PSG Group to unbundle, delist in bid to reduce share discount
The PSG Group plans to unbundle its investments and delist from the JSE in an attempt to reduce the 30% discount at which its shares trade to the value of the group’s underlying […]
Industry News
CMM curators still waiting for prosecutions
The National Prosecuting Authority (NPA) has yet to take action against those responsible for the losses incurred by investors in Corporate Money Managers (CMM), although the matter was brought its attention in 2017. […]
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, […]
January market wrap: a volatile start to the year
The MSCI World Index had its worst start to the year since 2016, falling 5.3% month-on-month, as concerns over spiralling inflation and higher interest rates, and the tensions between Russia and Nato over […]
