Ace facing the axe? ANC moves to suspend officials facing criminal charges
The ANC’s deputy secretary-general, Jessie Duarte, has begun drafting letters to ANC members whose membership is being revoked, reports Bloomberg. This includes Bongani Bongo, a former cabinet minister, who – along with Ace Magashule – is facing prosecution for graft. Magashule has officially been suspended – albeit temporarily – and is reportedly not allowed to make any public announcements. According to Bloomberg, former President Jacob Zuma may also be on the receiving end. Fikile Mbalula – who serves as both transport minister, head of elections and as a member of the National Executive Committee – told reporters that the ANC is “serious about cleaning up its image by dealing with those accused of graft.” Corruption has been a thorn in the side of all South Africans, with taxpayer funds misdirected into the pockets of greedy officials. However, it isn’t endemic to South Africa. In t
Expect the rand to stay stronger, for longer - TreasuryONE currency strategist Andre Cilliers biznews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biznews.com Daily Mail and Mail on Sunday newspapers.
Coinbase: The new Tesla? And other big stock market questions answered
US stocks rose, pushing the S&P 500 to a record, as investors cheered encouraging data on the economy, a strong batch of corporate earnings and the prospect of as much as $1.8 trillion in new government spending. Investors have spent much of the month grappling with two competing dynamics: signs of a strong economic rebound, particularly in the US, and worsening Covid-19 cases elsewhere in the world that threaten to hamper the global recovery. Speaking to BizNews, to help make sense of developments for investors is US expert on stock market cycles is Dr Richard Smith, CEO of The Foundation for the Study of Cycles. He says Coinbase could easily become the Tesla of the cryptoworld and shares why there’s been a seismic shift in the digital world. He also weighs in on the S&P500, which has been powering up – and cautions that the risks of investing in US stocks now are very high. – Jackie Cameron
Offshore investment advice: Magnus Heystek reveals how advisors are vilified in SA
The Johannesburg stock market has perked up this year, sparking a fresh wave of attack on investment advisors who have recommended offshore diversification. The most high profile of these advisors is Magnus Heystek, who has been a household name since the 1980s when, as an award-winning finance editor, he introduced and developed the concept of demystifying personal finance to SA. His ‘Making Money Made Simple’ is on many bookshelves, as are his other books on investment topics. Heystek has built a hugely successful investment company in recent decades: Brenthurst Wealth Management manages about R14bn of assets on behalf of individuals. He continues to share his knowledge and insights, based on deep research, freely through his columns and appearances on radio and television with a view to empowering individuals to make the right choices with their money. In this article, Heystek lifts the lid on