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The National Union of Mineworkers (NUM), one of Ubank's major shareholders, said it was shocked and surprised by the Reserve Bank move to put Ubank under curatorship after it raised the required amount.
The bank, which serves rural communities and mineworkers, has a capital adequacy ratio of just 3% vs an industry-wide average of more than 15%
What do you think of Froneman's explanation?
The CEO of mining giant Sibanye-Stillwater, Neal Froneman, has defended his R300m remuneration for the 2021 financial year and says the company will not be bullied into unsustainable wage demands at its gold mine.
SA's largest metal-workers' union began a strike at ArcelorMittal South Africa Ltd on Wednesday after wage negotiations broke down, the steelmaker said in a statement.