Latest news with #Moneyweb
The Citizen
12 hours ago
- Business
- The Citizen
More incidents of unexplained debit order activity
Clients need to be 'super alert' at all times. Think twice before sharing your banking details with anyone for any reason. Picture: Sebastian Gollnow/AFP/Getty Images South African bank clients continue to report confusing and unresolved cases involving debit orders they say they did not authorise. Following Moneyweb's recent article on disputed DebiCheck transactions, an Absa customer said she recently received a DebiCheck notification on her banking app for R8 812, which she rejected. After taking a screenshot and logging off, the notification vanished entirely. The request turned out to originate from a mobile service provider and referenced her existing contract number. Neither the bank nor the service provider had any record of the DebiCheck request. 'Ultimately, a customer has to be super alert at all times, which is exhausting to say the least,' she says. ALSO READ: Mystery debit orders leave bank client without answers 'Holistic fraud strategy' In response to Moneyweb's query, Absa notes that its fraud team performs ongoing monitoring and blocks suspicious activity. 'We have also incorporated dark web monitoring into our holistic fraud strategy.' The bank maintains that complaint volumes involving DebiCheck debit orders have remained stable. DebiCheck, introduced in 2017 to curb debit order fraud, requires customers to authorise a debit order mandate before the first collection. Once authorised, transactions should match the original mandate, and customers can dispute unauthorised deductions. Absa says it assists customers in recovering funds if disputes are found to be valid. ALSO READ: DebiCheck will protect you from unauthorised debit orders come 1 May Incident at FNB Another Moneyweb reader reported an incident involving his wife's FNB account, which was debited by a mobile service provider without her prior authorisation. 'There was no record of her ever signing such a debit order, nor was she asked by FNB to verify or authorise the transaction,' he says. Ravi Shunmugam, CEO of FNB EFT, told Moneyweb there have been instances where customers raised concerns about unauthorised debit orders. 'However, in these circumstances, we found that the customer's information had been compromised outside of the banking environment.' ALSO READ: Reserve bank teaches customers about AC DebiCheck He stressed that FNB takes these matters seriously and conducts a full investigation. The bank assists customers in disputing the debit order and placing a 'stop payment' on the account. The matter is then escalated to the sponsoring bank and the service provider. Customers can also report fraud directly via the FNB app by uploading an affidavit, a copy of their ID, and a bank statement reflecting the disputed debit order. 'DebiCheck has many validation and compliance requirements prior to the debit order being processed and [it] is always checked against the mandate that the customer has authorised prior to the debit order being processed.' Shunmugam says FNB has not recorded any incidents of internal fraud involving debit orders and customer accounts to date. 'We perform all relevant due diligence and compliance checks.' ALSO READ: Mystery R99 debit hits SA accounts 'Questionable' sales processes Shunmugam cautions that the problem may lie with service providers when the origination process takes place in a 'sales environment outside of the bank'. 'These sales or contracting processes can be questionable.' Moneyweb has seen consumer reports on social media alleging that third-party sales agents – often for products such as insurance – asked them to swipe their bank cards and enter their PINs at point-of-sale devices under the pretext of 'affordability checks'. Some later discovered they had unintentionally authorised a debit order, which proved difficult to cancel. Shunmugam encourages clients to remain vigilant and carefully evaluate what they are agreeing to before sharing their banking details. He adds that debit order compromises likely occur during the sales or contracting process – when clients share their details with third parties – rather than through the bank or payment system. This article was republished from Moneyweb. Read the original here.
The Citizen
a day ago
- Business
- The Citizen
Nersa's mistakes will hit you hard
Eskom gave a presentation to Nersa, proposing the number of tariffs be reduced from 10 to three. The courts have ruled in favour of Eskom in almost all of its applications against Nersa, and the trend looks set to continue. Picture: Shutterstock Moneyweb has learnt that consumers will have to cough up at least R40 billion more for Eskom following a settlement between the utility and the energy regulator Nersa. This pertains to mistakes Nersa's made in several decisions regarding Eskom's revenue and tariffs. This amount may increase as Eskom has launched a fresh challenge to Nersa's latest decisions regarding the utility's revenue and tariffs for the current and the next two financial years. Eskom's court application is the latest in a string of challenges to Nersa decisions, almost all ruled in favour of Eskom. Moneyweb has learnt that several such applications were settled between the two parties in May. This was not widely communicated at the time. The settlement, which was made an order of the court, pertains to clawbacks spanning the financial years 2015 to 2021. ALSO READ: Ekurhuleni metro and Nersa lock horns over electricity tariff discrepancy Clawbacks The clawback mechanism is designed to retrospectively compensate either the utility or its customers for variations in the assumptions underlying the revenue determination, such as sales volumes. The compensation is done by adjusting electricity tariffs in following years. Eskom disputed the amount Nersa decided it was entitled to claw back in each year from 2015 to 2021. Following the settlement Eskom is entitled to recover in total R40 billion more from consumers for underrecovery over the period due to mistakes made by Nersa. In terms of the order, Nersa will decide on the timing of this recovery. ALSO READ: Nersa's municipal tariff process flawed, says Sapoa Nersa still making mistakes? Eskom now alleges that Nersa's latest revenue and tariff determination for the current and next two financial years is also flawed. This will be on the agenda of Nersa's electricity subcommittee during a special meeting on Wednesday (16 July). It follows an application by Eskom to the Gauteng Division of the High Court to have the decision reviewed and set aside. Nersa announced in January that it had approved revenues of R384.6 billion for Eskom for the current financial year, which translated to an average percentage increase of 12.74%. This took effect on 1 April. ALSO READ: The silent 77.5% rise of your electricity bill The allowable revenue approved for 2026/7 is R409.5 billion, which translates to an average increase of 5.36% and for 2027/8 it is R435.8 billion, which translates to an average increase of 6.19%. This is considerably lower than the amounts Eskom applied for, which would have meant increases of 36.15%, 11.81%, and 9.1% in the three consecutive years. Following Nersa's publication of the reason for its decision early last month, Eskom filed an application to have the decision reviewed and set aside specifically regarding Nersa's treatment of the Regulatory Asset Base (RAB). Moneyweb has reliably learnt that Nersa has not yet indicated whether it will oppose the application. Presumably the meeting on Wednesday will make a recommendation to the electricity regulator, which will then take a final decision. The formulation of the agenda point however indicates that Nersa may have accepted Eskom's argument and is open to settling the matter. It reads: 'Correction of error on the Eskom sixth multi-year price determination decision (MYPD6) Regulatory Asset Base section and proposed settlement.' ALSO READ: Nersa approves 12.7% electricity tariff hike for Eskom Eskom's arguments In an affidavit supporting its court application, Eskom CFO Calib Cassim sets out in detail – some of it quite technical – the mistakes that Eskom contends Nersa has made. This includes attaching a zero value to several operational power stations, including Koeberg. He shows that the value attached to the RAB is key to determining the returns Eskom is entitled to – and that Nersa's downward adjustments of the RAB in each of the three years dealt with in the tariff application cost the utility about R30 billion in total. Cassim says that Nersa, in taking the decision, exceeded its powers and acted inconsistently with its own methodology and with an earlier court order dealing with the same subject. ALSO READ: 30% electricity tariff increase is a reality, says Erasa He states that Nersa's decision is irrational and unreasonable. Cassim points out that Nersa's flawed approach to the RAB only applies to the application by Eskom's generation business. Those of the National Transmission Company of South Africa, a wholly owned subsidiary dealing with transmission, and the distribution business, were dealt with correctly, in Eskom's view. In addition, there are discrepancies between some of the numbers in the press release Nersa issued in January announcing its decision and those in the document issued in June setting out the reasons for its decision. ALSO READ: Eskom proposes further tariff restructuring to ensure 'transparency and fairness' Cassim further argues that the condition Nersa set for its approval of the utility's revenue – that it submit a revaluation of its RAB, with the first clawback application following the 2025/6 financial year – is unrealistic and impossible. Such a revaluation takes at least 30 months and is an expensive exercise, according to Cassim. Any adjustments in Eskom's favour will be reflected in future increases in electricity tariffs. This comes against the backdrop of widespread concern about the affordability of electricity, with Minister of Electricity and Energy Kgosientso Ramokgopa saying that South Africans must increasingly choose between buying food and buying electricity. He said even middle-class South Africans are battling to afford electricity. This article was republished from Moneyweb. Read the original here.
News24
2 days ago
- Business
- News24
Bruce Whitfield back on the mic with a new weekly News24 podcast
Simon Sonnekus/ News24 Acclaimed financial journalist Bruce Whitfield is launching a new weekly podcast on News24. Whitfield spent two decades helping people understand and enjoy business news as the voice of The Money Show. He has written three books (with a fourth coming out soon), is a keynote speaker, and has contributed widely to various South African media houses. His secret? Well, he's not completely sure – but not being afraid to ask stupid questions has certainly helped. Whitfield's spent his early years in the Free State, where he went to boarding school in Bloemfontein at the age of eight. He matriculated in Grahamstown and pursued a journalism degree at Rhodes. After graduating, Whitfield started his career as a bulletin writer at 702, before he was thrust out into the world as a field reporter. He said that he spoke so fast at the start of his career that he earned the nickname 'Ayrton Senna' after the late great Brazilian Formula 1 driver who won three drivers' championship world titles with McLaren. He said he spoke so fast, 'mostly because I was so frightened of what I was covering'. He followed a university girlfriend to the UK, where he stayed for a few years after democracy, before coming back to South Africa and running a radio service for the SA Press Association. He briefly produced some shows for SAFM. 'Very honest' Whitfield joined Moneyweb in 2000. This was his first foray into financial journalism. While it proved to be crucial for the trajectory that his career would take, it wasn't a smooth start. 'Three weeks into my time at Moneyweb, I was called in for a meeting and told I was about to be fired because they had never employed anybody quite as clueless as me – to which I responded: 'But I told you, in the 10 interviews you made me do that I knew nothing' – to which I was told, 'Well, you told everybody the same thing, so you were very honest about it, but nobody believed that anybody could be as clueless as you!'' They agreed to keep him on until at least the end of his three-month probation period. Before his time was up, he ended up breaking 'the biggest tax story of the decade' about a R1.4-billion dispute between the South African Revenue Service and businessman Dave King. The story shot the lights out, and they agreed to keep him on a little longer (three more years, to be precise). Whitfield left Moneyweb to join Primedia, where he started what would become The Money Show. During his two decades on The Money Show, Whitfield estimates that he interviewed roughly 50 000 people. Whitfield said that the show developed a 'wonderful following' because it became about interviewing entrepreneurs and interesting people, in addition to corporate people like CEOs, who were also integral. Whitfield stepped back from The Money Show a year ago to focus on other projects. Make it relatable Whitfield said that the willingness that he showed early in his career to expose his ignorance and to be the person who says that he 'doesn't know' is something he has tried to carry with him through his career. 'Most people in most places are really nice, really willing to help, and really willing to listen. If you shut up and listen, you learn stuff,' he said. 'I think what I've been able to do over many years — and I've fallen into the bad traps of jargon from time to time — is always putting myself in the position of 2000s Bruce to go 'actually, why does the even matter? Why should anyone even care about it?'' Those are the questions he plans to consider when creating Bruce Whitfield's Business Week, the new weekly podcast he is launching on News24. 'People are often intimidated or bored by business coverage, as they can't relate to it. I have learnt over many years to show why business matters in everyone's life and make it relatable. 'A lot of what you see in business coverage is really important, but the stories are told badly. I operate on a philosophy that not everything that is interesting is important, and not everything important is interesting. 'My job is to tell the difference and deliver great business content without the boring bits,' he said. He added that the podcast would explain everything important that has happened in the world in 30 minutes. After being away from broadcasting for about a year, Whitfield said it is good to be back behind the mic. 'It's good to be getting back into the saddle again in some form, and truly consolidating what's important in the world and helping people understand what is worth worrying about and not worrying about,' he said. Bruce Whitfield's Business Week kicks off on Thursday 17 July at 17:00.
The Citizen
2 days ago
- Automotive
- The Citizen
New Mazda CX-5 confirmed for SA: What to expect in 2026
Derived from the CX-60 positioned above it, the rear facia does incorporate elements from the latter, as well as the BMW X1 when viewed from certain angles. A further new addition is the removal of the corporate Mazda logo on the boot lid replaced by a block letter MAZDA badge similar to the new Opel Grandland. 'Uncluttered' new interior Described at the time of the teaser campaign as 'human-centric' and 'uncluttered', the interior represents the biggest change from the previous CX-5 with a minimalist design modelled on that of the all-electric 6e. Besides a new steering wheel, still with albeit new physical buttons and Mazda name scripting, the infotainment display now becomes a freestanding setup in sizes of 12.9-inches or 15.6-inches. In a contradiction of previous statements, both displays are touchscreen only as the previous rotary selector dial has fallen by the wayside. Flanked by a new 10.25-inch digital instrument cluster, the now renamed 'simplified' layout has resulted in the cabin doing away with conventional buttons for touch icons related to functions such as the climate control and audio system accessed at the base of the infotainment display. Kept, though, the traditional gear lever and 'single-piece' centre console. Upgraded materials and the first-time availability of ambient lighting rounds the interior off. Petrol and hybrid but no diesel Up front, and despite previous rumours alluding to the CX-5 following its arch rival, the new Toyota RAV4 in being powered solely by hybrid power units, the initial line-up still includes a conventional petrol engines, but only in select markets. Omitting any form of plug-in hybrid assistance, the range starts off with the existing 2.5 SkyActiv-G, now without the turbocharger offered in certain markets, and as the base engine now that the 2.0-litre has been dropped. Set to be offered in Australia and North America, the unit develops 132kW/242Nm and is mated to a six-speed automatic gearbox. All-wheel-drive is standard from the start. For Europe, the same engine gains a 24-volt mild-hybrid system, but with reduced outputs of 104kW/238Nm. The same transmission remains, however, buyers will the option of front-wheel-drive or all-wheel-drive. Having been dropped towards the end of the current CX-5's lifecycle, the 2.2-litre SkyActiv-D turbodiesel engine won't be renewed and instead, will be replaced by the still under-development SkyActiv-Z hybrid in 2027. Here in 2026 On-sale in Europe, Australia and North America at the beginning of next year, the CX-5, as mentioned, has been given approval for South Africa as part of four new models the brand will debut in 2026. 'The new CX-5 will debut in the third quarter of this year and probably hit our shores in early 2026. It is the first product we are really, really excited about,' Mazda South Africa CEO Craig Roberts said in a podcast with Moneyweb earlier this year. Expect more details regarding price and specification to emerge next year.
Yahoo
6 days ago
- Business
- Yahoo
Lesotho declares state of disaster amid US tariff uncertainty
Lesotho has declared a national state of disaster over the country's "high rates of youth unemployment and job losses" as uncertainty over US tariffs hits the landlocked nation. Lesotho was hit by higher tariffs than any other country - 50% - when they were announced by President Donald Trump in April, although they have since been paused. Deputy Prime Minister Nthomeng Majara said the state of disaster would be in force until 30 June 2027. Unemployment in Lesotho stands at 30% but for young people the rate is almost 50%, according to official figures. The declaration, in line with the country's Disaster Management Act, allows the state to "take all necessary measures to... minimise the effects of disasters" among others. The textile-dependent economy was already grappling with sky-high unemployment, especially among young people, before Trump slashed aid and raised trade barriers, according to an AFP report. Trump's tariffs could be death knell for US-Africa trade pact How jeans and diamonds pushed Lesotho to the top of Trump's tariffs list US cuts visa validity for most Nigerian applicants Lesotho was one of the biggest beneficiaries of the US's African Growth and Opportunity Act (Agoa), which gives favourable trade access to some countries to promote their economic growth. According to the US government, the two countries traded goods worth $240m (£187m) in 2024, mostly exports from Lesotho to the US, in particular textiles and clothing. But that ended when Trump imposed a 10% tax on Lesotho, along with other nations, earlier this year. The additional 50% was suspended. One of Trump's aims with his tariff announcement is to reduce his country's trade deficit with the rest of the world. The government has warned it could lose up to 40,000 jobs if Agoa is not renewed at the end of September, according to AFP. Lesotho's Trade Minister Mokhethi Shelile told South African business news site Moneyweb last month that US buyers were "not placing orders because they don't understand what is going to happen". The country was also hard-hit by the termination of the US Agency for International Development's (USAID) programmes around the world. Lesotho is among those countries that benefited from the US President's Emergency Plan for Aids Relief (Pepfar), which was launched in 2003. On the hunt for the fugitive linked to illegal South African gold mine where 78 died Why leaving his own charity will matter so much to Prince Harry Nine things about Lesotho - the country 'nobody has ever heard of' Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Focus on Africa This Is Africa
