On Tuesday, China pledged to invest $14.7bn in South Africa and grant loans to Eskom and SAA. While this investment brings the country closer to President Ramaphosa’s target to raise US$ 100 billion in foreign direct investment, some argue that China’s intentions are not what they seem.
The Group continued to develop increasingly relevant products and services to a broader South African customer base. The financial results improved off the back of better risk management processes, while the advances book has stabilised off better new business volumes, notwithstanding the difficult economic conditions experienced during the reporting period.
"It’s inevitable that currently authorised financial services providers are going to have to change their business models to adapt to a revised licensing framework,” says Thulani Dyasi, who works in the Banking and Financial Services Regulatory Practice Group at pan-African law firm Bowmans.
The last quarter of 2018 can be described as the worst period that investors have experienced since the global meltdown of the financial markets in 2008/9. When these moments of market correction occur, astute investors sit tight while others panic and make irrational decisions.
In a boon for the property market, the Supreme Court of Appeal has ruled that municipalities that demand property sellers pay many months of rates, fees and charges prior to issuing a rates clearance certificate to transfer the property, may no longer do so.
Shareholders affected by the odd-lot offer will receive R276.48c per share, to be paid out in the next few weeks. Nedbank has set the price at which it will buy back shares from the hundreds of thousands of Old Mutual shareholders who received equity in the bank as part of the break up of Old Mutual Plc.
In the 2017 Budget, delivered by the Minister of Finance, it was proposed that additional measures will be considered to circumvent transactions where investors choose to realise their share investments by means of having the shares they hold in a company bought back and characterised as a dividend, while being paid for by means of a new investor subscribing for shares in the same company. This followed on the back of a similar announcement in 2016, whereafter no two specific countermeasures were introduced.
In 1982, Forbes Magazine in the United States published its now renowned list of the 400 wealthiest Americans for the first time, ranked by their net worth. Twenty-one years later, JP Morgan conducted a study to examine the list and determine which families remained amongst the country’s wealthiest. The result was astonishing: