South African Banks set to show how Malaise is gripping economy

South African banks face another wasted year for earnings growth as the euphoria that greeted Cyril Ramaphosa’s ascendancy to the presidency fades with the reality of the challenges facing the economy. The country’s largest lenders start reporting first-half results from next week against the backdrop of tax hikes, record gasoline prices, stubbornly high unemployment and [...]

2018-09-04T12:04:15+02:00August 3rd, 2018|

Central bank slams law-breaking municipalities as Nedbank steps in

The SA Reserve Bank (Sarb) on Monday washed its hands of municipalities who deposited millions in embattled VBS Mutual Bank as Nedbank stepped in to facilitate payouts to other depositors. The central bank said its deal with Nedbank covered 97 percent of depositors and that the municipalities would have to wait to see if there [...]

2018-08-22T10:29:34+02:00July 10th, 2018|
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