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Top 5 on Fin24: SA smartphones sales drop, Transnet wasted billions and Vodacom plans R17.5bn stake sale

Jun 11 2018 20:30

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

SA smartphones hammered as sales suffer Christmas hangover


According to data from the International Data Corporation (IDC), the South African market reflects a continent-wide drop of 6.3% in the first quarter of 2018, and 3.9% year-on-year decline with 52.1 million units shipped.

Expropriation without compensation: It won't hit the rich hardest

Land, Land expropriation


An amendment to Section 25 of the Constitution to facilitate the introduction of a regime of expropriation without compensation would represent the most far-reaching intrusion into South Africa's Constitutional order undertaken since its adoption.

Even among many who are sympathetic to the principle of compensation-free takings of property, the idea of tampering with the Constitution is viewed with some scepticism, writes Terence Corrigan.

Transnet wasted billions on trains, probe finds

Transnet squandered billions of rands and broke a raft of regulations when it altered the terms of a deal to buy 1 064 new locomotives, an investigation by law firm Werksmans Attorneys found.

The state-owned company commissioned the probe in July last year after allegations surfaced that massive kickbacks were paid on the deal. The accusations were contained in a trove of more than one million electronic documents, and were published by local investigative journalists.

Vodacom plans R17.5bn stake sale to raise black ownership

Vodacom [JSE:VOD] proposed raising the share of black shareholding in Africa’s largest wireless carrier by selling a stake of as much as 6.35% to investors including Royal Bafokeng, Thebe Investment, YeboYethu and company staff.

The R17.5bn deal will help Vodacom comply with a government initiative to ensure that at least 20% of the company is owned by blacks.

AMCU seeks R12 500 minimum for gold miners

Mining

Association of Mineworkers and Construction Union (AMCU) plans to demand a R12 500 monthly minimum wage from some of the country’s top gold producers in upcoming wage negotiations.

“R12 500, I think it can put the worker in a better place,” especially considering higher taxes and petrol prices, AMCU president Joseph Mathunjwa said in an interview after the meeting. What workers are currently paid “isn’t fair.”

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