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Five things making headlines in South Africa today

Manufacturing output, Attacq results, AdvTech acquisition, tax indaba and state capture inquiry.

Here’s what caught our attention on Tuesday:

1. July manufacturing output

Manufacturing output rose by 2.9% year-on-year in July, following a revised 0.6% expansion in June, data from Statistics SA showed on Tuesday. 

2. Attacq full year results

Investment company Attacq has announced a maiden distribution of 74 cents per share for the year ended June 30, 2018. The company says it was also able to complete its conversion into a Real Estate Investment Trust during the period. Attacq announced a decrease in adjusted headline earnings of R426 million from R468 million in 2017. Basic headline earnings per share is 316. 5 cents and diluted headline earnings per share is 314 cents for the period.

3. AdvTech acquires Monash

Education provider AdvTech announced via Sens on Tuesday that it will acquire the business and property of Monash South Africa, a joint venture between Monash University and Laureate Education, the world’s largest private higher education network. Read the sens statement here.

4. Tax Indaba

The annual tax indaba kicked off on Monday in Johannesburg. Members at the conference spoke of the South African Revenue Services’ possible incapacity to collect 40% of its outstanding debt book, which according to Moneyweb has grown to R143 billion from around R85 billion in 2015. Speaking at the indaba was Sars acting chief officer for business and individual tax, Fabian Murray.  He said Sars needs to be more proactive in the collection of its debt. The indaba continues till September 14

Read: Sars may not be able to collect 40% of its R143bn debt book

5. State Capture inquiry

The heat is being turned up at the state capture inquiry. On Monday it was revealed that the Gupta brothers obtained more than R260 million of government advertising from its now-defunct media companies, ANN7 and Infinity Media. These details were revealed by a veteran of National Treasury Jan Gilliland, who tracked the payments.

Read: Government’s R260m largesse to Gupta media companies

Furthermore, on Monday it was also revealed that the son of former president Jacob Zuma, Duduzane Zuma has agreed to deliver his testimony at the hearings. Duduzane was implicated by some testimonies and previously refused to appear before the commission. A date is yet to be confirmed for his appearance.

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