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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 »

‘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 »