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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’

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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

A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016.  REUTERS/Philimon Bulawayo

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

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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%

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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

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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

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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

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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, 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

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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 »

Occidental to sell Anadarko Africa assets for $8.8 billion


Occidental Petroleum has agreed to sell Anadarko Petroleum assets in four African nations to Total SA for $8.8bn (about R127bn at current exchange rates), contingent on the Houston-based oil producer’s long-running effort to buy Anadarko. The assets that would be sold are in Algeria, Ghana, Mozambique and South Africa, Occidental said in a statement Sunday. They would represent about 6% ... Read More »

SA budget deficit seen wider than Treasury forecasts

Minister of Finance Mr Tito Mboweni presenting his 2019 Budget Speech during the Plenary of the National Assembly , 20 February 2019. Parliament, Cape Town. Elmond Jiyane, GCIS

South Africa’s budget deficit for the most recent fiscal year could be worse than the government had forecast. The total shortfall for the year that ended on March 31 was R232.9bn, the Pretoria-based National Treasury said on Tuesday in its monthly budget update. That exceeds the government’s February projections of a R224.5bngap for the main budget and R210.2bn for the ... Read More »

What to Look for in a Profitable South African Franchise Business Opportunity


Franchising gives ambitious aspirant entrepreneurs and international investors an opportunity to invest in their own business with the guidance and support of a successful business enterprise. South African soil is ripe for franchisees, according to the Franchise Association of South Africa’s chairman, Tony da Fonseca. “The sector already contributes 13,3% to the country’s GDP, generating an estimated R721 billion through ... Read More »

‘Training is key to building SA’s black farming community’


Johannesburg – Access to finance, training and entrepreneurship is critical to building South Africa’s black farming community, agricultural services company AFGRI’s subsidiary Lemang Agricultural Services has said. Lemang was specifically created to train, develop and mentor new era farmers and focuses on developing black farmers towards becoming full-scale commercial producers through financial assistance. “With food security becoming an increasing concern ... Read More »