| Top 5 on Fin24: Steinhoff now 98% down on all-time high, no guarantee municipalities will get VBS money back and commuters fume over Gautrain delays

Cape Town – A roundup of Wednesday‘s top economic and finance reads on Fin24.

Steinhoff now 98% down on all-time high

Shares in global furniture and retail conglomerate Steinhoff International reached a new low in early trade in Wednesday morning, losing another 5% of the value on the day to trade at just R1.18 a share. 

The stock – which had already fallen by 9.9% on Tuesday – reached a new low of R1.18 a share on Wednesday morning before recovering  somewhat to trade at R1.24 at 12:53.

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Wanna be super rich in SA? Study law and finance

The fastest growing sectors generating super rich in South Africa over the past 10 years have been the financial and professional services, according to a new report by AfrAsia Bank and New World Wealth.

Financial services include banks, fund managers and wealth managers, and professional services include law firms and consultancies.

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Commuters fume as Gautrain delays cost productivity

Frustrated Gautrain commuters have complained that frequent delays on the routes are causing a loss in productivity, missed meetings and longer working hours.

Outraged travellers took to social media after the train service between Hatfield and Park Stations was disrupted, resulting in delays of approximately 45 minutes.

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No guarantee municipalities will get VBS money back – SARB

The Reserve Bank has committed to recover the monies of retail depositors of VBS Mutual Bank; however, the same cannot be said for municipal deposits, a committee has heard.

Deputy Reserve Bank governor Kuben Naidoo briefed the committee on the bank’s status.

“Curatorship is ongoing, we have every intention to continue with curatorship to try protect depositor interest.

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Close to majority of unions sign public sector wage deal

The protracted public sector wage negotiations are close to being clinched, with 42% of the employees represented at the Public Service Coordinating Bargaining Council (PSCBC) having signed the three-year deal.

“It will take us some time; we are not there yet with the majority agreement…as long as I get to 50%+1,” said PSCBC general secretary Frikkie de Bruin.

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