Author: The Bulrushes

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…