Trouble at Cell C, CEO publishes open letter on Wednesday evening

The troubles facing financially distressed mobile operator Cell C have taken a dramatic turn. TechCentral received the following open letter from CEO Douglas Craigie Stevenson on Wednesday evening, published below in full. Staff reporter  /  Moneyweb 11 July 2019 08:43 Cell C has appointed Deloitte as independent financial restructuring advisors to assist in ‘optimising business processes’. Picture:…

Vietnam just teamed up with the EU on a big new deal

Vietnam and the European Union on Sunday inked a first-of-its-kind trade deal that will eliminate 99% of tariffs on goods imported from the Asian developing nation to the bloc. PUBLISHED WED, JUL 3 2019  CNBC  Grace Shao KEY POINTS Vietnam has emerged as a large beneficiary amid the U.S.-China trade deal. A new deal is solidifying Hanoi’s privileged position.…

Treasury prepares Eskom Special Appropriation Bill

An Eskom Special Appropriation Bill to fund its long-term ability to keep South Africa’s lights on, and itself afloat, is just about finalised. Finance DG Dondo Mogajane confirmed this on the sidelines of the parliamentary appropriations committee, adding that the draft law on Eskom’s future funding would be accompanied by an explanatory memo on broader…

Municipal Audit Report 2017-2018: A snapshot of how bad things are

Auditor-General (AG), Kimi Makwetu published the municipal audit report for the 2017-2018 financial year and right on the onset, things did not look good. The overall results showed a steady decline in compliance and implementation of the AG’s recommendations from the previous financial year (2016-2017). Although it was noted that irregular expenditure had decreased, it was equally alarming…