5 things you need to know in SA business today and 5 times asteroids got dangerously close to Earth
1. The Companies and Intellectual Property Commission (CIPC), which manages company registrations, has instructed government’s Public Investment Corporation to recoup the R4.3 billion it invested in AYO Technology Solutions within 15 days. The CIPC believes the PIC contravened the Companies Act because its directors did not act in good faith and in the best interests of the company when "it decided to invest the disproportionate amount of R4.3bn in AYO". AYO is linked to Iqbal Survé. In response, AYO said that the CIPC was potentially influenced by a disinformation campaign of "media houses and individual journalists".
2. Meanwhile, a former director of the PIC yesterday testified that Finance Minister Tito Mboweni forced the board to resign. Board member Dudu Hlatshwayo was giving evidence before the judicial commission of inquiry probing allegations of impropriety at the state-run asset manager. Her evidence contradicts what was said by board chair and deputy Finance Minister Mondli Gungubele on Monday.
3. Multichoice is listing on the JSE today. Naspers is unbundling Multichoice to create value for its shareholders, as its shares are trading far below what its assets are worth.
4. Shoprite released its results yesterday, which showed a profit slump of 24%. Its sales were up only 0.2% and the group was hit by delays in an IT project, problems at a distribution centre and the weak economy. Shoprite is also in talks in talks with its chairman Christo Wiese about giving up his extra voting rights. Shoprite is negotiating to buy or redeem and cancel them.
5. Construction group Wilson Bayly Holmes-Ovcon (WBHO) also reported its half-year results: Total operating profit decreased from R510 million to R3 million due to expected losses on an Australian road-building project.
5 times asteroids got dangerously close to Earth
Reported by Talia Lakritz
NASA's Planetary Defence Coordination Office consolidates data from NASA's Center for Near Earth Object Studies and the International Asteroid Warning Network to keep a close eye on objects that could potentially pose a threat.
Here are five times near-Earth objects got a little too close for comfort.
In 1908, an asteroid flattened 1,300 square kilometres of forest near the Podkamennaya Tunguska River in Siberia, Russia
In what has become known as the "Tunguska event," NASA reports that a 1,000 million-kg asteroid traveling at 54,000km per hour entered the Earth's atmosphere above the Podkamennaya Tunguska River in Siberia, Russia, in 1908. It broke up about 50,000km from the ground.
Most of the asteroid was consumed in the explosion, so the blast didn't leave an impact crater. There were also no reported casualties. It did, however, topple 80 million trees.
Researchers couldn't reach the site until 1927 due to harsh weather conditions. They found trees with their branches and bark stripped away due to shock waves.
A meteor exploded over Chelyabinsk, Russia, in 2013 with the force of a nuclear blast
The "Chelyabinsk meteor" rocketed into the Earth's atmosphere at 64,000km per hour and broke apart 24km from the ground, according to Space.com.
Reuters reported that the shockwave damaged buildings, shattered, glass and caused 1,200 injuries.
Months later, scientists recovered a chunk of the meteor from Lake Chebarkul in Russia. They estimated that the meteor had a diameter of about 17m and weighed 11,000 tons.
In the aftermath, NASA established the Planetary Defense Coordination Office.
An asteroid named 2017 BX slipped between the Earth and the moon in January 2017
The asteroid passed by at 260,000km away - roughly two-thirds of the way to the moon. At about 14m across and 267,000km per hour, it was too small and slow to pose any real threat. But INSIDER's Dave Mosher wrote that its last-minute detection was "just another example of how blind we are to the millions of NEOs that could smack into our planet and release many atomic bombs' worth of energy".
In April 2017, a "potentially hazardous" asteroid as big as a skyscraper flew within 18 million kilometres of Earth
Because it flew so close to Earth (roughly 4.6 times the distance from our planet to the moon), asteroid 2014 JO25 earned the label of a "potentially hazardous asteroid," or PHA. But NASA said the 600m rock would "fly safely past Earth" and isn't due to appear again for more than 400 years.
An asteroid measuring 110m wide was only discovered one day before it flew by Earth in April 2018
An asteroid NASA dubbed 2018 GE3 flew 191,000km from Earth, about half the distance between Earth and the moon, in April 2018.
NASA estimated that the asteroid measured three to six times as big as the meteor that exploded over Chelyabinsk. Scientists spotted it just 21 hours before it flew closest to Earth, but said there was no chance of it making an impact.
For more, go to Business Insider South Africa.
Receive a single WhatsApp every morning with all our latest news: click here.
Also from Business Insider South Africa:
- This new 'local is lekker' ad uses a South African swearword - but that's not why people hate it
- Zulu King to launch a new cellphone network - along with a controversial businessman
- 'Three new navy ships will protect South Africa from pirates and illegal fishing - here's what they will look like
- Anger as Vodacom announces a R49 charge to roll over data - but the company may still back down