#RoundUp : The Weekend In News

#RoundUp : The Weekend In News

Samuel Undenge shamed

A POWER deal between Zimbabwe and South Africa could not sail through this week after it emerged that an inter-ministerial Memorandum of Understanding (MoU) that was meant to be signed on Monday had not been vetted by the Attorney-General (AG).
The Financial Gazette can reveal that Energy and Power Development Minister, Samuel Undenge, was meant to seal the MoU in which Zimbabwe was to agree to purchase close to 600MW of excess power daily from Eskom, one of Africa’s biggest power producers, for the next five to 10 years.

Source: Samuel Undenge shamed | The Financial Gazette

MTN appoints Rob Shuter as CEO following earnings loss

South Africa’s MTN Group has appointed Rob Shuter as chief executive after the mobile phone network company announced a R2.6bn ($198m) loss in earnings in 2016. Shuter, who previously worked for London-headquartered Vodafone, was appointed on Monday to head up the revamped senior management team, following the completion of a strategic review.

Source: MTN appoints Rob Shuter as CEO following earnings loss – African Business Magazine

​‘Earning R1.5m a year is not rich’

Tax increases announced in last month’s budget speech target the wealthy but, in announcing that a new tax rate of 45% would apply to those who earn more than R1.5-million a year, the progressive tax measures received criticism from unlikely quarters.

Mzwanele Manyi, former head of government communications, and now president of the Progressive Professionals Forum (PPF), tweeted on budget day: “This Budget is pro WMC [White Monopoly Capital] and anti blk Middle Class. Corporate tax isn’t rising but those who earn R1.5-million p/a mostly black pay a whooping 45%.”

Source: ​‘Earning R1.5m a year is not rich’ | Business | M&G

Two Executives to Leave Uber, Adding to Departures

The number of executive departures from Uber is growing.

Jeff Jones, Uber’s president of ride sharing, has left the company after just six months, Uber said on Sunday. In addition, Brian McClendon, vice president of maps and business platform at Uber, also plans to leave at the end of the month.

The two men are exiting Uber under very different circumstances. Mr. Jones, who was poached from Target to be Uber’s No. 2 executive, resigned after the ride-sharing company’s chief, Travis Kalanick, said he needed leadership help and began a search for a chief operating officer.

Source: Two Executives to Leave Uber, Adding to Departures – The New York Times

Lima deal is work in progress — Mangudya

THE Lima Agreement, which is designed to liquidate the country’s arrears with both multilateral and bilateral creditors, is still in the works, the central bank has said.Government is presently engaging the World Bank and the African Development Bank (AfDB) after paying more than US$100 million owed to the International Monetary Fund (IMF).The Lima deal was thrashed in October 2015. It is largely expected to unlock fresh capital from international financiers.The country’s external dent presently stands at US$8 billion, with the World Bank accounting for 57 percent.As at September 2016, Zimbabwe’s arrears with the World Bank Group was US$1,1 billion, while US$601 million was owed to the AfDB.

Source: Lima deal is work in progress — Mangudya | The Sunday Mail

 

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