South Africa’s failed banks

With VBS Mutual Bank being put under curatorship, it marks the 13th bank in almost 30 years to go through the process in South Africa – and the first since African Bank’s collapse in 2014. Source: Business Tech  The South African Reserve Bank announced this past...

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1 April: 4 major taxes are coming

While analysts praised former finance minister Malusi Gigaba for a budget speech that steered clear of any shocks or nasty surprises, there are still a number of big changes that will hit South African pockets come April. VAT hike Arguably the biggest of these is the...

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How Amazon plans to dominate office supplies

Amazon is planning to offer a credit card to U.S. small-business customers, furthering its push to supply companies with everything from reams of paper to factory parts, according to people with knowledge of the matter. The e-commerce giant has been in talks with...

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Zuma spent R15.3m of taxpayers’ money to avoid prosecution

Former President Jacob Zuma spent R15.3-million in his battle to avoid prosecution – all funded by the taxpayer. President Cyril Ramaphosa disclosed this information to the Democratic Alliance on Tuesday‚ in a bid to settle legal action bought by the party over...

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The recession that never happened

The South African economy grew 3.1% during the fourth quarter compared with the previous quarter — putting growth for the year at 1.3%, beating Treasury’s and other forecasts. Compared with a year earlier, gross domestic product (GDP) increased by 1.5% in the fourth...

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Job cuts loom at Ricoh

Ricoh plans to cut about 4,000 jobs as early as fiscal year 2019 to streamline its struggling, core office-equipment business, the Nikkei reported on Thursday. The company will let go off 3 000 employees through a sale of a logistics unit in Japan and trim management...

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South Africans hit by massive Bitcoin scam

Over 27‚000 cryptocurrency investors have fallen victim to one of the biggest Bitcoin scams to hit South Africa, TimesLive reported. Hawks spokesman Captain Lloyd Ramovha confirmed the commercial crimes unit was investigating complaints against BTC Global‚ a company...

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Government approves ‘Internet Censorship Bill’

The controversial Films and Publications Amendment Bill, labelled by some as the “Internet Censorship Bill”, has been passed by the National Assembly. According to the Parliamentary Monitoring group, the Bill was passed by the National Assembly on 6 March...

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South Africa’s richest man in talks to buy Vumatel

Remgro is in advanced talks to buy fibre provider Vumatel as South Africa’s richest man seeks to consolidate the country’s expanding broadband infrastructure industry, according to people familiar with the matter. A deal by billionaire Johann Rupert’s investment...

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Canon comes after the aftermarket – again

Canon is suing at least 15 companies in the United States. The imaging giant and original equipment manufacturer (OEM) believes the sale and distribution of Aftermarket cartridge products infringe its patents. Many remanufacturing and new-built companies being named...

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Harm to Tiger Brands’ bottom line likely limited

Tiger Brands has asked consumers to remove any Enterprise ready-to-eat meat products from their fridges and place it in a plastic bag – away from other foods. The reputational damage suffered by Tiger Brands following the outbreak of listeriosis that has claimed...

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Standard Bank denies Gupta business rescue links

Standard Bank has denied that it has opened a bank account associated with the Gupta family. It was reported earlier on Tuesday that the top-4 bank had agreed to open bank accounts for business rescue practitioners controlling seven Gupta companies. However, Standard...

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