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February 21, 2018

Fugitive Ajay Gupta still in the country

Ajay Gupta, who has officially been named a fugitive by the Hawks, is still on run — with the help of a security company.

Speaking in an interview with PowerFM on Friday morning, Hawk’s spokesperson Brigadier Hangwani Mulaudzi said that they know Ajay Gupta is still in the country and they also know the security company protecting him. The Hawks is set to engage with the company.

Mulaudzi said: “Those protecting him must know they are protecting a wanted suspect. They will be charged with aiding and abetting a suspect.”

Muladuzi also revealed that another director of a Gupta company is facing imminent arrest.

Officials at OR Tambo International Airport [...]

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February 15, 2018

Samsung’s mobile division continues to struggle

Samsung earned $14.13 billion in operating profit in the fourth quarter of last year but this stellar performance can’t really be attributed to the company’s mobile division. Samsung’s mobile business has been under pressure for quite a while now due to several factors such as increasing competition from Chinese rivals in key markets.

The company released its earnings results for Q4 2017 today and they reveal that the struggles of its mobile business are far from over.

It may get worse before it gets better.

Samsung’s mobile division posted 25.47 trillion won or $23.8 billion in consolidated revenue for the quarter with an operating profit of 2.42 trillion won or [...]

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February 5, 2018

Rand’s rally takes the shine off a strong gold price for SA miners

For South African gold miners, it’s both the best and worst of times.

The metal started the year with a bang, rising 4% so far and trading near the highest since August 2016.

But an equally impressive rally in the rand means that SA-focused producers are likely to miss out on the party.

Because mining companies pay most of their expenses in local currency, a stronger rand squeezes profit margins and can render some operations unprofitable.

Many of SA’s gold mines date back to the 1950s and 1960s, and much of the easily accessible metal has been exhausted, while labour-intensive mining methods compound the effect of currency moves.

“With the [...]

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January 18, 2018

British MP claims UK law firm complicit in state capture in South Africa

British politician Peter Hain has accused London-headquartered law firm Hogan Lovells of being complicit in state capture in South Africa.

Lord Hain, a Labour party peer and former anti-apartheid campaigner, is an outspoken critic of President Jacob Zuma, the Gupta family and companies he says have been involved in corruption linked to the SA government.

In his latest salvo in the UK House of Lords on Monday evening, Hain said that he had referred law firm Hogan Lovells to the UK’s Solicitors Regulation Authority (SRA) for allegedly enabling corruption at the SA Revenue Service (SARS).

The SRA is the independent body that regulates solicitors and law firms in [...]

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