Top5 on Fin24: Zuma blasted into space, and SA schools unaware of uniform guidelines

Cape Town - A roundup of Monday's must-read financial and economic news. 

SA schools unaware of uniform guidelines - Competition Commission

Most schools surveyed by the Competition Commission are unaware of the guidelines for school uniforms issued by the Department of Basic Education in 2015. 

This is according to an update issued by the commission last week. The competition authority is investigating a number of schools, school uniform manufacturers and suppliers for possible anti-competitive behaviour.

Competition spokesperson Sipho Ngwema confirmed to Fin24 by email that an announcement following the investigation, which is in an advanced stage, will be made public in the coming weeks. The investigation was launched in January 2017, in response to complaints from parents and school uniform suppliers.

READ: Most schools unaware of uniform guidelines

Two diamonds larger than 100 carats each found in Lesotho mine

Gem Diamonds has discovered two huge diamonds, each bigger than 100 carats, at its Lesotho mine.

It unearthed the 117 carat and 110 carat D color Type IIa diamonds at the Letseng mine, Gem said in a statement on Monday. Type IIa diamonds contain very little or no nitrogen atoms and are the most expensive stones.

The company’s stock rose as much as 8.2% in London trading. It’s a good start to the year following Gem’s discovery of at least seven stones bigger than 100 carats in 2017 and five the year before. It recovered a dozen diamonds bigger than 100 carats in 2015.

READ: Two diamonds larger than 100 carats each found in Lesotho mine

Zuma blasted into space 

Elon Musk’s Space Exploration Technologies Corporation (SpaceX) successfully launched its first mission of the new year: a classified payload for the US government into low-earth orbit.

The mission - referred to as code name Zuma - took off from Cape Canaveral Air Force Station in Florida on a Falcon 9 rocket. SpaceX landed the rocket’s first stage for reuse in a future launch, a key step in its goal to drive down the cost of access to space.

READ: Elon Musk's SpaceX launches Zuma mission

Rand stable ahead of ANC birthday celebrations

The rand started the week on a steady note, opening at R12.33 to the dollar on Monday, slightly up from its previous close of R12.31/$ on Friday. 

By 12:00 the rand was trading at R12.37 to the greenback. By 15:45 it was trading at R12:41/$. 

Analysts expect the rand to hold firm within the R12.25/$ to R12.50/$ range ahead of ANC birthday celebrations.

Newly elected president Cyril Ramaphosa will deliver the party's annual 'January 8 Statement' at the ABSA Stadium in East London on Saturday, on behalf of the ANC's new national executive committee (NEC). 

“There’s nothing meaningful to note on the data front today, but the annual ANC birthday celebrations should garner attention as the new NEC will have a chance to stamp their authority on ANC policy,” said TreasuryOne dealer Phillip Pearce in a statement on Monday.

READ: Rand stable ahead of ANC birthday celebrations

Call for SABC to be placed under business rescue

It is questionable why the board of the SABC has not placed the state-owned broadcaster under voluntary business rescue yet, according to Advocate Paul Hoffman SC, the director of Accountability Now. 

The Companies Act permits a board to do this if it has reasonable grounds to believe a company is "financially distressed".

The aim of Accountability Now - a non-profit organisation with Archbishop Emeritus Desmond Tutu as patron -  is to ensure that the rule of law is enforced by holding governments, parastatals and the private sector to account.

Fin24 reported last year that the SABC posted a R977m loss after tax for the 2016/17 financial year.

READ: Call for SABC to be placed under business rescue