South Africa’s Kganyago Sues After SARB Battle Gets Personal

© Reuters.  South Africa’s Kganyago Sues After SARB Battle Gets Personal © Reuters. South Africa’s Kganyago Sues After SARB Battle Gets Personal

(Bloomberg) — Less than a week since vowed to go to war to protect the independence of the South African Reserve Bank, Governor Lesetja Kganyago has approached the courts to protect his name after a racial slur from a ruling party official.

Kganyago is suing Andile Lungisa, a municipal councilor for the African National Congress, for defamation for a posting on Twitter about the governor’s defense of the central bank’s mandate. Lungisa on Tuesday posted the first page of the summons that was served on him.

This is not the first time Kganyago has gone to the courts for resolve a dispute, but the previous occasion it was on behalf of the central bank.

He successfully fought off a proposal by the nation’s anti-graft ombudsman two years ago to change the institution’s inflation-targeting mandate. The nation’s top court found Public Protector Busisiwe Mkhwebane to be personally liable for 15% of the central bank’s legal costs in that case.

Lungisa’s series of Tweets in June began as support for the ANC’s proposal to nationalize the Reserve Bank, before targeting Kganyago. He described the governor as “a lackey of racist people” and used a highly offensive racial slur, according to the court documents.

Reserve Bank spokeswoman Thoraya Pandy confirmed the legal action when contacted by phone and said the matter was now in the hands of the court.

‘Trojan Horse’

The governor has said the debate about the ownership of the central bank is a distraction from the real problems facing the economy and that it could be used as “Trojan horse” for another attempt to change the mandate. He told reporters at a lunch in Johannesburg last week he would “go to war” if the constitutionally enshrined independence of the central bank is threatened.

The spat also highlights the racial tensions that still exist in South Africa 25 years after the end of white minority rule, and the extent to which race is often used as weapon in public discourse.

Lungisa is currently out on bail pending an appeal of a conviction for assault after he smashed a glass water jug over the head of a Democratic Alliance councilor during a meeting in the Nelson Mandela Bay municipality in 2016, Johannesburg-based Business Day reported on Tuesday. The newspaper first reported on the summons that was served on Lungisa.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Economy News

Capital One: hacker gained access to personal information of over 100 million Americans

© Reuters. The logo and ticker for Capital One are displayed on a screen on the floor of the NYSE in New York © Reuters. The logo and ticker for Capital One are displayed on a screen on the floor of the NYSE in New York

(Reuters) – Capital One Financial Corp (N:) said on Monday the personal information including names, addresses, phone numbers and dates of birth of about 100 million individuals in the United States were obtained by a hacker who has now been arrested.

The incident also affected about 6 million people in Canada.

Capital said it identified the hack on July 19 and the individual responsible has been arrested by the Federal Bureau of Investigation.

The hacker did not gain access to any credit card account numbers and over 99% of social security numbers were not compromised, Capital One said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Stock Market News

Facebook CEO plans public debates about tech for 2019 personal challenge

© Reuters. FILE PHOTO:  Facebook's founder and CEO Mark Zuckerberg speaks at the Viva Tech start-up and technology summit in Paris © Reuters. FILE PHOTO: Facebook’s founder and CEO Mark Zuckerberg speaks at the Viva Tech start-up and technology summit in Paris

(Reuters) – Facebook Inc (NASDAQ:) Chief Executive Officer Mark Zuckerberg said on Tuesday he will host a series of public discussions about the future of technology in society as part of his personal challenge this year.

Zuckerberg sounded his plan in a Facebook post, which has been a regular feature when he airs his New Year’s resolutions that in the past have included personal goals such as learning Mandarin to reading two books a month.

"Every few weeks I’ll talk with leaders, experts, and people in our community from different fields and I’ll try different formats to keep it interesting. These will all be public, either on my Facebook or Instagram pages or on other media", Zuckerberg said in a Facebook post https://www.facebook.com/zuck/posts/10106021347128881.

Facebook’s reputation suffered last year from a data scandal involving a British political consulting firm that involved personal information of millions of users, putting the social network under tight scrutiny across the globe.

Last year Zuckerberg said he would fix many of Facebook’s issues such as the use of the platform for hate speech, spreading misinformation and political meddling.

As part of those efforts, Facebook stepped up its fact-checking efforts, took down suspicious pages and accounts, improved its systems for identifying fake accounts. However, it still faces criticism from regulators and lawmakers for not doing enough.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Technology News