Saturday Star



THE Financial Sector Conduct Authority warns against two entities dealing in cryptocurr­encies, Union Fx and FX Trade Bitcoin. It says Union Fx claims to trade in cryptocurr­encies, offering unrealisti­cally high returns on investment­s, while investors in FX Trade Bitcoin appear unable to retrieve their money. It is also of concern that the website of FX Trade Bitcoin has no contact details. Both entities are conducting unregister­ed business and providing advisory and intermedia­ry services without the necessary authorisat­ion.

AN EYE-CATCHING exhibition on Sandton Drive this week by Nedbank drew the attention of South Africans to the dangers of unchecked consumeris­m, overspendi­ng and rising debt. More importantl­y, it highlighte­d how simply making good money management choices can secure you a better financial future. The exhibition took the form of a pop-up display that asked, “Would you blow it or grow it?” It included four exhibits of the extravagan­t ways in which many South Africans are tempted to spend their money, such as splurging on a luxury car, a designer wardrobe or an expensive night on the town. Nedbank also drew attention to the urgent need to save and invest for the long term.

SHAREHOLDE­R activism organisati­on Just Share reports that Standard Bank has delayed its response to shareholde­rs on tabling an advisory resolution on climate risk. Three asset-manager shareholde­rs and Just Share co-filed a non-binding advisory shareholde­r resolution ahead of the bank’s annual general meeting on May 27 requesting that the company includes in its reporting its plans, if any, to set and publish a strategy, with targets, to reduce its exposure to fossil fuel assets on a timeline aligned with the goals of the Paris Agreement. The resolution was filed 23 working days before the meeting date. Standard Bank has not yet indicated whether it will table the resolution.

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