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Posts Tagged ‘South African’
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February 15, 2018

Steinhoff scandal cost Government Employees Fund R20bn

The Government Employees Pension Fund (Gepf) lost about R20billion from the collapse of Steinhoff’s share price after the group admitted accounting irregularities.

This emerged from the hearings in Parliament yesterday when the Steinhoff supervisory board appeared before three parliamentary committees -the standing committees on finance, public accounts and public service and administration.

The Gepf said its Steinhoff shares were worth R24.1bn on November 30 last year but worth only R3.1bn on January 18 this year.

The Gepf holds 392million Steinhoff shares, about 9.1percent of all the group’s shares.

Senior National Treasury official Ismail Momoniat said [...]

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February 12, 2018

Can we expect LG speakers with Google Assistant in SA this year?

Last year at LG Innofest, the company had a bit of a mixed message around, to say the least.

Now that the company has a few Google-powered devices, such as the CLOi robot and ThinQ speaker, you might be wondering about a local launch. Don’t count on it, unfortunately.

LG’s Tony Dos Santos confirmed that they’d be focusing on general portable speakers for the South African market for now.

“So this year we’ll launch portable speakers… where you’re able to stream, for example… But that product will be launched (in) the second half of this year…” Dos Santos told reporters at LG’s Innofest event yesterday.

“In terms of the smart intelligence (speakers)… that’s [...]

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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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May 22, 2017

Blitzbokke meet with Tom Cruise after World Series triumph

A South African stuntman made it mission possible for the Blitzbokke to meet Hollywood superstar Tom Cruise after they clinched the World Rugby Sevens Series in Paris last weekend.

Former Durbanite Wade Eastwood‚ 45‚ arranged for the team to meet Cruise and his fellow cast members during the shooting of Mission Impossible 6. “We spent about 30 minutes taking photos and catching up. Tom and I also got to hold the winning trophy. We exchanged stories about rugby‚ filming and life in the competitive worlds we all live in. It was a good time with lots of laughter. Tom was extremely impressed with the manners and humbleness of the Springbok Sevens’ team and it was his pleasure to [...]

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