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RACE DAY REVISITED

PCB Blog Image

(ltr) Jannet Finch (Fresh Eyes Communication), Jennifer Anthoo (Anthoo Marion and Associates), David Poole (Austen Smith Attorneys)
and Ziningi Malinga (Mancosa).

Christine Smith (SA Airlink) and Bengs Nkosi (Face of KZN Model Search).

An undoubted highlight on the Pietermaritzburg Chamber of Business calendar is Race Day at the Scottsville Racecourse. Apart from the opportunity to place a bet on the horses, the real value is the chance to socialise with sponsors, PCB members, colleagues and guests over lunch, away from the workplace.

   
   
 
     
  Today in History  
     
 

1993: Both Canada and Turkey elect female heads of government for the first time; Kim Campbell in Canada and Tansu Çiller in Turkey.
For the nostalgic, it’s Global Beatles Day.

 
     
  News worth knowing  
     
 

GORDHAN IN BID TO RESCUE SOES

In a sign that state-owned enterprises (SOEs) are still in dire straits after a decade of mismanagement and corruption during the Jacob Zuma era, public enterprises minister Pravin Gordhan and the Treasury have appealed for heads of major banks and asset managers to help bring them back to health. A delegation including Gordhan and deputy finance minister Mondli Gungubele met with financial sector CEOs last week to appeal both for funding and solutions on restructuring state-owned companies. The meeting is an indication that banks have not yet restored lending, as concerns remain over their exposure to the sector and to Eskom in particular. All the SOEs are in severe financial difficulties and government guarantees are no longer considered adequate insurance against the risk of default. The Banking Association SA, the Association for Savings and Investment SA, the Treasury and the Department of Public Enterprises are due to issue a joint statement on the initiative today. (BDLive)

 
 

JONAS BACKS ESKOM BREAK UP

Eskom, SA’s biggest state-owned enterprise, should be broken up into smaller entities, according to former deputy finance minister Mcebisi Jonas. This comes in the midst of wage negotiations and strikes at the embattled power utility. Unions rejected a 4.7% wage offer last week. Jonas is now a member of cellphone operator MTN’s board. Jonas said: "It’s a huge state monopoly that’s highly inefficient and there is a case for unbundling." This would entail splitting the embattled SOE into constituent businesses, he said. "Stabilisation isn’t enough. The more difficult challenge is going to be actually effecting transformation by rethinking and remodelling SOEs," he said. This did not necessarily mean privatisation but rather a convergence between public investment and private investment into these entities. (BDLive)

 
 

PIC BOSS’S FUTURE UP IN THE AIR

The future of Public Investment Corporation (PIC) CEO Dan Matjila came under scrutiny again on Friday, when the board held a lengthy meeting at which it was put under pressure to explain how and why it had cleared him of allegations of wrongdoing in September. The PIC, which manages almost ZAR2 trillion in government pension and other funds, is the biggest asset manager in the economy and SA’s most influential investor. It has been subject to some instability over the past year, with several attempts to oust Matjila and several suspensions and dismissals of staff. The pressure came from the new chairman of the PIC, deputy finance minister Mondli Gungubele, who has been in the post only a few months. (BDLive)

 
 

SHAREHOLDERS BAULK AT PSG REMUNERATION 

PSG has undertaken to engage with its shareholders after a hefty 32% vote against the implementation of its remuneration report at Friday’s annual general meeting. Concerns about the shortage of independent directors and inadequate disclosure about its remuneration policy appear to be behind increasing levels of shareholder opposition. PSG CEO Piet Mouton said that they had taken note of the voting. "We will go back to the drawing board and then engage with the dissenting shareholders." In voting at Friday’s AGM, there was an almost doubling of the vote against PSG’s remuneration policy. In June 2017 only 16.47% of shareholders voted against the remuneration resolution. (BDLive)

 
 

HOLOMISA ON WARPATH OVER VBS PROFLIGACY

President Cyril Ramaphosa must extend the powers of the state of capture inquiry or establish a new inquiry into alleged corruption at VBS Bank, says United Democratic Movement (UDM) leader Bantu Holomisa. His call follows allegations in weekend reports that the collapsed bank’s funds were used to finance the flashy lifestyle of Venda king Toni Ramabulana and several executives linked to VBS. The spending spree included a helicopter, a Clifton dwelling worth ZAR29 million and various luxury cars, the Sunday Times reported. Illegal deposits of about ZAR1.5 billion were alleged to have been used from municipalities, many of which are now unable to fund service delivery. About ZAR900 milion in VBS deposits is unaccounted for. The bank is under curatorship while an investigation continues. (BDLive)

 
 

NASPERS LOOKS TO JOIN LENDING FRAY

Naspers, Africa’s biggest company by market value, planned to start offering lending services in SA and other African markets, CEO Bob van Dijk said. The internet and media group will join a number of technology companies, including mobile operators MTN and Vodacom, that are wading into the continent’s financial services industry to reach a large number of potential clients who are excluded from traditional banking and other financial services. Through its PayU fintech unit, Naspers in 2017 invested in German credit-scoring company Kreditech, which generated €45 million (about ZAR705 million) in revenues in 2016. It also has lending interests in Brazil and India. "We intend to bring credit solutions to all of our PayU markets, including Africa," Van Dijk said. (BDLive)

 
 

GLOBAL TRADE HEADING FOR TURBULENT WATERS, EU WARNS

The global trade war is about to get worse, as the rules-based system of international commerce is poised to revert to an environment where the strong impose their will upon the weak, according to an internal memo circulated among European Union governments. The disputes between the US and its closest trading partners are set to escalate “in the coming months, as more unilateral measures are threatened and imposed, leading, in some cases, to countermeasures, or to mercantilist deals,” according to the European Commission, which manages trade policy for the entire bloc. The dire warnings come as the exports-based European economic model risks crumbling under pressure from president Donald Trump, who has sought to narrow the US trade deficit at all costs, even if that means an unraveling of global rules. After imposing punitive tariffs on steel and aluminum imports from Europe, Trump now threatens a 20% levy on European cars, in a measure that would deal a massive blow to the EU’s auto industry. (Fin24)

 
 

OIL SLIPS AS OPEC OPTS FOR MORE OUTPUT

Brent crude oil prices fell more than 1.5% on Monday as traders factored in an expected output increase that was agreed at the headquarters of oil cartel Opec in Vienna on Friday. Despite this, analysts said global oil markets were likely to remain relatively tight this year. Prices initially jumped after the Opec deal was announced late last week as it was not seen boosting supply by as much as some had expected. (BDLive)

 
 

BITCOIN BUCKLES UNDER REGULATORY SCRUTINY

Bitcoin dropped to the lowest level this year as pressure mounts on the embryonic digital-currency sector, with global central bankers raising questions of viability and government regulators increasing scrutiny. The biggest virtual currency fell as much as 5.2% to US$5 825.10 on Sunday, piercing the previous low of the year of US$5 920.72 that was set on February 6, according Bitstamp prices. That bought its decline from the record high of almost US$20 000 reached in December to 70%. (Fin24)

 
     
  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 through to 100, 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  
     
 
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You never know how strong you are… until being strong is the only choice you have.

Cayla Mills

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  financial indicators  
     
 
Dollar R13.51 - 0.80%
Pound R17.90 - 0.70%
Euro R15.73 - 0.63%
Yen 0.123486  
Repo 6.50  
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Prime 10.00  
 
 

These rates are correct at time of going to press.