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Platinum Wealth

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Everything posted by Platinum Wealth

  1. Dammit - I do not see a Samsung S10e on special anymore (contracts) I do see it on special if you buy it cash, but eish cash on a phone is 2019 feels like an expensive choice...?
  2. You could flip it and start with the 12 assigned to January that way your contributions gets less throughout the year.
  3. Indeed they are, I am currently busy writing up a little introduction about Ice3X and why we decided to embark on this journey with them.
  4. A Chinese spy defects to Australia. His shocking revelations are guaranteed to infuriate Beijing. How China conducts questionable activities around the world, including its attempts to infiltrate the Australian government. #60MinutesAustralia
  5. What @Bandit said - please do not take on a loan if you do not need it (like last resort) and then if you do decide to take out a loan, try to do it via your bank - generally they are regulated enough to not destroy you. If the loan repayment percentage is higher than 22% then you should rather try hard to reduce expenses enough so that you do not have to take the loan. Capitec has a generally easy to understand rate table for personal loan which you can read up about here: https://www.capitecbank.co.za/global-one/credit/rates-and-fees/ As for credit cards, please read this article by Bruce Whitfield https://www.businessinsider.co.za/beware-these-fiendish-credit-card-tricks-2018-12
  6. It was a tough choice between Discovery Bank and FNB, because I have posted before asking about ebucks and we have quite a few threads about it. I did set out to open an FNB account, but had endless hassles online and it ultimately required me to go into a branch so they are out - I do not want to rely on a branch in 2020 for banking. I then decided oh well let's give Discovery Bank a try, maybe I get a good deal from Virgin Active from this exercise, because make no mistake they (Discovery) are the most expensive bank in SA. Here is a link to all the accounts available on Discovery. If you read this thread, pop over to this FNB vs Discovery Bank thread first to see some of the pros and cons of each and whilst you are at it there is a great thread about FNB's Ebucks as well to give further insight in what is available in the South African banking landscape today in terms of rewards and loyalty programs. Anyway to get back to the point I'll try to write this the same as I did for the How to open a TymeBank Bank Account thread. Speaking of Tymebank to open a Discovery Bank account was relatively straight forward, but nothing compares to Tymebank that process is smooth and quick it took me less than 5 minutes to open a Tymebank account, it took about an hour fiddling with files and setting up syncing etc to get everything ready for the FICA process of Discovery, I will get to that in a moment. How to open a Discovery Bank Account Step 1: Register on this page (it won't work if you go straight to the app, you'll sit in a queue) - where the button says leave your details, fill that in. You will then receive instructions with a formatting issue telling you to go login on the app. Step 2: Download the Discovery Bank app and then login using the ID Number you registered with in Step 1. Step 3: Follow the instructions to FICA your account and you are done. When you do Step 3 they will ask you for various documents which you need to upload from your phone (there is no website just an app) this means you need to make sure those files are on your phone. In my case I logged on to Rawson on the PC and downloaded my latest Invoice and Lease Agreement. I then uploaded that to dropbox and I then downloaded and synced dropbox with my phone, but the Discovery App cannot access dropbox, so you need to go to dropbox on your phone and then "export" the pdfs to your phone (save it to the device) then it should sit in your phone's download folder, you can then through the Discovery Bank app navigate to your downloads folder and upload the files. I did the same for my Capitec bank statements. I logged into Capitec on the website and then downloaded the last 3 months worth of bank statements and then synced it to my phone through dropbox and exported it to enable Discovery's app to access it. Once that schlep is done you should get an SMS and E-mail to welcome you. I received a call from the courier company about 3 hours later confirming my delivery address, because they will deliver your Discovery Credit Card to you. There is the option for you to collect it as well, but I am paying them R400 per month so I ticked the "deliver it" option even though the bank's office is down the road - sorry, not sorry. Notes: There is ZERO website - I do not know what on earth they are thinking and I am not a predictions man, but I am fairly sure South Africa is not ready for a "App only" bank not in Infrastructure to make that happen and most certainly not in education and access (expensive data, limited coverage and cost of beefy "capable of driving a bloated banking app" phones.) Besides the "infrastructure" shortfall there is also the compromise angle - Alternatives exist so why would I want to use the app to pull and print statements when I can log onto Capitec or FNB on the website and do a lot more administrative tasks more efficiently. This comes back to earlier about Tymebank, they are an App based bank, but when you want to make use of power features and do administrative tasks the website is there and your PC is connected to the printer and have excel on it to pull your CSVs into - Goodluck trying to do that with discovery without going through a whole process between devices and using third party apps to sync it all. Like @SimonPB would say "make no bones about it" this app only approach will make it more difficult for less technologically-adept customers to print out bank statements and facilitate transactions. Concerns: I found quite a few formatting issues and some bugs (screen would freeze if you navigate between transactions and pay) I reported this to them, but have not gotten anything back and they don't respond to it on twitter either. Normally that won't bother me, but if you are going to be an expensive bank without any physical presence then I expect you to be around 24 / 7. The app is also sluggish, but I suspect that is due to latency since it appears they use AWS as well. Overall my entire experience with Discovery Banking so far is perfectly summed up by @Bandit With that said one thing I am excited about (as a Discovery shareholder) is the fact that Discovery (JSE DSY) now have a key insight into all aspects of our lives from health and insurance all the way to banking. This should in theory put Discovery in a position to do incredibly advance psychometric analysis on its users and map psychological traits for risk evaluation. As someone with a very keen interest in behavioral psychology this aspect fascinates me especially when it comes to credit facilities because with the transactional banking data Discovery can now create a far more accurate risk assessment based on who you really are not what you have done in the past. Bonus: Here's some screenshots of the app
  7. Introducing the @PDSNET Share investment club software, finally investment clubs made easy. High-quality shares on the JSE regularly go up by 30% per annum or more and have generally doubled their value every four-and-half years for the past 30 years. With PDSnet’s FREE Investment Club software, you and a few of your friends could be investing in top quality blue chip shares on the JSE. By clubbing together in an investment club, you keep your dealing costs low and benefit from each other’s experience, knowledge and contacts. In an investment club, you can overcome the problem of not: having enough to invest. knowing where to start or which shares to buy. You can own shares in your favourite companies on the JSE, the ones you personally interact with and understand. The PDSnet Investment Club software solves all the problems of running a share market investment club. Complete Transparency All transactions can be viewed by the members of the investment club at any time on their phones. Share prices and other financial information of all listed companies can be viewed by all members, as well as the value of the shares which the group owns. The software is browser-based and therefore members can view the club’s progress in the market while on the move, from any device at any time. How Does it Work? Similar to a stokvel, an investment club is a group of people who save money regularly into an account in the name of the group. But, instead of just saving the money, an investment club allows the group’s savings to be invested directly on the stock market. The PDSnet Investment Club software allows a group of people to invest different amounts at different times, while keeping track of the value of their individual investments. It runs a miniature unit trust for you and your colleagues. Members buy and sell units in the investment club at a unit price calculated daily by the software and based on the JSE prices of the shares that the investment club holds. Members meet regularly to talk about the market and decide on where to invest. And the nice thing is that it’s free!! The Benefits of a Stock Market Investment Club Investment Clubs enable you to: share the risk of investing in the share market with your friends and colleagues. invest whatever you can afford either as a lump sum or in regular monthly payments. learn about the share market and investment from your fellow investment club members. share the research and reading which is necessary to run a portfolio of shares. Invest funds saved in a stokvel. Software Features Portfolio and bank manager. Comprehensive summaries. Calculation of a daily unit price based in JSE prices of shares owned by the club. Document templates to open the correct bank and stockbroking accounts. In-depth user manual. Voting hub. Club discussion forum. Stock market resource tools. Registration Link: https://www.pdsnet.co.za/investment_club/login/userRegister.php Frequently Asked Questions about the Investment Club software: https://www.pdsnet.co.za/index.php/investment-club-frequently-asked-questions/ Screenshots & Overview Short video to explain how it all works
  8. JSE warns Blue Label that delayed results could lead to suspension
  9. Blue Label at record low as JSE threatens suspension The largest shareholder of Cell C has until the end of September to deliver its full-year results to end-May or face suspension from the JSE. The share price of Blue Label Telecoms, the largest shareholder of Cell C, fell to a record low on Tuesday after the JSE said it was facing suspension for failing to deliver its financial results. Blue Label, however, issued a statement reiterating that its results would be released on September 26. The JSE said on Tuesday that Blue Label had until the end of September to release its results for the year ended May, in order to comply with its three-month posting requirement. As of 9.30am, Blue Label's share price was 6.94% lower at R2.68, its lowest since listing, but by 12.15pm had pared its losses and was only down 0.69% to R2.86. The company's share price has fallen 47.13% so far in 2019, which follows a 63.74% loss in 2018. Blue Label said earlier in August that it was in the process of determining the value of its investment in Cell C, of which it holds 45%. Cell C, which has struggled to make consistent profits since it became SA’s third mobile operator in 2001, is grappling with a hefty debt burden. In August S&P Global Ratings downgraded Cell C’s debt to D, or “default,” its lowest-possible junk rating. This came after the cellphone operator “failed to make interest payments on certain bilateral loan facilities”. “We believe there is an increased likelihood that Cell C will be unable to repay all or substantially all of the obligations as they come due, unless it is able to restructure its debt and recapitalise its balance sheet,” the ratings agency said at the time. It remains to be seen if the telecoms operator will be able to meet the September 30 deadline. However, earlier this week, Blue Label issued an official invite to a presentation of the results set for Thursday 26 September. Source: BusinessLive
  10. Local stock exchange ZAR X, in conjunction with Adhara and Computershare South Africa, has launched the first distributed settlement system for unit trusts in South Africa. Using the blockchain, it enables the public to purchase and settle unit trusts directly from fund managers in a secure environment. The ZAR X system reinvents the traditional way of administering unit trusts using digital technologies as its foundation. Instead of monthly administration fees, investors pay a once-off transaction fee. Furthermore, they can transact in unit trusts either through their ZAR X broker or on any mobile device using the ZAR X Mobi App. The new blockchain system provides regulators and investors with full transparency and transaction history in real-time. As the blockchain serves as a ledger of events that are distributed or shared between different parties, it can only be updated by consensus of the participants in the system. This effectively means the blockchain provides a single version of the truth and eliminates the need for reconciliations. The Adhara components allow for the unit trusts and cash to be tokenised on the same ledger. This ensures all transactions occur ‘on-chain’, providing real-time Delivery vs Payment (DvP) settlement. The project will go live in the last quarter of this year and will be available on the ZAR X website and the ZAR X Mobi App.
  11. I came here in full might, hammer in the air, desperate and hungry to smite the spam out of someone - just to realize this is in fact a legit thread. As you were.
  12. President Cyril Ramaphosa said that by 1pm on Thursday he would address the nation, and provide South Africans with the measures that government will embark on to deal with femicide and sex crimes.
  13. Axed Old Mutual CEO Peter Moyo has won his bid against his former employer to be temporarily reinstated and his dismissal has been declared unlawful. The Gauteng High Court in Johannesburg found that he should return to his position with immediate effect. Moyo's permanent reinstatement is pending Part B of his application which will be heard at a later stage. Old Mutual has also been interdicted from appointing anyone to replace Moyo and was ordered to pay Moyo's legal costs. The judgment was delayed by more than an hour on Tuesday after Judge Brian Mashile was not available to deliver the ruling. It was instead read out by Judge L Adams on his behalf. Moyo was suspended in May and later fired as CEO of the JSE listed insurer in June. The company asserted this was due to a conflict of interest in his personal business matters. It later emerged that Moyo is also the co-founder of NMT Capital, a boutique investment company. Old Mutual maintained he allowed dividends owed to the company as a preferential shareholder and institutional investor to slide into arrears while he received a R30m payout. Moyo, however, approached the court on July 18 to urgently reinstate him, interdict Old Mutual from filling his position and declare his dismissal unlawful and unconstitutional. His legal team argued that it was in fact the chairperson of Old Mutual Trevor Manuel who had a conflict of interest and Moyo was fired for raising this and acting as a “whistleblower”. He claimed that Manuel did not pay due diligence to corporate governance. Manuel also chaired Rothschild & Co which oversaw Old Mutual plc delist from the London Stock Exchange and list as Old Mutual Limited on the JSE in June 2018 in a “Managed Separation”. Moyo’s legal team also stated that he was suspended after he raised concerns that the insurance company paid for Manuel’s legal fees in his court battle to access information from Gupta owned Sahara Computers. The insurer’s legal team questioned why Moyo had signed off on the financial statements by auditors which included Manuel’s legal fees if he had in fact raised it as a red flag. Old Mutual maintains that Manuel recused himself when the discussion took place about Rothschild & Co overseeing the multi-billion "Managed Separation". Tuesday’s judgment is only Part A of Moyo’s legal battle against his former company. Part B of his application, intended to be set in motion within 60 days of the outcome of Tuesday’s ruling will see him lodge a damages claim for reputational harm. He also wants the court to declare the Old Mutual board "delinquent directors" which will prevent them from holding non-executive directorship positions for several years. Source: News24
  14. Blue Label share price plummets after Cell C letter Cell C recently published an open letter stating that the company would implement a new business plan to improve its current position. CEO Douglas Craigie Stevenson said in the letter that the company faces financial and other challenges, and will implement a new business plan which will simplify its business model. “We have implemented significant austerity measures and have cut costs which do not contribute to revenue-generating activities, including a review of all contracts to ensure alignment with business priorities and a hiring freeze,” he said. “I want to emphasise that Cell C is strategically positioning itself and we are using our best efforts to be a strong participant in the industry, I firmly believe we are on the right track.” Blue Label Statement Following the publication of this letter, the share price of Blue Label Telecoms – Cell C’s biggest investor – has plummeted by just under 10% as investors grow concerned over the state of the mobile operator. Blue Label Telecoms has published an announcement attempting to placate investors in the wake of the Cell C letter, stating that “no material concerns or issues have been uncovered as a result of Cell C’s new management”. “In anticipation of the transaction resolving the liquidity position at Cell C, and launching the new, improved operating model, Cell C’s management and board are ensuring that Cell C is sufficiently geared to run the business as required,” Blue Label Telecoms stated. “Blue Label and the Buffet Consortium are fully apprised of Cell C’s drive to effectively and efficiently utilise all of its network, technology and human capital assets, and are supportive of management’s initiatives.” Blue Label said it is looking forward to advising shareholders on the progress of transactions, which it said are currently at an advanced stage. From the mybb article: https://mybroadband.co.za/news/business-telecoms/313167-blue-label-share-price-plummets-after-cell-c-letter.html
  15. If I remember correctly that is to setup a debit order (I think?)
  16. How long does it take to get a refund? I got my ITA34 on 2019/07/03 yet still no refund. Will SARS pay interest on the money they owe me? @Shirou you can try via E-mail, but I had to go into a branch 2 years ago. (No way to do it via the website as far as I know.)
  17. We are currently experiencing technical difficulties on our platform this morning. We should be back up and operational shortly, as our IT team and developers are working at resolving this matter. If you are affected by this issue and would like to make a transaction on your account, feel free to give our Trading Desk a call at 087 940 6102. Alternatively, you can speak with a customer consultant on our HelpDesk at: 087 940 6106. Or email us at [email protected] ^From EE. You can also contact @jonobruton
  18. Full speech: https://mg.co.za/article/2019-06-20-read-it-in-full-ramaphosas-state-of-the-nation-address
  19. Backup link if the main stream goes offline.
  20. Where to live-stream Sona 2019 Watch Sona on the following channels on DStv Now Live TV: eNCA, SABC news and Channel 408, the Parliamentary Channel. There has been a cautiously positive reaction following president Cyril Ramaphosa’s 2019 state of the nation speech, with analysts and economists lauding the bluntness in addressing South Africa’s problems – but concerns have been raised about the lack of detail on how to tackle these problems. Notably, concerns have been raised about Ramaphosa’s promises to make South Africa more competitive by opening up to business in the next three years, as well as the lack of detail around the plans to unbundle Eskom and pursue National Health Insurance. Making South Africa more competitive Dawie Roodt, chief economist for the Efficient Group, said that “the penny had clearly not dropped yet with the president” that it was the private sector that created jobs and that it was the job of government to create an enabling environment for business to grow and prosper with minimum government interference. “We welcome the president’s commitment to making South Africa a more business-friendly country to attract more foreign investment into the country,” he said. “The fact that the country remains way down the list of business-friendly investment destinations is clear evidence that it is not going to be an easy task to make it a more attractive destination. According to Intellidex analyst, Peter Attard Montalto, the goal of being ranked within the top 50 most competitive nations is a bold ask, “given other countries are improving and it is unclear any country has ever managed such a feat in three years,” he said. However this was a good move, and should be encouraged. “This type of target necessitates nitty gritty shifts in many different areas around registering and running a business, access to credit and utilities and efficiency of the state. Plans to ease this will be positive but we are sceptical on implementation. “However, this gives something very specific now to benchmark SA against and hold government to account – which is positive,” Attard Montalto said. Eskom and the NHI Two areas of concern to analysts, however, is Eskom and the NHI. While Ramaphosa confirmed the state’s plan to unbundle the power utility into three different entities, there was no detail on when, or how this will happen. Ultimately, without a clearer indication of what government plans with the utility, there’s a risk that nothing will change at all. “The risk is very little will change in this structure rather than three independent companies that report directly to the department of energy – and likely reflects a push back by cabinet,” Attard Montalto said. “A mindset change is needed in Eskom and it’s not clear this achieves this, whilst still riling the unions. Separating within Eskom mean incentive issues and monopoly mindset will remain and any upside from internal capital allocation being more transparent between entities may be limited.” A market positive, however, is government’s commitment to bail out Eskom, which was largely expected. Again, the lack of detail around this could prove problematic, analysts say, with markets now having to wait until the budget speech at the end of the month for clarity. Regarding the NHI, Ramaphosa said that the process to introduce national healthcare was on-track, and legislative momentum was promised shortly. This came as a surprise to many, as previous indications from the department of health were that the scheme was put on hold due to financing issues. Attard Montalto said that this is a “deeply worrying and negative reform” as the current draft would decimate the private healthcare sector in South Africa and is at odds with the National Treasury. “National Treasury is not working on any long term funding framework for it, given the likely inability to execute the thing. Nevertheless, the policy remains a key risk,” he said. Rand reaction According to Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions, this was overall was a well-received SONA with Ramaphosa clearly targeting foreign investments to boost economic growth. “While sentiment since the inception of President Ramaphosa’s administration has improved significantly, the rand did not reflect the previously experienced ‘Ramaphoria’, leading up to and during most the much-anticipated 2018 State of the Nation Address,” she said. “The rand retreated by 0.9% during Thursday to trade as weak as R13.65/$. “However, as President Ramaphosa dug deeper into core issues, such as the dire state of Eskom and what the plan of action was, the rand managed to claw back some of the lost ground.” Botes added that the rand has primarily been driven by global factors with local politics relatively subdued as parties prepare for the national elections. While the rand has been in retreat for most of the week, it has not been a result of SONA, she said. “Rather, the dollar has bounced back from the weak levels it experienced last week, trading stronger for six consecutive sessions and putting pressure on the rand. “Local politics has been largely subdued in recent months, with the Zondo Commission of Inquiry into Allegations of State Capture taking centre stage. “The local political landscape is expected to intensify as we head towards the general elections in May, with most political parties making their manifestos public,” she said.
  21. President Cyril Ramaphosa wants to cross-examine DA leader Mmusi Maimane and other witnesses interviewed by Public Protector Busisiwe Mkhwebane as part of her investigation into the Bosasa donation saga. Maimane laid a complaint with the Public Protector in November last year, alleging the president had misled the National Assembly when he responded to a follow-up question by Maimane over a R500 000 payment from Bosasa, incorrectly believed to have been to Ramaphosa's son, Andile. On Tuesday, Mkhwebane - in response to a demand by Maimane that she release the "full and unredacted" investigation report into the Ramaphosa/Bosasa debacle - confirmed that Ramaphosa wanted to cross-examine witnesses she had interviewed. This includes Maimane. "Using my discretion in terms of Section 7 (9) of the Public Protector Act, I have requested President Ramaphosa to provide the questions they would want to ask, so that I can determine whether it is justifiable to allow that," Mkhwebane's letter reads. Adverse findings She also confirms she had issued Ramaphosa with a notice in terms of Section 7 (9) on May 30, 2019, giving him 10 days to respond to what are believed to be adverse findings against him. Ramaphosa requested an extension to June 28, the letter states. Mkhwebane said she had granted Ramaphosa an extension to June 21 to respond to the notice, "subsequent to which I can finalise my investigation and issue the report". A spokesperson for Maimane, Azola Mboniswa, on Wednesday said it was clear Ramaphosa was embroiled in a corruption scandal, and was employing Jacob Zuma-style tactics of questioning the complainants and whistleblowers, instead of dealing with the issues. "We would, however, be jumping the gun if we spoke about whether Mr Maimane will submit himself for cross-examination or not. We have received no formal communication requesting this - all we have is an update from the Public Protector. When that finally comes, Mr Maimane will seek legal advice," Mboniswa said. A brief history of how the Bosasa/Ramaphosa saga unfolded: Maimane confronted Ramaphosa with a signed affidavit by Peet Venter, a former auditor of now well-known and corruption-accused facilities management company, Bosasa during a question-and-answer session in Parliament in November 2018. Venter alleged in the affidavit that he paid R500 000 to the "Andile Ramaphosa Foundation", on the instruction of Bosasa CEO Gavin Watson, in October 2017, an attached a proof of payment. Ramaphosa responded that he was made aware of this issue, and had questioned his son Andile "at close range" over the contract he had with Bosasa. That same afternoon, Andile Ramaphosa told News24 he had never seen a cent of the R500 000, revealing crucially that his father had responded incorrectly to the National Assembly. Days later, after News24 discovered the true owner of the bank account on the proof of payment (Sandton law firm, Edelstein Farber Grobler), and sent questions to the law firm in question, Ramaphosa sent a letter to the speaker of Parliament, correcting his oral reply. The manner in which the donation was made, through a Bosasa front company named Miotto Trading and Advisory Services (owned by Venter's sister, Margaret Longworth) was also highlighted by News24. Ramaphosa explained that he had got it wrong. The R500 000 in question was never for his son, but a donation toward his CR17 ANC presidential campaign. The EFG account was used to house his campaign donations, and he had only become aware of this when his campaign managers pointed this out to him. The Sunday Independent reported over the weekend that a preliminary version of Mkhwebane's report found Ramaphosa had "inadvertently" misled Parliament and had failed to declare the R500 000 donation to his CR17 campaign by Watson. According to the report, Mkhwebane had found Ramaphosa violated the Constitution and the Executive Ethics Act. Update, 12:45pm: The Presidency issued a statement following the publication of this story, wherein President Ramaphosa confirmed receipt of the section 7 (9) notice from the Public Protector. He further confirmed his request to "exercise his entitlement" to question the complainant, Maimane, and other witnesses that appeared before Mkhwebane. Ramaphosa also reiterated his continued cooperation with the investigation. Source: News24
  22. Crime is completely out of control in the Western Cape. In the last six months 1875 people were murdered in the province, and in the past week alone 14 cases of murder were reported. This shocking statistic has spurred on the Western Cape Minister of Community Safety, Albert Fritz, to reach out to National Police Commissioner Bheki Cele to intervene. In a press statement Fritz said, “War is commonly defined by the UN and other such institutions as an act of conflict that has claimed more than 1000 lives. In the Western Cape, 1875 people were murdered in the past six months alone. This means that many of our most vulnerable residents in the province are living in a war zone.” Fritz will reach out to Cele to host an urgent meeting to address these senseless killings. Further to this, he will attend the Provincial Courts Efficiency Committee Meeting on Wednesday, June 12 chaired by Judge President Hlope where he will again call for the police to act. “As the Western Cape Government we will continue to do everything within our power to prevent crime through our programmes whilst working with our communities. Amongst others, these programmes prioritise the development of youth and drive job creation to ensure that individuals do not have to resort to a life of crime,” said Fritz. Source: https://www.westerncape.gov.za/news/police-mismanagement-crime-almost-2000-people-murdered-six-months-wc
  23. We actually wrote an article about this a few months ago. https://platinumwealth.co.za/insights/finance/building-an-emergency-fund/ One thing I would add is to look at Tymebank (we have them online if you have questions @TymeBank Team) If you use them as an emergency fund you will be earning more interest than any other bank in South Africa. With that said, personally, I do a 32-day notice account + credit card (if the funds need to be accessed right now) and then can be paid back from the notice account.
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