Tag: accounts

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 Banks spokesperson Ross Lindstrom has said the bank terminated all dealings with the Gupta family and all entities controlled by it with effect from June 2016, and that that decision still stood.

Earlier, business rescue practitioner Louis Klopper confirmed that Standard Bank had agreed to open a new account‚ with strict conditions limiting access only to Klopper and his partner practitioner‚ Kurt Knoop.

Klopper said this had been a crucial stumbling block to getting the Gupta companies‚ particularly the four mines owned by the family‚ back up and running.

However, in an e-mail to Business Day, Linstrom said on behalf of the bank: “Standard Bank of SA has not opened and will not open accounts with these companies. Any impression created to the contrary was created by an employee that was acting out of mandate.

“Communication between the employee and [Klopper] was not authorised and did not follow the internal processes of the bank. Disciplinary procedures are currently under way.”

The Gupta family has had to make do with facilities at the Bank of Baroda — a relationship that has deteriorated since the bank started to come under pressure from the Reserve Bank over the large number of suspicious transactions the Gupta family were processing.

On February 16 the directors of Gupta-owned Tegeta filed for business rescue‚ placing Optimum‚ Koornfontein and Brakfontein coal mines in Mpumalanga, as well as Shiva Uranium in the North West, under Klopper’s control.

Property investment companies Confident Concepts and Islandsite Investments 180 were also placed under business rescue.

The mines employ roughly 3 000 people‚ most of whom went on strike when salaries were not paid on February 25. The permanent staff‚ about 1 500 people‚ were paid last week.

By Kyle Cowan for Business Day

Amazon introduces accounts for teens

Traditionally, teenagers who needed to buy notebooks or new sneakers on Amazon either had to ask their parents to do it for them, or log onto their parents’ account, where Mom and Dad’s viewing history would be on full display (“Fifty Shades Darker? Eww, Mother!”)

Amazon never really had clear rules regarding a minimum age for making purchases, simply stating in its service terms that anyone under 18 “may use the Amazon Services only with involvement of a parent or guardian,” and that you must be 21 to buy alcohol.

Now Amazon is giving teens ages 13 to 17 more autonomy – and let’s be real, hooking them onto the colossal shopping catalog early – by introducing teen accounts.

Parents choose a payment method and shipping address, and decide whether they want to be able to approve every order their teen makes or set a pre-approved spending limit. Then, to start shopping, teens must download the Amazon app, and create a login.

When they’re about to buy something, their parents will receive a text or email with the item, price and an optional note from their kid, saying something like, “Dad, can I get these pants for my ski trip?” or “I really, really need glitter slime.” Parents can reply “Y” for yes, or they can review the order further on the site.

Parents with Prime membership can share “select benefits” with their teen, including free two-day shipping on more than 50 million items, Prime Video and Twitch Prime. Teens and parents can sign up for a teen account at amazon.com/forteens.

By Michelle Woo for Lifehacker

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