News

City Financial Scandal

Former Tshwane Mayor’s Death Reveals City Financial Scandal

Finance News, Government, News /
  • Former Tshwane Mayor Murunwa Makwarela has passed away after a brief illness, as announced by his family.
  • Makwarela resigned from his mayoral position amid allegations of submitting a fake insolvency rehabilitation certificate.
  • The city of Tshwane is still in the process of recouping over R1.4 million that was paid to Makwarela while he served as Speaker, highlighting ongoing financial concerns and legal disputes.

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Western Cape Court

Underworld Figures Face High-Stakes Trials at Western Cape Court

Government, News /
  • High-Stakes Trials: The Western Cape High Court witnessed intense security measures as alleged underworld figures, including Nafiz Modack and his rivals Mark Lifman and Jerome Booysen, faced separate trials for a range of serious charges, including murder, attempted murder, extortion, and gang-related offenses.
  • Murder of Detective Charl Kinnear: Nafiz Modack and his 14 co-accused are on trial, with Modack denying involvement in the high-profile murder of Anti-Gang detective Charl Kinnear, whose death sent shockwaves through law enforcement and the public in 2020. Prosecutors allege Modack’s central role in a criminal network responsible for various illicit activities.
  • Exposure of Cape Town’s Underworld: The trials offer insight into the intricate web of alliances, rivalries, and criminal activities that define Cape Town’s underworld. The outcome holds significance for residents grappling with persistent gang violence, signaling a step towards accountability and justice in combating organized crime.

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Sasol

Sasol Limited’s Financial Report Reveals Mixed Performance Across Key Sectors

Business News, Capital Markets, Finance News, Investing News, Stock Market /
  • Sasol Limited’s mining sector saw a slight decrease in saleable production but an improvement in mining productivity.
  • The gas sector witnessed growth in production volumes, particularly in Mozambique, and increased sales in South Africa.
  • Sasol’s financial hedging strategies include zero-cost collar instruments, ethane swap options, and Brent crude oil put options

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Illegal Electricity Connections

Illegal Electricity Connections Claim Three Lives in Gqeberha Tragedy

Energy, Government, News /
  • Fatal Consequences of Illegal Electricity Connections: The article highlights the tragic deaths of three individuals in Gqeberha, Eastern Cape, as a result of illegal electricity connections. Each incident serves as a stark reminder of the grave dangers posed by unauthorized attempts to tap into power sources.
  • Police Investigation and Urgent Warning: Following the series of fatalities, the South African Police Service (SAPS) has launched investigations into each case, opening inquest dockets to ascertain the circumstances surrounding the deaths. Additionally, SAPS has issued a stern warning to residents, urging them to refrain from engaging in illegal electricity connections due to the serious risks involved.
  • Community Impact and Call to Action: Beyond the immediate loss of life, the article underscores the broader implications of illegal electricity connections, which not only jeopardize individual safety but also undermine community well-being. The incidents serve as a rallying cry for collective action to address the scourge of unauthorized power connections and safeguard the lives of residents.

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Eskom

Eskom Achieves Milestone: Rolling Blackouts Suspended Indefinitely

Energy, News /
  • Eskom has achieved a significant milestone by suspending rolling blackouts for nearly a month, surpassing a previous record set in 2022.
  • The suspension of load shedding is attributed to sustained generation, adequate reserves, and a decrease in electricity demand.
  • Independent Energy Expert, Mohamed Madhi, emphasizes the importance of ongoing efforts to address operational challenges, enhance infrastructure, and invest in renewable energy to ensure the sustainability of the recent improvements in South Africa’s electricity supply.

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Terra Nova Technologies, Inc. Wins $200 Million EPC Contract for South American Mine

Business News, Capital Markets, Finance News, Investing News, Stock Market /
  • Terra Nova Technologies, Inc. and Ingeniería y Construcción Sigdo Koppers S.A. secured a US$200 million EPC contract.
  • The contract includes critical components like a primary crushing facility, an overland conveyor, and a power transmission system.
  • TNT’s success reflects its expertise, resilience post-COVID, and strategic positioning in the mining industry.

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Curro Holdings Limited Appoints New Leadership Team and Strengthens Governance

Business News, Capital Markets, Investing News, Stock Market /
  • Transition in Leadership: Ms. Santie Botha retiring, Mr. Themba Baloyi appointed Chair-elect, ensuring strategic continuity.
  • Governance Enhancements: Mr. Douglas Ramaphosa as lead independent director, diverse expertise in board committees, bolstering oversight.
  • Strategic Direction: Emphasis on education, seamless leadership transition, commitment to ethical governance, and stakeholder value creation.

Curro Holdings Limited Appoints New Leadership Team and Strengthens Governance Read More »

Ferrochrome Giant Merafe Resources Sees 26% Production Dip in Q1 2024

Business News, Capital Markets, Finance News, Investing News, Stock Market /
  • Merafe Resources Limited reported a 26% decrease in ferrochrome production for Q1 2024 compared to the previous year.
  • The Rustenburg smelter’s non-operation in 2024 due to market conditions significantly impacted Merafe’s production levels.
  • Market conditions, supply chain challenges, and technological innovations are key factors influencing ferrochrome production in the industry.

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Capital & Regional PLC Welcomes Gerry Murphy as Non-Executive Director, Strengthening Governance and Growth Strategies

Business News, Capital Markets, Investing News, Stock Market /

  • Capital & Regional PLC appointed Gerry Murphy, bringing vast retail, property, and financial expertise to the board.

  • Gerry Murphy’s roles include Chairing the Audit Committee, ensuring strong financial oversight and regulatory compliance.

  • The appointment reflects Capital & Regional’s strategic focus on governance, growth, and continuity in board leadership.

Capital & Regional PLC Welcomes Gerry Murphy as Non-Executive Director, Strengthening Governance and Growth Strategies Read More »

freeze on the accounts of former president Jacob Zuma

FNB Freezes Ex-President Zuma’s Accounts Ahead of Elections

Government, News /
  • Account Freeze: FNB, in compliance with a court order, has partially frozen the accounts of former South African President Jacob Zuma, citing a dispute over funds spent on renovations to his residence during his presidency.
  • Political Fallout: Zuma’s newly formed party, uMkhonto We Sizwe (MK), alleges political motives behind the account freeze, accusing the ruling African National Congress (ANC) of attempting to undermine Zuma’s political resurgence.
  • Election Implications: The timing of the account freeze, just two months before general elections, adds complexity to South Africa’s political landscape, as Zuma seeks to reassert his influence amidst shifting voter sentiments and challenges to the ANC’s dominance.

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