Good morning. Here’s what you need to know today:
- Cyril Ramaphosa dodges bid to remove him as ANC president at NEC meeting.
- Ster-Kinekor pulls off a rare feat and exists business rescue.
- Tesla will investigate fatalities in China.
Ramaphosa urges NEC to ‘acknowledge shortcomings and failures’ at December conference – News24
President Cyril Ramaphosa urged the ANC NEC members to be forthright and frank in compiling its organisational and political reports to be delivered at next month’s national elective conference. The party president said the ANC had to acknowledge mistakes made in the past and improve. There was a bid to oust Ramaphosa at the meeting due to his involvement in the Phala Phala farm robbery, but the attempt was thwarted by the president’s allies. Read more here.
Ster-Kinekor pulls off mission impossible by successfully exiting business rescue – Daily Maverick
Like many other businesses, Ster-Kinekor was forced into business rescue following the onset of the covid-19 pandemic and it was touch and go for the cinema company but on Friday it said it had pulled off mission impossible and exited business rescue. The group cited the relaxation of lockdown restrictions, a string of blockbuster hits which have helped to drive up cinema numbers and a R250 million investment into the business. Read more here.
Tesla says it will assist police probe into fatal crash in China – SABC News
Elon Musk’s Tesla said it will assist Chinese police in investigating an accident involving one of its Model Y cars after media reported two people had died while a further three were injured when the vehicle crashed. The crash involved the death of a motorcyclist and a high school student while Tesla has appealed to the public to not believe “rumours” surrounding the crash. One such rumour is that the drive was struggling with the brake pedal but Tesla indicated that no data from the vehicle showed any attempt to hit the brakes while a video of the incident did not show the brake lights on either. Read more here.
Here’s what else we’re reading:
SA Business
- PetroSA says it found leak in offshore pipeline near Mossel Bay – News24
- All the companies Michael Jordaan invested in – My Broadband
- Unrelenting rainfall could cost wheat farmers their crops – SABC News
Global Business
- Alpha-male ‘bloodsport’ sows a catastrophe in crypto – Tech Central
- Asia Earnings Week Ahead: Alibaba, Tencent, Japan’s Megabanks – Bloomberg
- China’s Big Tech Becomes Target for Investors Fearing Missing Out – Bloomberg
Markets
