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South Africa ratings firm denies Kenya exit

South Africa-based Global Credit Rating Company (GCR) has denied media reports that it has ceased operations in Kenya while asserting its continued presence in the market. GCR says it undertook a group restructuring following the purchase of a 49.9 percent stake by private equity firm Carlyle Group, necessitating the application of a new licence which it secured last year. The ... Read More »

Protecting South Africa’s borders: Rocky roads and unrelenting conditions

Despite unrelenting terrain, the beating sun and vast tracks of land to patrol, South African Defence Force (SANDF) soldiers on the borders have still managed to apprehend more than 6 000 people – allegedly for trying to illegally enter South Africa from Mozambique since January. There, base commander Major Marvin Manganye spoke about their mission to maintain South African sovereignty. ... Read More »

Rand dips below R14 vs the dollar

The rand dipped below R14.00 against the dollar in trade on Monday, amid rising expectations that the US Federal Reserve may cut interest rates. With the rand now finally below the R14.00 mark, a renewed optimism fills the local currency market, said Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions. “The recovery in the local unit has been driven ... Read More »

How South Africa’s top 40 companies performed in 2018

South Africa’s top companies have had a difficult year – with shareholders feeling the sting of a weak economy, and a toughening global economic environment. Of the top 40 companies listed on the JSE, 28 saw their share price tumble over the course of the year, showing precisely how tough big cap corporates have had it in the past 12 ... Read More »

Here’s how South African businesses can prepare for 2019

The sobering news delivered by our new finance minister in the mid-term budget should give business and property owners pause for thought as they face a bumpy last quarter and prepare for an uncertain 2019. Gary Palmer, CEO of Paragon Lending Solutions, looks at seven ways business owners can maintain financial fitness and remain attractive to financiers, despite the gloomy ... Read More »

South African held for drug smuggling in Indonesia

Kathlyn was arrested at Lombok’s airport after arriving on a flight from Singapore, provincial police detective chief Ricky Simon Paays told reporters. “X-ray screening at the airport found suspicious materials inside the suspect’s suitcase. Two packages containing methamphetamine were later found in the lining of her suitcase,” Paays said, adding that the offence could carry a death penalty. Indonesia enforces ... Read More »

Cross-border car smuggling suspect held after high-speed chase

Police on Friday arrested a 37-year-old man suspected of being part of a syndicate that smuggles stolen vehicles between Zimbabwe and South Africa. Police said the Hawks’ serious organised crime investigation unit acted swiftly on intelligence received regarding two vehicles, a Ford Everest SUV and a Chevrolet Cruze sedan, that were allegedly stolen in Gauteng and were en route to ... Read More »

Protecting South Africa’s borders: Rocky roads and unrelenting conditions

Despite unrelenting terrain, the beating sun and vast tracks of land to patrol, South African Defence Force (SANDF) soldiers on the borders have still managed to apprehend more than 6 000 people – allegedly for trying to illegally enter South Africa from Mozambique since January. News24 visited the Macadamia military base in Mpumalanga near the Lebombo border. There, base commander ... Read More »

Dodgy transactions lead to arrests of 4 SA women for cocaine smuggling in the US

Suspicious money transactions have led to the arrest of four South African women employed as crew members for MSC Cruises. The women and three other crew members were arrested for allegedly smuggling cocaine from Jamaica to Miami in the US. Londiwe Shange, 27, Wandile Mhlongo, 29, and Thembeka Sokhulu, 36, all from KwaZulu-Natal, and Viwe Tshaka, 23, from the Eastern ... Read More »

KZN drug mules’ families shocked by allegations

Durban: The families of the three Durban women arrested in Miami in the US on allegations of drug dealing are struggling to understand how their children got involved in smuggling. Londiwe Shange, 27, Wandile Mhlongo, 29, and Thembeka Sokhulu, 36, all from Durban, were arrested with Viwe Tshaka, 23, from Lusikisiki in the Eastern Cape, last month. The four, who ... Read More »

Vietnam seizes over 1 ton of ivory smuggled in from Africa

Hanoi: Authorities have seized more than a ton of smuggled ivory at a Vietnamese port where some 6 tons were seized last year. Customs official Le Dinh Loi in Ho Chi Minh City said the ivory seized on Wednesday in Cat Lai port had been packed with sawdust and layers of plasters and asphalt to hide it. He said on ... Read More »

Vietnam sentences SA man to death for drugs

A court in Vietnam’s Ho Chi Minh City sentenced a South African man to death after finding him guilty of trafficking nearly 1.5kg of cocaine. The Ho Chi Minh City Law newspaper said Tyron Lee Coetzee was convicted in a half-day trial. It said Lee was arrested in June 2016 upon arriving at the city’s Tan Son Nhat international airport ... Read More »

Tax Attorneys give 5 tips to guarantee a successful tax dispute process

Although tax season has come to an end and most taxpayers will breathe a sigh of relief, many others are faced with a tax assessment they did not expect. Truth be told, taxpayers should not be surprised if SARS has disallowed their tax exemptions, adjusted their tax deductions and/or raised additional taxes on assessment. More importantly, taxpayers should become familiar ... Read More »

‘Unclear’ expropriation laws could put South African banks at huge risk

The Banking Association South Africa (BASA) has welcomed the decision to explicitly provide for the expropriation of land without compensation. The association said that it supports land reform, and that South Africa has not adequately dealt with the consequences of land deprivation during apartheid and colonialism. “Land restitution, redistribution and security of tenure are means of providing vulnerable people with ... Read More »

Adapt IT sets sight outside of South Africa

DURBAN: JSE-listed ICT company Adapt IT has cast its eyes outside South Africa to realise its growth potential as the country struggles with low economic growth. Chief executive Sbu Shabalala says diversifying in these difficult times is the best way for the group to maintain its growth momentum. “The market has been tough in South Africa and we have looked ... Read More »

South African Business Confidence Hits Six-Month High in October

South Africa’s economy may be showing signs of a recovery after business confidence rose to the highest level in six months in October — a month in which President Cyril Ramaphosa hosted an inaugural investment conference and named a new finance minister. The index measuring business sentiment climbed to 95.8 from 93.3 in September, the Johannesburg-based South African Chamber of ... Read More »

How South African business leaders feel 6 months into Ramaphosa’s presidency

South African businesses show a high degree of confidence in their ability to succeed in the face of a tough economic climate. This is according to a new HSBC survey of over 8,500 companies in 34 markets. The survey was conducted between August and September and reflects sentiment among South African business some six months into the presidency of Cyril ... Read More »

South African held for drug smuggling in Indonesia

Kathlyn Dunn (28) was arrested at Lombok’s airport after arriving on a flight from Singapore on Thursday, provincial police detective chief Ricky Simon Paays told reporters. “X-ray screening at the airport found suspicious materials inside the suspect’s suitcase. Two packages containing methamphetamine were later found in the lining of her suitcase,” Paays said, adding that the offence could carry a ... Read More »

Is SA ready for foreign investment?

JOHANNESBURG: The Infrastructure Research Development Centre (IRDC) on Monday said that relying on foreign investment for economic development always comes at a price, and that South Africa should prepare itself as it is on a quest for investment. President Cyril Ramaphosa will this week convene the inaugural South Africa Investment Conference where representatives of government, business, and labour will meet ... Read More »

New incentives for key SA industries

JOHANNESBURG: Trade and Industry Minister Rob Davies said yesterday that the government was planning to introduce new incentives in key industrial sectors to revive the country’s moribund economy in an increasingly hostile international trade environment. Davies said that the government would target industries such as auto and agro-processing and continental trade relations as part of a package to draw investors ... Read More »