NATIONAL NEWS - Here’s what caught our attention on Tuesday:
Please Call Me case back in court
The inventor of Vodacom’s Please Call Me function, Nkosana Makate is making his way back to court on Tuesday, where he will be fighting the lawyers and investors who funded his initial litigation case against the mobile operator. Moneyweb is reporting that the case was brought forward by Thomas Samons, the business rescue practitioner of Raining Men Trade, who is claiming that the entity is entitled to a 50% share of any compensation Makate might be awarded by Vodacom. This after its director, Chris Schoeman entered into written agreement with Makate in 2011 to bankroll his litigation costs. Makate is rejecting this. Raining Men Trade is the former funder of Makate’s lawsuit against Vodacom. The case is being heard at the Pretoria High Court.
Read: Please Call Me inventor back in court, this time to face litigation funders
PIC inquiry hears former Ayo CIO testimony
The inquiry into the Public Investment Corporation is taking the fund manager to task for its mishandling of many affairs in the past. On Monday, the inquiry heard the testimony of Ayo Technology Solutions’s former CIO, Siphiwe Nodwele who said the company was partly ‘illegitimate’ for fabricating statements, including when it secured the R4.3 billion investment by the PIC. Additionally, Moneyweb is reporting that Ayo rushed to complete its listing, because it feared that leadership changes at the ANC elective conference would have impacted Ayo’s funding and the PIC’s leadership overall.
World Bank forecasts lower growth in sub-Saharan Africa
The World Bank on Monday cut its growth forecast for sub-Saharan Africa to 2.8% from an initial 3.3% for 2019, citing the decline of industrial production and the ongoing trade dispute between the US and China. The bank also cut its 2018 growth estimate to 2.3% from 2.7% predicted in October last year. Reuters is reporting that the bank’s 2019 forecast means that economic growth will lag population growth for the fourth consecutive year. The region’s major economies, Nigeria, South Africa and Angola are facing various challenges which are stagnating growth.
S&P conference
Standard & Poor’s (S&P) Global rating agency and the S&P Global Market Intelligence is hosting a two-day conference in Cape Town, beginning on Tuesday. The conference will be focusing on South Africa’s credit landscape ‘in changing times’. In light of the upcoming national elections and current efforts towards economic reform, the conference is expected to discuss the current economic and political outlook, new trends in financing and banking and their implications on businesses in South Africa. Day two of the conference will take place on 11 April.
Rand update
The rand reversed gains from last week which saw it sitting just above the R14 mark, this was on the back of Moody’s decision to defer its ratings announcement and progress with the US-China trade talks. This week however, the volatile local currency is facing a new array of obstacles, with the Sacci BCI expected on Wednesday and mining and production data expected on Thursday.
In addition, emerging market sentiment was again dampened following Turkish President Recep Tayipp’s call for a recount of last week’s municipal elections in the nation’s biggest city after losing control in Istanbul.
On Tuesday, the rand was at R14.09 at 8:39.
