1985: The Live Aid benefit concert, held simultaneously in London and Philadelphia, raised millions to help relieve a devastating famine in Ethiopia. Over a billion people around the world watched the show.

There’s no shortage of examples to inspire
the celebration of Fools Paradise Day.

WILL CURRENT LAND COMPLEXITIES SEE DISGRACED POLICIES RISE?

Exempting land under the stewardship of traditional leaders merely serves to entrench the old bantustan boundaries, according to an academic. Here’s the link.

HASWELL APPOINTED TO EZEMVELO BOARD

KZN MEC for economic development, tourism and environmental affairs Sihle Zikalala has announced the newly board of Ezemvelo KZN Wildlife that will serve for three years. The new board is chaired by Dr William Mngoma and assisted by incumbent board members Bonginkosi Mthembu, Thulisa Ndlela, Vusi Mvelase, Sipho Mtolo and Seeng Lebenya. New board members are Thandeka Ntshangase, Ian Wing, Sihle Ndlovu, Robert Haswell, Diana Hoorzuk and Sinegugu Ncube. (DEDTEA)

PROTESTS SHUT RBM OPERATIONS

Operations at Richards Bay Minerals has ceased due to violent community protests which saw a security guard killed earlier this week, the company and the National Union of Mineworkers said. The NUM said its 900 members were on forced leave because of the violence, which he said was rooted in grievances between the company and contractors. (Reuters)

VOLATILE RAND UP ON CHINA NEWS

The Rand strengthened to under ZAR13.30 to the US Dollar in the early hours of Friday, reaching ZAR13.27 at about 3.30 am after China had reported a record US$44.16 billion (about ZAR588 billion) trade surplus, far exceeding the expected US$28 billion economists’ consensus for June. The portion of China’s trade surplus attributable to the US was US$29 billiion, a figure likely to be used by the Trump administration to defend its tariffs on Chinese imports. The Rand was trading at ZAR13.29 to the US Dollar, ZAR15.51 to the Euro and ZAR17.53 to the Pound at 6.45 am. (BDLive)

RAMAPHOSA LANDS SAUDI COUP

President Cyril Ramaphosa’s ambitious plan to attract US$100 billion to kick start the country’s struggling economy got a major boost yesterday, when Saudi Arabia committed to invest US$10 billion (about ZAR133 billion) in the country. This is expected to be invested in the energy and power creation sectors. Ramaphosa met with King Salman bin Abdulaziz al Saud in the port city of Jeddah yesterday. South Africa imports an estimated 47% of its oil from Saudi Arabia, and Pretoria regards the country as a strategic partner in the Middle East. Total trade amounted to more than ZAR56 billion in 2017. The country is also a large investor in South Africa, especially in the area of renewable energy. Ramaphosa is on a three-country visit that started in Abuja, Nigeria and will end in the United Arab Emirates. (Fin24)

ESKOM WANTS ITS INTEREST BACK

Eskom is in talks to recover the interest on money paid to global consultancy McKinsey & Company, the electricity producer has confirmed. The utility said it was in "protracted talks" with the management consultancy to recover the capital amount, claim back VAT and recover interest accrued on the capital. Last week McKinsey refunded Eskom the ZAR902 million it received from the utility, part of the ZAR1.6 billion it shared with Trillian Capital — money that was stolen by executives at the utility. The unpaid compound interest on the total amounts to ZAR352.6 million over the two-year period at the prime interest rate of 10% a year. (BDLive)

COMMISION RAILS AGAINST ‘SUSPECT’ VAT INCREASE

The SA Human Rights Commission has criticised government for its decision to raise the Value-Added Tax (VAT) rate by the one percentage point in April, arguing it is a regressive tax hike that appears to be “constitutionally suspect”. The VAT rate was raised from 14% to 15% on April,1 the first change since 1993. The hike was announced by former finance minister Malusi Gigaba in the 2018 Budget. Gigaba, who was replaced as finance minister by Nhlanhla Nene shortly after his Budget speech, said the VAT hike was expected to raise an additional ZAR22.9 billion for the state's coffers. While Gigaba argued at the time that the hike was "unavoidable if we are to maintain the integrity of our public finances” the SAHRC said in its latest Equality Report that the tax hike was regressive, and would impact the poor the hardest. It also hit out at the government over its lack of planning. (Fin24)

IS VICEROY GUILTY OF ITS OWN VERDICT?

Viceroy Research, the self-styled crusader against corporate malfeasance, would probably not pass the anti money-laundering requirements necessary to open a stockbroking account in its own name. This was the view of Intellidex, which upped the ante yesterday in the wake of the critical report it released after being commissioned by Business Leadership SA (BLSA) to look into the issue of short selling in the age of fake news. The report was part of a broader thrust that highlighted scepticism about how Viceroy generates income and is compensated for research it claims to undertake. "We found no evidence of Viceroy being a registered entity with any legal status to trade," said Stuart Theobald, the lead author of the report, via teleconference at the media briefing held by BLSA into the matter. (BDLive)

SA LIKELY TO DODGE SOYA TURMOIL

The global soya bean market is being rattled by the US-China trade war, but the outlook for South African consumers remains positive. Despite the possibility of price shocks, meat prices should be cushioned by the ability to substitute yellow maize in feed stock, said agricultural economist Wandile Sihlobo. The tariff war was also unlikely to derail rapidly growing local production in the near to medium term. Last week the US imposed a 25% tariff on US$34 billion (about ZAR453 billion) worth of Chinese goods, prompting an immediate response from China of a tariff on US goods worth an equal amount, including soya beans. Soya bean prices, which are set globally, have plummeted since May, and reached a 10-year low yesterday, but the longer-term effect is less certain, with some analysts expecting that rising protectionism may ultimately push up prices in the longer term. Locally, soya production has grown rapidly in SA, with this season expected to produce a record 1.6-million tonnes, about three times the output in 2010, but SA remains a net importer. (BDLive)

WHO ME? COULDN’T BE, SAYS VBS BANK ACCUSED

Vele Investment CEO Robert Madzonga, who is implicated in the VBS looting scandal, has vowed to defend his case despite damning allegations that he had a hand in bringing the mutual bank to its knees. The looting of the bank, based in Limpopo, might result in about 14 municipalities, state-owned asset management firm Public Investment Corporation (PIC) and individual clients losing their money. VBS Mutual Bank’s executives and directors may have stolen 75% of the bank’s assets, according to the Reserve Bank. The bank’s curator, Anoosh Rooplal, filed high court papers in a bid to have the assets of a group of executives accused of stealing from the bank sequestrated. Madzonga said he had issued a notice to oppose the state’s case against him. "I’m not even worried at all. They don’t even say what I have done," Madzonga said. (BDLive)

VEGAN WINE BREAKS COVER 

The wine industry can expect the demand for wines free from animal-based products to increase as veganism becomes one of the fastest-growing consumer trends globally. Org de Rac, the organic wine farm in the Swartland, has eschewed all animal products such as certain fining agents that have been part of the traditional wine-making process, and along with its organic status is experiencing an increase in demand due to its vegan-friendly wines. Traditionally, egg white and certain fish products were used in fine wines – getting rid of the cloudiness to leave a clear, polished drink. There’s been a 600% increase in people identifying themselves as vegans in the US over the last three years, a 350% increase in the UK with predictions that China’s vegan market will grow more than 17% between 2015 and 2020. (Fin24)

COUNTING THE COST OF DATA BREACHES

A new global study by IBM Security has found that the average cost to a company’s bottom line of a data breach in South Africa has risen to ZAR36.5 million. The study found that hidden costs in data breaches — such as lost business, negative impact on reputation and employee time spent on recovery — are difficult and expensive to manage. Sponsored by IBM Security and conducted by the Ponemon Institute, the 2018 Cost of a Data Breach Study data collection began February 2017 and interviews were completed in April 2018. The study found that the average cost of a data breach in South Africa is ZAR36.5 million, up from ZAR32 million in 2017. The average number of breached records found in the 2018 study was 21 090, representing a 6.3% increase in the size of the average breach. (Fin24)

To CONNECT or DISCONNECT
THAT is the QUESTION
 

In an ever-connected world it is often difficult to know when it is appropriate and inappropriate to be online in some form, or another.

Fresh Eyes tackles this question in a fun and informative session suitable for groups and teams at all levels within the organisation.

To book contact:
Janet Finch
janet@fresheyes.org.za; 078 802 0900
www.fresheyes.org.za