Good morning.
Here’s what you need to know today:
- What we know thus far about the Phala Phala farm robbery.
- Prosus writes off a $769 million stake in a Russian social media company for nothing.
- Taking a look at SA’s R1.5 trillion decarbonising plan.
ANALYSIS | Phala Phala: Three investigations, very few facts, and a president under pressure – News24
It’s easy to forget an important news story in the age of a 24-hour news cycle where the next breaking bulletin surfaces at the top of the headlines, relegating the previous story down the pecking order.
We are yet to gain absolute clarity in the Phala Phala farm robbery scandal, which may still have costly consequences for President Cyril Ramaphosa. In this report, there is a deep dive into what is known thus far, a detailed account of Ramaphosa’s version of events, the charges, the political claims and motivations, tax details and more.
Naspers-owned Prosus gives up R7 billion investment for nothing – My Broadband
JSE heavyweight and Dutch-based e-commerce giant Prosus has written off a 27% stake valued at $769 million in Russia’s largest social media company VK.
In March, Prosus said it would write off its ownership stake following Russia’s invasion of Ukraine. VK sold Prosus’ shares to its management team for $403 million it said in a statement Thursday.
Last month, Prosus sold its largest Russian asset, the classifieds app Avito, for 151 billion rubles. Read more here.
South Africa’s R1.5-trillion plan for decarbonising in the next five years – Daily Maverick
Ahead of travelling to the COP27 climate crisis talks currently taking place in Egypt, President Cyril Ramaphosa and the Climate Finance Task Team presented a five-year plan for the transition of South Africa from fossil fuel dependence towards greener energy solutions.
The plan focuses on decarbonising and developing three key sectors, which include electricity, new-energy vehicles, and green hydrogen. Read more here.
Here’s what else we’re reading:
SA Business
- DStv keeps bleeding in South Africa – My Broadband
- Government may have to consider retrenchments: Godongwana – Business Tech
- New Eskom director faces scrutiny after PPC releases controversial report – News24
Global Business
- Lawsuit accuses Amazon and Apple of colluding to fix iPhone prices – My Broadband
- Musk warns Twitter bankruptcy possible if cash burn lingers – Daily Maverick
- Apple’s $191 billion single-day surge sets stock-market record – The Indian Express
Markets
