Top6 on Fin24: Ramaphosa rumours roil rand, MP’s question Molefe payout, and impressions of CT’s new R10bn development

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Cape Town – A roundup of Friday’s top economic and finance reads on Fin24.

Rumours of Ramaphosa removal roil rand

The rand dropped sharply on Friday amid speculation that President Jacob Zuma was preparing to fire his deputy Cyril Ramaphosa. 

The rand dropped more than 1.5% and traded 1.48% weaker at R13.68/$ by 12:45, bringing its slump this week to 2.9%, the most since the five days ending August 4. It was trading at R13.67 to the greenback at 17:55.

The currency’s one-week implied volatility against the dollar jumped 61 basis points to 15.7%, the highest in more than two months.

#StateCapture: MPs grill Eskom’s pension fund over Molefe

Brian Molefe: Resigned, retired, retrenched, retai

Members of Parliament grilled the Eskom Pension and Provident Fund on why it allowed a request that resulted in ex-CEO Brian Molefe receiving a R30m pension payout.

The briefing forms part of the Parliament’s inquiry into the mismanagement of state funds in state-owned enterprises, whch started earlier in the week. 

The fund’s CEO Sibusiso Luthuli and chairperson Mantuka Maisela were at pains to explain to MP’s rules of the fund and how they simply followed them when processing Eskom’s application for Molefe’s payment.

Get a recap of the day’s proceedings by readoing the live updates from our reporter on site. 

READ: WRAP #StateCapture: MPs grill Eskom’s pension fund over Molefe

Don’t panic say local experts in wake of data breach

Local internet expert Steven Ambrose has urged the public not to panic in the wake of SA’s largest data breach. 

Ambrose, the CEO of technology research firm Strategy Worx, told Fin24 that the breach was, however, a massive wake-up call for citizens in the country. 

“People need to be vigilant,” he told Fin24. “With this kind of information available on the dark web or somewhere else on the internet, citizens could fall victim to spear phishing attacks, which are targeted at an individual or company.”

“If someone calls you never give out your bank account number and especially not your pin. No bank will ever ask for your pin.” 

READ: #SADataBreach: Local experts say don’t panic

Transnet contracts, exposed in #Guptaleaks, to feature in FBI probe

Transnet’s contracts with Swiss crane manufacturer Liebherr and China South Rail are set to star in an FBI investigation, as US authorities show they will not shy away from pursuing investigations against foreign nationals who may be using American firms for possible money laundering.

The American investigation will make use of information obtained from the #GuptaLeaks emails, which detail suspect money flows from Transnet to a Gupta-linked business in the US, according to reports.

READ: Transnet contracts, exposed in #Guptaleaks, to feature in FBI probe

Eskom’s tariff hike ‘outrageous’ – KZN MEC

A senior KwaZulu-Natal MEC and politician has spoken out against the proposed Eskom tariff increase, describing it as unfair to average South Africans.

Human Settlements MEC and member of the provincial executive of the ANC, Ravi Pillay, on Friday told News24 that the price hike would marginalise millions.

“There have been billions siphoned out of Eskom through corruption. It is outrageous to come with a 19% tariff increase. How can we reasonably and with integrity defend that in the public domain? How do we not lose public confidence?” he said. 

READ: Eskom’s ‘outrageous’ tariff hike will marginalise millions – Ravi Pillay

Live, work, play at new R10bn Cape Town development

Property developer Amdec on Thursday launched its R10bn Harbour Arch development, which will be located in Cape Town CBD’s foreshore area.

It will be based on a similar concept to that of Amdec’s Melrose Arch development in Johannesburg.

At the launch Nicholas Stopforth, head of development at Amdec, told Fin24 that they expect to start construction by the end of the first quarter or early in the second quarter of 2018.

The first of six phases should be completed by the end of 2020.

See impressions of what the development will look like below.  

PICS: Live, work, play at new R10bn Cape Town development

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