(Jabu Kumalo, Daily Sun)

1. The rand is still going like a bat out of hell – now also thanks to an endorsement of the credit rating agency Moody’s, which says SA’s credit rating may be upgraded. But Moody’s did warn yesterday that state-owned enterprises remain a threat to our rating. The rand is at R14.15/$ this morning.  

2. The stronger rand will hopefully help to curb the November petrol price hike. The AA yesterday warned that petrol price is currently on track for a 40c/litre increase, while diesel could go up by 70c in the first week of next month.

3. President Cyril Ramaphosa has reportedly given Tom Moyane until the end of next week to comment on the initial Nugent report on SARS. Moyane should be fired immediately because of his “reckless mismanagement” of SARS, according to the report. “We consider it imperative that a new commissioner be appointed without delay to remove the uncertainty at SARS and enable it to be set on a firm course of recovery so as to arrest ongoing loss of revenue.”

4. Pick n Pay released its results yesterday – sales over the past six months grew by 6.4% to R41.2 billion and headline earnings gained 17%, but its share price declined. The company is sacrificing some of its profit margin to claim back market share from its competitors.

5. Dischem posted its half-year results this morning: Sales are up 9.4% to R10.5 billion, headline earnings gained 10.5%. The company said that after an “extremely tough” July, consumer spending is looking better in August and September.

Choice quotes from yesterday's  EFF briefing

In a three-hour media session at their Braamfontein headquarters, the EFF yesterday sought to clarify its position on the VBS saga.

A Daily Maverick last week reported that the EFF's Floyd Shivambu received R10m via his brother from the bank, while the EFF itself also may have received R1.3m.

The EFF yesterday denied this, and its leaders made a number of allegations during the freewheeling briefing:

"We looked at the financial statement, went through the financial statement and we cannot locate any money from VBS."
Julius Malema


"There's never been any 10 million that came into my account..." "The misleading information which Daily Maverick has, it's deliberate, it's part of the whole propaganda machinery to do all of those things." "We can challenge this Pauli van Wyk to bring us the so-called evidence that I received 10 million... it's pure insanity. It's madness."
Floyd Shivambu on VBS bank reports that first surfaced in the Daily Maverick
"I'm not scared of Floyd! If Floyd has stolen money, he will be punished accordingly."
Julius Malema
"We are making an observation that, everybody else gets blamed, particularly the EFF, as if we are the ones who took R2-billion of VBS... we are questioning, where was the Reserve Bank, in all that?"
Julius Malema
"They say the president knew about VBS and already the embedded journalists are on his defence. After City Press said Ramaphosa knew, then people wanted evidence but there was no request for evidence when the DP (Shivambu) and the EFF were accused in Daily Maverick
Julius Malema

"We don't entertain AfriForum. AfriForum is a right-wing, racist organisation. We don't entertain them, in the same way we don't entertain Donald Trump. We don't have time for those things."
Julius Malema
"Corruption must never be covered up, corruption must be fought, but please, let's be fair. Let's work together in exposing the shenanigans."
Julius Malema


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