Top 5 on Fin24: SARS rogue unite claims 'hogwash' says ex official, and rand threatens R14/$

Cape Town - A roundup of Thursday's top economic and finance reads on Fin24.  

Rogue unit allegations 'hogwash', former SARS enforcement head tells inquiry

The former head of SARS enforcement Gene Ravele told the commission of inquiry into affairs at the tax agency that allegations over the so-called 'rogue unit’ were nothing but hogwash.

During an interview after his testimony, Ravele stated that the unit was "hurting" people connected to those in power through their investigations.

During an emotionally charged session Ravele made bombshell revelations over the cessation of inspections at factories of cigarette manufacturers in the aftermath of his departure from SARS, including that former second-in-charge at the service Jonas Makwakwa put a stop to the factory inspections.

• READ: Rogue unit allegations hogwash, former SARS enforcement head tells inquiry

Nene warns Eskom is a 'threat' to SA's investment strategy

Cash-strapped power utility Eskom is "a threat" to the nation’s investment strategy, Finance Minister Nhlanhla Nene has said.

The government plans to offer incentives to lure $100bn - about R1.2trn - in investment to the country, President Cyril Ramaphosa announced in April.The investment drive is part of an attempt to bolster economic growth, which hasn’t exceeded 2% annually since 2013. In June StatsSA announced that SA's real gross domestic product fell by 2.2% in the first quarter of 2018. 

• READ: Nene warns Eskom a 'threat' to SA's investment strategy

Petrol pain to continue for motorists despite oil lifeline

South Africans have been thrown a lifeline by declining oil prices in June, but not enough to avert another hike in fuel prices, the Automobile Association cautioned on Thursday.

Commenting on unaudited month-end fuel price data released by the Central Energy Fund, the AA said that without oil's decline, the fuel price hike for July would have been far higher.

According to the AA, the average rand/US dollar exchange rate used to calculate the basic fuel price has slipped in a virtually straight line since the start of June.

• READ: Petrol pain to continue for motorists despite oil lifeline

Rand threatens to break through R14/$ amid emerging market rout

The rand threatened to break through R14 to the dollar on Thursday as the US dollar continued to draw strength from struggling world economies.

By 10:15 the local unit was trading 0.13% weaker at R13.87 against the US unit after hitting R13.9975/$ earlier on Thursday.

By 16:37 it was at 13.86/$. "Emerging markets across the board are very weak and the dollar just continues to surge. For now the trend remains your friend," commented TreasuryONE lead dealer Wichard Cilliers. 

• READ: Rand threatens to break through R14/$ amid emerging market rout

Apple, Samsung resolve smartphone design fight after 7 years

Apple and Samsung Electronics reached a settlement in their US patent battle, ending a seven-year fight over smartphone designs that spanned the globe.

The string of lawsuits started in 2011 after Steve Jobs, Apple’s co-founder who died that year, threatened to go “thermonuclear" on rivals that used the Android operating system and accused Samsung of “slavishly” copying the iPhone design.

The companies didn’t disclose the terms of the accord and didn’t immediately respond to requests for comment.

• READ: Apple, Samsung resolve smartphone design

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