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Economics
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Controversial Cape Businessmen Shot Dead Last Week Linked To Huge Ponzi Scheme
03 Aug 2012 by Jasmine Stone / 3 Comments
It was estimated today that losses from a ponzi scheme involving the deceased Cape businessmen who were shot dead last week might exceed R2 billion. The Financial Services Board had visited fund manager Herman Pretorius last week Thursday, the day he died.
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Cape Town Rezones Green Point Stadium
26 Jul 2012 by Jasmine Stone / 2 Comments
This will be a decision that will please many: Cape Town’s city council has approved the proposal to rezone the Cape Town Stadium in Green Point for commercial activity.
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A Day In The Life Of Elon Musk, South Africa’s Greatest Entrepreneurial Export
25 Jul 2012 by Jasmine Stone / 1 Comment
Elon Musk has been called the “most inspiring entrepreneur in the world right now”, and it’s not hard to see why when one considers what he does. Click through for a look at what Elon’s average day is like.
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Is Richard Branson Buying Back Virgin Records?
18 Jul 2012 by Jasmine Stone / No Comments
Billionaire Richard Branson, founder of the Virgin Group, has expressed his interest in buying back the business that started it all, Virgin Records.
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HSBC Handled Serious Drug Money For Quite A While
17 Jul 2012 by Jasmine Stone / No Comments
Big banks just continue to let us down. In the latest scandalous development in the world of banking, the global bank HSBC has been used by Mexican drug cartels looking to get cash back into the US, and by Saudi Arabian banks that needed access to dollars.
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Another Nail In The Coffin, RIM Forced To Pay $147 Million Over Patent Dispute
16 Jul 2012 by Jasmine Stone / No Comments
In another financial blow that the company can’t afford, RIM has been found guilty of patent infringement and has been forced to pay out $147,2 million in damages.
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RIM’s Terrible Past Quarter Was Terrible
13 Jul 2012 by Jasmine Stone / No Comments
BlackBerry maker, Research In Motion, has had a terrible past quarter. The smartphone manufacturer is now literally hemorrhaging money and sales figures.
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Independent Newspapers Up For Sale?
12 Jul 2012 by Jasmine Stone / No Comments
Independent News and Media, the country’s largest newspaper group, may be up for sale. Of course, the first question that gets raised when these kind of things happen, which they don’t really, is are there politically connected buyers lining up to bid for the group?
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Could The LIBOR Scandal Be “The Biggest Consumer Fraud In History”?
12 Jul 2012 by Jasmine Stone / No Comments
Over the past few weeks we’ve brought you several reports regarding the increasingly worrisome LIBOR scandal. The investigation into interest rate-rigging debacle is quickly snowballing and analysts have now begun wondering if “16 of the world’s largest banks have perpetrated the biggest fraud in history.”
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Hundreds Of Millions Of Rand To Be Poured Into False Bay Coastline, Copacabana Style
11 Jul 2012 by Jasmine Stone / 4 Comments
A huge development is on the cards for the stretch of coastline from Cape Point to Gordon’s Bay. It would turn the area into the Copacabana of Cape Town, MEC Alan Winde has said.
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Eskom Defends R36 Million Staff Parties
09 Jul 2012 by Jasmine Stone / 1 Comment
On the back of numerous electricity price hikes comes the news that Eskom blew more than R36 million on staff parties and team building experiences last year. The parastatal has however come out and defended the expenditure saying fun days are used to commit workers to keeping the lights on.
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Incredible Images Of Massive Chinese-Built Ghost Town In Angola [GALLERY]
04 Jul 2012 by Jasmine Stone / 1 Comment
If you weren’t aware of just how prolific Chinese investment is in Africa, wait until you see these startling images of what’s going on in Angola.
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Confirmed: Barclays Not Alone, As Chairman Quits
02 Jul 2012 by Jasmine Stone / No Comments
The Financial Services Authority (FSA), the regulator of all providers of financial services in the UK, has today confirmed that Barclays was definitely not acting alone, nor was this an isolated case in the authorities’ probe of banks rigging a key interbank interest rate.
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Could The Barclays Scandal Prompt Investors To Run To SA For Cover?
29 Jun 2012 by Jasmine Stone / No Comments
On the back of news that Barclays bank was punished with a record fine of £290 million by UK authorities for interest rate manipulation, comes the speculation that the crisis, said to involve numerous banks around the world, could help push investors toward South African shores.
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ANC: We Want Six Provinces
29 Jun 2012 by Jasmine Stone / 9 Comments
A reduction in the number of provinces is something the ANC led government has often toyed with, but it appears this policy has gained increasing support among party delegates at the ANC policy conference in Midrand this year. The biggest change would see the Northern Cape, Western Cape, and some parts of Eastern Cape merge.
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Barclays Fined £290 Million Over Libor Fixing
28 Jun 2012 by Jasmine Stone / 1 Comment
Well this is terribly worrying. Yesterday, Barclays bank – one of the biggest banks in the world – was fined a record £290 million for attempting to manipulate the world’s benchmark borrowing rate – the Libor. This is a huge blow to the bank’s reputation and raises questions over the future of chief executive Bob Diamond. Up to 40 other global banks face being named and shamed too.
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Map Of World Weed Use – 2012
27 Jun 2012 by Jasmine Stone / No Comments
The Economist has surprised everybody by doing something fun, using the United Nations’ World Drug Report 2012 (released yesterday) to generate a map of the world’s heaviest weed users. The Pacific island of Palau wins easily, with nearly a quarter of people aged 15 to 64 having smoked pot in the past year. South Africa does okay, too.
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Cyprus Becomes The Next Card In The Euro Zone Pack To Fall
26 Jun 2012 by Jasmine Stone / No Comments
Cyprus has become the fifth euro zone country to seek emergency funding from Brussels, and it may require a bailout amount worth up to half the size of its economy. We’re not talking the kind of numbers that Spain and Greece have been after, but when half of your economy is looking a bit worse for wear, it’s not ideal.
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Construction On The Kruger National Park’s First Luxury Hotel Set To Begin
25 Jun 2012 by Jasmine Stone / No Comments
The issue of the construction of a luxury hotel development in the Kruger National Park was discussed at length on 2oceansVibe last year when the weighty issue of hotel development in the Kruger National Park became public knowledge. The first of these developments, to be built near the Malelane Gate, the most convenient entrance from Johannesburg and the airport in nearby Nelspruit, is finally about to get underway.
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Cape Town Estimated To Incur R3,7 Million Loss Hosting Man United
21 Jun 2012 by Jasmine Stone / 3 Comments
Much hype has been made about the imminent visit from 19-time English Premier League Champions, Manchester United. But, the City of Cape is expected to make a R3,7 million loss for hosting the event at the Cape Town Stadium. The city’s mayoral committee member for tourism, Grant Pascoe, argues that, despite the loss, hosting the match is part of the City’s drive to market itself as an “events destination”.
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SARS To Get The Power To Search And Seize Without A Warrant
20 Jun 2012 by Jasmine Stone / 1 Comment
Soon the South African Revenue Service will have the power to search and seize relevant material without the need for a warrant, a tax expert has today told the City Press. The Tax Administration Bill could “have serious and significant ramifications” for taxpayers, the expert continued. However, this doesn’t appear to be a bad thing, if you’ve got nothing to hide.
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Auction Alliance Wins Court Case Against NCC
19 Jun 2012 by Jasmine Stone / 2 Comments
Yesterday, the Western Cape High court handed down a judgement that ruled that National Consumer Commissioner, Mamodupi Mohlala-Mulaudzi, acted outside of her powers when she summoned three Auction Alliance executives, including Rael Levitt, to appear before the National Consumer Commission earlier this year. It’s a notable victory for Auction Alliance, but doesn’t rule out a criminal investigation into possible fraud.
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Iran’s Oil Exports Plummet 40%
13 Jun 2012 by Jasmine Stone / No Comments
Western sanctions against Iran’s oil exports have shown that they have fallen by an estimated 40 per cent since the start of the year, according to the International Energy Agency. Separately, the UAE is nearing completion of an oil route that totally avoids Iran. Unlucky, Iran.
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Yahoo Forms Content Partnership With CNBC
13 Jun 2012 by Jasmine Stone / No Comments
Yahoo has been criticised in the past for neglecting its original core business of being a search engine, and it may experience more of that with its latest exapnsion into content publishing. However, it has described its latest partnership with CNBC as a key strategy to becoming a “premium media network.”
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Spanish Activists Looking To Sue Former Bank Manager For Financial Crisis
12 Jun 2012 by Jasmine Stone / No Comments
Spanish activists are raising a large private fund to pay for a civil action suit against Rodrigo Rato – the former chairman of Bankia, one of the banks central to the Spanish financial crisis. The fundraiser is following the usual decentralized online-activist structure, with members organizing themselves under the #QuerellaPaRato (“Lawsuit for Rato”) hashtag.
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Knott-Craig Says Telkom Did The Right Thing
08 Jun 2012 by Jasmine Stone / 1 Comment
Cell C’s Alan Knott-Craig Senior says he’s not surprised by the Cabinet’s decision to turn its nose up at a proposal from Korea Telecom to buy a 20% stake in Telkom. Why: because in the past, foreign companies have let South Africa down. He says governments, especially in developing countries, have to be involved in telecommunications penetration.
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Nasdaq To Reimburse Facebook Investors $40 Million
07 Jun 2012 by Jasmine Stone / No Comments
You might have picked up in the Morning Spice headlines that the Nasdaq stock exchange said it “owe[d] the industry an apology”. It’s gone a little further now, and says it will set aside $40 million to reimburse investors that suffered losses due to technical problems on Facebook’s first day of trading.
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Cell C Slashes Contract Prices By Up To 50%
06 Jun 2012 by Jasmine Stone / 1 Comment
Following the announcement that Cell C had drastically dropped their prepaid cell rates, Alan Knott-Craig Senior has seemingly checkmated the competition yet again. Cell C announced today that they would also be reducing their contract rates with the launch of six “Straight Up” packages for postpaid and Top-Up customers on 22 June 2012. This is big.
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Sony Not Making Anyone Believe, Shares Lowest Since 1980
05 Jun 2012 by Jasmine Stone / No Comments
Sony shareholders looked on as they watched the electronics and entertainment giant’s shares fall below 1 000 yen for the first time since 1980 yesterday. The Tokyo stock market took a dive early Monday after a dismal performance from Wall Street, bad US job data, and amid other global economic concerns.
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“We’ve Heard It All Before” – Obama’s New Attack On Mitt Romney [VIDEO]
04 Jun 2012 by Jasmine Stone / No Comments
On the back of the release of new and depressing US job data, Barack Obama has timed an attack on Mitt Romney to perfection. Obama wants Americans to pay attention to Romney Economics, and “remember, we’ve seen it all before.”
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