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  • FNB says 'tap and pin' technology at ATMs can reduce transaction time by 20 seconds

    28 November 2018 4:15 AM 46

    Some FNB customers won't have to insert their bank card into ATMs soon, as the bank will roll out "tap and pin" technology across 100 of its ATMs, and others will be upgraded in 2019. This is according to a statement issued by the bank on Tuesday. FNB will be the first bank in SA to offer this contactless innovation at ATMs. It is an effort to improve

  • Prasa won't have to pay 'sorely needed' R58m to Siyaya

    27 November 2018 7:45 PM 22

    The Passenger Rail Agency of South Africa (Prasa) has been granted a rescission of a default judgment against it, which would otherwise have left the state-owned enterprise having to cough up R58m for services rendered. This is according to a statement issued by Prasa on Tuesday afternoon. A default judgement is a ruling granted in favour of one party

  • Population growth set to erase SA's per capita GDP gains in 2019

    26 November 2018 12:40 PM 28

    SA's population growth is set to largely erase any per capita GDP gains in 2019, according to ratings agency S&P Global. The global ratings agency, which on Friday kept SA’s sovereign rand and dollar-denominated credit ratings unchanged* at sub-investment grade, was commenting on the state of SA's economy. According to Stats SA’s mid-year population

  • Chinese master's 1 000-year-old scroll may fetch $60 million

    25 November 2018 6:00 PM 30

    A record for Asian art may be broken Monday with the auction of a rare 1 000-year-old Chinese scroll rendered by the era’s most important artist. The work depicting a withered tree, new bamboo shoots and a rock is expected to fetch roughly $60m at a Christie’s auction in Hong Kong. The scroll is one of only two known to exist by the 11th century Song dynasty

  • S&P keeps SA's credit ratings unchanged at non-investment grade

    23 November 2018 9:47 PM 27

    Rating agency Standard & Poor's on Friday evening kept SA's sovereign credit ratings unchanged at non-investment grade. S&P affirmed SA's long-term local currency debt at BB+, the first notch of sub-investment grade. It kept the country's long-term foreign currency rating at BB, two notches below investment grade. growth will pick up modestly, helping

  • Expect busiest Black Friday ever

    23 November 2018 4:45 AM 37

    This year's Black Friday is expected to be the busiest ever in SA, according to Dirk Prinsloo of Urban Studies. Urban Studies recently conducted market research on behalf of the SA Council of Shopping Centres where surveys were conducted among medium to large shopping malls nationwide regarding Black Friday. "Most centres expect an increase in footfall

  • Portuguese govt approves sale of Mercantile Bank to Capitec

    22 November 2018 2:54 PM 29

    The Portuguese Council of Ministers on Thursday announced its approval of the sale by Caixa Geral de Depósitos (CGD) of its entire stake in Mercantile Bank to Capitec Bank. CGD, which owns 100% of Mercantile, is selling the bank as part of a strategic recapitalisation plan approved by the European Commission and requiring CGD to reduce its foreign assets

  • SA Reserve Bank raises repo rate to 6.75%

    22 November 2018 1:37 PM 56

    Governor of the SA Reserve bank Lesetja Kganyago has announced that the bank will raise the repo rate to 6.75% from 6.5%. The repo rate is the benchmark interest rate at which the central bank lends money to other banks. Changes in the repo rate affect the prime lending rate, which is the rate banks use as a starting point to calculate interest rates

  • Former Gupta linked company vies for TV licence at Icasa

    22 November 2018 12:23 PM 27

    Infinity Media, which previously had links to Gupta-owned Oakbay Investments, is one of four companies vying for a commercial free-to-air television licence, with its current owner Mzwanele Manyi saying they are ready to start broadcasting immediately. Manyi was making his submission before the Independent Communications Authority of South Africa (Icasa)

  • Fintech policy must be inclusive, MPs hear

    21 November 2018 6:59 PM 52

    Fintech policy that is adopted should be geared towards financial inclusion, members of Parliament have heard. On Wednesday, representatives from Treasury and the Prudential Authority briefed the Standing Committee on Finance on fintech and its role in supporting financial inclusion. Fintech, or financial technology, is new technology used to improve