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Cape Town - In case you missed it, here is a roundup of Monday's top 5 reads on Fin24.
Discovery gets bank licence approval
The Registrar of Banks has granted Discovery [JSE:DSY] a banking licence, the JSE-listed company said in a statement on Monday. This follows a decision by the Registrar of Banks in October 2016 to give the group authorisation to establish a banking presence in South Africa.
“The grant of the banking licence is subject to specific regulatory conditions, including conditions relating to the proposed shareholding in the bank and Competition Commission approval,” Discovery said in a statement.
Messy political infighting could drag SA down for years
South Africa is unlikely to adopt policies needed to drive growth, investment and job creation for at least several years because of infighting in the ANC, according to one of the country’s leading research institutions.
The economy has expanded an average of 1.6% a year since Zuma took office in 2009, impacted partly by a series of scandals, policy missteps and appointments that rocked investor and business confidence.
While the two main ANC blocs have probably decided in principle to unite and avoid a divisive leadership race that could split the party, they haven’t agreed on who should fill the top posts, the South African Institute of Race Relations said in its report.
Gigaba expected to rebuild trust and confidence in mini budget
Cas Coovadia, managing director of the Banking Association of South Africa has called on Finance Minister Malusi Gigaba to show leadership and use the tabling of the medium-term budget policy statement on October 25 as an opportunity to acknowledge SA's leadership crisis.
Gigaba will deliver his maiden budget speech in a period of extreme uncertainty on an economic and political level in South Africa amid glaring revenue shortfalls, ever-increasing debt to GDP and allegations of state capture at state-owned enterprises.
“In a climate of ongoing poor economic growth, it would be irresponsible for government not to use the MTBPS (mini budget) to put clear and decisive steps that encourage national and global private sector investment on the table," said Coovadia.
Lynne Brown did not help secure R1.2m Eskom contract - exec
Michelle McMaster, one of the directors of E Smart Solutions, has denied that either Public Enterprises Minister Lynne Brown or former Eskom acting CEO Matshela Koko had anything to do with the awarding of two oil contracts to her company.
She also said that Dr Ingrid Tufvesson, reportedly Brown’s romantic partner and a former co-director of the company, was “most definitely not aware of the two contracts" and "played no role in quoting for these”.
“The contention that E Smart benefited from Dr Tufvessen’s involvement is thus untrue,” she said on Monday, following Sunday Times report that Eskom awarded a contract worth R1.2m to the company.
iPhone 8 available for pre-order, but how much will it cost?
Apple's latest iPhone 8 and 8 Plus are available for pre-order at numerous retailers, starting at R13 499 with the most expensive model carrying a price tag of R18 499.
Pre-orders of the iPhone 8 were available since Friday, October 13, said the iStore.
The smartphones can be purchased from iStore, Incredible Connection and Technomobi.
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