Here's what you need to know in SA business on Wednesday:
1. It will probably be a grim day on the JSE after big losses on Wall Street last night. Investors were unnerved by more chaos in the White House. The dollar is bleeding in forex markets. The rand was trading at R11.77/$ this morning.
2. Parliament has given the South African Revenue Service a one-week ultimatum to release the KPMG report about a supposed rogue unit, as well as the personal tax information of a SARS official which is accused of receiving a R600,000 bribe.
3. Home Affairs Minister Malusi Gigaba appeared before the Eskom inquiry in parliament. He was grilled on his relationship with the Gupta family.
4.Google has banned all advertisements for cryptocurrencies starting in June. Ads for speculative financial products like binary options and financial spread betting will also disappear.
5. All eyes will be on Aspen today after its share price was down more than 9% at one stage yesterday. The market was unnerved by rumours that shortsellers Viceroy Research was about to release a toxic report on the SA pharmaceutical company. But the share price recouped some of the losses after Bloomberg said Viceroy was not planning a report anything soon. Still, investors remain jittery.
Haibo guys WTF just happened to the ASPEN share price? what does the market know?— Brillanté el Matador (@briteless) March 13, 2018
#Aspen weekly chart not looking that great. Successive lower highs formed over last 3 years, weekly close below R250 could see R235 again and then R190. Remains sell on rallies. Additional resistance=R270. Not a great chart on long term basis! 3 years of stale bulls very nervous! pic.twitter.com/0aRZpFlavp— Andrew Todd (@andrewbtodd) March 13, 2018
Problem for Aspen is that Intangibles have grown to a massive R67 billion. This is 13 times APN's Profit after Tax. So even if they depreciate it over 20 years, 60% of their annual net profit will be gone. It is simply not do-able, so they have to defend it.— Karin Richards (@Richards_Karin) March 13, 2018
Multiply the number 142,857 with any number between 1 and 6 - the answer will always be an anagram of 142,857. It is known as a cyclical number.