Uber CEO Travis Kalanick resigns

Travis Kalanick, 40, has resigned as the chief executive of Uber, a company he co-founded.

Last week, Kalanick, with an estimated net worth of US$6.3 billion, as of March 2017, announced that he was going on an indefinite leave of absence following the death of his mother in a boating accident.

But the move failed to defuse a growing crisis over his leadership and demands from investors that he should resign. Read more

Diddy and Beyonce lead the World’s highest celebrities 2017 ranking

Image result for diddyIt has never been easier to become insta-famous, but for some celebrities, fame and fortune are perennial.

Take Diddy: Nearly two decades after appearing on the cover of the first-ever Celebrity 100 issue, Diddy tops FORBES’ annual ranking of the highest-earning entertainers in the world, banking $130 million pretax in our 12-month scoring period.

“I ain’t foolin’ around… I’m building assets,” Diddy claimed to FORBES back in 1999. Turns out, he was right: The majority of his 2017 total comes from selling one-third of his Sean John clothing line for an estimated $70 million.

Combined with a lucrative Diageo Ciroc vodka partnership and his Bad Boy Family Reunion Tour, Diddy edges Beyoncé, whose $105 million haul is the second-largest of her career, thanks to her Formation World Tour and Lemonade release. Read more

South Africa’s economy falls into recession for the second time in 8 years

South Africa’s economy fell into recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of the year.

According to new reports, while rains are helping the country recover from a 2015 drought that was the worst since records started more than a century earlier, political uncertainty has prevented the implementation of some government reforms aimed at boosting growth.

RBZ and ZESA strike deal with ESKOM averting load shedding

Image result for zesaPotentially devastating load-shedding has been averted after the Reserve Bank of Zimbabwe (RBZ) and Zesa Holdings yesterday struck a payment deal to liquidate arrears to Eskom of South Africa within four months.

The South African power utility had given Zesa up to tomorrow to settle its arrears or risk being switched off over a $43 million debt.

Zesa officials are now expected to take the payment plan hammered out yesterday to Eskom for ratification on Friday.

This comes as Eskom over the weekend said it would not cut off the 300 megawatts it was giving Zimbabwe as Zesa had been “proactive” in its engagement. Read more

RBZ to reward whistle blowers

Reserve Bank of Zimbabwe Governor Dr John MangudyaThe Reserve Bank of Zimbabwe (RBZ) has introduced a five percent reward to whistleblowers who report individuals and businesses involved in cash hoarding, selling or engaging in illicit dealings.

In a statement, RBZ Governor Dr John Mangudya said information provided to the bank would be kept in confidence between the whistleblower and the bank.

“To promote and enforce compliance with best practice and anti-money laundering rules and regulations, the bank is pleased to advise that it has established dedicated hotline numbers for the public to report individuals and firms or traders that may be involved in cash hoarding, selling or abusing or externalising of cash, or any related misdemeanour,” he said. Read more

2 Years down the line Dangote Investment deal still in limbo

Aliko DangoteIt’s been two years since Africa’s richest man, Nigerian billionaire Alhaji Aliko Dangote, jetted into the country in a highly-publicised investment deal, but nothing has come to fruition.

The so-called “mega deal” has remained pie-in-the-sky that occasionally pops up in lapdog State media when propaganda mandarins are desperate for a feel-good story.

Since Dangote’s visit into Zimbabwe, nothing has been done to fulfil the deal, with the finer details of the transaction remaining sketchy. Read more

Snapchat CEO under fire after he brands India a poor country, several Indians unistall the app

Snapchat’s CEO Evan Spiegel’s is under fire after he explains disinterest in expanding the business to “poor countries” like India. After he made that statement, the rating of the popular app dropped to a “single star” from an apparent “five star” on the App Store.

Seeveral users have also unistalled the app. US-based news website Variety on Saturday quoted Snapchat’s former employee Anthony Pompliano as saying that Spiegel in September 2015 told him that:

“The app is only for rich people. I don’t want to expand into poor countries like India and Spain”. Read more

MTN Accountant steals R24 million

Image result for mtn south africa head officeSouth Africa: An MTN financial accountant has been bust for allegedly stealing R24 million from the company‚ the Gauteng Hawks said on Thursday.

“Investigations into her accounts came after a bank contacted MTN’s management about ‘suspicious activity’ in her account‚” said Captain Ndivhuwo Mulamu.

“It is alleged that the suspect fraudulently transferred money from the MTN bank account into her personal bank account for the period between 16 July 2015 and 04 April 2017‚” Mulamu said. Read more

AirZim hit hard by forex shortage

Air Zimbabwe grounded.... hit by fuel shortagesAir Zimbabwe is being forced to hire planes to serve its routes as foreign currency shortages are delaying the acquisition of spare parts for its grounded fleet.

This has resulted in long flight delays and cancellations in the past week. Officials at the airline have said the Reserve Bank of Zimbabwe was delaying releasing foreign currency to purchase spare parts needed for maintenance work.

Air Zimbabwe chief executive officer Captain Ripton Muzenda said the delays were a result of maintenance work which is underway.

“We’ve been actually hiring aircraft from South Africa to try and maintain the schedules and we are also facing a challenge where we have not been getting aircraft that are available for hire. Read more

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