Accusations that the Gupta brothers’ arrests in Dubai earlier this month were politically motivated are just “baseless rhetoric” says justice minister, Wells Fargo believes the US is heading for a recession in 2023, and creditors will be circling Comair for their piece of the pie as liquidation proceedings get underway.
Claims Gupta arrests aimed at diverting attention from Ramaphosa’s ‘farmgate’ are baseless – Lamola – News24
Justice minister Ronald Lamola has denied allegations that the timing of the arrest of Gupta brothers Atul and Rajesh in Dubai was used as a means to distract from President Cyril Ramaphosa’s Phala Phala farm theft saga.
Lamola called the accusations “unfortunate” and “baseless rhetoric” while adding that there is no “ulterior or political motive.” The timing of the arrests did work in Ramaphosa’s favour though, whether they were politically charged or not just as questions surrounding the president’s involvement in the farm theft ramped up. Read more here. (for subscribers)
Wells Fargo says US will fall into recession after the Fed delivers its biggest rate hike since 1994 – Business Insider
Economists at the financial services firm believe the United States is heading for a recession next year after the US Federal Reserve hiked interest rates by the highest margin since 1994 on Wednesday.
The Fed raised interest rates by 75 basis points, much larger than the traditional 25 basis points. Wells Fargo said the sharp increases in interest rates, which will raise borrowing costs across the economy, are likely to trigger a “mild recession” in mid-2023. Read more here.
Comair: Here’s who is owed what as airline gears up for liquidation – Fin24
Creditors will be lining up for their share of Comair as the airline begins liquidation proceedings. The application for liquidation sets out a list of claims but it is unclear how much is exactly owed. It is believed that as much as R8 billion could be owed to creditors. Comair’s business rescue practitioners say a liquidator must be appointed to oversee the process.
Aviation economist Joachim Vermooten says the airline incurred huge losses during its two years of being under business rescue. Read more here.
Here’s a round-up of what else we’re reading:
Wall Street plunges as recession fears grow – SABC News
BUSA questions Mbalula’s silence on N3 truck blockade, looks to Ramaphosa for help – Fin24
Efforts to increase operational efficiencies at the Port of Cape Town – Cape Business News
Swiss National Bank ready for more rate hikes after shock move – SABC News
The impressive growth of South Africa’s A2X stock exchange – MyBroadband
Petrol now looks in reach of R27 per litre come July – Business Insider
Revlon Says Bankruptcy Is Complicated by Financial Controversies – Bloomberg
