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Top 5 on Fin24: How SA paid over R870k for Norma Gigaba's trips, loadshedding in winter unlikely

Cape Town - A roundup of Thursday's top economic and finance reads on Fin24.

REVEALED: SA taxpayers coughed up over R870k for Norma Gigaba's overseas trips

Norma gigaba

During his time as finance minister, South Africa spent R873 366.68 on international travel for Malusi Gigaba's wife Norma.

This was revealed in an answer to a written parliamentary question by Democratic Alliance MP David Maynier.

From November 7 to 11 she was in New York for the Fifth Annual South Africa Tomorrow Investor Conference, and from November 12 to 17 she was in Asian countries for an investor roadshow.

WRAP: Load shedding in winter unlikely - Eskom


While the risk of load shedding always exists it is not likely to occur this winter, said Eskom acting CEO Phakamani Hadebe.

At a media briefing on Thursday, the power utility gave a quarterly update on the state of the system. Load shedding was the topic of the day, and Hadebe, along with other officials, gave the assurance that Eskom is taking steps to manage plant performance and coal stock levels to mitigate the risk.

ABSA parent Barclays Africa Group drops KPMG

 The logo of KPMG

Barclays Africa Group [JSE:BGA] announced on Thursday that it would be cutting ties with beleaguered firm KPMG as its joint auditors.

The company, which owns ABSA Bank, said it told its shareholders that it would withdraw a recommendation for KMPG to be reappointed as its joint auditor for the year 2018.

Hawks: Tax evasion at heart of illicit tobacco trade

Illegal cigarette trade. (Photo: iStock)

The Hawks is investigating 394 cases of illicit tobacco trade for the 2017/18 year, Parliament heard this week.

The standing Ccommittee on finance held hearings on the illicit tobacco trade on Wednesday. Among those who made representations was major-general Alfred Khana, head of serious commercial crime at the directorate priority crime investigation.

Bus strike: Unions, employers in last ditch talks to break deadlock

 Commuters stand in long queues as bus drivers go

In yet another last-ditch attempt to end the national bus strike, employers and union representatives meet in Johannesburg. 

After a lengthy caucus meeting on Wednesday, the five unions reported back on consultations with their members.

The unions have not adopted a rigid approach and have all apparently been mandated by their members to accept a two-year deal with a 9% pay rise this year and 8.5% the next. 

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