 6.50  
Platinum $ 832.50 + 0.90%
Gold $ 1208.62 + 0.18%
Oil $ 78.07 - 0.89%
All Share 56831.86 + 0.50%
Prime 10.00  
 
 

These rates are correct at time of going to press.