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Platinum Wealth

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  1. 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
  2. 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
  3. If I remember correctly that is to setup a debit order (I think?)
  4. 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.)
  5. 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
  6. Full speech: https://mg.co.za/article/2019-06-20-read-it-in-full-ramaphosas-state-of-the-nation-address
  7. Backup link if the main stream goes offline.
  8. 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.
  9. 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
  10. 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
  11. 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.
  12. Theresa May has bowed to intense pressure from her own party and named 7 June as the day she will step aside as Conservative leader, drawing her turbulent three-year premiership to a close. Speaking in Downing Street, May said it had been “the honour of my life” to serve as Britain’s second prime minister. Her voice breaking, she said she would leave “with no ill will, but with enormous and enduring gratitude”. The prime minister listed a series of what she said were her government’s achievements, including tackling the deficit, reducing unemployment and boosting funding for mental health. But she admitted: “It is and will alway remain a matter of deep regret to me that I have not been able to deliver Brexit.” Source: https://www.theguardian.com/politics/2019/may/24/theresa-may-steps-down-resigns-tory-leader-conservative-brexit
  13. EU citizens will elect a new European Parliament between May 23 and 26. Voters in each of the bloc's 28 member states vote for their national parties, whose MEPs then form pan-European groups along rough ideological lines to work together in the parliament. With voting underway, polls suggest the centre-right European People's party and centre-left Socialists & Democrats are likely to remain the largest groups in parliament, but are likely to lose their combined majority for the first time. Financial Times have a poll tracker Election Results website also have a tracker Politico Election Tracker Europe Elects Tracker
  14. This article is 2 years old, I wonder if Cyril will push for this now, since he is president now. Link to article: https://city-press.news24.com/News/ramaphosa-wants-entrepreneurship-to-be-a-school-subject-20170317 Deputy President Cyril Ramaphosa this week called for entrepreneurship to be included in the basic education school curriculum in order to create greater prosperity. Delivering the opening address of the Global Entrepreneurship Congress at Sandton Convention Centre, Ramaphosa, who made a fortune as a businessman, said the inclusion into the curriculum would ensure success stories such as Johannesburg Mayor Herman Mashaba. Mashaba also got rich from business before turning to politics. “There is much more we can do, entrepreneurship must be part of the school curriculum ... So that young people must from an early age be encouraged to be problem solvers,” Ramaphosa said, adding that the inclusion would also ensure more job creators, rather than job seekers, were developed and that entrepreneurship would be seen a viable career option. Addressing an audience that included delegates from over 170 countries, several countries’ ministers, Small Business Development Minister Lindiwe Zulu, Mashaba and Telkom chairperson Jabu Mabuza as well as hundreds of investors and entrepreneurs, Ramaphosa said even though there wasn’t such a thing as an ideal entrepreneur, all of them still needed the basics to thrive. During the address, Ramaphosa told young entrepreneurs that the event should assist them in eventually signing business contracts with contacts made during the four-day conference. He said digital disruption was the ideal theme because the concept had become the cornerstone of economies worldwide. Jonathan Ortman, president of the Global Entrepreneurship Network and Chairperson of GEC, said the event being hosted in Africa for the first was an overdue development. “It is Africa’s time, one can’t avoid that. Even throughout the world this event has always had a strong participation from Africa especially in the last one held in Moscow in 2012,” Ortman said. The conference included numerous discussions on various aspects on businesses, digital revolution, the lagging behind of laws after technology and accessing “Angel Investors”.
  15. If you would like to send a tip-off anonymously, please direct message the admin account or email admin @ platinumwealth.co.za
  16. Any business with a concern about efficient and costs effective telecommunications should investigate porting over to a VOIP solution. If you have a reliable internet connection such as ADSL/VDSL, 3G/4G or Fibre, you can get a phone service delivered through your internet connection at a fraction of the cost compared to using a traditional Telkom landline. The most important takeaway from this article is that a VoIP system reduce costs, dramatically. Why will a VoIP system reduce my costs of my Telkom bill? A VoIP service provider does not require its own separate infrastructure like the PSTN of Telkom. Voice calls are simply transmitted over the same networks that power the Internet. This means that the ISP does not have to invest significant capital in laying phone lines to each and every house and business. VoIP is essentially piggybacking on the existing broadband network throughout South Africa. So, voice is treated exactly the same as normal data and media such as text and images on the Internet (like a Whatsapp). Just like sending email and pictures is practically free, voice calls also become extremely cheap. Can I move my telephone number if we change offices? Anyone who has moved a landline from one home to another knows the pain of dealing with Telkom. With VoIP, the phone number is no longer associated with a single device, residence or physical line, instead the VoIP phone number is associated with you and your account. This enables you to take the number with anywhere you go, and you can even use it to link your cell phone to your business or office – it’s a virtual number. Who is the cheapest VoIP provider in South Africa for my business? Skype has three packages For R57 per month you get 100 minutes to any South African mobile or landline number (effectively R 0.57 per minute) For R99 per month you get 400 minutes to any South African mobile or landline number (effectively R 0.24 per minute.) Then for R285 per month you get unlimited calls to any network and landline. Vox Telecom Costs between R234 and R762 per month and calls are charged at R0.46 per minute. (The monthly payment includes money for the calls.) FreshPHONE Zero sign up costs, Zero monthly costs, Zero cancellation costs. The call rates for FreshPHONE is R0.39 per min to Telkom local and national numbers and R0.69 per min to all cellular networks. MWEB Mweb have two VOIP packages a Starter package with 100 minutes at R59 per month, and a Lite package with 250 minutes at R99 per month. (59c per minute and 39.6c per minute respectively) Assuming you want a more business specific setup (multiple staff members or a call center) then a PBX system will be required. The cheapest hosted PBX solutions in South Africa IS (Internet Solutions) Ignite have a hosted PBX solution for R111 per extension (month to month) or R90 per extension (24 month contract) this gives you Ring groups, Voicemail to email, Call waiting (press 1 for sales) the full monty) and then you have to pay the per minute rates for calls you make which is R0.30 to Telkom landline calls and R0.74 to mobile numbers. Euphoria Telecom is R65 – R125 per user(extension) per month depending on features. Then their call rates are R0.34 per min to Telkom landlines and R0.79 per min to all South African mobile networks. Use VoIP for your startup business Launching your own business is not an easy task. Entrepreneurs soon find that their landline is not enough to handle the needs of the business, no matter how small. This is where VoIP comes in handy. VoIP service can provide much-needed features like auto attendant, group voicemail, multi device ring, automatic call routing etc. which normally requires an expensive building specific business line(s) setup with golden numbers and special hunting group landlines.
  17. We want to do some research into the consumer behavior of prepaid users. Where do you buy airtime? Do airtime discounts play a role, would you change providers if they offered a discount?
  18. I am busy looking at something @PDSNET have build which I think will fit perfectly - I'll provide feedback hopefully today.
  19. Their debt is now more than their market cap. https://www.bloomberg.com/quote/APN:SJ
  20. I will have the sub-forum setup for you before the end of the day (I was offline for a while after the email I sent to you.)
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