Top 5 on Fin24: Three new iPhones for Apple, Corruption Watch turns to US Justice Department, and questions about health of SA's tax system

Cape Town - In case you missed it, here is a roundup of Monday’s top 5 reads on Fin24:

Apple to launch three new iPhones on Tuesday 

On the tenth anniversary of the release of its game-changing iPhone, leaks point to Apple launching a new premium smartphone called the “iPhone X” on Tuesday. 

Apple, the world’s most valuable listed company, will be launching the iPhone X alongside the iPhone 8 and 8 Plus at the Steve Jobs Theatre at its massive new campus. 

• Read: Sneak peek as Apple set to launch three new iPhones

Corruption Watch looks to US for probe of McKinsey and Eskom

SA non-profit organisation Corruption Watch has announced it will soon ask the US Justice Department to probe US consultancy firm McKinsey & Company's Eskom dealings, according to it executive director David Lewis. 

Lewis,  speaking Monday at the release of the Ethical Practices Survey 2017, compiled by the Anti-intimidation and Ethical Practices Forum, said his group was preparing a submission for the US justice system to investigate whether the New York-headquartered consultancy was in “contravention of the US Foreign Corrupt Practices Act”. 

• READ: Corruption Watch to ask US to probe McKinsey's Eskom deals

Outlook negative for SA banking sector - Moody’s 

The international ratings agency Moody's has maintained its negative outlook for the South African banking system, saying that projected sluggish GDP growth and an “unpredictable domestic political context” would weaken banks' loan quality and profitability. 

The authors of a new 22-page report - "Banking System Outlook - South Africa" , said domestic political events were “raising uncertainty about economic policy outlook, damaging investor and business confidence”.

• READ: Moody's maintains negative outlook for SA banks

How healthy is SA’s tax system? 

Elias Masilela, a member of the National Planning Commission, on Monday presented 9 measures to test whether SA's tax regime was "healthy". 

Masilela said a sound tax policy was vital for SA’s economic growth: “A good [tax] policy deals with underlying fundamentals and changes the behaviour of economic agents,” he said at the Tax Indaba 2017 in Sandton.

At the same event Finance Minister Malusi Gigaba said the economy needed to grow so that the government’s tax coffers could swell. 

• READ: 9 measures to see if SA's tax regime is healthy

Hurricaine Irma a R2.6trn threat

The massive Hurricaine Irma is threatening the US state of Florida with with an estimated R2.6trn ($200bn) worth of damage. Irma, which hit land on Monday morning, has already roiled markets, sending insurance stocks plunging and orange juice futures surging.

• READ: Hurricane Irma swamps Miami as R2,6trn threat hits land

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