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Cape Town - A roundup of Thursday's top economic and finance reads on Fin24.
No sign of 'Ramaphoria' as reality sets in for SA
If there were any doubts that the euphoria following Cyril Ramaphosa’s election as president of South Africa has evaporated, this week’s slump in the rand has removed them.
The tipping point came on August 1, when Ramaphosa, bending to the populist faction of his party, announced that he would seek a constitutional amendment to allow expropriation of land without compensation.
The Trojan horse that wheeled R600m out of state-owned entities
In 2013 Regiments Capital got a foot in the door at Transnet. A year later the firm was earning more than R400m a year in consulting fees as one of the few black-owned firms challenging the well-guarded territory of titans like McKinsey. But amaBhungane’s latest investigation shows that, far from being a shining example of black success, Regiments’ gold rush was largely orchestrated by the Guptas and their business partner Salim Essa, who laid claim to roughly half of Regiments’ income.
Ramaphosa appoints commission of inquiry to probe PIC
President Cyril Ramaphosa has appointed a commission of inquiry into the alleged improprieties at state-owned fund manager the Public Investment Corporation.
"The commission’s terms of reference will include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its Memorandum of Incorporation and investment decision-making framework," National Treasury said in a media statement on Thursday afternoon.
Nugent handed new evidence on SARS 'rogue unit'
New evidence on the work of the SA Revenue Service's High Risk Investigations Unit, the so-called "rogue unit", has been forwarded to the Nugent Commission of Inquiry.
The commission, appointed by President Cyril Ramaphosa and headed by retired judge Robert Nugent, will continue with public hearings next week. It is tasked with looking at apparent lapses in governance at the tax agency.
NUM says it's prepared to sign Eskom wage pact
The National Union of Mineworkers (NUM) resolved to sign Eskom’s three-year wage agreement provided the power utility doesn’t press ahead with its intention to discipline employees, the union said.
Numsa, however, has called Eskom's decision to call a dispute "ill-advised", with general secretary Irvin Jim describing the union as "dismayed and extremely irritated".
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