Here’s what is happening in and affecting South Africa today:
- Another German software group – Software AG – has been implicated in Gupta kickbacks, the latest Gupta leaks reveal. Like with SAP and CAD House, emails and documents show that Software AG entered into a similar agreement with Gupta-controlled group, Global Softech Solutions, where it offered 35% commission on a R180 million contract with Transnet.
- An investigation by MyBroadband has solved the mystery surrounding disappearing airtime on MTN’s network. After discovering airtime slowly decreasing on an MTN SIM, the operator offered an explanation: it charges 3c every time an LTE-enabled device starts a new session on its LTE network – whether data is activated or not.
- Finance minister Malusi Gigaba has revealed that failed airline, South African Airways, was looking for a R10 billion bailout in March of this year. Gigaba gave the airline R2.2 billion this month to help it pay off a loan – but analysts say that it is far from enough. SAA needs R19 billion to cover its debts and stay operational. It is losing R370,000 a month.
- FNB has started emailing victims of 2016’s safety deposit heists with settlement deals – and clients are not happy. According to reports, FNB’s settlements are between 10% and 20% of the value of items stolen in the heists, despite being presented with evidence of what was in a given box. FNB maintains it has no legal obligation to settle with clients, but is doing so anyway.
- South Africa’s rand backtracked against the dollar on Monday as forward momentum faded in the face of technical resistance levels and a lack of local data releases to drive sentiment. On Tuesday the rand was trading at R12.94 to the dollar, R16.86 to the pound and R15.08 to the euro.