JOHANNESBURG (Reuters) –Â South Africa’s state pension fund said on Wednesday that struggling African Bank Investments was “almost like a bottomless pit” after the unsecured lender warned of a $600 million full-year loss and said it would launch its second big capital raising in about a year. “We have really been spending a lot of money … Read more
For those of you who don’t know, the whole subprime loan debacle involved lending money to people who had difficulty honouring the required payments. These loans were characterized by higher interest rates, little-to-no collateral and less favorable terms to compensate for the high credit risk. These loans were then packaged into mortgage-backed securities by some supposedly well-regarded institutions, like your banks and similar … Read more
JOHANNESBURG (Reuters) – South Africa’s credit regulator said on Thursday it had ordered the local unit of British payday lender Wonga to improve its compliance, after finding the company did not verify the income of its customers. The National Credit Regulator said it ordered Wonga to submit an audit report and remove adverse credit bureau listings from some of its … Read more
From the outset, Biznews.com was designed to encourage South Africa’s brightest minds to share their research and opinions with a broader audience. As the site has developed, it has become the preferred platform for industry leaders like Clive Simpkins, Cees Bruggemans and now SA’s favourite tax advisor, Prof Matthew Lester. For more than a decade … Read more
If you want to know what makes rich folk tick, it’s worth asking Nigel Green. A dozen years back he founded the De Vere Group which focuses on helping the wealthy grow their asset bases. He’s been so successful that the firm has offices worldwide and over 80 000 clients. In this blog he shares … Read more
Retirement is a word that usually conjures up images of wrinkly grey-haired people sitting around with little to do in a communal lounge. But, the reality is many of us will leave formal employment long before we need to check in to an old age home. And, sadly, most of us will not have enough … Read more
Business pioneers can find the world a very lonely place. And, when you don’t meet targets or something goes very wrong, it can set you back mentally and physically. In this executive health feature, an under-30 CEO community member shares her tips on how to get over depression that can threaten to get the better … Read more
A tweet by ebullient Owen Nkomo of Inkunzi Investments got our regular blogger Khumbulani Mpofu thinking about financial literacy. Or, rather, lack of it.
Wondering whether to save through an investment product called a Retirement Annuity (RA), which offers a tax deduction? Popular Biznewz blogger Enrico Liebenberg has crunched some numbers with a view to figuring out whether an RA is a good place to park your money. He looks at the types of returns you can expect from … Read more
It’s not enough to save, if you want to be wealthy. What you do with your money is just as important. In this excellent piece on financial planning, investor Enrico Liebenberg shares his personal insights on how you can transform that R500 you squirrel away each month into a sum of R3m and more. Don’t … Read more