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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 »

‘SAA must be placed under business rescue to protect taxpayer money’

An application for the business rescue of South African Airways will be brought by Solidarity, as part of a tax protest campaign it is launching. This protest includes at least six legal actions against state enterprises, the civic group said in a statement on Sunday. “It is time that taxpayers turn to active and lawful tax protest. South Africa must ... Read More »

Europe fights the ‘Uberisation’ of cocaine trade

European authorities are seizing record quantities of cocaine, according to a report by the European Union drugs agency published on Tuesday. The European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) said the availability of drugs in Europe is on the rise, partly fuelled by new distribution methods and the “Uberisation” of the drugs trade. The agency also said the ... Read More »

Rand firmer ahead of Bank’s rate decision

The rand was firmer against major currencies on Monday morning ahead of this week’s interest rate decision. The Reserve Bank monetary policy committee is expected to announce its decision on the interest rate on Thursday. The Bank kept the rate unchanged at 6.75% in May. A 25 basis point cut is the consensus among analysts, according to a Bloomberg poll, ... Read More »

Advisory firm to Treasury recommends new taxes for South Africa – including an amusement tax

Local government is facing an increasing deficit and will likely have to turn to new revenue streams to cover the shortfall, suggests a new report released by the Financial and Fiscal Commission (FFC), adding that South African municipalities are in a ‘debt dilemma’. The Financial and Fiscal Commission (FFC) is a body set up by the constitution to advise the ... Read More »

South Africa business sentiment stays at 2-yr low as GDP shrinks

South African business confidence stayed locked at the lowest level in two years in the second quarter as a slump in economic output raises the risk of a second recession in successive years. A quarterly gauge measuring sentiment was unchanged at 28 for the three months through June, FirstRand Ltd’s Rand Merchant Bank unit and Stellenbosch University’s Bureau for Economic ... Read More »

SA gold slump continues as annual production falls by 19.5%

South Africa’s embattled gold sector faced more bad news on Thursday. According to Stats SA, annual gold production shrank by 19.5% in April, its 19th straight monthly decrease. Annual production fell by 18.3% in March and 21.1% in February. According to Stats SA, annual iron ore production was down 11.9%, while chromium ore fell by 7.2%. Total mining production decreased ... Read More »

Warders bust smuggling drugs into Drakenstein Prison

Two prison warders have been arrested with drugs allegedly meant to be smuggled into Drakenstein Prison. The 27-year-old female officer and her 29-year-old male partner were nabbed after they were found with 50 mandrax tablets and 42 grams of dagga just outside a Wellington. The two were apprehended by officers attached to the Crime Prevention Unit, while they were parked ... Read More »

Supposed PIC dealmaker’s attempts to extort R45m from SA Home Loans

Businessman Kholofelo Maponya is legally challenging the Public Investment Corporation (PIC) and SA Home Loans for R45 million in origination transaction fees linked to a deal that he didn’t initiate after failed attempts to questionably extract the money from the two entities. Maponya has been trying to wrestle the transaction fees out of SA Home Loans since 2016. They relate ... Read More »

How much South Africans could lose due to the new expat tax

Some South African tax residents working abroad, often referred to as “expats”, are grumbling about changes to the Income Tax Act, 1962 (the Act) which comes into effect on 1 March 2020. According to Joon Chong, a partner at Webber Wentzel, expats who may have previously benefitted from not paying employees’ tax in either South Africa or the foreign country ... Read More »

South Africa’s economy may be nearing the end of its slump: economist

After years of slow grow South Africa may be over the worst, and could start seeing growth by 2021/22 according to leading economist Mike Schüssler. Schüssler, owner of economic consultancy economists.co.za, said the first quarter will likely be a disaster with corruption and SOEs taking some time longer to sort out. In industries such as mining, Schüssler expected a continuing ... Read More »

State spooks undermined Sars to favour tobacco smugglers, claims former top spy

Arthur Fraser claims the taxman was the target of coordinated intelligence operations aimed at derailing investigations into tobacco smuggling. The SA Revenue Service (Sars) was the target of coordinated intelligence operations aimed at derailing its investigation into tobacco smuggling and the local tobacco industry, the country’s former top spy Arthur Fraser has claimed. Fraser’s astounding allegation in response to Dr ... Read More »

SA ‘resilient to shocks’ but credit profile likely to erode – Moody’s

Credit rating agency Moody’s says while SA’s credit profile is “resilient to shocks” that support its investment-grade rating, the country’s credit profile is likely to continue to erode. South Africa faces weak long-term growth despite its favourable government debt structure, it said. Moody’s is the only international credit rating agency that has not downgraded SA to junk, keeping SA at ... Read More »

Bitcoin climbs above $7 000 as cryptocurrency rally extends

Bitcoin climbed to the highest since September, briefly surpassing $7 000, as a rally in cryptocurrencies gathered pace in trading over the weekend. Bitcoin advanced 11% from Friday to $6 957.73 as of 09:01 Tokyo time, having earlier hit $7 585, according to Bitstamp pricing. The largest cryptocurrency is on a tear after trading closer to $5 000 at the ... Read More »

Samsung South Africa launches R280m EEIP programme

Samsung announced its R280 million Equity Equivalent Investment Programme (EEIP), projected to have a measurable impact on job creation and a contribution of nearly R1 billion to the South African economy at large. EEIP is an initiative of the Department of Trade and Industry (the dti) where multinational companies that are unable to sell equity in South Africa are invited ... Read More »