Economics
Obviously Zuckerberg’s Nemeses, The Winklevoss Twins, Own 1% Of Bitcoin
12 Apr 2013 by Jasmine Stone / No Comments
Identical twins, Tyler and Cameron Winklevoss have amassed the single largest portfolio of online currency over the last six months, and it’s all in Bitcoins. The Winklevii, as they are better known, say they own nearly 1% of all available Bitcoins.
BRICS Nations Give The Middle Finger To The World Bank – Plan To Start New Development Bank
27 Mar 2013 by Jasmine Stone / No Comments
The Brics nations of Brazil, Russia, India, China and South Africa are aiming to establish a new development bank during the annual conference which began yesterday in Durban. The leaders of each of the five developing countries will discuss bringing together foreign currency reserves to ward off balance of payments or currency crises. Martyn Davies, […]
Holy Cash: Understanding The Finances Of The Vatican
20 Mar 2013 by Jasmine Stone / No Comments
Pope Francis is the new leader of 1,2 billion Catholics. But he’s also the man in charge of the Vatican’s finances. Former pope, Benedict made progress in reforming the Vatican Bank by replacing the president and creating a financial-intelligence committee after allegeations of abuse and mismanagement spanning decades. Recent controversy Modern controversy surrounding the bank […]
National Assembly Approves E-Tolling Bill
06 Mar 2013 by Jasmine Stone / No Comments
While introducing the bill yesterday, Transport Minister, Ben Martins said the Transport Laws and Related Matters Amendment Bill was essential for, “the appropriate implementation of the e-tolling system”, arguing that it was a requirement for the implementation of the Gauteng Freeway Improvement Project. The bill was approved with a majority vote by the National Assembly with 193 […]
Get Up To Speed: The 2013 Budget Speech – In English This Time!
28 Feb 2013 by Jasmine Stone / No Comments
We caught up with 2oceansvibe Media’s accountants, Galbraith Rushby, who gave us this thorough analysis on the 2013 Budget Speech and what it means for you and me. In English that you can understand! Click for more.
China’s Version Of Dubai Is An Economic Ghost Town
27 Feb 2013 by Jasmine Stone / No Comments
A man made island of sail-shaped skyscrapers surrounded by tropical seas was billed to be China’s Dubai. But unlike Dubai, Phoenix Island has not been able to rise from the ashes. Property on Phoenix Island is considered a bad investment in light of the recent economic downturn. With China’s unstable economy proving to be crippling for the […]
J.P. Morgan Chase Will Cut 17 000 Jobs Over The Next Two Years
27 Feb 2013 by Jasmine Stone / No Comments
Banking giant and international doer of evil, J.P. Morgan Chase confirmed yesterday during an event for investors at its Midtown Manhattan headquarters that it plans to cut 17 000 jobs over the next two years while committing to a program of global expansion. With a current workforce of approximately 260 000, the bank plans to […]
[UPDATED] Amplats Plans To Cut 14 000 Jobs, Government Is Shocked, Workers Strike
16 Jan 2013 by Jasmine Stone / No Comments
Gasp, horror, shock. The poor government didn’t see that vast amounts of jobs would be lost as a result of their poor management of an on-going crisis in the mining sector in South Africa.
Sir Richard Branson Is Coming To South Africa To Offer You His Expertise
15 Nov 2012 by Seth Rotherham / 2 Comments
Sir Richard Branson, the maverick billionaire whose Virgin brand spans the globe, needs zero introduction. But what does need an introduction, is his appearance in South Africa early next year.
Invitation: Millionaire Forex Trader Secrets Seminar – Free Entry
08 Nov 2012 by Seth Rotherham / No Comments
Forex trading is a way to earn money. Enough money to live the holiday, ergo, not work. What kind of things might you like to do in your free, moneyed leisure time? You could: Buy a motorsports team Challenge children to high stakes games of putt-putt on the Promenade Go for a lunchtime surf with other retired millionaires […]
Foreign Direct Investment Into South Africa Falls Nearly 50% In A Year
24 Oct 2012 by Jasmine Stone / No Comments
This can’t be linked to the recent strike turmoil in the country, but it’s still a reflection of heightened global economic uncertainty. It should also serve as a wake up call to those involved in wasteful spending, but it probably won’t.
Eskom Will Be Taking Even More Of Your Money Soon
22 Oct 2012 by Jasmine Stone / 2 Comments
Having just come out of winter, and with a decreased summer load on the national grid, you would expect that a little relief would be in order from our nation’s energy supplier – not quite. After lukewarm showers, green swimming pools and rooms lit with a single lightbulb, we’ll be finding out this week if we’re in for another increase in the price of electricity.
The Government Blew R4,6 Billion On Catering, Entertainment And Travelling
16 Oct 2012 by Jasmine Stone / 4 Comments
Over the past few weeks the government departments financial results have been doing the rounds in Parliament and, amongst other findings, it was revealed that local goverment has spent R4,67 billion on food, entertainment and travel and accommodation.
Greece’s Budget Shortfall Now Totals 20 Billion Euros, Nearly Double Estimate
25 Sep 2012 by Jasmine Stone / No Comments
Well, this isn’t good news for Greece, especially as they have to reduce that budget deficit before they can get the next tranche of cash that has been promised to them.
US Debt Reaches $16 Trillion, Eclipses Economy
04 Sep 2012 by Jasmine Stone / 1 Comment
The US government is on the verge of announcing its $16 trillion debt, a figure that is 104% of the nation’s gross domestic product. That’s right folks, the US’s debt has officially overtaken its economy.
Petrol Price Hike Explained – Oil Imports From Iran Drop To Zero
03 Sep 2012 by Jasmine Stone / 1 Comment
As the petrol price is set to increase by 93 cents a litre on Wednesday, it’s been revealed that South Africa imported no crude oil from Iran last month, traditionally one of our biggest suppliers.
1Time Airline In Serious Financial Trouble, Files For Business Rescue
22 Aug 2012 by Jasmine Stone / 11 Comments
Earlier this year, it was reported that 1time Airline was in serious financial trouble, and some even wondered if they’d be around next year. 1time now requires a business rescue as they are “financially distressed”, and owe millions.
British Bank Accused Of Laundering $250 Billion For Iran Regime
07 Aug 2012 by Jasmine Stone / No Comments
US regulators have accused British bank, Standard Chartered, of behaving like a “rogue institution” and of laundering $250 billion from Iran, hiding the transactions for over a decade, a violation of US sanctions.
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.
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.
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.
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.
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.
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.
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.
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?
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.”
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.
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.
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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