Author: The Bulrushes

Famed entrepreneur Elon Musk – the richest man in the world with an estimated fortune of $241 billion – now owns Twitter. Reports from insiders at Twitter said the takeover deal was closed Friday, (28 October 2022), – a court-imposed deadline. Several Twitter bosses have been let go as a result of the finalisation of the – on-off, on-again – $44 billion acquisition that took six months to complete. Reports from the US indicated that as soon as the deal was concluded, Twitter CEO Parag Agrawal was shown the door along with chief financial officer Ned Segal, and top legal and…

The African National Congress (ANC) and the Congress of South African Unions (Cosatu) have come out in support of President Cyril Ramaphosa’s moves to end State Capture. On Sunday night, Ramaphosa used his live broadcast to update the nation on actions he was taking against State Capture as recommended by Justice Raymond Zondo in his six-part State Capture Commission report. “Yesterday, I submitted to Parliament Cabinet’s response to the findings and recommendations of the Commission of Inquiry into State Capture in fulfillment of an order by the Judiciary,” Ramaphosa said. The document with more than 70 pages sets out the…

The Johannesburg Stock Exchange (JSE) has announced the 2022 top traders in the JSE Investment Challenge whose investment portfolios showed better returns than the all-share index. The winners for the 2022 JSE Investment Challenge competition are: Income category: Imhotep – ACCP from ACUDEO College Crystal Park, Gauteng Equity portfolio: Maulana Karenga – ACCP, ACUDEO College Crystal Park, Gauteng Speculator portfolio for schools: CHS WallStreet, Claremont High School, Western Cape. Speculator portfolio for universities: Dancing in the Dark, University of the Witwatersrand, Gauteng The winners outperformed the All-Share Index by Impressive Margins. This year’s competition once again brought together individuals who share a common goal,…

IQbusiness, the largest South African management, and technology consulting firm, on Thursday, announced that it was embarking on a pilot four-day work week. The move follows similar announcements this month from over 90 progressive companies across North America, Australia, and New Zealand. This pilot four-day work week sees employees working 80% of their working week (gaining an extra day off per week), with no loss of pay. hese coordinated trials are run by a not-for-profit coalition of business leaders, community strategists, and advocacy thought leaders invested in the transition to reduced working hours through the entity 4 Day Week Global.…

Former Passenger Rail Agency of SA (PRASA) group chief executive officer, Lucky Montana, and four other board members on Wednesday announced that they have filed papers in the court to review adverse findings against them by the Zondo Commission. In his final report in June this year, Justice Raymond Zondo made damning findings against the rail agency’s former senior executives and suggested a special commission of inquiry be set up to look further into the affairs of PRASA, which he suggested would likely uncover more corruption and wrongdoing. However, on Wednesday those accused on wrong doing in the report said…

The PwC Global Case Competition has opened registrations for South African high school students looking to step into the role of CEO and compete at a global level. Harvard and Uber say they are also set to kick off their own international competitions in the coming months, giving local teens an opportunity to build their university application portfolios while gaining valuable skills. Top international organisations like PwC, Harvard, and Uber are set to kick off their annual worldwide competitions for high school students over the next few months. For ambitious South African teens, this presents an opportunity to compete at…

The South African Federation of Trade Unions (SAFTU) has welcomed the move by the SA Reserve Bank (SARB) to seize the assets of fraud-accused Markus Jooste, the former head honcho at Steinhoff International. The once highly acclaimed accounting graduate of the University of Stellenbosch fell from grace when he became the subject of an investigation into a massive financial scandal at Steinhoff, several years ago. Markus Jooste’s resignation from Steinhoff on 5 December 2017 followed the unearthing of the company’s questionable accounting practices in its European business. The resulting uncertainty saw some €10 billion (R160 billion) of Steinhoff’s value wiped…

The number of ATM bombings increased by 11% in 2021 – with a 17% increase in losses, says a report released Monday by the South African Banking Risk Information Centre (SABRIC). “Incidents where explosives were used increased by 15%, whereas the number of angle grinder incidents decreased by 11%, from 47 in 2020 to 42 incidents in 2021,” the report said. SABRIC said it was concerned by the rise in the number of ATM attacks, despite the technology and security measures deployed to make them safer. “‘Although the industry recorded an 8% decrease in associated robbery incidents overall in 2021,…

Bain & Company South Africa (Bain SA) has written to the South African Revenue Services (SARS), National Treasury, and the Ministry of Finance requesting them to overturn the 10-year ban on doing business with the SA state that it was recently slapped with. “As a firm, we deeply regret the mistakes made leading up to and including our work with SARS between 2015 and 2017,” Bain said in a statement Thursday. Last month, (28 September 2022), National Treasury banned Bain & Co. from tendering for public sector contracts in South Africa for 10 years. Bain said the specific mistakes it…

The Empire Partner Foundation (EPF) in support of Young Aspiring Thinkers (YAT), hosted learners from Olievenhoutbosch Secondary school in a bring a girl child to work job shadowing programme at the EPF Hub Premises. YAT is a non-profit organisation, which aims to provide South African high school learners with skills to unlock their future careers and tackle the youth unemployment challenge. On Friday, (7 October 2022), 12 Grade 9 girls accompanied by two teachers and supported by Tebogo Kopane and Thulani Masebenza (YAT) on their job shadowing at the EPF Tech Hub. The highlight of the day was a guided…

Transnet has tabled a three-year wage offer to the South African Transport and Allied Workers Union (SATAWU) and the United National Transport Union (UNTU) whose members are on strike. The Transnet offer follows two days of wage talks facilitated by the Commision for Conciliation, Mediation and Arbitration (CCMA). “The negotiations have been a delicate balancing act for the company – mindful not only of the affordability and sustainability of the wage increase for the business, but also having full appreciation of the cost pressures that employees face currently,” Transnet said Thursday morning. Transnet said the wage offer, which would upon…

The South African Health Products Regulatory Authority (SAHPRA) has warned against the use of dubious health products being traded by an Indian company. SAHPRA on Monday said, like other regulators globally, it has been alerted to dubious health products being traded by Maiden Pharmaceuticals. “The products as they appear on the World Health Organisation (WHO) product list (Medical Product Alert N°6/2022: Substandard (contaminated) paediatric medicines (who.int) are NOT registered for use in South Africa,” said SAHPRA. “These products have been identified in The Gambia, but there is a possibility that these products may be distributed to other countries. “The four products…

South Africa’s elite crime busters – the Hawks – and other law enforcement agencies on Monday uncovered a huge arms cache in Stilfontein, the North West, where 20 suspects were arrested. The early Monday morning raid at a mine shaft in Stilfontein resulted in the arrest of 20 suspects and the seizure of 15 AK47s, six hunting rifles, two shotguns and one R5, boxes full of ammunition, explosives, and an undisclosed amount of money. The arrests were carried out by the North West Hawks’ Serious Organised Crime Investigation assisted by members of the Hawks’ Tactical Management Section, Special Task Force,…

 Legendary former Springbok prop Tendai “The Beast” Mtawarira has poured his passion into a new business project that has now officially culminated in the launch of a bespoke wine collection. The Beast became a household name across the globe during an illustrious rugby career that saw him feature in over 100 games for the Durban-based Sharks, while he is the third-most capped Springbok player of all time after playing in 117 Tests. Mtawarira hung up his boots after playing a defining role in the Boks’ successful 2019 Rugby World Cup triumph, but as a man of many talents, his philanthropic…

https://youtu.be/9T8AERbBhlA

Eskom is suspending load-shedding on Saturday at 5 am. After weeks of daily electricity supply interruptions, the power utility on Friday said it had returned several generation units to operation. “Load-shedding will be suspended at 5:00 on Saturday morning. While the generation capacity constraints persist, the suspension of load-shedding is possible due to the anticipated lower weeked demand, as well as adequate level of emergency reserves. The power utility said since Thursday afternoon, a generation unit each at Camden, Grootvlei, Hendrina, Kendal, Kriel, Majuba and Tutuka power stations have been returned to service. However, Eskom said a generation unit at…

The State Security Agency (SSA) has welcomed the North Gauteng High Court judgment reaffirming the prohibition of the possession and publication of classified information by unauthorized persons. The ruling followed a court application launched by the SSA against a journalist and employer – Independent Media. The SSA had complained to the court that around December of 2021, a journalist at Independent Media illegally obtained a classified intelligence report. Two dailies belonging to Independent Media subsequently published articles based on the classified report. The judgment handed down on Wednesday, (5 October 2022), ordered Independent Media to desist from further publication of…

The African National Congress (ANC) Gauteng Chairperson Panyaza Lesufi was elected Thursday as the new premier of the province. Lesufi replaces David Makhura who announced his departure earlier this week after eight years at the helm. Commenting on the development, the ANC said it, “congratulates Cde Panyaza Lesufi on being  elected as the Premier of Gauteng today on Thursday, 6 October 2022, during a special sitting of the Gauteng Provincial Legislature”. The ANC added: “The time has come to hand over the baton in a relay that started more than two decades ago with Comrade Tokyo Sexwale, Mathole Motshekga, Mbhazima…

Gauteng Premier David Makhura has resigned. Makhura announced his much-anticipated resignation on Tuesday, saying he has handed over his resignation letter to the Speaker of the Provincial Legislature. “Today, 4th October 2022, I have handed a letter to the Speaker, Honourable Ntombi Mekgwe, to tender my resignation from the position of the Premier of Gauteng and a member of Gauteng Provincial Legislature, effective from 6 th October 2022,” said Makhura. “I would like to thank Faith Based Organisation; Organised Business; Civil Society; sport bodies and people of our province for the unwavering support they gave to the Gauteng government during…

Joburg Water has issued a warning regarding the high water consumption that has resulted in the city’s reservoirs and towers running dangerously low. Amid a heat wave that has seen temperatures in Johannesburg soar to 36°C degrees, Joburg Water has asked customers to reduce consumption. oburg Water on Tuesday said its network in various parts of the City was severely strained due to high water demand (usage). “The direct impact is extremely low levels within various reservoirs and towers,” said Joburg Water. “Customers are urgently requested to lower water usage to assist with sustaining already constrained systems. Supply at Commando…

For nearly 50 years, the JSE Investment Challenge has been teaching high school learners and tertiary students about investing on the JSE and the larger role that investment plays in the country’s economy. “This competition is a great way for learners to gain various skills while learning about South Africa’s economy,” comments Sizwe Mtsweni, teacher of the winning team in the Income Portfolio, MP Street Profit from Mpumelelo Secondary School. According to Mtsweni, the Investment Challenge aims to inspire learners to come up with creative solutions to present-day challenges and problems not only in our country, but globally. He believes that…

Police on Thursday swooped on a huge illegal mining plant in Springs where suspected illegal migrants were arrested after they were found processing gold. Police said as part of Operation O Kae Molao, a multidisciplinary team of law enforcers went to an industrial area in Springs, where an illegal mining plant was bust. “Fourteen undocumented foreign nationals were arrested after they were found hard at work processing gold-bearing material,” said the police in a statement. Police said they seized heavy-duty equipment used for illegal mining and flattened the area. Gauteng Provincial Commissioner, Lieutenant General Elias Mawela, led another successful Operation O Kae Molao,…

The Special Investigating Unit (SIU) on Wednesday said it has obtained a preservation order from the Special Tribunal to freeze the pension benefits of Philemon Letwaba, the former Chief Operating Officer of the National Lotteries Commission (NLC). An investigation by the SIU into the affairs of NLC suggests that Letwaba benefited personally from monies received by NPOs from the NLC. Allegations are that Letwaba allegedly used friends and family businesses, and Trusts to receive money from NPOs for his benefit and that of his family. The names of the businesses and Trusts are: •Unbrand Properties •Mosokodi Water Solutions and Drilling…

The Constitutional Court on Tuesday ruled that the Executive Code of Ethics was unconstitutional in so far as it does not require Members to disclose donations made to internal party-political election campaigns. The ruling followed an application brought by the amaBhungane Centre for Investigative Journalism NPC for the confirmation of a high court order of constitutional invalidity in respect of the Executive Code of Ethics. Confirming the high court’s decision that the Code is unconstitutional in so far as it does not require members of the executive to disclose donations made to internal party-political election campaigns, the apex court found…

Load-shedding will continue to be implemented at Stage 5, with a possibility of reducing a further stage by Thursday, Eskom has announced. “Since yesterday afternoon four generation units at four power stations were taken offline for emergency repairs,” Eskom said on Tuesday. “These are a generating unit each at Arnot, Lethabo, Kendal and Majuba power stations. Seven units returned to service at Camden, Kendal, Kriel, Kusile, Lethabo and Majuba power stations.” The struggling power utility again apologised for the continued load-shedding because of the shortage of generation capacity and the need to attend to breakdowns. “While some generation units are…