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Bank Dividend Reprieve Comes With Warning in South Africa Bloomberg 2/22/2021 Roxanne Henderson (Bloomberg) -- South Africa’s banking regulator eased guidance to lenders that they shouldn’t pay dividends and executive bonuses -- though warned that protecting cash reserves must still take priority amid ongoing uncertainty from the Covid-19 pandemic. Popular Searches Where boards approve such payouts, they should be “prudent and commensurate with the assessment of current conditions and potential future uncertainty,” Prudential Authority Chief Executive Officer Kuben N...

Protecting cash reserves must still take priority amid ongoing uncertainty from the Covid-19 pandemic.

(Photo by Gallo Images/Jacques Stander) For every high-net worth person who emigrates, an average of R1.2 million in income taxes disappears from the system and the spending, value-added tax and economic activity they generate is also lost, Fewer than 14 million South Africans in the working-age population of 39 million are registered taxpayers and those earning more than R1 million a year pay 40.2% of all personal income levies. The small tax base is a symptom of South Africa’s extreme inequality, a legacy of apartheid. South Africa’s loss of skilled and high earners could limit room to ...

Blog Blog Blog Blog 17 Feb, 2021 Author Matt Smith South Africa's major banks need to improve transparency around their financing of fossil fuel industries, according to industry observers, who describe the current disclosures as "trivial" and "not meaningful." Environmental, social and governance issues were key features of President Cyril Ramaphosa's state of the nation address in the week of Feb. 8, in which he outlined plans for a "just transition to a low-carbon economy and climate-resilient society." South Africa is one of Africa's wealthiest...

(Bloomberg) -- A 60% rally in South African banking stocks from an eight-year low in May has further to run due to valuations far below levels before the coronavirus, according to JPMorgan Chase & Co. “The banks are actually very, very cheap,” John Storey, an equities analyst at the U.S.