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Zuma: If the public protector wants my tax records, she must have them

Former president Jacob Zuma defended the public protector’s right to access his tax records in a series of tweets. Zuma was supposed to appear before the judicial commission of inquiry into state capture this week, but excused himself due to illness. Still, he has been busy on Twitter, defending public protector Busisiwe Mkhwebane who is currently in a legal battle ... Read More »

Japan-South Africa business committee launched

Officials from Japan and South Africa are working together to help Japanese companies make the most of business opportunities. A signing ceremony for a new promotions committee was held in Johannesburg on Wednesday. South African President Cyril Ramaphosa was on hand to offer his support. “There can be no better time to invest in this dynamic, growing economy than now,” ... Read More »

Rand perks up after Moody’s reprieve

The rand was quoted stronger in early trading hours on Monday after the country clung to its last investment-grade credit rating. Moody’s Investors Service announced that it had decided not to downgrade the country’s credit score to junk, although it did reduce the outlook to negative. This came even after the country released forecasts last week that showed its financial ... Read More »

JSE led higher by Naspers as SA’s credit rating hangs in balance

The JSE firmed in broad-based gains on Thursday morning, led higher by a strong performance from Naspers, as investors continued to digest a gloomy budget statement. All eyes are now on Moody’s Investors Service, which will deliver its verdict on SA’s credit rating on Friday. On Wednesday, finance minister Tito Mboweni slashed SA’s growth outlook for 2019 and warned that ... Read More »

The area in finance where South Africa ranks number one in the world

South Africa is open for business and hopes to attract billions of rands worth of investment during the second annual South Africa Investment Conference (SAIC). Speaking ahead of the upcoming second conference, minister of Trade & Industry Ebrahim Patel said that over the past year, the government has made steady progress on making it easier to do business in South ... Read More »

South Africa has no energy crisis, says minister Gwede Mantashe

The Integrated Resource Plan (IRP) seems to be an acknowledgement by the government that it does not have the required skills capacity and the balance sheet to continue investing in the electricity-generating infrastructure of any significance. Thus it has designed a plan that heavily relies on the simplicity, cost-effectiveness and speed of the private sector to fill the gap. And ... Read More »

Woman arrested for allegedly attempting to smuggle drugs into Durban prison

The department of correctional services has warned the public against smuggling contraband into prisons, after a woman was arrested for alleged possession of drugs at a Durban facility at the weekend. “This comes after a visitor was arrested for attempting to smuggle 200 drug capsules hidden in her underwear at the Durban Correctional Centre,” said correctional services spokesperson Singabakho Nxumalo. ... Read More »

Cyril Ramaphosa: We must make it easier to do business in South Africa

In everything that we do to grow our economy, our main aim must be to improve the lives of South Africans. We want to build an inclusive economy that has a real impact on the quality of life of poor and working-class people. As we work to create jobs and employment opportunities, we are also working to reduce the cost ... Read More »

August downturn makes SA equities even cheaper

August’s drop was due largely to external factors, such as further investor concerns over global growth due to an escalation in the US-China trade war and growing signs of slowdowns in the EU and China. At the same time, we saw some local developments also weighing on market sentiment and the rand. These included worries over the government’s growing National ... Read More »

Beware new email scam targeting South African businesses

The South African Banking Risk Information Centre (Sabric) is warning business banking customers about a new scam targeting local businesses. The scam is known as ‘Business Email Compromise’ (BEC) where criminals literally ‘steal money by asking for it’. This scam targets specific employees in organisations who are authorised to transfer funds or make payments. According to Mimecast’s State of Email ... Read More »

Woman bust for smuggling drugs into Durban prison in her underwear

A woman was bust trying to smuggle 200 “heroin” tablets into the Westville prison in her underwear. The woman, according to the correctional services ministry, was trying to get the drugs to an inmate she was visiting. “The drugs, which were 200 capsules suspected to be heroin, were hidden in the underwear of a visitor. Upon her being searched, they ... Read More »

Government to ban foreign business from ‘certain sectors’

The government is developing legislation that will bar foreign nationals from operating in certain sectors of the economy, a key member of President Cyril Ramaphosa’s cabinet revealed this week. Justice and Correctional Services Minister Ronald Lamola told a fundraising gala dinner hosted by the Kgalema Motlanthe Foundation on Thursday night that his small business development counterpart, Khumbudzo Ntshavheni, was developing ... Read More »

Saudi Arabia’s Freddie Mac plans sukuk to raise $267m

Saudi Real Estate Refinance Co, the kingdom’s first mortgage-refinancing firm, plans to raise as much as SR1 billion ($267 million) in Islamic bonds by the end of the year. The sale by the state-run equivalent of Fannie Mae and Freddie Mac in the US would be its second this year and the company hasn’t decided whether it will be a ... Read More »

South African business experts pleased with trade mission to Angola

A group of South African business people have arrived home after a five-day outward trade and investment mission organised and funded by the department of trade and industry (dti) with the aim of assisting them seek a market for their products and services in Angola. The business people expressed their fulfilment with the level of exposure and outcomes the mission ... Read More »

Major banking strike planned for South Africa

South Africa’s biggest financial union is planning a major strike at the end of September 2019. Sasbo – which currently has over 73,000 members – will down tools at the end of the month in protest over planned retrenchments in the banking sector. The union wants banks to consider options other than retrenchments and begin a program to re-skill employees ... Read More »

Grindrod Shipping reports higher loss amid trade tension

Grindrod Shipping, which is based in Singapore and listed in the US and Johannesburg, says losses grew in the six months to end-June amid the trade war between the US and China. The group said its results were partly affected by time and money spent on “positioning our vessels and changes in trade routes for a variety of reasons — ... Read More »

Wildlife smuggling is worth up to R348bn a year – and the finance sector can help stop it

Around the world, endangered species are being driven to the point of extinction by the demand for illegal wildlife products. Despite our best efforts, the criminals are still winning. To turn the tide, we need to rethink our approach. That means recognising that everyone has a part to play – including the financial sector. The scale of the challenge is ... Read More »

Woman arrested for allegedly smuggling liquid cocaine into SA

A 36-year-old woman has been arrested at King Shaka International Airport in KwaZulu-Natal for allegedly trying to smuggle liquid cocaine into South Africa. According to police, the South African woman had arrived on an Emirates flight from Dubai. “Members of the South African Police Service and Customs and Excise, acting on intelligence, searched the woman’s luggage and found liquid cocaine ... Read More »

Agliotti denies Mauritius political, drugs scandal

Glenn Agliotti says newspaper reports in Mauritius linking him to drug busts in that country are “bull****” and he’s going to sue for defamation. An article in the Mauritian drew a connection between Agliotti and the owner of a boat that was to be used in transporting 140kg of cannabis from Reunion Island. In June, the boat was recovered at ... Read More »

Woman arrested for allegedly smuggling liquid cocaine into SA

A 36-year-old woman has been arrested at King Shaka International Airport in KwaZulu-Natal for allegedly trying to smuggle liquid cocaine into South Africa. According to police, the South African woman had arrived on an Emirates flight from Dubai. “Members of the South African Police Service and Customs and Excise, acting on intelligence, searched the woman’s luggage and found liquid cocaine ... Read More »