The Registrar of Long-term Insurance has initiated regulatory action against Old Mutual Life Assurance Company of South Africa (“Old Mutual”) for non-compliance with Directive 159.A.i (LT & ST). The Directive sets out the requirements that insurers must comply with when outsourcing an aspect of their insurance business to another person.
Luxury goods group Richemont recently delivered a solid set of financial results for the year ended 31 March 2013. Chairperson Johann Rupert remains one of the most powerful and captivating business speakers around and one of the analysts at Investec forwarded us this note of some comments Rupert made to the analyst community recently:
South African financial markets have been rocked this morning by a 20% decline in the share price of African Bank Investments Limited (Abil). The banking group had fallen sharply after the release of interim financial results for the six months ended 31 March 2013. While various social media and news channels have been absorbed with the sharp decline in the Abil shareprice, the folks at ETM Analytics managed to pull together the attached graph showing just how unsecured lending had ballooned in South Africa over the last few years.
In this edition of JSE Direct Simon Brown talks to Tandisizwe Mahlutshana about this week’s Finweek cover story, “Why education should not be compulsory”. Brown also takes a look at why platinum stocks are getting slammed, Calgro M3, Afrimat and Raubex results and the World Economic Forum on Africa. Book Ends features three books this week. Tune in!
In this edition of JSE Direct, Finweek contributor Simon Brown talks to Finweek editor about this week’s Finweek cover story, “SA’s Secret Economy”. The show also features a section on becoming a day trader and he takes a look at the iron ore and gold markets. In this week’s BRICS section, we take a look at Russia and in Bookends we look at Open Society by George Soros.
Zimbabwe government officials have eased off pressure on the Zimbabwe unit of British bank, Standard Chartered, saying the bank has shown willingness to comply, while engagements are now said to be progressing well despite an earlier stand-off which saw the government make initial steps to eventually shut down the company for alleged non-compliance.
A cold, dark winter lies in store for South Africans, unless households can realise electricity savings of at least 2 000MW during peak time.Briefing parliament about Eskom’s power supply ability for the coming months, group CEO Brian Dames said this winter will be different in that Eskom needs to do unavoidable maintenance work to at least nine generation units.