Absa says it's about to implement a new B-BBEE transact... dailymaverick.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymaverick.co.za Daily Mail and Mail on Sunday newspapers.
“Alliance Mining’s proposed BEE deal was announced by the company on July 14 2009. It was described as a “broad-based” deal, yet it would have resulted in Phosa becoming the company’s largest shareholder.
“Phosa’s close friend, Matilda Gaboo, who had no prior involvement in Alliance Mining, would have ended up with more shares than the company’s entire combined workforce.”
Julius Cobbett,
Moneyweb, 16 April, 2010
Mathews Phosa’s recent Damascene conversion, his sudden realisation that corruption is destroying the Rainbow Nation, has elicited some scepticism.
Piet Rampedi in
Star and Ranjeni Munusamy on the
Daily Maverick website both pointed out how commonplace it has become for ANC politicians to discover their conscience and their concern for the public weal once they had retired and their pensions were safely in the bank or once they had not made it onto the latest slate.
Event items - Competition Policy in BEE - Wits University wits.ac.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wits.ac.za Daily Mail and Mail on Sunday newspapers.
Savings rise amid Covid fallout
In the past year, the number of people saving their money has increased even in the midst of some of the lowest interest rates, a trend analysts say is very unusual. Savings increased by 3.36 percentage points from February last year to February 2021, according to data from the South African Reserve Bank.
Data from the bank showed that individual retail deposits from February 2019 to February 2020 stood at 8.75%. The same deposits then increased to 12.11% in February 2021. The data also showed that in 2020, gross savings by households was 2% of GDP, compared with 1.2% in 2019.
But South Africa has a low savings rate. The gross nominal savings rate was measured at 15.9% in September 2020, compared with 11.1% in the previous quarter. But this is low compared with the world average of 25.1%.