1. South Africa's economic growth in the fourth quarter was somewhat stronger than expected - GDP expanded by 1.4%. And that's not all: Statistics SA also revised the official number for the third quarter: from 2.2% to 2.6%.

This means that the local economy grew by 0.8% in 2018. 

Farming saw a dramatic recovery in the fourth quarter, while manufacturing also looked better. 

The rand strengthened on the news, and was last trading at R14.16 to the dollar.

2. Last night Alexander Forbes issued a statement warning that it is considering taking legal action against a "disgruntled former employee" who is talking to the media. This is apparently a reference to a recent article in Business Report which details the company's alleged plans to sell its short-term insurance business to Sanlam.

The article states that: "The push for the deal to be concluded was the main reason erstwhile chief executive Andrew Darfoor was ousted from the position last year after he had resisted attempts for the group’s exit from the short-term insurance business, which formed a key pillar of his Ambition 2022 strategy."

Last year, Darfoor lodged a case against the company with the CCMA after he was fired just two years into the job. 

3. The state capture commission yesterday heard that Eskom made a R659 million payment to a Gupta-linked company for coal - before any contract was in place or any coal delivered. Eskom exec Shehal Nagar gave evidence about suspect events in 2016. 

4. Despite warnings of a 'high risk' of power cuts, there was no load shedding on Tuesday evening.  

5. Nedbank released its results yesterday, which showed a 14.5% bump in headline earnings. Its market share of retail banking clients grew from 12.7% to 13.1%.

The most expensive new car ever sold

Reported by Benjamin Zhang

On Tuesday at the Geneva Motor Show, Bugatti unveiled its latest creation: a one-of-a-kind hypercar called La Voiture Noire.

It was created to commemorate the 110th anniversary of the brand's founding.

At $18.9 million (R265 million), La Voiture Noire is also now the most expensive new car ever sold, Bugatti said, eclipsing the $13 million (R184 million) Rolls-Royce Boat Tail in 2017.


"Bugatti arouses passion and emotions throughout the world," the company's president, Stephan Winkelmann, said in a statement. "Customers expect us to continually surprise them and to raise the goalposts beyond the limits of their imagination. We have just succeeded in doing so with 'La Voiture Noire.'"

La Voiture Noire, French for "the black car," is an homage to a Type 57SC Atlantic of the same name designed in the late 1930s by Jean Bugatti, the son of the company's founder, Ettore Bugatti.

The company did not identify the car's buyer, saying only that it was purchased by a Bugatti enthusiast who was fascinated by the original Type 57 La Voiture Noire.


Power for La Voiture Noire comes from Bugatti's famous 8.0-liter, quad-turbo W16 engine. Here, it produces 1,480 horsepower.

Aesthetically, the front of the hypercar is dominated by Bugatti's iconic horseshoe grille, while its rear is highlighted by six exhaust outlets and a continuous LED tail-light bar. 

According to the Bugatti designer Etienne Salome, every component of the car is handcrafted, and its body is made of carbon fiber.


For more, go to Business Insider South Africa

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