Posts tagged with 'Money'

 

ANC Government wants to Establish a State Bank, in Line with their Socialist Principles. Hint: Central Banks are Private!

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In keeping with the Socialist principle that the State must own and control everything, as with the ANC’s National Health Insurance Scheme, the National Treasury said it was also moving forward with the establishment of a state-owned bank for South Africa, and that Cyril Ramaphosa, and the Minister of Finance, Tito Mboweni, were supporting it. It might surprise many to discover that the Central Bank is in fact privately owned, as it is worldwide.

Last week, Treasury Director-General Dondo Mogajane said the new state-run Bank was part of the ANC president’s radical reforms and rumor has it that the members of the Committee, who are involved in the matter, are blaming the Treasury for delaying and dragging their feet in carrying out the matter to establish the Bank.

Experts in the economic field have expressed concern about the planned establishment of a state-owned bank and some analysts say it will eventually become just another state owned entity that will not r
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ANC Takes R9 Billion From PRASA to Pay for e-Tolls! With No Brakes, Cellphones, Radios, Guards, SAPS or Money, The PRASA Train Has Derailed & Crashed Yet ANC Vultures Continue To Plunder it!

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While Vodacom has cancelled its contract with PRASA for the provision of cellphones, which train drivers used to communicate with control rooms, it has also been revealed that ANC took R9 Billion from PRASA to pay for SANRAL e-tolls, according to Steve Harris from UNTU, which is a union within Prasa. Train drivers use these cellphones to get the verbal go-ahead to use routes to prevent accidents, because they can’t use the radio base system because that is not working either!

Drivers now have to use their own cellphones, which is against PRASA rules (and probably against their insurance too). Harris says that the lives of train drivers are in danger when they can’t get authority to use routes and have to wait at crossings, because commuters who are angry about late trains have attacked train drivers in the past. He says criminals also prey on waiting commuters whilst they wait for late trains. Violence is #TheAfricanWay and the solution to everyth
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The City of Pretoria literally experienced a black Friday after two cash trucks were robbed

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In Pretoria’s western area, at the Kit Kat Plaza, a cash van was robbed and at least one security officer was wounded in the incident.

The armed robbers did not hesitate to pull the trigger and took off with an unknown amount.

A police spokesman says one suspect fled in an ambulance,

On the same day, a second money van was pulled down by three armed villains about 50 kilometers north of Pretoria, on the N1 near Hammanskraal.

The wagon was forced by another vehicle to stop by driving into it, after which the gunmen acted.

The incidents were later described by a reader as still being a Black Friday event, because a lot of money was carried away by a small number of armed thieves.

Several people expressed the opinion that the two robberies were probably carried out by the same team of thieves, and that they had inside information.

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Unclaimed pensions amount to R51 billion – wonder if the money hungry ANC regime will lay a claim on it?

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Workers are often unaware that they have certain pension benefits that must be paid to them upon leaving work.

As a result, unclaimed amounts are already worth billions of Rand, which is estimated to be as much as R4 billion accumulated in two unions.

It seems that a total of more than R40 billion has been raised over the past two to three decades, and no one is helping service-leavers to say they should apply for their pension benefits.

The information was disclosed after an independent entity conducted research and found that no one informed workers about their rights in this regard.

If certain pensions are taken into account outside the Pension Funds Act, then the total accumulated amount is R51 billion that has not been claimed.

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Pay back the money Zuma! – Nkandla in VBS liquidators’ vision – cough up R7m or lose Nkandla

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The ANC’s Jacob Zuma is in a big financial crisis with his multi-million Rand loan he received from bankrupt VBS Mutual Bank and now has to pay back the money.

Along with that, there are the million Rand court costs to be paid while more court cases are being filed in an effort to be cleared of the debt.

The amount of more than R7 million borrowed from VBS can be claimed any day, and then Nkandla can be compromised.

Although the Nkandla complex was but controversially erected with the largest share of the cost financed from the state coffers, it is doubted how much the real value of the property is being erected in a strange rural area.

Meanwhile, it has been reported that Zuma is also still a full year in arrears with the payment of his loan.

According to News24, VBS Mutual Bank’s liquidator, Anoosh Rooplal, has filed an application with the Pietermaritzburg High Court for an order that will force Zuma to pay, or an or
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R200 mill of drought relief monies intended for KwaZulu Natal gone missing – South Africa’s farmers find themselves in a crisis and as a result, our country’s food security and economy are also in crisis

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The FF Plus is shocked and disgusted by the news that nearly R220 million, which was earmarked for drought relief in KwaZulu Natal, went missing. It is unclear how the money went missing and the FF Plus demands an urgent investigation into the matter so that the guilty parties can be called to account.

The drought has already taken its toll on the agricultural sector with livestock deaths and poor harvests being at the order of the day. There have been enormous livestock losses in the Free State, Northern Cape and Eastern Cape in particular and some of these parts have not had any rain since November 2017.

The government must urgently prioritise drought relief for commercial as well as emerging farmers. The government must also ensure that the process is managed properly so that the money allocated to drought relief is not stolen, as is the case in KwaZulu Natal.

There are cases where service providers were appointed by means of a tender process
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The markets troughs another tantrum

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The rand lost 2% against the USD yesterday, as markets had another ‘taper tantrum’.

March US retail sales were revised upwards to 0.8% (Month on month), raising fears that the US Fed may indeed raise rates a further 0.5% in 2018. Yawn, I’m sure we’re not the only ones bored of this story again?

Back home, SA’s unemployment rate remained stable at 26.7% (another shocker). Oil is nearing $80/barrel, a rather negative sign for the rand and motorists alike. Today’s attention shifts to SA retail sales and US manufacturing data, enjoy!

Today’s Rate

USD/ZAR 12.5420
GBP/ZAR 16.9276
EUR/ZAR 14.8462
ZAR/JPY 8.9777
CNY/ZAR 1.9685
AUD/ZAR 9.3848
CHF/ZAR 12.3877
AED/ZAR 3.151
SGD/ZAR 9.0722
NOK/ZAR 1.5476
EUR/USD 1.1839
GBP/USD 1.3501
GBP/EUR 1.1405

All rates quoted are the inte
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Are things ‘back on the bus’

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It’s all aboard the Trumplomacy bus, as President Trump offered China an olive branch yesterday, renewing hope that a ‘trade ‘war’ could be avoided.

The news momentarily helped emerging market gains, before violence in the Middle East put the rand on the back foot. Back home, Minister Gordhan continued his purge of corrupt state owned entity officials, firing the remaining Transnet board members. Yesterday also spelled the end of the nationwide bus strike, hopefully some relief for our roads!

Today’s Rate

USD/ZAR 12.4207
GBP/ZAR 16.797
EUR/ZAR 14.808
ZAR/JPY 8.862
CNY/ZAR 1.9514
AUD/ZAR 9.1668
CHF/ZAR 12.3654
AED/ZAR 3.3716
SGD/ZAR 9.2571
NOK/ZAR 1.551
EUR/USD 1.1924
GBP/USD 1.3525
GBP/EUR 1.1342

All rates quoted are the interbank rates at time of publishing and shown for indic
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Is this the beginning of the end!

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Trump announces US withdrawal from the Iranian nuclear deal with plans to impose strict sanctions.

Uncertainty of global oil supplies grows as countries who continue business with Iran may be penalized and feel the burn. With oil prices on the rise, markets expect future inflation increases and see further support for future US Fed hikes. Are we set to see a third consecutive month of petrol price increases?

We’ll have to wait and see. Alongside other EM markets the rand opened weaker at 12.57/USD as markets try to make sense of Trumps decision. US inflation data out at 14h30 will be the only real highlight for the day. Cheers and have a wonderful Wednesday!

Today’s Rate

USD/ZAR 12.6049
GBP/ZAR 17.0860
EUR/ZAR 14.9588
ZAR/JPY 8.6876
CNY/ZAR 1.9823
AUD/ZAR 9.3902
CHF/ZAR 12.5903
AED/ZAR 3.4377
SGD/ZAR 9.4088
NOK/ZAR 1.5562
EUR
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You miss one and then hit one

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Fridays nonfarm payrolls figures missed the mark (163k vs. 193k expected), while unemployment data reached a 17-year low of 3.9

The job numbers confirm strength in the dollar, with the rand opening at 12.53/$ this morning. This week could see EM markets under more pressure as global developments, US CPI and trade talks continue to drive the dollar.

On local shores, SA mining and manufacturing production are likely to record negative growth in the 1st quarter of 2018. Today is a UK banking holiday so we don’t expect lots of volatility. Have a great start to your week!

Today’s Rate

USD/ZAR 12.5221
GBP/ZAR 16.9548
EUR/ZAR 14.9384
ZAR/JPY 8.7232
CNY/ZAR 1.9671
AUD/ZAR 9.4121
CHF/ZAR 12.4863
AED/ZAR 3.4096
SGD/ZAR 9.3747
NOK/ZAR 1.5511
EUR/USD 1.1932
GBP/USD 1.3541
GBP/EUR 1.1384

All rates quo
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