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August 17, 2017

President Zuma to launch BRICS African Regional Centre

President Jacob Zuma will preside over the official launch of the African Regional Centre of the BRICS New Development Bank (NDB). The launch of the regional centre will take place in Sandton, Johannesburg.

“The BRICS [Brazil, Russia, India, China and South Africa] bloc of countries signed the agreement establishing the New Development Bank at the sixth BRICS Summit in July 2014 in Brazil,” said the Presidency on Wednesday.

Meanwhile, the seventh BRICS Summit marked the entry into force of the agreement on the New Development Bank. The NDB headquarters were officially opened in Shanghai, China, in February 2016.

Another key resolution taken at the summit was to [...]

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August 14, 2017

City of Johannesburg plans to make billing problems history

The City of Johannesburg declared its “Billing Open Day” on Saturday a resounding success, and promised to get rid of the backlog of over 17 000 billing disputes soon.

This was after officials from the City of Johannesburg, notorious for its billing problems, set up shop at Mark’s Park in Emmarentia to help customers with long-standing billing issues, and for them to settle debt owed to the city.

Mayor Herman Mashaba and the head of the city’s finances Dr Rabelani Dagada went with a team from the Revenue Shared Services Centre to help with the disputed accounts, electricity and water consumption queries and meter issues, according to a statement on Sunday.

In the [...]

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August 14, 2017

BRICS New Development Bank confirms appointment of SA’s representatives

The BRICS New Development Bank (NDB) has confirmed that Mr Dondo Mogajane, Director-General of the National Treasury has been appointed as the new Director representing South Africa. This follows the expiration of Mr Tito Mboweni’s term of service as Director of the NDB in early July. Mr Tito Mboweni commenced his term as South Africa’s Director at the NDB on 03 July 2015, for a 2-year term, which ended on 02 July 2017.

The nomination of Mr Mogajane by the Minister of Finance Malusi Gigaba and subsequent appointment will ensure that no additional costs are incurred further by government in remunerating an appointment from outside of public service while also enhancing [...]

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August 2, 2017

Capitec is now the second biggest bank in South Africa

Absa recently published its interim results for the six months to 30 June 2017, showing a 7% rise in its half-year profit – despite the economic downturn.

The bank also broke down its current client figures, reporting a slight year-on-year drop in total banking customers in South Africa from 9.5 million in June 2016, to 9.3 million in 2017. Transactional customers were down from 6.25 million to 5.95 million, and business customers were down to 352,000 from 366,000 previously, the bank said.

Looking at total retail customers, though, Absa reported its number of retail customers at 8.65 million, continuing the slow decline seen in previous reporting periods. At June 2016, [...]

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