1954: The world's first nuclear power plant at Obninsk is activated and is still operating in present-day Russia. 
In the spirit of The Internationale, it’s Industrial Workers of the World Day.

RECAPTURING THE STATE 1: CLANDESTINE AGENDAS AT SARS

Former finance minister Pravin Gordhan was ignored when he asked for information on the new operating model at the South African Revenue Service. Appearing before the Judge Robert Nugent commission of inquiry into the tax agency, Gordhan painted a picture of secret agendas and lack of accountability during the restructuring of SARS. Suspended SARS commissioner Tom Moyane oversaw the restructuring process. Moyane and Gordhan had a fractious relationship that was on the brink of collapse when Gordhan was removed from the post of finance minister by former president Jacob Zuma and replaced by home affairs minister Malusi Gigaba. The restructuring was largely credited for the mass loss of staff from SARS, which has declined from 14 000 to 12 600. Gordhan was the first to be grilled by the panel (BDLive)

RECAPTURING THE STATE 2: PROBE PIC DEALS, PLEADS HOLOMISA

United Democratic Movement (UDM) president Bantu Holomisa has written an explosive letter to president Cyril Ramaphosa, accusing prominent business people of being involved in large-scale corruption at the Public Investment Corporation (PIC). This is the third letter Holomisa has written to Ramaphosa on the alleged corruption at the fund manager of the Government Employees Pension Fund. The document, published on the UDM’s website, details how prominent individuals, some with strong links to the government and the ANC, had allegedly unscrupulously received billions of Rand sin funding from the PIC.  Several of the transactions involved associated black economic empowerment groups that the PIC has funded. Among those named was the prospective empowerment partner of EOH, Lebashe Investment Holdings. (BDLive)

RECAPTURING THE STATE 3: KPMG DID NOT APPLY ITS MIND

Auditing firm KPMG should have terminated the relationship they had with the Gupta-linked entities as soon as there were red flags, Adv Tembeka Ngcukaitobi, who is leading the firm's legal team said yesterday. Ngcukaitobi, who was interviewing the firm's audit risk management partner Niel Morris, said KPMG continued to maintain its relationship with the family based on false information obtained on its client's assessment form. The Ntsebeza commission of inquiry, which is commissioned by the South African Institute of Chartered Accountants, is headed by veteran lawyer Dumisa Ntsebeza. It heard yesterday that the form repeatedly gave the controversial family a low-risk profile despite negative media coverage. Ntsebeza also questioned why KPMG did not do a thorough investigation into its client when they were in the public domain.
But Morris conceded that they had not "applied our mind appropriately". (Fin24)

SA COMPANIES STRUGGLE TO ADOPT NEW TECHNOLOGY

South African firms, which are behind the curve when it comes to the adoption of robotics, big data and machine learning, are on the cusp of embracing these emerging technologies, a research report shows. South African companies were "probably two or three years behind developed markets" in terms of integrating these technologies, World Wide Worx MD Arthur Goldstuck said. The study, based on interviews with information technology heads at 400 large companies in SA, found low existing usage but strong intent to take on new technologies. While only 13% of respondents said they already used big data and machine learning, another 55% said they would adopt these technologies soon, robotics had been deployed in only 6% of local companies, but a further 45% said they planned to do so. The remaining 49% of respondents said cost constraints were keeping them away from robotics. (BDLive)

ROUNDTABLE WEF FORUM TO TACKLE DOMESTIC CHALLENGES 

About 60 local and international businesspeople will meet cabinet members in Johannesburg tomorrow under the auspices of the World Economic Forum (WEF) to boost president Cyril Ramaphosa’s investment drive. The roundtable meeting between senior government members and business was unusual for the WEF, said head of business engagement Olivier Schwab, but it could become a more frequent style of event. The attendees are about evenly split between businesspeople from SA, the rest of Africa and abroad, including senior representatives from companies such as Coca-Cola, Siemens, Bain, Unilever and Procter and Gamble. Themes for discussion include global trends and how they affect SA; opportunities for regional co-operation; infrastructure; growth and investment; and job creation, especially for young people. (BDLive)

MERCEDES PAVES WAY FOR NEW C-CLASS

Mercedes-Benz Cars has invested €600m (about ZAR10 billion) to expand its East London manufacturing plant to make next generation C-Class vehicles, mostly for export, including the new Mercedes-AMG high-performance range. This is the largest single vehicle investment by a foreign original equipment manufacturer (OEM), says Nico Vermeulen, director of the National Association of Automobile Manufacturers of SA. The investment includes the construction of a new paint shop and a new body shop, an upgrade of the assembly shop and new logistics warehouses. Overall, the new buildings add about 65% more space to existing buildings for passenger vehicle production. (BDLive)

TEKKIE TOWN WALKOUT DIMS STAR’S PROSPECTS

Already struggling to distance itself from its scandal-ridden parent, Steinhoff Africa Retail (Star) is having to confront another crisis. Yesterday, Star’s wholly owned subsidiary Tekkie Town was thrown into turmoil after its CEO and chief operating officer walked out, after months of acrimony that saw Tekkie Town saying earlier in June it would sue Star over an earn-out agreement with Steinhoff. The new drama is another unwelcome distraction for Star’s management, who are struggling to contain the fallout from an accounting scandal at Steinhoff International, which wiped out more than 90% of the parent’s value. Tekkie Town founder Braam van Huyssteen said he would be serving Star with an eviction notice to vacate the premises it occupies and rents from him by the end of July. (BDLive)

HOMEWARE ENTRANT BOOSTS FRENCH PRESENCE

French homeware improvement retailer Leroy Merlin will be seeking to lay a foundation in SA when it officially opens its first retail store in Q2 2018. The retailer, which currently operates a pop-up shop in Greenstone Edenvale, as well as an online store, is set to come in direct competition with Cashbuild and Massmart-owned Builders Warehouse. Almost 29 out of the 40 companies in the French stock market index are already established in SA. Leroy Merlin is a part of Group Adeo, which employs 89,000 people across the world, including in 32 autonomous companies in 13 countries dedicated to 15 retail chains. (BDLive)

INVESTORS CASH IN ON LIFE HEALTHCARE BONANZA

Life Healthcare said it has paid a total of ZAR466.02 million to its shareholders as part dividends after a good performance in the six months to end March results. The group said a total number of 1 226 376 547 ordinary shareholders elected to receive the gross cash dividend, which was paid out of the distributable retained profits of the company, while 3 369 339 new ordinary shares were issued to shareholders who did not elect to receive the cash dividend in respect of all or part of their shareholding. Life Healthcare said the issuance resulted in a capitalisation of the distributable retained profits of the company of ZAR6.52 million. (IOL)

‘PLEASE CALL ME’ SETTLEMENT IN SECRET

After Vodacom went to court to apply for a gag order against him, Please Call Me inventor Nkosana Makate has agreed to not publicly discuss his settlement negotiations with the mobile operator. Two years after the Constitutional Court ruled that Makate must be compensated for coming up with the idea behind the service, he and Vodacom are still in talks about the "reasonable" amount he should be paid. Vodacom recently referred the matter to its group CEO, Shameel Joosub, for arbitration. (BDLive)

NO FANFARE AS GRINDROD’S SHIP SAILS

The unbundling of Grindrod Shipping from Grindrod and its listing on the Nasdaq last week was less than spectacular, with the share trading at a 30% discount to net asset value and trading volumes in New York thinner than expected. The NAV on listing was US$320 million, which equates to a theoretical value of about US$16.8 per share. Yesterday afternoon, the share was trading at US$15.50, valuing the company at US$271.2 million. On the Nasdaq just 7 000 shares traded in the last week, nearly all of those on Monday. Grindrod shareholders received 1 share in Grindrod Shipping for every 40 shares held in Grindrod Limited. This equates at current prices to about ZAR3.11 per Grindrod share prior to the unbundle. (Moneyweb)

‘DECEIVING’ FACEBOOK, GOOGLE INVOKES EU IRE

Facebook and Google are pushing users to share private information by offering "invasive" and limited default options despite new European Union (EU) data protection laws aimed at giving users more control and choice, a government study said. The Norwegian Consumer Council found that the US tech giants' privacy updates clash with the new General Data Protection Regulation (GDPR), which forces companies to clarify what choices people have when sharing private information. "(This) is at odds with the expectations of consumers and the intention of the new regulation," the 2018 study, entitled Deceived By Design, concluded. (Fin24)

TWITTER MOVES ON TROUBLESOME BOTS

Twitter said it’s making changes to combat abuse and malicious automated accounts, including requiring more authentication for new users, in an effort to address complaints that social networking services have allowed harassment and manipulation to run rampant. For the first time, Twitter is going to require confirmation of an e-mail address or phone number to sign up for an account. The company, which promotes itself as a place for public conversation over news and events, has long been criticised for making it too easy for malicious actors to create multiple spam accounts. (Fin24)

Critical thinking and problem solving
 

We are experiencing more and more as we work with people, that a practical workshop on the topic mentioned above has become a priority. 

So, we have put this great session together for you.

It’s true to say … “Employers want people who can use creativity, reasoning, and past experiences to identify and solve problems effectively “.

Employers book now for employees, it will reduce your frustrations.

→ Book Now:  Shân Cade | shan@shancade.co.za | 078 801 0896

•    Cost:  R620 pp or R550 pp for 2 or more people
•    Venue:  PMB venue
•    Date:  11 July 2018
•    Time:  08:30 to 12:30
 

(Terms and Conditions Apply)

www.shancade.co.za