5 things you need to know in SA business today and the best reactions to the Gigaba resignation
1. Home Affairs Minister Malusi Gigaba resigned yesterday after it was found that he lied under oath and a compromising video of him was circulated on social media.
2. VBS is no more: The North Gauteng High Court has issued a final order to liquidate VBS Mutual Bank.
3. Telkom has seen massive growth in its number of clients in the half year to end-September - up 50% to 6.5 million mobile customers. However, its profitability took a hit as it expanded its business.
4. MTN will be launching a R300 smart phone in 2019. The company is teaming up with with China Mobile, chipmaker Unisoc and the phone operating system KaiOS, and aims to sell 10 million of the phones over the next three years.
5. Spar has released its annual results this morning - sales increased by 6% to R101 billion, with almost a third of its turnover coming from its Swiss and Irish businesses. Headline earnings only rose 1.4%.
The best reactions to the Gigaba resignation
It’s quite obvious that Malusi Gigaba was asked to resign. How do we know? He staged a massive and public campaign to keep his job up to last Friday when he met President Ramaphosa armed with a 30-slide PowerPoint to explain Fireblade.— Ferial Haffajee (@ferialhaffajee) November 13, 2018
ex-Minister Gigaba has inspired so much creativity in South Africans. They’re all trying their hand in the art of the pun. There is a stiff competition out there— Zakes Mda (@ZakesMda) November 13, 2018
After 14 years of having bodyguards and other Ministerial Handbook perks and so on, Gigaba now has to readjust to this life of us ordinary folks.— #SinuousLinesDesign (@Sentletse) November 13, 2018
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