Business News Roundup

by - March 05, 2018

I've decided to add a new feature on my blog. So every Monday's I will do my best to give you a round up of all the financial news that happened over the weekend, just in case there is something you missed.

#Trending: The Department of Health has recalled ready-to-eat cold meat products as well as polony products from Enterprise Food and Rainbow Chickens. This is after the department traced the source of a listeriosis outbreak from the company's factories. 

In other news: 

1. Mobile operators, MTNobject to the proposal for three-year data bundles. Icasa and other regulators, including the Competition Commission, are to investigate issues involving the perceived high cost of communication services in SA. Source: Business Day

2. Nedbank may replace 3 000 employees through software robots. Nedbank has installed 59 software robots and plans to have 200 in place by the end of the year. The bank was spending about R2 billion on technology investments. Nedbank was spending about R2 billion on technology investments. On Friday, the company showcased its first humanoid robot, which it calls Pepper. Source: Fin 24

2. Black Motion’s lawyers now plan to launch a R3.7m lawsuit for Thabo “Smol” Mabogwane and Bongani “Murdah” Mohosana, and two of their team, Nicky Seema and JJ Nchabeleng. They accuse Comair of racism, public humiliation and falsely accusing them of terrorism which damaged their brand. Comair, which owns the British Airways franchise in South Africa, said the flight crew involved would be disciplined. But the company rejected claims of racism and will not pay damages except for R50k to make up for a gig the band missed. Source: City Press

3. Zulu King Goodwill Zwelithini plans to sue MiWay over a leaked conversation between one of the insurance company's sales reps and himself. The recorded conversation‚ which was leaked on social media. His attorney Theasen Pillay said a claim was being formulated for damages‚ however an amount had yet to be decided upon. Source: Sunday Tribune

4. After the outcry over the 2018-19 budget proposal that the rate of VAT would be increased by one percentage point, from 14% to 15%, government is considering adding more basic goods to the list of zero-rated foodstuffs in a bid to mitigate the impact of a value-added tax (VAT) hike on poor people. The hike is due to come into effect on April 1 and expected to raise R22.9bn. Source: Business Day

5. According to data from National Treasury covering the first three quarters of the financial year ending this month, the enormous escalation of medical negligence claims against state hospitals will probably see payouts of up to R1.5 billion at the end this financial year. From 2011 to 2016, the number of claims against healthcare professionals in the country rose by 35%, and the value of claims during this period increased by 121%. In 2010, successful negligence claims cost the state R100 million and R1.3 billion last year.  Source: Fin24

6. South African organisations continue to report the highest instances of economic crime in the world with economic crime reaching its highest level over the past decade, according to PwC’s biennial Global Economic Crime Survey. South African organisations that have experienced economic crime is now at a staggering 77%, followed in second place by Kenya (75%), and thirdly France (71%). With half of the top ten countries who reported economic crime coming from Africa, the situation at home is more than dire. The Global Economic Crime and Fraud Survey examines over 7200 respondents from 123 countries, of which 282 were from South Africa. Source: PwC

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