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February 2018
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Finance
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February 15, 2018

Rand firmer on trade surplus, weaker dollar

The Rand firmed against the dollar yesterday, supported by a weaker greenback and data showing the country’s trade surplus widened last year.

At 5pm, the rand bid at R11.8495 to the dollar, 11.34c stronger than at the same time on Tuesday, about 0.85percent firmer than its close on Tuesday.

South Africa’s trade surplus in December widened to R15.72billion from a R13.05bn surplus in November, the revenue agency said.

On a cumulative basis the trade balance between January and December was at a R80.55bn surplus compared to a R1.05bn surplus over the same period in 2016.

“One of the catalysts is the slight dollar weakness that has come into the market that [...]

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February 15, 2018

Is Capitec Another Steinhoff? Not Quite.

The South African market was shook on Tuesday when Viceroy Research released a damning report that claimed that Capitec bank “is a wolf in a sheep’s clothing and a loan shark”. Viceroy also said that the reserve bank and finance ministry must immediately place the bank under curatorship. Capitec stock fell by about 20% as a result. The group played a role in bringing to light the financial mismanagement of the Steinhoff Group last year. But what does all of this mean? The Daily Vox spoke with Michael Porter, a trader at Unum Capital to make sense of it all.

Firstly, who is Viceroy Research?

Viceroy Research is a now well-known firm that published an explosive report on [...]

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February 15, 2018

HAWKS ARRESTS 9 IN CONNECTION WITH VAT SCAM

Investigators say false VAT vendor details with fraudulent supporting documents were used to register ghost profiles with the South African Revenue Service (Sars) in a bid to claim around a R100 million.

The Hawks have arrested nine suspects linked to a syndicate that’s been operating a value added tax (VAT) scam in Gauteng and KwaZulu-Natal.

Investigators say false VAT vendor details with fraudulent supporting documents were used to register ghost profiles with the South African Revenue Service (Sars) in a bid to claim around a R100 million.

Officers seized an AK47, gold bars as well as Kruger Rands worth millions of rand.

The Hawks’ Hangwani [...]

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February 12, 2018

Eskom’s Koko facing four new charges, including misleading Parliament

Newly suspended top Eskom executive Matshela Koko is facing four new charges, including that of misleading Parliament, according to his suspension letter and an internal Eskom charge sheet.

In the letter the state power utility, which on Wednesday evening confirmed that Koko had again been suspended, alleges he “committed serious acts of misconduct” and “gross negligence”.

The letter, was written by Eskom’s interim group CEO Phakamani Hadebe.

In it he states that Koko breached the Eskom code of conduct when he appeared before a parliamentary committee investigating state capture in January by knowingly attempting to mislead Parliament.

“In this [...]

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