On paper, Anglogold's had the worst year among listed gold companies, but a ruthless handle on costs and a mine-by-mine review should start to pay off
Chinese companies are the big winners in brand values ranking
It’s ‘highly unusual’ for such farms to have $4m cash on hand
An FM survey shows that even the prices of basic foods has rocketed more than 20% in a year, putting SA’s already-tenuous social stability at risk. But hiking grants, while a temporary relief, won’t ...
A new book asks why certain cities became the epicentre of the world at a specific point — and speculates which ones might lead in the future
While the 22,700 retail depositors of the stricken VBS Mutual Bank are no doubt relieved to hear they will recover almost all of their deposits, it is taxpayers who may eventually foot the bill for the fraud that sank the bank.
This week, the National Treasury said it would repay those depositors up to R100,000 — which amounts to R336m. But indirectly, the Treasury would also foot the bill to rescue the municipalities who illegally deposited more than R1.5bn of funds into VBS. So again, this means the taxpayer is on the line.
And there’s more. The Public Investment Corp, the state-run asset manager which invests civil servants’ pensions, is one of the biggest losers from this debacle. Not only does it own 25.26% of VBS, it also has an outstanding loan of R350m which it lent to the mutual bank in 2016. As those government pensions exist in a defined benefit fund, this means the taxpayer stands behind every rand that may fall short.
These are just the most obvious costs of the biggest...
A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
Already subscribed? Simply sign in below.
Questions or problems? Email email@example.com or call 0860 52 52 00. Got a subscription voucher? Redeem it now
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.