Following a 702 headline stating that finance minister Tito Mboewni is set to introduce a bill paving the way for the creation of a state-owned bank in competition with private sector retail and commercial banks, Mboweni and the executive mayor of the city of Ekurhuleni, Mzwandile Masina, got into a heated debate over nationalisation. The..
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‘Open your brain first before opening your mouth,’ says Mboweni to Masina in a heated debate over nationalisation- The finance minister believes the mayor was commenting on topics he has no in-depth knowledge of
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Two ANC leaders singing different tunes and it is so confusing – Ace Magashule vows South African Reserve Bank will be nationalised whilst Ramaphosa was assuring business leaders in the private sector that the reserve bank would remain independent
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The ANC’s secretary-general, Ace Magashule has revealed the ANC’s plans regarding the South African Reserve Bank (SARB). A couple days after the party’s NEC had their Lekgotla meeting, Magashule has returned with shocking news of the party’s aim: to nationalise the central bank. South African Reserve Bank targeted for nationalisation by the ANC South Africa’s..
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The ANC targets Reserve Bank mandate, they want a more flexible monetary policy
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A review of the SA Reserve Bank mandate features in the ANC’s election manifesto, which brushes off the push for nationalisation, but instead drives for a more flexible monetary policy.
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ANC has decided to simply” expropriate “ordinary South Africans’ savings to save state-owned enterprises – ANC has your pension in sight to try to save sinking Eskom
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Economists have issued a serious warning as they fear public pension funds will be used to fill Eskom’s massive black debt gap. Mike Schussler shares other economists’ fears and says that such rumors have been around for 11 months. Eskom’s debt burden may rise to R600bn over the next few years, and businessmen reckon Eskom..
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Cyber Crime – Banks warn clients about unauthorised debit deductions on accounts
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The Payments Association of SA (PASA) advised consumers to check their bank accounts regularly. Criminal elements set debit deductions on clients’ accounts, and in most cases the amounts are less than R100. Banks first notify clients when amounts over R100 are recovered from their accounts. Cyber crimes are increasingly occurring and hackers are making millions..
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Black banks in SA are struggling for survival – VBS Bank is going down the same path as the failed African Bank
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It seems that the black banks are struggling for survival and eventually will sink while many clients and investors will lose money. Four years after the collapse of the African Bank, the bank could only pay R1,1 billion to his creditors while an amount of more than R9 billion was payable. According to the latest..
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The dismissal of seven ANC mayors from the Western Transvaal who was apparently involved in VBS Bank scandal, will not save the province since it is ruled by corruption and incompetent leaders
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The ANC has fired seven mayors in the Western Transvaal, four of which were involved in the VBS Bank investment scandal. Madibeng, Moretele, Mahikeng and Dr Ruth Momphati municipalities mayors were fired with immediate effect. In addition, Kagiso-Molopo, Mamusa and Maquassie-Hills mayors were called back to restore service delivery and confidence in the ANC. Political..
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Zuma must still pay back the money he lend for his Nkandla homestead to Scandal-ridden VBS Mutual Bank, which was liquidated in November – a R8.5m bond which he could not afford
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Former president Jacob Zuma is still required to honour monthly payments for his home loan at VBS Mutual Bank, Netwerk24 reported. The scandal-ridden VBS Mutual Bank, which was liquidated on November 13, granted Zuma an R8.5m bond which he could not afford, and it was at least nine months before any documents were signed to..
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Racial discrimination: South-Africans can now get free shares in Discovery Bank by depositing money with it – that is of course only if you are Black!
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Discovery Bank will give up to 10% of its shares to black depositors in an empowerment scheme, the Discovery group announced on Wednesday. The shares will be vendor-financed, and so risk-free. The details of how they will be allocated are still being worked out. The plan is for up to 10% of the shares in..
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The truth uncovered! – Communist ANC received R2 million as a donation from VBS Mutual Bank
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The media claims that the ANC received R2 million as a donation from VBS Mutual Bank’s. The communist ANC responded by saying that they are only aware of a R250,000 donation to buy a table during the party’s birthday. Observers states if what appeared in the media is indeed true, the money must be refunded…
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Wealth advice to South Africans: ‘invest as much of your money elsewhere’
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South Africans are daydreaming their way to a poorer future by keeping too great a portion of their investments in the country – despite massive underperformance of JSE indices, falling real house prices and a future which looks equally bleak for those trying to grow or even just preserve their wealth. This is according to..
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VBS Mutual Bank fires workers – staff members are now being penalized for actions that was made by the bank’s corrupt management and directors
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VBS Mutual Bank has fired 94 employees, leaving the bankrupt bank with 26 staff members. Nearly R2 billion has been deceptively paid to individuals and institutions, especially officials from municipalities who have insured that funds are invested at the bank. Branches are closed and only Thohoyando and Makhodo branches will operate. The dismissed workers are..
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The Rand is firm for now, but Moody’s delays ratings move!
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The rand strengthened further on Monday after Moody’s Investors Service held off on its ratings review of South Africa on Friday.
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Interesting news:- ANC top brass meets Limpopo leaders over VBS ‘heist’, who’s going to blame who!
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ANC officials from Limpopo are expected to meet with the leadership of the party at Luthuli House on Monday to discuss the matter.
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Basa: Nhlanhla Nene fears worsening ‘jittery’ markets
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Uncertainty over the future of Finance Minister Nhlanhla Nene is leaving markets jittery, in a development the Banking Association of South Africa (Basa) has described as “unfortunate”.
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