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MERCEDES E. LONDON SHUTDOWN “STANDARD PROCEDURE"
Mercedes-Benz says the decision to shut down operations at its East London plant for more than a month will be part of a standard procedure to adjust for local and international demand.
The shutdown – which also took place last year – began last week and will continue to July 30th.
The company – quoted by News24 – says it continues to assess production to meet global demand and market dynamics. However, production targets for the year will not be compromised.
KGANYAGO BACKS 3% INFLATION TARGET - AGAIN.
Reserve Bank governor Lesetja Kganyago has reinforced his argument for adopting a lower inflation target.
Writing in the Reserve Bank’s annual report, which has just been released, Kganyago says that although an inflation rate of 4.5% may seem moderate, it still causes prices to double every 16 years.
Kganyago says this is hard to reconcile with the constitutional obligation to safeguard the value of the currency.
The current target range for inflation is 3% to 6% but Kganyago has argued for most of this year for it to be reduced a single point – 3%.
NEW LOTTO CHAIR SUPPORTS MASHATILE’S SISTER-IN-LAW
The chair of South Africa’s new lotto operator has defended the deputy-president’s sister-in-law holding a minority stake.
Sizekhaya Holdings chair, Moses Tembe says Khumo Bogatsu, the sister of second lady Humile Mashatile is an ordinary South African and is entitled to pursue any business she wants.
Bogatsu, a 39-year-old lawyer, holds a 2% stake in Sizekhaya, through another company – Bellamont Gaming.
EX-TRANSET CEOS ARRESTED
Another series of arrests has netted previous very big fish at Transnet.
Two former CEOs Brian Molefe and Siyabonga Gama and former CFO Anoj Singh were all granted bail of R50,000 by the Palm Ridge Magistrate’s court.
Along with the parastal’s former engineering chief executive Thamsanqa Jiyane, they have been charged with fraud, corruption, and contravening the Public Finance Management and Companies Acts.
According to the NPA’s Investigative Directorate Against Corruption, the matter relates to Transnet’s deeply dodgy acquisition of 1,064 locomotives in 2014.
