Latest News & Developments
With Parliament facing unprecedented delays in passing a progressive Budget, South African workers are at risk. Discover why timely budget approval is essential for social grants and public services.
Explore the implications of the South African Reserve Bank's latest repo rate decision and what it means for the economy.
The banks have had their time to do the right thing. Now, the nation must act to ensure that transformation is no longer a dream but a reality. The fight is on, and failure is not an option, writes Sipho Tshabalala.
VAT is seen as a regressive tax that disproportionally negatively affects the poor.
The KwaZulu-Natal Standing Committee on Public Accounts is considering summoning Johan Kruger to address serious allegations regarding his management of Ithala SOC Limited, as the bank faces operational challenges.
Elijah Oliveros-Rosen, S&P chief economist for emerging markets, said they were now expecting just one 25 basis points rate cut from the US Federal Reserve this year.
Vilakazi told Scopa that several attempts to get Minister of Finance Enoch Godongwana, to intervene to help the bank obtain a banking license so that it could continue to operate, fell flat.
This has ignited a fervent mobilisation effort among political parties, traditional leaders, and community activists aiming to prevent what many believe would be a devastating loss for the people of KwaZulu-Natal.
The king’s former Traditional Prime Minister, Reverend Thulasizwe Buthelezi, said the imbizo ‘is the most important gathering that His Majesty can convene, and it is held only to discuss and resolve matters that pose a threat to the Zulu Kingdom’.
South Africa regulation is patchy even as many people buy and sell Bitcoin and other digital currencies, but the country stands to benefit if it is properly regulated.
The banking sector is not a friend of the people. It has never been. It exists to serve itself, to protect the old order, and to ensure that economic power remains exactly where it has always been.
Committee Chairperson, Joe Maswanganyi said the Steinhoff investigations have not been shelved by the committee which still awaits supplementary information from the SARB on progress with tracing the money trail and facilitating its repayment.
Workers spend more than 57 percent of salaries on transport and electricity
The index stated that after securing transport and electricity ,workers are left with R2,051,11 for food and other necessities.
This is after the North Gauteng High Court struck her urgent application seeking an order that its curator issues a letter assuring the National Soccer League (NSL) that her soccer club was financially sound to play its games.
The legal bout initially scheduled for late last month, has been postponed to next month, increasing the tension and stakes involved for Ithala.
Its clients came from all walks of life, including small business owners, young families, farmers, and elderly people who had relied on Ithala to help secure their future.
Founded in 1952 as a development finance institution (DFI) with a focus on serving underprivileged communities, Ithala Bank had long been a symbol of hope for those who had limited access to traditional banking services.
The stage is set for Cyril Ramaphosa's State of the Nation Address, where hopes and expectations collide with the harsh realities of South Africa’s economic landscape.
Parliamentary standing committee on finance chairperson Joe Maswanganyi said the country cannot afford a financial sector that excludes citizens.
Global gold demand reached unprecedented levels in 2024, with total demand hitting 4 974 tons and values soaring to R7. 1 trillion. Strong central bank buying and increased investment demand drove this historic performance, despite challenges in the jewellery sector.
Parliamentarians in South Africa challenge banks over allegations of racial discrimination, arbitrary account closures, and the need for urgent reform in the financial sector.
“Banks cite laws that aren’t even South African laws to justify their actions, yet no formal body exists to hold them accountable. ”
“What is clear is that this is more of a political process where people are desperate and expeditiously wanting to take over the clientele of Ithala and collapse Ithala,” said MP Des Van Rooyen.
The Financial Sector Conduct Authority is set to release a critical report highlighting concerns over banking fees transparency and customer ethics in South Africa. The announcement comes amid parliamentary scrutiny of major banks regarding transformation and account closure practices.