ALLEGATIONS OF IMPROPRIETY AT EASTERN CAPE’S A.I.D.C.
A group of concerned employees has made allegations of serious issues at the Automotive Industry Development Centre Eastern Cape.
That’s according to Moneyweb, which reports that these include governance, workplace culture, internal controls, wasteful expenditure and mismanagement.
They’re calling for an independent investigation.
The board of the AIDC-EC has sent circulars to employees acknowledging the complaints, but says they’re not backed up by verifiable facts.
It has decided that the chair of the audit and risk committee should engage all relevant parties to obtain verifiable facts about the allegations.
DENEL CAN’T PAY SALARIES – AGAIN
State-owned arms maker Denel has told staff that it is unable to pay salaries this month.
This despite the fact the Denel has received a R2 billion bailout from government.
Trade unions Numsa and Solidarity say they’re deeply concerned.
Numsa’s general secretary Irvin Jim, quoted by Business Day, says that once again, workers are being forced to carry the burden of Denel’s leadership failures.
Jim says his union has been part of a task team attempting to turn Denel around since 2024.
The team produced a plan estimated to cost R120 million, which the board approved.
However, the executives ignored our suggestions – they have solutions, says Jim, but they are not implementing them.
INVESTEC’S TITI SAYS S.A. MUST COUNTER ANTI-AMERICAN IMAGE
Investec CEO Fani Titi sats South Africa needs deeper political skill and a better understanding of economics.
Speaking at the WEF meeting at Davos, Switzerland, Titi says investor sentiment towards South Africa has generally been positive.
But he adds the country has erred in creating the perception that it is anti-American.
US President Donald Trump has accused South Africa of conducting a white genocide.
Titi, quoted by News 24, says we can be a little more forceful on that issue – we obviously know it’s not true but we should be pragmatic and smart.
MARKETS – GOLD CLOSING ON $5,000/OZ
On the markets, the focus is on precious metals, with gold heading for $5,000 an ounce. Earlier this morning it hit $4,967 – although it has dropped back to $4,950. Platinum also hit a new high, $2,690 – it has also dropped back to $2,641. The metals are rising as investors seek safety from geopolitical risk.
The JSE closed last evening with the All Share up 0.6% – the Top 40 up 0.5%.
London’s FTSE was just above flat.
On Wall Street, the Dow and the S&P 500 were both up 0.6% – the Nasdaq up 0.9%.
Tokyo this morning – up 0.4% – Hong Kong and Sydney both up 0.3%.
The US dollar is $1.17 to the euro – the rand – R16.12 to the dollar – R18.93 to the euro and R21.75 to sterling.
Bitcoin – just over $89,800 and Brent Crude oil – just over $64.50 per barrel.
