SARS Discovers Multi-Billion Rand VAT Scheme in Illicit Gold Trade

LOCAL NEWS

• SA Revenue Services (SARS) uncovers multi-billion rand VAT fraud scheme in illicit gold trading totalling over 200 tons over a decade.
  • SARS has accused major companies of smuggling illegally smelted gold and krugerrands into the legal gold supply. No action or next steps have been reveals yet
• Scientists say the discovery of the new omicron variant BA.2 is unlikely to be a game changer and will not require new restrictions.
  • Research shows the 27 new mutations make it 30-34% more infectious than Omicron BA.1, but scientists say this is unlikely to warrant more action given the milder nature of omicron
• Eskom, which has a pipeline of shovel-ready projects to support the country's energy transition, should access as much as it can of the $8.5 billion (~R131 billion) pledged by developed nations at COP26, according to CEO André de Ruyter.
  • Eskom is in the midst of near catastrophic load-shedding as emergency reserves came close to being fully depleted

Data:

• 0715GMT: Jan Std Bank PMI: 50.9 vs 50.0 prior
• 1100GMT: Dec Electricity production y/y, -3.7% prior
• 1100GMT: Dec Electricity consumption y/y, -2.4% prior