Business

  • 5G countdown for South Africa: here’s what you can expect

    5G countdown for South Africa: here’s what you can expect



    Sudhir Juggernath, head of Orange Applications for Business, Africa, underlines how 5G technology will push South Africa forward in terms of connectivity and technological innovations.

    Click here to read the full text by Staff Writer

  • Finance: Whistleblower claims accountants turned a blind eye to Dubai firm he says painted 5 tons of gold to look like silver

    Finance: Whistleblower claims accountants turned a blind eye to Dubai firm he says painted 5 tons of gold to look like silver



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    Amjad Rihan claims he blew the whistle on wrongdoing at Dubai-based Kaloti group but EY turned a blind eye and dismissed him.

    • An E&Y whistleblower claims his former employer is guilty of suppressing information about money laundering and other wrongdoing in its audit of a Dubai gold company.
    • Amjad Rihan is suing his former employer and has accused E&Y of continuing to work with Kaloti group after he blew the whistle in 2014.
    • Kaloti group is accused of painting gold bars silver to avoid export restrictions and of doing business with organisations listed by US authorities as fronts for terrorism and organised crime, according to documents filed in the high court.
    • E&Y and Kaloti group have denied any wrongdoing.

    LONDON — Big Four consulting firm Ernst & Young (E&Y) has been accused of "unlawful, unprofessional, and unethical" behaviour relating to its audit of a Dubai gold company accused of money laundering and buying gold from conflict zones.

    The allegations were made in documents, seen by the Guardian, filed in the high court by lawyers acting for Amjad Rihan, a former E&Y partner who blew the whistle on the alleged scandal in 2014.

    A spokesperson for E&Y said to the Guardian: "We are aware of the lawsuit and deny any liability on this matter. We plan to vigorously defend any allegations made against EY."

    Kaloti could not immediately be reached for comment.

    Rihan led the E&Y team that audited Dubai-based Kaloti group, a major player in the gold refining market. The audit was required to prove Kaloti's gold was responsibly sourced, in order for the company to meet the requirements of the Dubai Multi Commodities Centre (DMCC) and the London Bullion Market Association.

    Rihan was dismissed from E&Y after making the allegations, and is now suing his former employer. E&Y and Kaloti have always denied any wrongdoing.

    The court documents allege the audit found Kaloti had imported five tons of gold bars from Morocco painted silver, to avoid Moroccan export restrictions on gold, and that cash transactions totalling more than $5 billion made by the company were not reported to the Dubai authorities.

    It is also alleged that about 57 tons of Sudanese gold was imported without due diligence checks done to establish whether it had come from a conflict zone, and that Kaloti did business with several organisations listed by US authorities as fronts for terrorism and organised crime.

    The court documents claim when Rihan told his superiors at E&Y that Kaloti had failed the audit, they "positively undermined his authority (including by removing him from the audit) and ostracized him within EY, treating him as a troublemaker."

    It is alleged Rihan was placed under "unreasonable pressure" to return to Dubai, although there was "credible evidence the Dubai authorities and/or other authorities in the region took serious retaliatory action against individuals who criticised them or otherwise damaged their interests."

    Senior E&Y staff allegedly then helped Kaloti rewrite its compliance report for the DMCC "in such a way as to suppress, conceal or distort the audit findings." Among the details supposedly removed were references to gold bars painted silver, the values of cash transactions and deals done involving Sudan, the Democratic Republic of Congo and Iran.

    Lawyers acting for Rihan said E&Y "failed to make a required disclosure based on their knowledge or suspicion that Kaloti and/or some of its suppliers were engaged in money laundering." They alleged E&Y had broken the Bribery Act because the firm retained Kaloti as a client and continued its good relations with Dubai authorities.

    Click here to read the full text by Camilla Hodgson

  • Forex traders eye mobile trading apps

    Forex traders eye mobile trading apps



    For the modern foreign-exchange trader, it’s now possible to find a date, hail a cab and trade $100 million — all through their mobile phone.

    Click here to read the full text by Bloomberg

  • Finance: Check out all the cool cars at the 2018 Detroit Auto Show

    Finance: Check out all the cool cars at the 2018 Detroit Auto Show



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    The Detroit Auto Show is all about pickups, SUVs — and a few surprises.

    • The Detroit Auto Show runs through Jan. 28.
    • Automakers have put a lot of new pickup trucks and SUVs on the show floor.
    • They've also rolled out some surprises.

    The 2018 North American International Auto Show (NAIAS), better known as the Detroit Auto Show, will run through Jan. 28 at the Cobo Center in downtown Motown.

    Detroit comes hot on the heels of CES this year and kicks off a 2018 that's expected to see lower new-vehicle sales in the US than in the previous three booming years. But that hasn't stopped automakers from showcasing their newest machines, especially pickups.

    Here's all the cool shiny sheet metal on the show floor:

    Chevy debuted its all-new Silverado full-size pickup truck.

    Ford showcased its much-anticipated Ranger — a throwback nameplate and Ford's entry into the revived company pickup segment.

    Fiat Chrysler Automobiles unveiled its new Ram 1500s, setting the stage for a Ford-Chevy-Ram pickup battle.

    Ford rolled out its Edge ST — the newest addition to the Ford Performance family and the company's first race-ready SUV.

    A refreshed Ford Edge is also on display. The Edge is one of Ford's bestselling crossovers.

    Speaking of crossovers, Acura brought a new RDX to the show floor.

    South Korea's Kia has a new Forte four-door en route to Motown.

    Mercedes-Benz has updated the mighty G-Class. The all-conquering wagon was a popular debut in Detroit.

    VW brought a new Jetta — although whether a revamped sedan is what the carmaker needs in SUV-mad America is an open question.

    Honda presented a new Insight hybrid.

    Lamborghini showed us the new Urus SUV, live and in the exotic flesh for the first time in the US.

    Toyota introduced a new Camry last year, so this year it debuted a new design for the slightly larger Avalon.

    Hyundai barked the tires on new iterations of its snazzy Veloster sports cars.

    BMW unveiled its new X2 crossover, which will sit between the small X1 and the mid-size X3.

    Jeep gave us a new Cherokee.

    Ford introduced a special-edition "Bullitt" Mustang (left), and revealed that a long-lost version from the original 1968 film still existed!

    Infiniti showed its Q Inspiration concept.

    Lexus rolled out the LF-1 Limitless concept.

    Click here to read the full text by Matthew DeBord

  • Top 10 best-selling passenger cars in South Africa

    Top 10 best-selling passenger cars in South Africa



    Data group Lightstone has supplied a list of the top 10 best-selling passenger vehicles in 2017, showing which cars were favoured among buyers.

    Click here to read the full text by Staff Writer

  • What does Davos mean for the South African investor?

    What does Davos mean for the South African investor?



    The World Economic Forum’s (WEF) annual meeting is set to take place on 23 to 26 January 2018, where the theme for the year will be creating a shared future in a fractured world.

    Click here to read the full text by Staff Writer

  • NPA targets Guptas for brazen looting of R220 million: report

    NPA targets Guptas for brazen looting of R220 million: report



    The NPA’s asset forfeiture unit (AFU) has signed off on another preservation order – this time targeting the Gupta brothers specifically, over their involvement with the R220 million Free State farming project that never materialised.

    Click here to read the full text by Staff Writer

  • Finance: The 20 best-selling cars and trucks in America

    Finance: The 20 best-selling cars and trucks in America



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    About 17.2 million cars and trucks were sold in the US last year, according to Kelly Blue Book. And, the top-selling vehicle was Ford's F-Series.

    • About 17.2 million cars and trucks were sold in the US last year, according to Kelly Blue Book.
    • The top-selling vehicle was Ford's F-Series.
    • The best-selling SUV was the Toyota Rav 4.
    • And the most popular sedan was the Toyota Camry, though its sales dropped from 2016.
    • Americans continue to favor SUVs and trucks over sedans.

    The US auto market kept its momentum in 2017, thanks to strong SUV and pickup truck sales.

    There were about 17.2 million cars and trucks sold last year, according to Kelly Blue Book. While that's slightly down from the 17.6 million vehicles sold in 2016, it still qualifies as a solid market. And just like in previous years, Americans continued to opt for larger vehicles over smaller passenger cars.

    In fact, two of the most popular segments included compact and mid-size crossover SUVs, which combined accounted for about 40% of all car sales in 2017. Pickup trucks were also in demand, with full-size trucks making up about 15% of all vehicles sold.

    Here's a look at the top 20 best-selling cars and trucks of 2017, according to data provided by KBB.

    20. Hyundai Elantra: 198,210 sold during 2017. Down 4.9% over 2016.

    19. Ford Fusion: 209,623. -21.1%.

    18. Toyota Highlander: 215,775. +12.7%.

    17. GMC Sierra: 217,943. -1.7%.

    16. Nissan Sentra: 218,451. +1.7%.

    15. Jeep Grand Cherokee: 240,696. +13.4%.

    14. Nissan Altima: 254,996. -17%.

    13. Ford Explorer: 271,131. +9.1%.

    12. Chevrolet Equinox: 290,458. +19.9%.

    11. Ford Escape: 308,296. +0.4%.

    10. Toyota Corolla: 308,695. -14.4%.

    9. Honda Accord: 322,655. -6.5%.

    8. Honda Civic: 377,286. +2.8%.

    7. Honda CR-V: 377,895. +5.8%.

    6. Toyota Camry: 387,081. -0.4%.

    5. Nissan Rogue: 403,465. +22.3%.

    4. Rav 4: Toyota 407,594. +15.7%.

    3. Ram: 500,723. +2.3%.

    2. Chevrolet Silverado: 585,564. +1.9%.

    1. Ford F-Series: 896,764. +9.3%.

    Click here to read the full text by Cadie Thompson

  • ANC leadership agree on Zuma exit: report

    ANC leadership agree on Zuma exit: report



    The leadership of South Africa’s ruling party decided that president Jacob Zuma must leave office but didn’t set a time-frame for his exit, according to six senior party officials who spoke on condition of anonymity.

    Click here to read the full text by Bloomberg

  • How secure are South Africa’s connected homes?

    How secure are South Africa’s connected homes?



    As the Internet of Things (IoT) continues to increase in popularity globally, a recent survey was commissioned by Kaspersky Lab in South Africa, to gain an understanding on how secure connected homes are in the local region.

    Click here to read the full text by Staff Writer

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