Friday , October 11 2019
Breaking News
Home / International Customs / South Africa

South Africa

August downturn makes SA equities even cheaper

cb882db1-chart-1905225_1920-1200x858

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

images (3)

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

unnamed (9)

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’

AAFmFLT

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

Riyadh

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

20355e89-business-sa-angola-1200-x-858

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

Banking-cards-2019

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

unnamed (8)

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

d294ad25390f4b62b128d89da5752502

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

371fd6e2df554ae199628a0aadf4a95a (1)

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

3eb0204ef6aa48d187c5881d750df286

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

371fd6e2df554ae199628a0aadf4a95a

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’

18947736 - airplane is landing at sunset, prague

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

drugs-cocaine

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

Africa

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

Image processed by CodeCarvings Piczard ### FREE Community Edition ### on 2019-06-16 20:57:36Z |  |

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%

36889cbeec994cd8b3fef33b0d2da6fb (1)

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

South A

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

Kevin-Llewellyn-Penwarden-CEO-SA-Home-Loans-PIC-witness-3-555x370

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 »