Sunday Times

Fewer peo­ple have jobs, but many who do are flock­ing to Capitec

- Business · Finance · Travel · United Arab Emirates · Gupta family · Abu Dhabi · Malusi Gigaba · FirstRand · Botswana · Michael Masutha

CAPITEC added 109,000 ac­tive users a month in the half-year pe­riod to Au­gust. Those are cus­tomers who pay their salaries into their ac­counts with the bank. It recorded a 25% in­crease in trans­ac­tions and boosted its lend­ing book 3% to R41.8bn. SA has signed an ex­tra­di­tion treaty with the United Arab Emi­rates, jus­tice min­is­ter Michael Ma­sutha said, rais­ing the prospect of the Gupta brothers re­turn­ing to face cor­rup­tion charges. Ma­sutha told Reuters that treaties on ex­tra­di­tion and le­gal as­sis­tance had been signed with his coun­ter­part in Abu Dhabi. SA an­nounced visa re­forms aimed at lur­ing in­vest­ment and tourists to help lift the econ­omy out of re­ces­sion. Home af­fairs min­is­ter Malusi Gi­gaba un­veiled a raft of reg­u­la­tions al­low­ing fre­quent vis­i­tors and for­eign busi­ness trav­ellers to have longterm mul­ti­ple-en­try visas of up to 10 years. The rules will take ef­fect from next month. THE num­ber of em­ployed South Africans fell by 69,000 in the sec­ond quar­ter, driven largely by a huge fall in the com­mu­nity ser­vices sec­tor, data from the Quar­terly Em­ploy­ment Sur­vey re­leased by Stats SA showed. The min­ing and man­u­fac­tur­ing sec­tors also bled jobs, the re­port said. The losses were prompted by a weak growth en­vi­ron­ment and struc­tural con­straints in the econ­omy, said FNB chief econ­o­mist Mamello Matik­inca.

PORT­FO­LIO in­vest­ments into the South African econ­omy fell sharply in the sec­ond quar­ter as in­vestor risk aver­sion to­wards emerg­ing mar­kets rose, Re­serve Bank data showed. In­ward in­vest­ment into bonds and eq­ui­ties shrank to R16.6bn from R89.4bn in the first quar­ter.

CHOPPIES’s share price fell as much as 85% af­ter the Botswana food re­tailer said it would miss a dead­line to pub­lish its re­sults for the year to June.

Newspapers in English

Newspapers from South Africa