Fin24.com | Banking Association shoots down Investec’s ‘SA high risk’ comments

Fin24.com | Banking Association shoots down Investec’s ‘SA high risk’ comments

The Banking Association of SA (BASA) has defended the country’s banking system following an Investec manager’s statement that some international investors consider South Africa a high-risk destination. “I think our Financial Intelligence Centre legislation is at the same level as the British or anyone else,” said BASA managing director Cas Coovadia. He was responding to a claim that British banks regarded South African banks as being vulnerable to money laundering […]

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Fin24.com | Government to fund another 100 black industrialists after meeting 1st goal

Fin24.com | Government to fund another 100 black industrialists after meeting 1st goal

After the government recently surpassed its goal of providing financial assistance to 100 black industrialists through the Black Industrialists Scheme (BIS), a further 100 black industrialists will be assisted over the next two years, said Rob Davies, minister of trade and industry. From the inception of the BIS in 2016 until the end of March this year, assistance was given to 102 black industrialists. The department of trade and industry […]

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Fin24.com | Merc money was from a legitimate loan, says Makwakwa‘s business partner

Fin24.com | Merc money was from a legitimate loan, says Makwakwa‘s business partner

Cape Town – A director of a factory equipment supplier has explained how the bulk of R600 000 – which he borrowed from a friend – ended up in former top tax official Jonas Makwakwa‘s account. And it involves an alleged scam around a fake tender for motor pumps.    Makwakwa then used R200 000 of this money as a deposit for a Mercedes-Benz for his partner Kelly-Ann Elskie. The […]

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Fin24.com | Zim gets $1bn Chinese loan for power generation

Fin24.com | Zim gets $1bn Chinese loan for power generation

Harare – Zimbabwe has concluded a $1.4bn agreement with the Export–Import Bank of China (Exim Bank) to expand power generation and help alleviate the country‘s perennial electricity shortages. According to a statement by Victor Utedzi, who is a director at African Transmission Corporation and has been involved with the project, the billion dollar deal is for the construction of a 600 megawatt coal-fired power plant. “I‘m thrilled to announce that today […]

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Fin24.com | How to grow the black farmer

Fin24.com | How to grow the black farmer

In this joint piece, Sam Motsuenyane and Paul Ntshabele discuss the history of land dispossession and what needs to be done to empower agriculturists who are not white. Paul Ntshabele: “Black people cannot farm, Paul. Even if we gave you all the farms, what are you going to do with them? You guys have never been farmers, you are not good at farming…” This is what my University of Pretoria […]

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Fin24.com | Be honest in your mid-year review

Fin24.com | Be honest in your mid-year review

It’s almost the middle of the year, so it is a good time to revisit the New Year’s resolutions that you made six months ago. As we live in an era of scorecards, what score are you giving yourself? Look back and embrace hindsight. A good friend of mine, Muhammad Bodhania, once said to me that the great thing about hindsight is that it is an exact science. Be brutally […]

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Fin24.com | Slow start to SARS tax collections

Fin24.com | Slow start to SARS tax collections

The SA Revenue Service (SARS) started the first month of the 2019 tax year on a pedestrian note. During April, SARS collected VAT of R21.4 billion, up 6.2% from April last year’s figure. However, this rate of increase lags far behind forecast VAT collections for the full 2019 year of R348.1 billion, or an increase of almost 17% on the R298 billion raised in the 2018 tax year, according to a […]

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Fin24.com | Investec apologises to Tongaat CEO over analyst quit call

Fin24.com | Investec apologises to Tongaat CEO over analyst quit call

Investec apologised to the chief executive officer of South Africa’s biggest sugar producer after an analyst from its research unit said Peter Staude should resign because of the “appalling” financial results of the company. Anthony Geard said in a note to clients that Tongaat Hulett has had a decade of poor performance and after full year results that missed projections “we think its time for the CEO since 2002 to […]

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Fin24.com | JSE closes firmer as global stocks rise amid Italian coalition deal

Fin24.com | JSE closes firmer as global stocks rise amid Italian coalition deal

Johannesburg – The JSE was lifted on Friday, mainly due to the resurgence in global stocks amid the resumption of coalition talks in Italy. European counters tracked higher as investor sentiment improved, which saw major indices such as the FTSE and the DAX surge by more than 1%. Asian counters failed to record significant gains earlier on but this did not hamper the JSE’s climb. Despite the upward trend in […]

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Fin24.com | Land reform minister: My dept and Ingonyama don‘t lease state land

Fin24.com | Land reform minister: My dept and Ingonyama don‘t lease state land

Cape Town – Minister of Rural Development and Land Reform Maite Nkoana-Mashabane has shed light on land ownership by her department and the Ingonyama Trust Board, in a written reply to questions from Parliament. Responding to a written question from Democratic Alliance MP Thandeka Mbabama, she said her department owns 13 588 879 hectares of land and has exclusive rights to 2 222 920 hectares. She said her department does not lease land from […]

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Fin24.com | Want to list your property on Airbnb? Here‘s what you should know

Fin24.com | Want to list your property on Airbnb? Here‘s what you should know

The rise of the so-called shared economy has opened many doors for those looking to make their properties make money for them, but there are some tips to take note of before listing your home on Airbnb. Opening your home to others can be exciting and a good way to earn extra income, but you must go about it in an open-minded way and pay close attention to the regulations […]

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Fin24.com | FirstRand‘s new debt-investment fund to raise R1bn

Fin24.com | FirstRand‘s new debt-investment fund to raise R1bn

FirstRand’s [] Ashburton Investments is starting a new debt-instrument investment fund, as Africa’s biggest bank by value seeks to take advantage of lending gaps and opportunities in the south of the continent. The Ashburton Mezzanine Fund raised more than R500m in its first round, and is targeting R1bn before closing to investors within the next 12 months, money manager Ashley Benatar said in an email. It will target mezzanine debt. […]

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Fin24.com | Don‘t hold your breath for driverless cars, SA – Nzimande

Fin24.com | Don‘t hold your breath for driverless cars, SA – Nzimande

Transport Minister Blade Nzimande would like to see innovative technology hitting the transport sector in South Africa – not least, developments that could help him better monitor the country‘s roughly 120 000 minibus taxis.  “One of the things I dream about is to know where each one of those 120 000 (taxis) are, if they are observing the speed limit, or if the passengers are wearing seat belts. “This is […]

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Fin24.com | Fintech in Africa: what investors are looking for

Fin24.com | Fintech in Africa: what investors are looking for

Africa has long been considered a global leader in fintech innovation and adoption, according to Anton Gaylard, co-founder of CrossFin Technology Holdings. “The continent‘s low penetration rates for traditional banking services, coupled with high penetration of mobile phones, makes it a rich breeding ground for fintech innovation, and in many respects the continent has been miles ahead of other developing – and most developed – markets,” he says. According to […]

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Fin24.com | Irma Stern works never before seen in public up for auction

Fin24.com | Irma Stern works never before seen in public up for auction

An Irma Stern still life never before seen in public is set to be auctioned by Aspire Art Auctions as part of its Winter 18 auction at the Gordon Institute of Business Science in Sandton. Aspire describes the painting as “new to the market… rare and exceptional”. It is entitled Still life with magnolias, apples and bowl and dates from 1944 to 1949. Dr Marion Arnold of Loughborough University in […]

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Fin24.com | DMR to meet with Tegeta rescue practitioners

Fin24.com | DMR to meet with Tegeta rescue practitioners

Cape Town – The Department of Mineral Resources told Parliament on Wednesday that it would meet with the business rescue practitioners in charge of Tegeta’s mining operations next week, and later provide an update on the meeting. This comes as the Bank of Baroda gave the South African Reserve Bank formal notification that it intends to exit South Africa. Its operations have been under business rescue, and the National Union […]

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Fin24.com | Cell C aims for big customer growth with MTN deal

Fin24.com | Cell C aims for big customer growth with MTN deal

Mobile operator Cell C is aiming to give its customers a network speed boost with an MTN [] roaming agreement deal. MTN is set to provide higher speed 3G and 4G services in areas where it is not economically viable for Cell C to build its own towers. Cell C already has a roaming agreement with Vodacom [] and it said the MTN deal will have no impact on its […]

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Fin24.com | JSE subdued as global equities remain on edge

Fin24.com | JSE subdued as global equities remain on edge

Johannesburg – The JSE recorded another session of losses as global equities continued to trade weaker in the light of the political crisis in Italy. The index opened weaker and continued to trade under pressure for the remainder of the day. The local bourse was dragged further down by index heavyweight, Naspers , which lost 2.19% to close at R3 020.44 per share. Other top losers on the JSE included […]

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Fin24.com | African operations boost Nampak‘s first-half results

Fin24.com | African operations boost Nampak‘s first-half results

Nampak , Africa’s largest packaging company, on Wednesday posted a 2% revenue increase to R8.8bn in earnings for the six months to end-March 2018. The group – with interests in plastics, paper and can products – increased trading profit by 7% due to high demand in the performance of the metals and plastics division on the African continent, where it has a presence in 10 countries.  Nampak CEO André de […]

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