Banks defend lending criteria amid accusations of discrimination

The government takes banks to task over what it sees as unfair lending practices, proposing mandatory disclosures of declined home loans.

Mining shares push JSE higher in February

While most major global markets ended in the red, mining sector stocks drove the FTSE/JSE All Share Index 2.4% higher in February. The Alsi is up 3.2% so far this year. Diversified miners, […]

SA cannot avoid tax increases, says Finance and Fiscal Commission deputy chairman

“We need to have a serious debate about raising taxes, because taxes are going to have to go up. There is no doubt about it in my mind,” Michael Sachs, the deputy chairman […]

R3.2bn of Santam’s record R24.5bn claims pay-out went to BI policyholders

Santam paid out R24.5 billion (2020: R21bn) in claims last year, the highest gross claims pay-out in its 104-year history, the country’s biggest short-term insurer said in its financial results for the year […]

‘Embattled life insurer paid for Irvin Jim’s birthday party’

National Union of Metalworkers of South Africa (Numsa) general secretary Irvin Jim scored a R40 000 birthday party, and his daughter a laptop, thanks to a life insurance company owned by Numsa’s workers’ […]

No evidence of fraud after investigation, says Oceana

Preliminary feedback from an investigation by ENSafrica Forensics has not uncovered any evidence of fraud or criminal conduct by Oceana’s current or former employees or directors, the JSE-listed fishing group said on Friday. […]

Political messaging, juggling spending demands, and the outlook for SA bonds

Jeff Schultz, senior economist at BNP Paribas South Africa, provides the following perspective on the Budget. He discusses: What the ANC hopes the Budget will achieve politically. The outlook for government revenue and […]

Curtailing spending is critical to lowering the debt ratio

The most notable feature of Budget 2022 is National Treasury’s intent to stabilise the government’s debt ratio, as it “saves” a significant portion of its current tax windfall, estimated at R181.9 billion in […]

Proposal to increase retirement funds’ offshore allowance

National Treasury’s proposal to harmonise the offshore limit for all insurance, retirement and savings funds will enable retirement funds to invest up to 45% of their capital offshore. This includes the 10% allowance […]

Government’s total allocation to Sasria is R22bn

The government has allocated a total of R22 billion to Sasria in the current financial year to enable it to settle claims and ensure it has sufficient capital to meet regulatory requirements, according […]

Trust takes on Old Mutual over R850m loss to Fidentia

Fifteen years on, the fall-out from the Fidentia scandal continues as Living Hands Umbrella Trust’s R850 million lawsuit against Old Mutual Unit Trust Managers (OMUT) got under way in a virtual sitting of […]

Oceana confirms FSCA investigation

JSE-listed fishing group Oceana confirmed this week that it is being investigated by the FSCA for allegedly issuing false and misleading information. “The company was informed by the Financial Sector Conduct Authority on […]

Budget provides a measure of ‘relief’ for consumers

Finance Minister Enoch Godongwana did not announce any significant changes to the tax regime in his maiden Budget speech this week. However, consumers will benefit from the decision not to increase the general […]

3Sixty Life provisional curatorship takes a bizarre turn

The Prudential Authority (PA) is seeking to remove Yashoda Ram as the provisional curator of 3Sixty Life on the grounds that her qualifications were misrepresented in the PA’s original interim curatorship application. Ram […]

Fourways Mall owners take insurers to court over BI claims

It seems the courts will have to settle another dispute over the interpretation of business interruption (BI) policies – this time involving the property sector. According to a report in the Sunday Times, […]

Auditors’ regulator explains R11m irregular expenditure

An internal investigation by the Independent Regulatory Board for Auditors (Irba) uncovered irregular expenditure of almost R11 million, which arose from the regulator’s difficulty in complying with the procurement process when sourcing investigative […]