Latest news with #R600m
IOL News
7 days ago
- Business
- IOL News
Postbank asks Parliament to push for R1. 7bn funding
Postbank has only been separated from the Post Office operations and systems which are legacy systems not for banking. Image: Supplied Postbank CEO Nikki Mbengashe on Wednesday revealed the urgent need for R1.7 billion to maintain capital adequacy, following a challenging 18 months in which the bank has already expended more than R500 million of its own revenue to sustain operations. Mbengashe underscored the bank's necessity for R600m for direct operations, with the remainder serving as a guarantee in alignment with the South African Reserve Bank's (Sarb) regulatory requirements. "With the money we have made, we have spent more than R500m in the last 18 months to two years. We've been able to establish a new call centre, we've got visibility, we are partnering with retailers, we have built in new systems," she said. "We need a little bit more to build on that. The R1.7bn fulfills the sub-regulatory requirements to ensure that we keep that amount to qualify for capital adequacy." 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Next Stay Close ✕ Discussing the broader role of Postbank, Mbengashe highlighted the continued exclusion within South Africa's banking system, with more than 7 million individuals still unbanked. Mbengashe noted the importance of upgrading legacy systems inherited from Post Office operations to ensure compliance and enhance banking capabilities. "We must not underestimate the impact of having a State bank and commercial banks. It's never one or the other, mandates are different. If we can collaborate on the closed Post Office infrastructure, absolutely we can. We are still to an extent using the Post Offices, but they do need to upgrade because we are regulated and need to be compliant, and therefore, there needs to certain compliance matters," she said. "Postbank has only been separated from the Post Office operations and systems which are legacy systems not for banking. We are on a journey to build proper banking systems. We have already invested R500m. That is why we are here asking for more money so that we can digitise and get better at what we are doing." Addressing the issue of housing loans, Mbengashe pointed out a critical gap in the current system—while banks may offer home loans, they often do not meet all applicants' needs. "Banks can currently give you a home loan but they never qualify or close the 100% gap. What do we do with the people who only qualify but still need a certain amount? The house they are targeting needs to close a gap of the 10% or 20%, someone needs to close that 20% gap, we absolutely agreed that should be serviced by the Postbank," she said. "The Postbank has the service, the capability, the compliance and the auditability to do that. That's why we recognised that Sassa should come to us. A customer has an option in terms of where you bank. Therefore, we are not mandating and forcing anyone. We offer something that differentiates us from the private sector." Postbank Administrator, Khaya Ngema, expressed strong optimism about the bank's potential impact on economic growth and inclusion, saying it was fundamentally viable with serious growth potential and with smart investments. "A successful Postbank is bursting to make an impact on economic growth and inclusion as it will unlock the currently poorly-served micro-businesses and unlock communities and sectors that are marginalised," Ngema said. "A successful Postbank will have a good impact on government delivery systems, particularly in supporting modernisation and efficiency of government payment systems. This is not taking from commercial banks." BUSINESS REPORT
TimesLIVE
09-07-2025
- Business
- TimesLIVE
400 'high risk' public works officials face lifestyle audits, says Macpherson
Public works minister Dean Macpherson says his department is this year extending the conduct of lifestyle audits on '400 high-risk officials' after completing those on 48 senior managers in the 2022/23 financial year. Presenting his budget vote in parliament on Wednesday, he said his department began in March 2025 to focus on the lifestyles of 400 officials in various divisions such as finance, ICT, procurement, property leases and other related projects. The department of public works, which among others is responsible for managing property leases of other government departments, runs a budget of more than R7bn a year. But its procurement of property leases has often been mired in allegations of corruption and other financial irregularities in which some of its officials have been implicated. Macpherson told MPs they were also clamping down on the 'ghost workers phenomenon' in his department. 'Trust in public institutions depends on the public's belief that we hold ourselves accountable for the work we do. One of these mechanisms is through lifestyle audits. 'On lifestyle audits, in 2022/23 we completed audits on 48 senior managers. We have now launched a wider process, focusing on 400 high-risk officials across finance, ICT, procurement, leases and projects. 'The first batch of 69 audits began in March and will be finalised by September. The next batch will follow from October 2025 to March 2026, and the remainder by March 2027. 'These audits are being conducted independently, in partnership with the Special Investigating Unit, and include asset verification. On the ghost employee phenomenon, our anti-corruption unit is auditing the PERSAL system across the department and EPWP to detect any fictitious employees drawing salaries without working. With the help of interns, we are conducting physical verification, ensuring that every person on the payroll exists, works and contributes. This is painstaking work, but it is necessary. We must ensure that we have a competent and present workforce to achieve our goals.' Macpherson reported that the probe into the controversial purchase of the rundown Telkom Towers in Pretoria to house the headquarters of the SAPS at a cost of R600m was nearing completion. 'It has not yielded any returns. Instead, we continue to pay security to prevent further vandalism. The draft investigation reveals a significant loss in terms of the value of the property owing to a series of damages to its infrastructure, and whether the project is still viable. The report should be finalised by the end of July, and where individuals have been implicated, we will not hesitate to act.'
The Citizen
13-06-2025
- Health
- The Citizen
New Covid variant raises concern over vaccine access
Experts urge South Africa to license updated vaccines as a new Covid variant spreads globally but hasn't reached SA yet. If South Africa wants to intensify its fight against the new Covid variant that might hit the country, it should consider having vaccines available and licensed locally, according to health experts. The World Health Organisation recently announced that the new variant, which was detected in Asia a few weeks ago is gaining momentum globally. The National Institute for Communicable Diseases has confirmed the NB.1.8.1 variant has not yet been detected in South Africa. New Covid variant not yet detected in SA Prof Shabir Madhi, a health expert from Wits University, said: 'Unfortunately, there are no Covid vaccines available or licensed in SA. This is concerning, as highrisk people do require at least annual boosting with the most recent variant vaccine. 'The vaccine currently available elsewhere would provide some protection against NB1.8.1, but less so compared to the variant (JN) which is targeted at.' ALSO READ: The price of distraction: South Africa's allergy to the truth He said licensing the vaccines in the country was important because the high-risk individuals still remain susceptible to severe disease and it's the only option that can reduce their risk of severe illness from Covid. Madhi said the surveillance for Covid has significantly diminished over the past few years in SA, while there was data to support the virus has been circulating at low intensity since 2023. 'We have recently had an annual outbreak of respiratory syncytial virus, which is on the decline. Also, there is an increase in influenza over the past two weeks, which is now beginning to dominate,' he said. Proactive planning and investment Dr Bandile Masuku, chief patron of the national campaign for epidemic preparedness funding and budgeting, said it was important for the country to conduct proactive planning and investment, particularly in Gauteng. 'South Africa, and especially Gauteng, learned hard lessons from the Covid pandemic,' said Masuku. ALSO READ: Special Tribunal declares R600m AngloGold Ashanti Hospital contracts unlawful 'Today, we are better equipped, but we must not be complacent. Preparedness is not a luxury; it is a necessity. Let us not wait for a crisis to occur. Let us fund, plan and prepare because preparedness saves lives.' Health Minister Dr Aaron Motsoaledi has urged the public not to panic. He said South Africa was actively monitoring the emergence of the variant and had a robust surveillance system in place. Don't panic – Minister Motsoaledi 'Currently, our data shows very low Sars-CoV-2 activity. While we are observing a seasonal increase in influenza, we are well-prepared to manage this,' said Motsoaledi. He said at this stage, no specific new public health actions are required from the public. ALSO READ: Covid pupils triumph with record matric results Motsoaledi also urged the public to maintain good hygiene practices, such as hand-washing, covering coughs and staying home when not feeling well.
The Citizen
11-06-2025
- Business
- The Citizen
Record sales to international buyers in Cape Town hotspots this year
Correlating strongly with City of Cape Town reports of a record-breaking summer tourism season, international property buyers have invested in record numbers in the City's hotspots, according to the Seeff Property Group. Propstats data shows that sales worth almost R2.462b were concluded in the first five months of this year, the highest in the last five years. The total value for the whole of 2024 was R3.4b, and it was similar in the prior year, 2023. Sales to international buyers reached a record R600m in February, and R700 in April across the whole city. More than two thirds (67%) of the total value were generated by sales across the Atlantic Seaboard and City Bowl. Ross Levin, licensee for Seeff Atlantic Seaboard, says sales activity has been up quite notably this year. For the Atlantic Seaboard alone, sales to international buyers amount to about R530m for April. Overall, there were sales in just about all of the suburbs. The highest values recorded are in Camps Bay and Bantry Bay, and the highest volumes in Sea Point (27) and the CBD (32). Buyers from more than 40 countries invested in property across the Cape this year. The highest volume is attributable to buyers from Germany, followed by the UK, Netherlands, Switzerland, and other European countries. There has also been a notable uptick in sales to American buyers who bought predominantly in Sea Point, Bantry Bay, Mouille Point and in the City Bowl. Buyers from other African countries have also made a welcome return. These include some 12 countries, being Angola, Cameroon, Congo, eSwatini, Gabon, Ghana, Mauritius, Mozambique, Namibia, Nigeria, Tanzania, and Zambia with Nigeria the stand-out in terms of the volume of sales. Levin says the whole market across the Atlantic Seaboard and City Bowl has been very active and there is a shortage of stock, thus presenting good opportunities for sellers right now. Notable recent Seeff sales to foreign buyers include two sales to German buyers at R21m in Camps Bay and R29m at the Waterfront as well as a R29.5m sale at the Waterfront to a buyer from eSwatini. Other areas where international buyers have been active include Constantia and Bishopscourt in the Southern Suburbs, False Bay areas such as Muizenberg and Fish Hoek, Southern Peninsula suburbs such as Kommetjie and Scarborough, Hout Bay, and Blouberg where Marlene Picksley, an agent with Seeff Blouberg concluded a record sale of R16.5m in Sunset Beach to a buyer from the USA. Hout Bay has seen particularly strong demand from international buyers with as much as 37 sales to buyers from a number of different countries, especially Germany, Netherlands, UK, Denmark, and other European buyers, and the USA. According to Stephan Cross, manager for Seeff Hout Bay and Llandudno the buyers spent between R5m to R25m. He says the Hout Bay market has been particularly hot this year with high sales activity and a shortage of stock, thus good opportunities for sellers, he adds. Propstats shows that total sales across the whole Hout Bay market already tops R600 million for this year following a record R1.3b last year, notably higher than for 2023, and similar to the 2022 Covid-boom sales levels. Levin says Cape Town is particularly attractive to international buyers, including those from the African continent for its Mediterranean climate, cosmopolitan lifestyle, and access to good amenities. International buyers are not only keen investors in property, but also tend to spend more on a per capita basis, and often invest even more in upgrades and their lifestyle, all of which amount to a notable injection of foreign income for the local economy. Issued by Gina Meintjes
The Citizen
07-06-2025
- Sport
- The Citizen
All systems go for Comrades Marathon
This year's Comrades Marathon promises more than just a gruelling test of endurance — participants can expect a 'buffet' along the route and a 'jol' at the finish, according to the organisers. At the final media briefing held in Durban yesterday, the Comrades Marathon Association (CMA) declared that it's all systems go for the iconic ultramarathon, which starts in Pietermaritzburg and ends in Durban tomorrow. The Witness reports that CMA general manager Alain Dalais assured athletes that the route is fully prepared, with water stations fully stocked to keep runners hydrated. 'There will be about 47 water stations between Pietermaritzburg and Durban. They are all well-equipped and fully stocked with everything [runners need] until they cross the finish line. 'I can offer assurance that all the water tables will be loaded with every type of hydrating liquid you can think of. 'We also brought in plenty of bananas, potatoes, snacks and different kinds of bites or eats that are needed to keep the runners going or energised until the end. So, the runners are expected to have a buffet on the route while they enjoy the race,' said Dalais. He added that the finish line will offer a party atmosphere, with innovations designed to enhance the overall experience. 'Also, at the end of the race, our new changes and innovations at the finish will be exciting and everybody will enjoy it,' he said. One of the most significant changes is a street finish, bringing the Comrades in line with other major global marathons. 'I am glad to announce that this year's Comrades Marathon finish will be on the street. We all know that it is already happening with other international marathons like the London Marathon, New York Marathon and others,' Dalais said. The event is expected to be the largest in the race's history, with CMA chairperson Mqondisi Ngcobo confirming a record-breaking 22 000 runners are set to take part. 'We have never experienced anything like this before, and that's why we spent long hours and weeks making sure that everything is in order,' Ngcobo stated. He emphasised that the latest changes were implemented with runner safety, security and enjoyment in mind. The KZN Tourism and Film Authority anticipates a significant economic boost, projecting an increase on last year's R600m economic spin-off. Hotels and other accommodation across Durban and Pietermaritzburg are expected to be fully booked. Msunduzi Municipality has undertaken extensive preparations for the start of the race, including road repairs, verge clearing and stormwater drain maintenance. 'Msunduzi Municipality has completed all route preparations and is ready to welcome thousands of athletes and spectators to Pietermaritzburg,' said municipal spokesperson Ntobeko Mkhize. Dalais confirmed a record number of international participants, with 3 063 runners from outside South Africa — 1 282 from the rest of Africa and 1 781 from overseas. An additional 3 000 international supporters are expected to accompany them. 'Many runners and their supporters — particularly the international visitors — spend extra time in the province after the race, booking game drives and safari visits to wildlife conservation areas,' Dalais added. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal.
