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The contributions will go towards the Wits Food Bank which supports about 4000 students.
Wits collects food for less privileged students
19 July 2018, 10:09 AM

As part of Nelson Mandela Day birthday celebrations, Wits University in Braamfontein, Johannesburg, began a drive to collect food items.

This is in response to International Mandela Day, and the call to do good deeds for 67 minutes, the number of years Mandela fought for social justice.

The contributions will go towards the Wits Food Bank which supports about 4000 students.

Watch video below:

BLSA says Viceroy’s Capitec report brought about shock and confusion among the regulators and investors when it first came out.
Economy suffers when negative aspersions are cast about companies: BLSA
12 July 2018, 1:00 PM

Business Leadership South Africa (BLSA) says the economy is harmed when negative aspersions are cast about companies.

On Thursday, BLSA published a new, ground-breaking report on the growing phenomenon of short-selling activity in South Africa.

The research revealed among other things that Viceroy’s research report on Steinhoff was substantially plagiarised.

The study, conducted by reputable research house Intellidex and titled Investment Research in the Era of Fake News, focuses on Viceroy, the short seller, which has published negative reports on prominent South African companies including Steinhoff and Capitec.

The report, based on research over the last few months, has made damning findings on Viceroy’s reports.

BLSA, which represents CEOs of the largest companies in South Africa, commissioned Intellidex’s research on short selling as part of its commitment to promoting inclusive growth and transformation and job creation and positioning business as a national asset.

BLSA CEO, Bonang Mohale says there was shock and confusion about Viceroy’s Capitec report among both regulators and investors when it first came out.

“There was a swirl of rumour about other companies Viceroy may target. Activist short selling is a new phenomenon in South Africa and we felt it was important to commission research that would draw out the facts and equip the public to separate good from bad practices. We commissioned the research primarily because our role as BLSA is to ensure our members and business in general build, protect and grow their investments to create shared prosperity and jobs in our economy.”

Mohale says BLSA members have signed an Integrity Pledge which commits them to root out corruption and anti-competitive behavior.

“Accordingly, it is also important that as part of enhancing our understanding of the functioning of our capital markets, we ensure that they do so with utmost integrity.”

He says, “Short selling can play a positive role in exposing corporate wrong-doing and improving the efficiency of markets. BLSA believes the economy benefits from robust criticism of corporate activity from the media as well as investors, whether they are long or short. However, it is important that this criticism be based on a reasonable assessment of the facts. It would harm the economy if negative aspersions are cast about companies, not because they represent genuine beliefs based on research, but because they are intended to damage the value of companies for profit. Such market manipulation is itself a form of corruption.”

Mohale calls on authorities to strengthen market regulation to ensure that all players in our capital markets operate with the highest standards of corporate ethics.

“We hope the Intellidex report contributes to the debate about corporate ethics and the need for regulation to catch up with sophisticated and subtler but equally damaging forms of market manipulation especially in an advanced economy like ours. Specifically we should consider enhancing transparency by introducing regulations requiring disclosure of all short positions. This already happens in Australia, the UK and the US. By tracking short positions, authorities are able to determine when some or other social media campaign is connected to traders’ positions. This will also ensure the public has a better context in order to be able to interpret information that is spread about companies.”

Viceroy’s response below:



Vicery (Text)

Read full report below:



Intellidex Report Short Selling in the Era of Fake News (Text)

Earlier this year, Viceroy published a negative report on Steinhoff.
Viceroy’s report on Steinhoff was plagiarised: BLSA report
12 July 2018, 11:35 AM

Research commissioned by Business Leadership South Africa’s (BLSA) has revealed that Viceroy’s research report on Steinhoff was substantially plagiarised.

On Thursday, BLSA published a new, ground-breaking report on the growing phenomenon of short-selling activity in South Africa.

The research, conducted by reputable research house Intellidex and titled Investment Research in the Era of Fake News, focuses on Viceroy, the short seller, which has published negative reports on prominent South African companies including Steinhoff and Capitec.

The report, based on research over the last few months, has made damning findings on Viceroy’s reports.

BLSA, which represents CEOs of the largest companies in South Africa, commissioned Intellidex’s research on short selling as part of its commitment to promoting inclusive growth and transformation and job creation and positioning business as a national asset.

Intellidex Chairperson and one of the authors of the report, Dr Stuart Theobald says, “Among other findings, our research has found that Viceroy’s research report on Steinhoff was substantially plagiarised from a report produced by a different hedge fund six months earlier. In addition, there are several problems with other Viceroy reports, including Capitec and Advanced Micro Devices, such as unsupported exaggerations, poor reasoning and misunderstandings of the markets they operate in.”

“In our view, Viceroy has used the status it gained from its Steinhoff report, which benefitted from the fact that it was published at a point when there was major demand for information about accounting failures in Steinhoff, in order to publish spurious and weak reports that have the effect of damaging share prices. We urge the public to critically examine the content of Viceroy’s reports which, we have argued, fails to meet professional research standards,” Theobald adds.

Remarking on the report’s findings, Theobald says they noted that the South African Reserve Bank commented on the day Viceroy’s research on Capitec  was released, which claimed that the bank was well capitalised, solvent and had adequate liquidity.

“It later said it had confidence in the data and financial statements of the bank, and that the substantive allegations made by Viceroy were not accurate. The National Treasury has also described Viceroy’s actions as ‘reckless’ and ‘not acting in the public interest’.”

He says there is plenty of excellent short-side research however their analysis indicates that Viceroy’s work does not fit in this category.

“Users of short-side research should ask two questions: does the research represent the genuine beliefs of the authors, and does the research contain adequate evidence and reasons for the beliefs it expresses? In Viceroy’s case, the answer to the second question is mostly ‘no’, while in some cases we are forced to conclude the answer to the first question is also ‘no’. Given that, we must conclude that the function of Viceroy’s research is not to share new facts and analysis, but rather to damage the share prices of companies for it to generate a profit. This behaviour is not in the public interest and may well be illegal in terms of market manipulation rules.”

Viceroy response below:



Vicery (Text)

Read full report below:



Intellidex Report Short Selling in the Era of Fake News (Text)

Earlier this year, Mahikeng residents rejected the Gupta-linked Mediosa mobile clinic.
N West Health, Mediosa in legal clash over R24 million payments
11 July 2018, 11:56 AM

The North West Health Department and the previously Gupta -linked Mediosa  Company are battling over R 24 million of taxpayers’ money paid to the company.

Mediosa’s lawyers say the company did render the services for which the department was billed and that they will explore all legal avenues to retain the money.

However, Health MEC Magome Masike’s Spokesperson, Tebogo Lekgethwane says they will be carefully checking Mediosa’s R 24-million of invoices, among other measures.

Lekgethwane says, “MEC Dr Masike indicated that there are a few things that the department will have to do to recoup money from Mediosa. One is that the company has sent invoices of R24 million which tries to explain how they are claiming the money, in terms of the work that has been done but they will have to verify the invoices against the work done.”

“If at all the reports do not satisfy the department in terms of the work done, the money will have to be deducted,” he adds.

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The Yummy app, a homemade food ordering service in Libya.
Libyan food delivery service looks to serve up gender equality
11 July 2018, 10:22 AM

Fatima Nasser’s new business had barely got off the ground when she was accused of being a foreign spy for giving women employment opportunities in Libya, her war-torn home country.

The accusation was a measure of the opposition working women face in the conservative Muslim country, which has been in turmoil since a NATO-backed revolt toppled long-time leader Muammar Gaddafi in 2011.

Just one in four Libyan women is employed, according to World Bank data – a situation Nasser, 21, hopes to change with a new food delivery app that allows them to earn money from their own kitchens.

“I’m just doing something to help women that I know deserve better. They need opportunities, just like males,” Yasser told the Thomson Reuters Foundation.

The app, Yummy, connects women who cook at home with customers wanting to order food, in much the same way as Uber connects private drivers with would-be passengers.

It acts as a conduit, offering anonymity options for the cooks, and allows women to take food orders from men without having to speak to them.

“You have a society that has been closed for 100 years, you can’t just open a communication gate between two genders that were not supposed to talk to each other unless they were married to do business,” said Nasser.

She now has 300 cooks ready to start work, having trialed the service successfully with 20 in the southern Libyan city of Sabha – among them 26-year-old Ekhlas Ekrim.

Ekrim has been cooking and selling her food on Yummy for four months in Sabha, where a lack of security and ongoing fighting between rival armed groups have prevented her from going out to work to earn much-needed cash.

“Here they won’t accept that women work. Here your father or brother is responsible to give you money and everything that you need as a woman in the house,” said Ekrim, who lives with her parents, two brothers and two sisters, via WhatsApp.

“Working with Yummy is wonderful and has made things a lot easier. The work itself is not hard, society is.”

Oil-rich Libya was once one of the wealthiest countries in the Middle East, but its economy has been crippled by conflict and political division.

Security in many parts of the country is poor and the protracted conflict has meant more women having to earn a living as men go off to fight, says development organization MEDA, which teaches business skills to women in Libya.

“Culturally it’s maybe not as appropriate for women to work outside the house. An app like that could circumnavigate some of those issues,” said MEDA director Adam Bramm.

Last year Yummy was one of three winners of the nationwide Enjazi competition, which aims to encourage entrepreneurship to help diversify Libya’s oil-dependent economy.

Nasser won business training and advice from the MIT Enterprise Forum of the Pan Arab Region and Tatweer Research, which support entrepreneurship in the region.

The prize included a trip to Britain to meet and learn from successful entrepreneurs.

“If a woman started a start-up (in Libya) she would not have the same encouragement and support that her brother had,” she said.

“But hopefully this will change. People are starting to believe in females more and more now.”

 

 

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