The Rise and Fall of FNB - More erratic Account Closures
Following our recent summary of the current policy of FNB to get rid of customers who complain about lack of service or demand rectification of erroneous banking fees levied, the policy of the current Board to terminate all accounts that are inconvenient continues.
In a most recent wave of account closures it now hit also prominent cryptocurrency dealers such as LUNO, ICE3X and VALR and their accounts – although being maintained without flaw – have been terminated, causing a significant inconvenience for those customers, who funded their Cryptocurrency Accounts through their FNB Bank Account.
Official reason is – please do not laugh but the creative team for bogus reasons seems to run out of fake excuses:
_FirstRand Bank ha…
Moody's downgrades Outlook to "negative"
On today’s meeting Moody’s has decided to keep the country one notch above investment grade, changing its outlook on the country’s credit rating from stable to negative, but leaving it a “Life Line” as it requires at least one investment grade – from either Moody’s or Standard & Poor" to remain on the FTSE World Government Bond Index. Exiting it would spark an investor selloff and outflows of as much as $15 billion (R200bn), according to Bank of New York Mellon at a time when South Africa needs portfolio investment to finance its persistent current-account deficit. A downgrade would also raise borrowing costs, complicating the government’s efforts to balance the budget.
For a quarter-century, South Africa has been able to count on an …
Load Shedding could have been prevented for Joburg, but ESKOM deliberately derailed Plan
The Plot thickens! It seems it is not only an inability to plan and manage power in South Africa which ESKOM needs to be accused of, but also to sacrifice the well-being through access to electricity of all residents only to create electricity charges, which are overpriced and ill-called for.
Johannesburg mayor Herman Mashaba has launched a scathing attack on Eskom, claiming that the state-run power utility is preventing a solution that could ensure no load-shedding for Johannesburg citizens. In a column on PoliticsWeb, Mashaba said that the City of Johannesburg received a letter in December 2018 from Eskom which rejected the city’s request to nullify its load-shedding issues by using power that is independently generated by the Kelvi…
ESKOM INCOMPETENCE SAGA (Part 147): Loadshedding is Back!
It comes at no surprise that – once Gwede Mantashe – NEC spiritus rector and now Top Honcho of the Department of Energy has taken the reins over this crucial infrastructure ministry – load shedding will be back. What does he know about electricity? What does he care as long as he keeps the NEC together to condone corruption and nepotism in “his” sectors of mineral resources and power? He doesn’t, as long as the state coffers are accessible for plunder by his goons and as long as he personally has diesel in his generator and solar PV on the roof.
The reality keeps up with this as stage 2 load shedding will take place from 9am to 11pm on Wednesday 16 October 2019, and is expected to last for at least a week. Eskom’s official Twitter a…
Home Affairs Minister lies at Presidential Working Committee about Visa Situation
The Department of Home Affairs is working on a number of changes to South Africa’s visa regime, they say: “…in an effort to make the country more accessible for visitors, investors and people with skills that are critical to building the economy”. This is not a joke, they actually said that while very well aware of the fact that the missions abroad do everything possible to reject visa applications for foreign investors. Leader of the “Rejection Pack” is the South African Embassy in Berlin (Germany), where potent investors are constantly fed wrong requirements either until they give up or all recourse is exhausted.
They are closely followed by Budapest (Hungary), Vienna (Austria) and Sofia (Rumania), who all still act under the dire…
Labour Court interdicts Banking Strike
South Africa’s Labour Court has ruled in favour of Business Unity South Africa’s (Busa’s) application to interdict a major banking strike planned for Friday (27 September).
In a judgement handed down on Thursday, the court said that the action was unlawful – effectively preventing what would have been South Africa’s largest banking strike in 99 years.
The strike was planned by the country’s largest financial union, Sasbo, and had received additional support from the country’s largest trade federation Cosatu.
Business Unity South African (BUSA) aimed to stop the protest, as Cosatu’s notice sent to the National Economic Development and Labour Council (Nedlac) – under which Sasbo is planning to act – may not have satisfied the req…
Nationwide Banking Strike on Friday
As it is not enough that economy and businesses are battling, the unions live and breathe the smog of fear of anyone, who is threatened to lose their job. Hence the union for the banking sector have motivated and instigated once again a strike of epic proportion, designed to cripple the ruling banking mafia. More than 50 000 bank employees will be protesting against retrenchments on Friday 27 September, making it difficult for consumers to transact, according to the finance union SASBO. This protest action has been planned since June and there is no way the union will back out now, even if banks change their minds about retrenchments ahead of the protest scheduled for Friday. “As SASBO we are adamant there is nothing they (banks) can do,…
SARB misses Opportunity to stimulate Economy by leaving Rates unchanged
As feared by most, the SA Reserve Bank’s monetary policy committee left the repo rate unchanged at 6.5%. The prime rate will remain 10.25%. The announcement was made by the central bank’s governor Lesetja Kganyago at a media briefing in Pretoria on Thursday afternoon. The decision was unanimous, Kganyago said. The repo rate is the benchmark interest rate at which the Reserve Bank lends money to other banks. Changes in the repo rate affect the prime lending rate, which is the lowest rate at which banks start lending to clients.
In July, the Reserve Bank cut the repo rate by 25 basis points rate cut to 6.5%. That was the first rate cut in more than a year, Kganyago noted that while growth rebounded in the second quarter of the GDP rebo…
Economic Freedom Ranking dropped until now 54 Places
In the Economic Freedom of the World (EFW) 2019 Report, South Africa ranks 101 out of 162 countries. This is a fall of two places from last year but is a massive fall of 54 places since 2000 when the country achieved an enviable ranking of 47 and was in the top 30% of economically free countries. With such an upward trend SA was on track to be one of the world’s most prosperous countries, but instead, in 2019, South Africans have less economic freedom than do residents in 60% of the democratic world. Far from building on its post-apartheid achievement, SA citizens now have less economic freedom than they gained in the six years since 1994 and democracy.
This was the solemn message given by Neil Emerick at the 12 September EFW 2019 lau…
World in Shock over violent Outbreaks against Foreigners
A wave of xenophobic attacks in South Africa has left migrants living in fear of their lives and soured the government’s relationship with its regional counterparts.
Moussa Faki Mahamat, the chairman of the African Union, and officials from Nigeria and Zambia expressed outrage at the attacks, which erupted days before the African edition of the World Economic Forum in Cape Town on Wednesday. Nigerian President Muhammadu Buhari will send a “special envoy” to South Africa for talks with South African President Cyril Ramaphosa.
The violence erupted last week after a South African taxi driver was allegedly shot dead by a suspected Nigerian drug dealer in the capital, Pretoria, and saw scores of foreign-owned shops being looted and torc…