• ‘I had to step down,’ says Nene

    FORMER Finance Minister Nhlanhla Nene is keeping busy by tending his garden. Mr Nene was fired by President Jacob Zuma in December and replaced by little known MP Des Van Rooyen, prompting an unprecedented backlash from the markets and a knock to the currency. Former finance minister Pravin Gordhan was then assigned the post in a bid to contain the fallout. Mr Nene had resigned as an MP after his axing in December and was said to be earmarked for nomination for a post at the African Regional Centre of the New Development Bank. However, he told the Financial Mail this week that he has not yet received a formal offer for the post months after the decision to nominate him was taken by Mr Zuma. He

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  • Puzzle of missing mom deepens - Independent on Saturday

    Durban - The mystery over the whereabouts of a British woman, Linda Rowe, 63, believed to have last been in Pietermaritzburg, deepened on Friday when Rowe purportedly contacted the police and SA Community Crime Watch. Last night, Mike Venter from the crime-watch group confirmed he had received an e-mail from a person claiming to be the missing Linda Rowe late on Thursday night. “I asked her to contact the investigating officer, who said a woman had phoned him on Friday morning. The officer asked her to come into the police station to sign an affidavit confirming her identification. But there has been no sign of her as yet,” said Venter. Rowe’s daughter, Kirsty Pockson, who was in South Africa

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  • Pyramid scams thriving in SA - Personal Finance News

    Pyramid schemes in South Africa are more likely to collapse than be shut down, thanks to regulatory arbitrage. The National Consumer Commission (NCC) this week said it was no longer pursuing an investigation into nine suspected pyramid schemes. It said the police’s Specialised Commercial Crimes Unit has taken over the matter. The NCC was established in terms of the Consumer Protection Act (CPA), which defines and outlaws pyramid schemes. However, the commission doesn’t have the capacity to do forensic investigations, Trevor Hattingh, NCC spokesman, says. And only legitimate businesses can be taken to the National Consumer Tribunal, he says. Hattingh was responding to questions about reports this

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  • Malema unapproachable, only listens to Shivambu says disgruntled EFF member

     "Julius is a liar," said Economic Freedom Fighters member Lufuno Gogoro. "He is lying that we can sit down with him. Julius doesn't want to listen to anyone except [EFF chief whip] Floyd [Shivambu] and we cannot run an organisation through friendship." Gogoro is among a group of EFF members, calling itself defenders of the EFF constitution, which had planned to approach the High Court in Johannesburg on Friday for an urgent interdict against Malema and the EFF's leadership. It wanted a stop put to the party's provincial conferences and its national people's assembly, which is expected to be held in December. Earlier on Friday, Malema told reporters in Johannesburg that disgruntled members were

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  • Controversial umpire calls halt Proteas

    Two controversial umpiring decisions halted the Proteas’ progress on Saturday as they ended on 262/7 in the second one-day international against England in Port Elizaeth. Proteas captain AB de Villiers won the toss and elected to bat first at St George’s Park on a sunny day, but the pitch was a bit slow and didn’t allow the ball to come on to the bat. Duminy had taken his time to get in on a difficult track alongside De Villiers, but the middle-order duo stuck it out to put on a 107-run partnership for the fourth wicket. Just as they got going after De Villiers reached his 48th ODI half-century, the Proteas were rocked by the double blow of losing their captain and then Duminy within three balls.

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  • Zimbabwe: Mugabe Succession: Jonathan Moyo Bares it All

    In your opinion, what could have motivated George Charamba’s attacks against you and those perceived to be opposed to Vice-President Emmerson Mnangagwa? While Charamba’s scurrilous political attack on me and other Cabinet ministers perceived to be opposed to what they allege is Vice-President Mnangagwa’s succession path went viral after his long interview on ZiFM radio and after The Herald reproduced a verbatim script of that interview two weeks ago, in fact Charamba had been on my case over VP Mnangagwa’s succession for a very long time. To make a very long story short, things started turning ugly between Charamba and me and his fellow successionists out there in May 2015 when BBC HardTalk broadcast an interview with me in which I poured cold water on the ambitions of successionists by saying President Robert Mugabe had not appointed his vice-presidents so they could succeed him, but so they could assist him to implement the policy programmes he pledged to the nation in the 2013 elections, which he won resoundingly.

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  • Sensational return for Special One?

    London - Jose Mourinho is on the brink of getting the job of his dreams by becoming Manchester United manager this summer. In a dramatic twist for Manchester football, it means he would resume his toxic rivalry with Pep Guardiola, who was announced last Monday as City’s new boss for next season. No deal has been signed but talks have opened and Mourinho has his heart set on the job. United see him as the one man who can go head to head with Guardiola when trying to lure new talent to the club. City already wish to land Paul Pogba from Juventus and John Stones from Everton. United hope the arrival of Mourinho, who calls himself the Special One, will give them the chance to compete. The Portuguese

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  • The biggest losers in the Nkandla saga

    Police Minister Nathi Nhleko has come out as the biggest loser in the Nkandla debacle. Former ANC chief whip Mathole Motshekga and Public Works Minister Thulas Nxesi also have egg on their faces due to the saga. The three led the pack in arguing that President Jacob Zuma should not pay for the upgrades at Nkandla. But Zuma's proposal to pay has left his defenders in a corner. While the ANC and Cosatu welcomed Zuma's announcement to pay back some money spent on non-security upgrades at his private home, opposition parties still want him to appear before court. Cosatu said in a statement Zuma's proposal would bring an end to the drawn-out controversy regarding the public protector's report on Nkandla.

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  • Is it a bird? Is it a plane? No, it's the Guptas

    Watch: We will not sell SA to the Guptas over a curry - Malema's top five #Zupta quotes The man on fire, controversial and entertaining, EFF leader Julius Malema cooked up some of his best rhetoric while addressing the media on Thursday. Watch the top 5 quotes from Malema’s press briefing on Jacob Zuma, Nkandla and the Guptas.   The Big Read: Who's running this country? by Justice Malala Who appoints our cabinet ministers? If it is President Jacob Zuma, with whom does he appoint them? With the ANC deployment committee? With the ANC's top-five leaders? Or does he do it with his benefactors, the Gupta family? If he does do it with the Guptas, as seems clear from his last two cabinet appointments,

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  • From hero to zero: International investors turning their backs on South Africa

    This was the stark assessment of former anti-apartheid activist and Labour cabinet minister Peter Hain in a speech at Swansea University Thursday night.  “Can the ANC reclaim (Nelson) Mandela’s vision of the rainbow nation? Perhaps we all expected too much. Perhaps it was naïve to think that the party – for all its moral integrity and constitutionalist traditions – could be immune to human frailty, especially in the face of such immense social inequalities.  Could any political party anywhere (including Britain) have done better?” Hain asked. He said the ANC has to address corruption and cronyism and lead the development of a new social compact if South Africa is to prosper. He pointed to Zuma’s

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  • Paid to do nothing for 12 months

    A Limpopo government official has challenged his employer to provide him with the necessary tools to do his job instead of paying him a salary for doing nothing. Phineas Tsebe earns R16000 a month. Tuesday marked a year since Tsebe was hired at the Mogalakwena municipality in Mokopane. Tsebe, 53, was dismissed in May 2014 after he was accused of committing fraud in his capacity as a testing officer. He was accused of signing a learners' licence booking application form, a procedure only cashiers are allowed to do. It was later discovered that Tsebe was wrongly accused and he was reinstated on February 2 2015 after a settlement agreement between him and the municipality. However, he needed to

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  • Nene resigns as ANC MP, reports

    Former finance minister Nhlanhla Nene has resigned as ANC MP, according to reports. eNCA reported that Nene quit in December but his resignation was only processed last month. In December Nene was unceremoniously removed from his position as finance minister. At the time President Jacob Zuma said his name (Nene) had been put forward to head the African Regional Centre of the New Development Bank/Brics bank. Nene was replaced him with largely unknown David van Rooyen, who was put in the seat for four days and was replaced by Pravin Gordhan. According to City Press the Office of the Speaker has confirmed Nene’s resignation.

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  • Chief expels family for joining IFP

    A family has apparently been banished from their village near Pietermaritzburg in KwaZulu-Natal after they joined a political party opposed by the local chief. The Bhengu family said they were shocked when they were expelled from Maqongqo, a place they have called home for more than 50 years. They were banished on Wednesday and were given until today to move out of the area. They said they had nowhere to go. The banishment came after some of the 11 family members publicly joined the Inkatha Freedom Party (IFP) in September last year. After that, they said, their father Bhekumuzi Bhengu was never allowed to speak or address traditional gatherings with the chief and his kinsmen again. On Wednesday,

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  • South Africa: Maties Students Suspended From Residence for Wearing 'Blackface'

    Two female students who allegedly wore blackface to a housewarming party at the Heemstede Dameskoshuis at Stellenbosch University (SU) have been suspended from the residence pending the outcome of an investigation. In an announcement on the Maties website, the university also confirmed one of the students had been relieved from her duties as student mentor. "Students voiced their anger, discontent and hurt about the incident at a meeting held in Heemstede on Friday evening," The statement reads. "It was attended by a large group of students, the Students' Representative Council [SRC], the residence house committee, Heemstede residents and university staff members." Professor Nico Koopman, the

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  • Nigeria: 'Match Words With Action On Insurgency'

    The Foursquare Gospel Church of Nigeria (FGCN) on Friday charged President Muhammadu Buhari to match his words with action, as that will be the only way to meet the expectations of Nigerians. Northern Regional Overseer of the church, Rev. Isaac Komolafe stated this ahead of the conference on the visit of the General Overseer, Rev. Felix Meduoye to the 19 northern states of the country. Calling on the president to act, Komolafe said: "We charge our President to endeavour to match his words a day laudable ideas with action and to remember that the ordinary people through whose votes he came to power expect much from him, therefore he should not fail them. Komolafe who was accompanied by Rev. Ishola Omigade and others explained that "the anti-corruption war of the present administration under the leadership of President Muhammadu Buhari is one that should be supported by all and sundry.

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  • African Bank side pockets may continue - Personal Finance Investments | IOL Business

    If you are an investor who has money in any of the 50 unit trust funds that set up side-pocket or retention funds to hold African Bank debt after the bank collapsed in August 2014, you are a step closer to cashing in these inaccessible units, but it may be optimistic to expect to have access to your money in the first week of April when trading in the debt is expected to open. The curator of African Bank, Tom Winterboer, this week issued exchange-offer documents to the bank’s creditors, proposing that they exchange their claims in African Bank for new debt in the restructured bank and some cash. Good business written by African Bank before and after the bank went under curatorship will be restructured into what is being referred to as the “Good Bank” and recapitalised with an investment from other banks and the Public Investment Corporation. Unit trust funds that hold what is known as senior debt in African Bank will be able to exchange 80 percent of that debt for bonds in the Good Bank, 10 percent of it for debt in the Residual Bank and 10 percent for cash.

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  • Obama takes credit as unemployment hits eight year low

    WASHINGTON — President Barack Obama took a victory lap on Friday as the US unemployment rate hit an eight-year low. Seizing on an opportunity to burnish his economic legacy, Mr Obama lauded data showing the unemployment rate fell to 4.9% in January. "Over the past six years, our business has added 14-million new jobs," Mr Obama said in an impromptu press conference that hailed 71 straight months of private sector job growth. The White House has long argued that Mr Obama does not get the credit he deserves for pulling the United States out of the Great Recession. Mr Obama said history had shown his Republican foes were wrong to call for fiscal austerity during the crisis and to criticise the massive

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  • Capetonians open their hearts to refugees - Western Cape

    Cape Town - They knew very little about Cape Town, having read only a few news reports here and there or some articles on the internet. But they never imagined moving here. However, after losing everything they had in the violence in the Syrian capital of Damascus, Omar Banian and his wife Reem ended up at Cape Town International Airport with their three daughters in March. There they approached a taxi driver and in broken English asked him to help them find a new home. The family knew it could be dangerous approaching strangers here, but Banian said by then they realised little “could be worse than what we’d already been through”. The family had little money, having spent most of what they had

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  • Man United’s value drops by $500m - Companies

    London - Turmoil in global stock markets, combined with a dreadful run of form on the pitch, has wiped $500m off Manchester United's value this year. The football club's New York-listed shares have fallen from $17.81 at the end of 2015 to $14.60, dragging its value to below $2.5bn. Manager Louis van Gaal is under fire for his side's recent poor results. The Independent

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  • Guptas’ safety can’t be guaranteed, warns EFF - Special Features

     Johannesburg - The Economic Freedom Fighters in Gauteng on Saturday warned that the politically-connected Guptas' safety in Gauteng cannot be guaranteed and threatened to drive them out of the province and the country. “Our message is simple, the Guptas, otherwise known as the Zuptas must heed the call of the commander in chief of the EFF [Julius Malema] and vacate South Africa, otherwise, the predictability of what could happen to them and any of their properties, becomes a highly volatile matter. No one can guarantee their safety in this Gauteng,” EFF provincial spokesman Ntobeng Ntobeng said. “We are sick and tired of massaging the cheap and thug-like egos of counter revolutionary neo-capital

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