Latest News & Developments
Despite the JSE’s All Share showing significant gains since the pandemic, South Africa is unlikely to achieve the economic growth needed to create a million jobs this year, according to experts.
Old Mutual announces a 14% rise in adjusted headline earnings for 2024, alongside a new digital banking initiative and a focus on enhancing shareholder returns.
Masisizane is a developmental and transformational funder within the Old Mutual Group, which it says is driven by a mandate to empower black-owned, women-owned, youth-owned businesses, as well as enterprises from rural areas.
The wife, who was initially nominated to get 50% from her late husband’s R2. 4 million pension fund, was aggrieved when her amount was reduced to 25%.
The driving force behind the fund was to empower black-owned, women-owned, youth-owned businesses, as well as enterprises from rural areas, and playing a critical role in fostering inclusive economic growth in the country.
South African insurers are making bold moves into banking, while banks continue to sell insurance.
Fund members need to remember that the money that they withdraw from the two-pot retirement system will be taxed.
The fines imposed on Bidvest and HSBC bank cumulatively amount to at least R25 million, but conditional suspensions may apply.
The insurance company has said that it is not a venue or apparatus for money laundering as it reels from R16 million sanctions.
It seems that older people are risking their retirement plans and partaking in the two-pot retirement system.
The PA imposed a caution not to repeat the conduct which led to the non-compliance and a financial penalty of R5 million, of which R2 million is conditionally suspended for a period of 36 months.
Administrative sanctions have been imposed by the South African Reserve Bank due to non-compliance.
Pending the remaining Section 17 regulatory conditions, OM Bank from Old Mutual will launch in Q1 2025.
South Africans may not have to tighten their belts so hard this month, as an interest rate cut looks imminent after consumer inflation dropped for a third month.
The economist said the Reserve Bank has successfully brought inflation within its target range, and with global pressures, particularly from the US, starting to ease, the path for a rate cut seems clear.
“South Africa must tighten up the regulations to get off the grey list. ”
Old Mutual noted that with inflation under control and consumer demand remaining subdued, the environment seems ripe for a rate cut.
The rand remained strong against global currencies as an interest rate announcement looms.
Nethengwe, a long-standing executive of Old Mutual, is suitably qualified to lead the bank as it prepares to go live, Old Mutual said in a statement on Friday. As its next growth phase took off, the bank will ramp up more hires, Iain Williamson, CEO of Old Mutual Group said.
Mulaudzi was charged with fraud, theft, money laundering and racketeering relating to a R48 million investment gone wrong with Old Mutual.
A huge number of people have taken advantage of the ability to withdraw from their savings through the two-pot retirement system.
The two-pot retirement withdrawal may seem like a lifeline but it could end up costing you more at a vulnerable age.
Saftu’s Zwelinzima Vavi insists the two-pot system was introduced as a scheme for the government to raise money through the tax deducted from the workers’ savings and retirement funds.
New data suggest South Africans are less interested in drawing from their retirement savings through the new two-pot retirement system.
The FSCA has opposed the proposal by government to use pension funds for government investments.