Johannesburg - Vehicle recovery company Tracker is using data from over one million telematic tracking units embedded in vehicles - which transfer 40 million messages per day - to analyse the behaviour of drivers to create better products and services. Tracker's product and marketing executive, Michael du Preez told Fin24 that the company's units in vehicles offer it data that can be used locate accidents, help families locate one another and keep drivers safer.
Cape Town - A start-up with links to a Cape Town technology venture capitalist is punting blockchain technology as part of an offering to improve consumer behaviour. It will also be available as a tradeable form of exchange, a challenge to traditional banking services. Dala is a blockchain currency that forms part of Wala, a start-up co-founded by Chicago entrepreneurs Tricia Martinez and Samer Saab. With their partnership with Finca, Wala hopes to scale its operation to over 20 countries where the microfinance firm operates.
Packirisamy said that, while personal income tax and corporate tax rates in SA were higher than in other countries, VAT was much lower. A potential wealth tax is another option, but few developing countries have an annual tax on wealth. There is also a high probability of a fuel tax which could generate R18bn in revenue. Packirisamy said that multiple allegations made against the South African Revenue Service (SARS) may have eroded trust in the institution, and could also negatively affect tax morality.
Minister of Finance Malusi Gigaba has said that it's quite concerning for the South African economy that corruption charges against President Jacob Zuma have been reinstated, saying it raises the political risks. He is in full support of a judicial commission of inquiry into corruption across South Africa. On Friday, the Supreme Court of Appeal dismissed an appeal brought by Zuma and the National Prosecuting Authority in relation to the reinstatement of corruption charges against the president.
Lesley Waterkeyn is the founder and CEO of Colourworks, a strategic brand experience agency. She tells Fin24 more about her journey as entrepreneur since starting the business in 1998. Every day, I try and maintain an entrepreneurial spirit to uplift and inspire others to do more than they imagined possible. Over the past 18 years, I have steered Colourworks from a small print agency to a fully-integrated marketing agency specialising in strategic brand experiences. Business is not a sprint, it is a marathon.
The JSE climbed higher to close at a record 58 309 points on Monday, boosted by buoyant gold and resource prices. The rand weakened marginally to R13.28 against the dollar, with the local currency having strengthened from R13.86 seen last week Monday. The All Share index gained 0.50%, while the blue-chip JSE Top 40 gained 0.51%. Dischem gained 3.69% to reach a fresh high of R33.70, as investors anticipate a positive set of results this week.
The Sunday Times reported that Eskom had awarded two contracts worth a combined R1.2m to E Smart Solutions, which has as its three directors Tufvesson, McMaster and Serisa Bernice Davids. McMaster, who sits on the board of the State Diamond Trader, told Fin24 that neither Brown nor Koko was aware of the contract. I emphatically deny that the business or the contracts were in any way discussed with Ms Lynne Brown or any one from her office.
Johannesburg - Eskom's disciplinary hearing against suspended executive Matshela Koko slowly sputtered to life on Monday, but was adjourned without the hearing making much headway. The day started with media group Tiso Blackstar, which included Sunday Times and Business Day, bringing an application for three of their journalists to be allowed into the hearing. Later on Tuesday, Eskom spokesperson Khulu Phasiwe told Fin24 that all media would be permitted into the hearing going forward.
The DA on Sunday said it would refer Public Enterprises Minister Lynne Brown to the office of the Public Protector, after the Sunday Times reported that Eskom had awarded tenders to a company co-owned by her partner. DA spokesperson for public enterprises Natasha Mazzone said in a statement on Sunday the party would also refer Brown to Parliament's ethics oversight committee. Mazzone said that Brown had seemingly allowed her personal relationships to influence the awarding of contracts.
Ingrid Tufvesson has denied that she benefited from a R1.2m Eskom oil tender awarded to a company where she is a director, following a Sunday Times report. Tufvesson, an academic and transformation consultant, is the romantic partner of Public Enterprises Minister Lynne Brown. In her statement Tufvesson said she had already attempted to resign from the company last year. She had, however, told the Sunday Times that Tufvesson hadn't signed the documents to resign yet.
US inflation came in at 1.3 % in August, after stripping out volatile food and fuel, well below the Fed's target. The US jobless rate has fallen to 4.2 %, its lowest level since 2001, and the participation rate has shown stabilization as Americans come back into the workforce. We continue to expect that the ongoing strength of the economy will warrant gradual increases in that rate to sustain a healthy labour market and stabilise inflation around our 2 % longer-run objective, Yellen said.
Solidarity members, which includes flight captains and first officers, have been left with no other choice but to strike from Monday after wage negotiations with Mango fell flat, the trade union said on Sunday. This comes after the trade union met with Mango's management on Sunday to reach a possible settlement in salary negotiations. He said management showed no interest whatsoever to negotiate with its employees, confirming that it would not revisit its initial offer of 6%.
Billionaire Anil Agarwal has increased his stake in Anglo American to 19 %, making him the biggest shareholder in the London-headquartered blue-chip mining company. Agarwal's Volcan Holdings bought 102.2 million shares in Anglo, according to a regulatory filing on Friday. Agarwal's stake makes him biggest investor, ahead of South Africa's Public Investment Corporation. Agarwal has a controlling stake in Vedanta Resources, which in turn controls Vedanta and Hindustan Zinc.
Business Leadership South Africa, the biggest business lobby group in the country, has become increasingly vocal about rising levels of corruption and mismanagement of public assets. Big business, for example, is able to adapt to onerous government edicts which drive up the cost of business much easier. There is a view that Business Leadership South Africa is tougher on public sector corruption and lenient where the private sector is concerned.
Even if a deal is struck, ideological differences, political squabbling and policy uncertainty are likely to endure well after its December 16-20 elective conference. Our medium-term view is that any short-term political leadership changes are likely to be more apparent than real and will not deliver fundamental structural reform, the Johannesburg-based institute said in the report. Weak economic performance will persist and continue to give impetus to a trend of rising levels of protest and declining confidence in the future.
The Registrar of Banks has granted Discovery a banking licence, the JSE-listed company said in a statement on Monday. This follows the decision by the Registrar of Banks in October 2016 to give Discovery authorisation to establish a banking presence in South Africa. The Registrar of Banks forms part of the SA Reserve Bank and is headed by Deputy Reserve Bank Governor Kuben Naidoo.
The JSE rallied in line with global stocks on Monday morning, after inflation data in the US added to evidence that global growth is continuing steadily with limited price pressures in the American economy. Metal prices in particular rallied on the positive outlook for global growth, with iron ore and palladium prices reaching new heights, boosting resources shares on the JSE. Analysts said the rand, which traded as low as R13.86/$ a week ago, has appreciated way too fast.
All of these good aspects are necessary, however, not sufficient for investors to want to invest in a Reit in SA. For example, while there are some companies we think offer investment opportunity, the fundamentals in SA at moment face some challenges. Challenges include the economy not being strong at the moment and some question marks around the supply of office space. In terms of infrastructure the question all around the world is how private capital is going to be regulated.
Reserve Bank governor Lesetja Kganyago has been named Central Bank Governor of the Year for Sub-Saharan Africa, an accolade which affirms the good work of the bank, according to an economist. Speaking to Fin24 by phone on Monday, economic strategist Thabi Leoka said the award affirms the South African Reserve Bank's (SARB) work. This award affirms the good work the Reserve Bank has been doing, especially in such a turbulent time, economically and politically, said Leoka.
It must now fall to government to rebuild the trust. In Monday's statement, Coovadia urged Zuma to act immediately to appoint a judicial commission of inquiry into state capture. Gigaba is expected to reveal exactly how much the airline will receive in what would be its third bailout this year in his mini budget speech. Coovadia cautioned that the mini budget cannot be seen in isolation from the broader context.