Good morning, here’s what you need to know today.
President Cyril Ramaphosa missed a Monday deadline to answer questions about his version of events concerning the Phala Phala farm robbery, fuel prices are set to decrease next month if the rand exchange rate and oil price holds, and a judge set the trial date for Twitter versus Elon Musk for five days in October.
Ramaphosa’s legal team talking to public protector’s office after his no-show – Business Day (for subscribers)
On Monday, President Cyril Ramaphosa missed a deadline to answer 31 questions posed to him by the public protector’s office concerning his version of events relating to the 2020 Phala Phala farm robbery.
Last week, the president pledged his support for a probe into the robbery but missing the Monday deadline will be seen as Ramaphosa trying to evade questions about the theft. The presidency confirmed that Ramaphosa tried to get an extension until July 22 but this was not granted by the public protector’s office.
Presidency spokesperson Vincent Magwenya said the president’s legal team is in communication with the public protector’s office. Read more here.
Fuel forecast: Petrol and diesel may be cut next month, if oil weakness lasts – News24
There may be some relief for motorists next month with fuel prices set to decrease due to the current lower Brent crude price.
While motorists will pay the full fuel levy for the first time in months in August, the price is still expected to go down at this stage with the Central Energy Fund pointing to cuts of more than 50 cents in petrol.
Diesel is also expected to decrease by around 28 cents a litre but there is still some time to go until a price can be determined and the expected reductions are based on the rand exchange rate and oil price remaining at current levels for the rest of the month. Read more here.
Judge fast-tracks Twitter versus Elon Musk trial to October – Bloomberg
The bluebird social media company scored the first points in its fight to force the world’s richest man to complete the $44 billion acquisition of the company with a Delaware judge ruling that the case be fast-tracked to October.
Elon Musk had asked the court to set the trial for February but Chancery Court Chief Judge Kathaleen St. J. McCormick set down five days in October instead arguing that she saw little merit in Musk’s arguments to have the trial set for next year.
Twitter argued it has suffered since Musk announced he would be pulling the plug on the deal with the judge agreeing that that social media company faced “imminent harm.” Twitter shares jumped as much as 5.4% following the ruling. Read more here.
Here’s what else we’re reading today:
Major emergency power project reaches financial close – Fin24
Mpofu moves to discredit another whistle-blower, but committee chair draws the language line – Daily Maverick
Financial stress is hurting our home life, 94% of SA participants in new poll say – Fin24
UIF confident of recovering R1.8bn lost on Bounty Brands investments – Daily Maverick
Renewable energy retailers record a sharp increase in sales – SABC News
Sasol, Central Energy Fund to open new ‘gas bridge’ to Mozambique – Daily Maverick
Hlaudi Motsoeneng fails in bid to reverse court order to repay R11.5m ‘success fee’ – News24
Health Minister Phaahla’s Covid case shows virus is not over – department – City Press
South Africans are running out of money before the end of the month – and battle to pay school fees – BusinessTech
Netflix soothes Wall Street concerns with customer growth forecast – SABC News
Moody’s: Disasters a bigger risk in SA due to underspending on electricity, water infrastructure – Fin24
Image Credit: GCIS
