1. Two decades ago, the rand crashed following the news that Tito Mboweni would lead SA's central bank. A bit of a different story this time round: the currency rallied following his appointment. After touching R15.04/$ during the course of yesterday, it was trading at R14.51 this morning.
2. Last night Home Affairs Minister Malusi Gigaba told a parliamentary committee that he had a strictly professional relationship with the Gupta family. The committee is conducting an inquiry into some Gupta family members' early naturalisation. Gigaba met with the Gupta family and went to the infamous Gupta wedding in Sun City.
The committee also heard that his chief of staff asked an official to assist a Gupta associate with visa applications.
3. Christo Wiese's terrible, horrible, no good, very bad year just got a little bit worse: the JSE has launched a new probe into Invicta, which triggered a slide in its share price. Wiese has a 37.5% stake in the industrial holding company. In 2016, the JSE reprimanded Invicta after two of its execs did share deals without the necessary shareholder approvals. Now, it's reopening the case following new information, Business Day reports.
4. The Independent Regulatory Board of Auditors (IRBA) has asked for more money from Treasury. Currently it can only afford to pay five investigators, who need to cover all of its high-profile investigations into Steinhoff’s auditors Deloitte, African Bank, VBS Bank and Gupta-linked Nkonki.
5. The Chinese tech giant Tencent's share price was down another 0.8% this morning - continuing a record-breaking losing streak.
JSE-listed Naspers, which owns 31% of Tencent, fell more than 1.5% yesterday.
Twitter had al
I met @tito_mboweni last night per chance, and he asked me the question: What is the government doing for the small towns; were you can stretch the Rand, create employment and revive the economy. Now I’d like to say to him: Ba-Tito, today you are the government—Just Do It!— Buti Manamela (@ButiManamela) October 9, 2018
I know for sure there are people who were surprised to find out that Tito Mboweni is an actual person coz they have only known that as Casper's hit song....— Percy (@god_ira_one) October 9, 2018
In brief transit on way to IMF - this is very positive news. @tito_mboweni earned the trust of markets, despite the 1998 ZAR reaction to news of change at the SARB. Fiscal challenges are still significant but he was part of the ANC’s original economic dream team 1/2— Razia Khan (@raziakkhan) October 9, 2018
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