Platinum Wealth

Paramedics were baffled after the discovery of two men found murdered in their idling vehicle in Heidelberg on Saturday morning. The men‚ found just off the road in the Rooikraal area‚ had succumbed to multiple gunshot wounds and were dead when paramedics arrived. Emer-G-Med paramedics were on scene and said that there were few clues as to the events that led up to the killings. A paramedic attending the scene said: “There are no witnesses; the car was there last night at 6pm already – it was idling right through the night till we got there this morning. And that is all we know. “They died from multiple gunshots coming from the back seat‚” she said. When asked if the double murder was suspected to be an organised hit the medic said: “We really can’t speculate. What I can say is that the two died from multiple fatal gunshots. There are no other details and [there is] very poor evidence‚ apart from possible fingerprints.” The investigation is ongoing. Source: TimesLive

There has been strong social media backlash about a post made by the Grand Canyon Spur Steak Ranch in Pinetown, regarding one of their employees. The post, which has since been taken down, had one of their employees, identified as Ma Dudu, holding a plated waffle. “Did you know that Ma Dudu has been our Waffle maker for the past 25 years! In her career, she has made a whopping 37,485 waffles and still going strong. We salute you Ma Dudu and thank you for your dedication and years of service,” read the caption. The message was however met with severe criticism on Twitter. It did not take long for the matter to start trending, with many people questioning how a woman had remained in the same position, with no advancement, for 25 years. Spur CEO Pierre van Tonder referred all enquiries to the franchise owner, Morne Brown. Brown could not be reached for comment on Saturday. Source: http://www.news24.com/SouthAfrica/News/social-media-backlash-over-spurs-waffle-maker-post-20171007

Some people think so-called digital currencies like Bitcoin are gathering momentum and legitimacy as an investment. Others think that Bitcoin is at best a high-risk flash in the pan and at worst a complete swindle. We added a poll to the main site here: https://platinumwealth.co.za/insights/ please use the poll.

Welcome to the forum @Bierfeesten Hope you enjoy your stay.

An 18-year-old Mitchells Plain girl was allegedly killed by a female friend “who was obsessed with her” - during an apparent satanic ritual. Relatives found the teenager lying in a pool of blood in the kitchen and her long hair cut. A cup of blood, with strands of her hair in it, was also found on the scene. The killer used some of the hair to write the word “sorry”’ on the kitchen floor. The female friend was allegedly found inside a locked toilet at the house, holding a knife. On Tuesday, in an exclusive interview with the Daily Voice, the family of Nadine Esterhuizen denied she was in a lesbian relationship with her alleged killer. They finally spoke out about her horrific murder, saying they want to clear up any misconceptions after the story took hold on social media. The murder accused, Corrine Jackson, 20, from Woodlands, made her first appearance at the Mitchells Plain Magistrates’ Court on Monday. The case was postponed to 27 October for a formal bail application. Jackson apparently tried to commit suicide on the fateful day on Wednesday 27 September. Her relatives requested she be transferred to a private hospital for medical treatment but were told she would be kept at the hospital section of Pollsmoor Prison. It is still not clear exactly how Nadine died and the family is waiting for a post-mortem report. The Portland girl was killed at her sister’s house in Keeno Street, Colorado Park. Prosecutors are set to prove that Jackson murdered Nadine during an apparent satanic ritual. On Tuesday, Nadine’s 29-year-old sister, who asked not to be identified, told the Daily Voice her fiancé had found the teen lying in a pool of blood in their kitchen. She says Nadine was a matriculant at Athlone High School and had been visiting her. “She was sleeping over at my home while she was on school holidays,” the woman explains. “I left for work at 8.45am and told her not to open the door for anyone because the area is very quiet. “Around 3.30pm, my fiancé was on his way home and I tried to call and WhatsApp her to say that my fiancé is coming home and for her to open the door.” The sister says Nadine replied to her messages but the family now suspect it was actually Jackson who responded. “Around 3.57pm, my sister sent a WhatsApp saying she was at the shop and sent three question marks, then I called again and there was no answer,” she says. “My fiancé said he knocked but there was no answer and then asked a tenant on the same property for an extra set of keys. “He said when he opened the door, he saw my sister lying in a pool of blood.” She says Nadine and Jackson had been friends since December 2016 and they believe her sister was killed in a satanic ritual. “There was a cup filled with blood, we do not know whose blood it was,” adds the sister. “There was also hair in the cup. Strands of hair were used to write the word ‘sorry’.” She says Jackson was found inside a locked toilet in the house, holding a knife. She says Nadine had obtained an interdict against Jackson in July after she allegedly fractured Nadine’s skull and threw her cellphone into the ocean. She denied they were in a same-sex relationship. “They were not lesbians, they were just friends. She was obsessed with my sister and didn’t want to let go of her.” Source: IOL

Momentum Investments expects the monetary policy committee (MPC) of the South African Reserve Bank (SARB) to announce two interest rate cuts of 25 basis points each before the end of the first quarter in 2018. Head of investment research and asset allocation Herman van Papendorp and economist Sanisha Packirisamy of Momentum Investments base their projection on the steadily recovering global macro-economic climate, an improvement in the inflation trajectory, a meaningful shift lower in inflation expectations and SA's still-muted domestic confidence. In the view of Van Papendorp and Packirisamy, this justifies further monetary policy easing in the current interest rate cycle. "With the SARB choosing to stay put at its September 2017 meeting, the timing of further expected monetary policy easing will depend on the outcome of a number of high risk events, including potential material fiscal slippage announced in the October 2017 (mini budget), the ratings agencies’ November 2017 reviews and the political outcome of the ANC elective conference in December 2017," Packirisamy said in a September market snapshot on Monday. Earlier this month SARB governor Lesetja Kganyago announced the MPC had decided to keep the repo rate unchanged at 6.75%, contrary to the expectations of many economists. “The MPC has decided to keep the repurchase rate unchanged at 6.75% per annum. Three members preferred an unchanged stance and three members preferred a 25 basis point reduction. Ultimately the committee decided to keep the rate unchanged,” he said at the time. Politics and poor fiscal health Dave Mohr (chief investment strategist) and Izak Odendaal (investment strategist) at Old Mutual Multi-Managers said the risk of further downgrades amid political uncertainty and an unhealthy fiscal picture also appears to weigh heavily on the cautious MPC. "Simply put, the MPC seems to fear another rand blow-out that will lead to galloping inflation. This ignores the fact that the exchange rate has a much smaller influence on inflation than in the past," they said on Monday. "It also ignores the fact that the rand is more or less fairly valued against the dollar now, while it was overvalued when its five-year collapse started in 2011. Similarly, the dollar remains historically expensive, so its upside is surely limited." Mohr and Odendaal are of the opinion that further rate cuts are unlikely to spur a consumption boom. "Consumer confidence is still low and households probably wouldn’t use lower rates to borrow much more. But it will relieve some pressure on households and increase optimism levels, especially since the tax burden is likely to rise over the next year." JSE stumbled in September Packirisamy said September was a difficult trading month for the SA equity market. "After choppy trade in the first half of the month, the JSE stumbled following a hawkish US Fed interest-rate setting meeting. Losses extended into month-end as geopolitical tensions spiked," she said. The FTSE/JSE All-share index closed 0.9% lower in September 2017, driven weaker by losses in resource shares, while a weaker rand and the SARB’s decision to keep interest rates on hold weighed negatively on financial and retail stocks. SA's ten-year government bond yields, meanwhile, rallied 17 points in the first week of the month, but edged higher towards month-end. The inflation-linked Bond index ticked up 0.9% in September 2017, while the FTSE/JSE-listed Property index outperformed in relation to the fixed income market by 1.2%. SA cash increased by 0.6% in the same period. The rand weakened 6.9% against the British pound in September 2017 on more hawkish rhetoric from the Bank of England, which brought market expectations for interest rate hikes forward, despite mixed economic data in the UK. Source: Fin24

Hello, welcome to the forum! This post by Algo Trading might be of use for you: Introduction to Day Trading

Parliament is set to obtain a legal opinion about the legality of National Treasury’s recent decision to invoke section 16 of the Public Finance Management Act PFMA to give another lifeline to cash-strapped South African Airways (SAA). Alf Lees, Democratic Alliance spokesperson on finance, requested in a letter that the standing committee on finance get legal advice on whether Finance Minister Malusi Gigaba’s decision was legitimate or not. On Friday, Gigaba announced that SAA would grant another bailout – this time for R3bn – to prevent the airline from defaulting on a loan from Citibank. In June this year, National Treasury also invoked section 16 to help SAA repay its R2.2bn loan to Standard Chartered Bank which had refused to extend its loan to the national carrier. In his letter, Lees argued that Gigaba and the executive should have foreseen as early as August 24 that SAA would have to get a cash payment and he could have tabled a special Appropriations Bill and for Parliament to consider such a Bill. “This would have allowed a full month for the Minister to consider such a Bill,” Lees said. Gigaba and the entire executive were aware of the need for a cash bailout but failed to act, Lees said, in reference to a confidential Cabinet memo in which Gigaba brought the matter of a special Appropriations Bill to the attention of Cabinet. Legal opinion Yunus Carrim, chairperson of the standing committee on finance requested that parliamentary legal advisor Frank Jenkins obtain a legal opinion on whether National Treasury acted lawfully in terms of invoking section 16. National Treasury Director General Mogajane Dondo told members of Parliament in response to the matter that the consequences would have been catastrophic had National Treasury not invoked section 16. “We had to use what was available to us at the time. We chose this route and a default on SAA’s side would have had a domino effect. Had SAA defaulted, R16.9bn of state guarantees would have kicked in,” Dondo said. He said this could also mean that other state-owned enterprises (SOEs) would have to be forced to pay back various lenders and this, in turn, could have meant that R250bn-plus of state guarantees could have been triggered. “We can bring down the country if that happens,” Dondo said. He stressed that SAA is not receiving money from the government without any conditions. According to Dondo, SAA’s other lenders agreed to extend the loan terms but are uncomfortable with SAA chairperson Dudu Myeni at the helm. “A commitment has been made that the issue (of Myeni’s chairpersonship) will be addressed at our earliest convenience. In our conversations with lenders – who all extended apart from Citibank – we undertook to deal with their conditions,” Dondo said. Source: Fin24

Welcome to the Forum jeffrey! Hope you enjoy the stay

Hello Jeffery, welcome to the forum. I have not personally mined with them, but I think @androux123 knows people who are mining with 1050s maybe he'll see this post and comment.

The police found an arsenal in the gunman’s hotel room. At least 23 firearms, including a handgun, were found in Mr. Paddock’s hotel suite, according to the Las Vegas Metropolitan Police Department. Some were rifles equipped with scopes, said Sheriff Joseph Lombardo of the Police Department, adding that Mr. Paddock used multiple rifles during the attack. A federal law enforcement official earlier said there were at least 20 rifles in the suite, along with hundreds of rounds of ammunition, including two rifles outfitted with scopes and set up on tripods in front of two big windows. Another official said that among the weapons were AR-15-style assault rifles. Both officials spoke on the condition of anonymity because they were not authorized to divulge details of the investigation. Sheriff Lombardo said that Mr. Paddock brought at least 10 suitcases into his hotel room over a period of time. Sheriff Lombardo said that Mr. Paddock fired through his hotel room door at security guards, striking one in the leg. The guard is still alive, he said. SWAT officers went in after the guard was shot. In addition to the weapons at the hotel, the sheriff said the police retrieved 19 firearms, as well as explosives, several thousand rounds of ammunition and “electronic devices” from Mr. Paddock’s home in Mesquite, Nev. Who was the gunman? Mr. Paddock, 64, was described as a high-flying gambler who lived in a quiet retirement community and played golf. Officials said he had no significant criminal history and drew little attention to himself. Investigators are trying to piece together his financial history to search for clues that could help determine what set him off. Details about Mr. Paddock’s career and livelihood were sparse, aside from observations by neighbors and family members that he routinely gambled large amounts of money. “He was a wealthy guy, playing video poker, who went cruising all the time and lived in a hotel room,” a brother, Eric Paddock, said. Mr. Paddock and his three brothers were raised by their mother, who told the children their father had died when in fact he was in prison, Eric Paddock said. Mr. Paddock’s father was convicted in 1961 of committing a series of bank robberies, and was sentenced to 20 years in prison, but escaped from La Tuna federal prison in Texas in 1968 and then became a used-car dealer and bingo parlor operator in Oregon. The family moved around the country, from Iowa to Tucson to Southern California, another brother, Patrick Paddock II, said. In an interview with CBS, Eric Paddock said that his brother Stephen was “not an avid gun guy at all.” “The fact that he had those kind of weapons is just — where the hell did he get automatic weapons?” he asked. Guests at the Mandalay Bay are in shock. The hotel was on partial lockdown Monday. While guests were allowed in the hotel through the parking structure in the back of the complex, the exits to the Strip were closed. The casino floor was largely empty, though a few gamblers played slots. Several guests napped on couches, some covered in towels and bathrobes they had been given overnight. A bellman at the hotel said the gunman’s car was still in the valet, which had been shut down. Melissa Ayala, 41, came to the country music festival with four friends from Orange, Calif. They were drinking and laughing when they heard what they thought was fireworks. She did not realize it was gunfire until a man near them was grazed by a bullet and fell to the ground, blood coming from his neck. “It seemed like rapid fire,” she said. “There was blood pouring everywhere.” What about the ISIS claim? The Islamic State claimed on Monday that the gunman was “a Soldier of the Islamic State,” but the group did not provide any evidence for its claim. The group has generally claimed violence carried out only by those directed by the terrorist group, or else by assailants who were inspired by their ideology. However, in recent months, the group has made at least two false claims, including for an attack on a casino in Manila and a bomb plot at Charles de Gaulle Airport in Paris. Aaron Rouse, the F.B.I. special agent in charge in Las Vegas, said that so far there was no proof that Mr. Paddock had links to any international terrorist organization. Citing a “source,” the terror group’s Amaq news agency said the assailant had “responded to calls for targeting Coalition countries.” That phrase is a reference to a famous 2014 speech by Abu Muhammad al-Adnani, a former Islamic State spokesman, who called for sympathizers around the world to carry out violence in the group’s name on the soil of countries involved in the fight against ISIS. In a second bulletin about the Las Vegas shooting, Amaq said the attacker had converted to Islam months earlier. How did the shooting unfold? The first reports of the shooting came at 10:08 p.m. local time. Officers were overheard on police radio channels reporting that they were pinned down by gunfire. Shortly before midnight, the Las Vegas police reported that “one suspect is down,” and soon after, the police said they did not believe there were any more active gunmen. The Route 91 Harvest Festival bills itself as “three days of country music on the Vegas Strip,” and Sunday night’s performance was the last of the festival. The site of the concert, the Las Vegas Village and Festival Grounds, operated by MGM Resorts, sprawls over 15 acres and has a capacity of 40,000 people. The festival’s website said this year’s three-day concert was sold out. Tenaja Floyd of Boise, Idaho, said many of the people around her in the concert crowd thought at first that the sounds came from fireworks, but “I knew immediately, that wasn’t fireworks.” She said her mother, Jennifer, threw her to the ground and lay on top of her to protect her. As people started running out of the venue, she said, they thought they might be trampled, so they decided to join the rush to leave. Video of the shooting captured nine seconds of continuous rapid fire, followed by 37 seconds of silence from the weapon and panicked screaming from the crowd. Gunfire then erupted again in at least two more bursts, both shorter than the first. The police reported clearing out the Mandalay Bay’s 29th floor and then working their way up to the 32nd floor. A police Twitter post described reports of an “active shooter” near or around the Mandalay Bay casino. SWAT units swarmed the upper floors of the Mandalay Bay, closing in on the source of the shooting, a room on the 32nd floor where they found the gunman, the sheriff said. “We believe the individual killed himself prior to our entry.” Video from the shooting showed Mr. Aldean, the final performer of the night, running off the stage as the gunfire erupted. Jake Owen, a country singer who was on stage with Mr. Aldean when the shooting began, told CNN on Monday that it was like “shooting fish in a barrel from where he was.” “This is not an exaggeration: This shooting was going on for at least 10 minutes,” he added. “It was nonstop.” Source: New Tork Times

'Exploding' battery reports on iPhone 8 The battery of an Apple iPhone 8 Plus was reported to have ‘exploded’ while charging, causing the screen to bulge out of its body. The recently launched smartphone from the US giant was reported to have experienced the swollen battery issue by a user in Taiwan on the third day of owning the device. According to Apple blog 9to5Mac, the owner claimed that her 64GB Gold iPhone 8 Plus had split three minutes into being charged with the cable and plug adapter supplied with the device. In a separate incident, another iPhone 8 user from Japan reportedly received their device with the screen already bulging out. An Apple spokesperson confirmed to another Apple blog, MacRumors, that the company is investigating the issues plaguing the devices. Last month, Apple announced its iPhone 8 and 8 Plus flagship devices alongside the 10-year anniversary iPhone X. The iPhone 8 and 8 Plus promised to have the highest video capability in a smartphone, according to Apple. It said the iPhone 8 would retail from $699 and the 8 Plus from $799. The iPhone X - pronounced "iPhone 10" - features Super Retina Display on its almost borderless screen. Last year, Samsung’s phablet smartphone, the Note7, became the world’s most controversial smartphone after numerous devices were reported to have exploded around the world. This led to it being banned on board several airlines globally, including South African Airways. The Note7 issue stemmed from a design flaw in the device, and according to the company it implemented a 7-point safety check to ensure that no Samsung device ever explodes again. Source: Fin24

These best addresses tend to be those located close to amenities such as good schools and with rising traffic, those with access to main transport networks. Elevated positions also tend to cost considerably more, especially in Cape Town. When it comes to well-heeled buyers, there is now almost no price too high for the right address, whether it is in Cape Town or Sandton. While prices may differ drastically, you can be sure that the best address will generally achieve the highest prices - and in the case of Cape Town’s Atlantic Seaboard up to 40% and even 60% more than anywhere else, especially for a full sea view location. If you want to sit on your patio to enjoy the fabulous seaboard sunsets that Cape Town is so famous for, then you would need to pay upwards of R20 million to R200 million and more, according to Lance Cohen, Seeff agent for the luxury areas. Samuel Seeff, chairman of the Seeff Property Group, says that while a top address on the Atlantic Seaboard can cost as much as R100 million and more, you do not have to fork out millions to get a good address. R1 million can do just as well. The basic principles of buying property remain the same whether you are buying for R1 million or R100 million. He says that as an ordinary buyer, you just need to make sure that you buy in the best location that you can afford and the old adage that you must do your homework carefully and research areas and prices is especially true for first-time buyers. Regardless of the city or area, you will always find certain suburbs and streets that sell for higher prices. The reason is simple. These tend to offer the best location for a range of reasons and buyers will therefore pay more because these locations tend to come with the best average capital appreciation, often well above the market averages. That is why agents will generally say if the best that you can afford is the worst house in the best street, then you have done well. These best addresses tend to be those located close to amenities such as good schools and with rising traffic, those with access to main transport networks. Elevated positions also tend to cost considerably more, especially in Cape Town. Here, an unobstructed sea view can cost upwards of R20 million to R200m and more in suburbs such as Clifton, the Waterfront, Bantry Bay and Camps Bay. Even Mouille Point’s Beach Road apartments are now priced to R100 million and since you are on the front, your view is secure, says Seeff agent, Lynn Pinn. Overall, the two most sought-after streets in SA are Nettleton Road in Clifton and Coronation Road in Sandhurst, according to Seeff. Prices of those differ drastically. Sandhurst, adjacent to the Sandton CBD, offers palatial homes of around 1 000sqm to 1 400sqm with all the bells and whistles and large stands of up to 8 000sqm priced anything up to R20 million to R100 million. In contrast, Clifton offers much less land and multi-level houses, but prices are considerably higher at upwards of R30 million to R300 million (and possibly more). Two of the best houses in Nettleton Road are currently being marketed by Cohen. These include number 5 Nettleton Road at R150 million and number 1 Nettleton Road at R55 million. In overall rankings, Clifton has three of the most expensive streets, being Nettleton, Clifton and Kloof Roads, but the Atlantic Seaboard has a number of the top streets in the country. These include Ave Alexandra and Ave Fresnaye in Fresnaye where Cohen recently sold homes for R72m and R75m respectively, along with Head Road, also in Fresnaye. In Bantry Bay, the well-heeled tend to focus on De Wet Road, Ocean View Drive, and Kloof Road. You can now also add Dock Road at the V&A Waterfront to the list as well as Beach Road in Mouille Point, says Ms Pinn. Outside of Sandhurst, the most expensive streets in Johannesburg/Sandton are located in Hyde Park (4th and Christopherson Roads) and in Bryanston (Lowndes Road, Bryanston Drive and Eccleston Crescent) where you would need around R20 million to R100 million to secure an address. On the other side of the Cape Town’s famous landmark, Table Mountain, Bishopscourt and Constantia rank as the most sought-after addresses in terms of prices achieved. For Bishopscourt, the best streets are generally Upper Hillwood Ave, Klaassens Rd and Bishopscourt Drive and for Constantia, it is Monterey Drive, Dawn Avenue and Klein Constantia Road. In Bishopscourt and Constantia, you still get a lot more house and land for your money on top of fabulous views and quick access to Kirstenbosch, the biggest Botanical garden on the continent and Constantia Wine Valley, the oldest according to James Lewis, Seeff’s MD for the area. The top-end grand homesteads of Constantia Upper offer exceptional value at between R45 million to R69 million offering a floor space of around 1 000 to 1 300sqm and land of up to almost 10 000sqm. With just about everything en suite or on-tap so to speak, the homes come with grand room sizes, sweeping staircases, a wine cellar, cinema, large outdoor entertainment areas, big swimming pools and sweeping grounds. Seeff says that the best addresses tend to be those where properties consistently sell for the highest values and it is best to look at sales records over a period of time. It is also for this reason that buyers should take care when it comes to extending and renovating. Just because your house looks like a Clifton house does not mean that it will achieve the same price. Source: Property24

South African Airways (SAA) has been given emergency state funds to help it repay loans of R3 billion to Citibank. Treasury confirmed the latest lifeline in a statement on Friday afternoon. The bailout from government's contingency fund brings transfers to the ailing airliner to more than R5 billion in the last two months. Last month, it was revealed in Parliament that Cabinet was considering a R10 billion cash injection for SAA to prevent it from defaulting on its bank loans. This week Finance Minister Malusi Gigaba denied that he was looking to the Public Investment Corporation for help. Treasury says if SAA had defaulted on its loan with Citibank on Friday, it would have exposed the national fiscus, as it is the guarantor for a total debt exceeding R16 billion. Spokesman Mayihlome Tshwete said: “The other portion is going to go towards working capital so that the airline can pay salaries, service providers and continue operating.” Gigaba is expected to announce a further cash injection when he delivers his medium-term budget statement in October. Source: EWN

Trump and Rocket boy, scares me.

A Saudi woman has been named to a senior government post for the first time, authorities said on Wednesday shortly after a ban on women drivers was lifted as the conservative kingdom takes steps to modernise its image. Saudi Arabia, the birthplace of Islam, had been widely criticised for being the only country in the world that barred female motorists, a tradition seen by rights activists as emblematic of Riyadh's repression of women. Twenty-four hours after King Salman issued a decree end the ban, the government announced that a woman had been appointed as assistant mayor of Al Khubar governorate. Eman Al-Ghamidi was given the post "as part of plan to boost the number of females in leadership positions in line with Vision 2030", the Center for International Communication at the Ministry of Culture and Information said in a statement. The Saudi government has said Vision 2030, a vast plan of economic and social reforms, will raise women's share of the labour market to 30 percent from 22 percent currently. Saudi women rejoiced at their historic new freedom to drive on Wednesday, with some taking to the roads even though licences will not be issued for another nine months. Letting women drive could eventually raise pressure to remove other obstacles to their employment, such as a male guardianship system that requires women to have a male relative's approval for most decisions on education, employment, marriage, travel plans and even medical treatment. Reuters

Capitec Bank has made a giant leap in the banking sector, becoming the second biggest bank in the country by client numbers. With just over 9-million clients, the retail bank recorded more than 100,000 people joining it clientele each month last year further hopping to a 30 percent growth in its share price so far this year. The bank also reported an increase in earnings of 17 percent in six months to the end of August, becoming the third biggest in terms of market value. Its CEO Gerrie Fourie, a former general manager at Stellenbosch Farmers Winery says although Capitec has always been viewed as a micro lender, it has now proven its banking abilities. Fourie said there are still hiccups in its loan book but with recent results is adamant you can’t keep a good bank down. Although Fourie’s original business plan did not bank on a huge success of this scale, he says the bank is still experiencing challenges with credit clients to debt review companies that offer services to clients not under financial pressure. He said there are still opportunities for the bank to expand its services in the near future. “We are not in insurance, business banking, so those are still opportunities.” The bank is looking into offering investment vehicles like unit trusts, as it widens access to its credit card offering, home loans and other loans for big ticket items. Source: ENCA

Parliament on Wednesday confirmed that its medical aid scheme for MP’s had cut its ties with auditor KPMG. “The Board of Parmed, under the chairpersonship of the Deputy Speaker of the National Assembly Lechesa Tsenoli, has unanimously taken a decision to end its contract with KPMG in a meeting held in Cape Town last week,” said Parliament in a media release. Parmed is a medical aid scheme for MP’s in both the National Assembly and the National Council of Provinces. It is also used by members of Provincial Legislatures and judges. Risks Tsenoli said Parmed’s board made the decision after “considering the risks associated with doing business with KPMG after its recent admission of improper conduct that seriously tarnished the company’s reputation”. The statement said that Parliament was in discussion around the “immediate termination” of another contract with KPMG, which was aimed at reviewing the effectiveness of the Parliamentary Service. At least three companies cut their ties with KPMG this year over the fallout from years-long work it did auditing Gupta-owned businesses, and its role in authoring the controversial SA Revenue Service ‘rogue unit' report. KPMG withdrew the findings of the report on September 15, the same day its top SA leadership resigned. Earlier on Wednesday former SARS group executive Johann van Loggerenberg called on KPMG to “immediately” withdraw the totality of its report, not just the conclusions and findings. He described the report as “tardy, nonsensical and replete with errors”, adding that it omitted key evidence, was selective in what it reported and recorded opinions as facts. Source: Fin24

Not to come across as hostile, but that answer doesn't exactly impress me much. You registered using a Russian email and your IP points to a town in Lithuania. This being a South African forum, makes me wonder if the ban hammer should be applied. I know @Bandit is dying to wield it. So, explain to me again, what sets you apart from other credited exchanges such as Luno, Ice3X, Bitfinex Cex and the others.

Please elaborate a little further, why would someone go through you instead of Luno or Ice3X?

Mother of all parties with no expense spared, courtesy of taxpayers What are you prepared to pay for cranberries, kiwi and a single scoop of ice cream? Thanks to the international auditing firm KPMG and the South African Revenue Service‚ the Guptas were able to have all their wedding dessert and eat it – without paying a cent‚ and with no expense spared. That's because you‚ the taxpayer‚ picked up the bill‚ not only for venue hire‚ waiters‚ cooks and candlestick holders‚ but also for their after-dinner sweeties and morning fruit platters. Invoices from the Guptas' R30-million Sun City wedding‚ which are contained in a tranche of leaked e-mails‚ paint an astonishing picture of the family's exorbitant sweet tooth. The invoices from the Guptas' company Linkway Trading – which KPMG helped write off as a business expense – show that guests were presented a delicious-sounding – and pricey – platter of dessert options. Hazelnut milk Lindor truffles alone set taxpayers back R13‚088. But the chocolates were not the most expensive things on the menu for the three-day wedding. Linkway Trading billed the Guptas R69‚992 for milk‚ while 600 single scoops of ice cream cost R21‚812.62. An extra order of milk‚ yoghurt and cream cost R7‚258.58‚ while whole cranberries‚ bulk kiwi slices and unknown dessert “ingredients” cost R3‚075.92‚ R2‚759 and R41‚698.69‚ respectively. Golden berries‚ according to the invoice‚ set taxpayers back a further R7‚125. Beverages seem to have racked up the most costs for South Africans‚ coming in at a staggering R473‚370.41 followed by other general groceries‚ some bought at Makro‚ which cost roughly R190‚000. It seems that the main dishes the Guptas presented to their guests were vegetables‚ which cost R169‚652. When it came to fun in the pool‚ four hours of pool noodle and water ball hiring costs totalled R6‚555.09. The ultimate spoil for the bride and groom and their wedding guests‚ however‚ appears to have been the fireworks display coming in at a cool R310‚801.52. Source: TimesLive

Durban - King Goodwill Zwelithini has complained about not getting a salary fit for a king whose subjects “contribute so much tax into the country’s coffers”. In his wide-ranging speech, the king also lambasted the ANC for killings that are the result of internal conflicts. “The provincial government does not recognise me in a form of a stipend that is fit for a king of the Zulus who pay so much tax in this country. I do not even know what to do in this situation, but I need to think carefully about this,” he said in his address at the King Shaka celebrations held in KwaDukuza (Stanger) on Sunday. In the current financial year, the Royal Household Department was allocated R58 million, while the king draws a salary of more than R1.1m a year. The department is responsible for the upkeep of the monarch and his family, including renovations to palaces, the maintenance of his fleet of vehicles, his travel costs and the paying for groceries. The king said the Zulus deserved so much more because they constituted the majority and had contributed significantly to the growth of the economy. “You, as the Zulus, contributed to building Joburg, Cape Town and Durban. It is you who were working in the mines,” he said. The king accused the government of undermining him, saying in some instances the government installed amakhosi without consulting him. He said he deserved respect as he had been born into the position. “I was born a king. I do not owe anyone anything,” he said. The king said the government was distributing land that had been stolen from him without consulting him. “You have never even consulted me when distributing this land, when I am the owner of this land. It was stolen from me. The Zulu nation should be given back its land, we do not even need that much research about the land because we know the land of the Zulus,” he said. Ndabezinhle Sibiya, the spokesperson for Premier Willies Mchunu, refused to comment directly on the king’s pronouncements, saying, “we prefer not to comment on such matters”. He did stress that the king had an important role in the province. The king also warned: “There won’t be peace in South Africa if you Zulus in your political arena are fighting against each other. This must come to an end. We are tired of burying people every day.” ANC leaders who attended the celebrations included ANC treasurer-general Zweli Mkhize and Mchunu, who is also the province’s party deputy chairman. “Go and tell your president,” said the king. “You must stop this bull****.” Earlier, a bronze bust of the king was unveiled. It was commissioned by businessman and the king’s close associate, Ishwar Ramlutchman. “I was touched by the contribution of His Majesty to society and decided to honour him by commissioning a bust. The Zulu monarch has contributed tremendously in nation building in South Africa,” said Ramlutchman. The king has faced criticism about his association with Ramlutchman, with some blaming him for allowing Diwali celebrations to be held at his palace in Nyokeni. The celebrations will be held on October7 and will be co-hosted by the Sivananda World Peace Foundation. Phumlani Mfeka of Injeje YamaNguni wrote on Facebook that having Hindi celebrations at the palace degraded the throne. The king did not take kindly to that, saying he would not be dictated to by children. “I will not be threatened by children who do not even have wives. I will not be told who I can associate with, and with whom I cannot.” He said what he was doing was important for nation building. Mfeka said he would comment once members of Injeje had had been able to digest the king’s speech. Source: IOL

Companies that tamper with sell-by labels on products can be criminally prosecuted and heavily fined. Current affairs show Carte Blanche aired an insert on Sunday night showing the butchery franchise Meat World allegedly selling spoiled meat and relabeling products to extend their sell-by date. National Consumer Commission spokesman Trevor Hattingh could not confirm if they will investigate the allegations against Meat World. But he said relabeling products is an offence in terms of section 110 of the Consumer Protection Act. If businesses are found guilty they can be fined R1-million plus 10% of their annual turnover. Meat World said on its Facebook page on Monday they take Carte Blanche’s allegations “very seriously”. “We have begun immediate investigations. We will release a statement as soon as possible to update our valued customers on the situation.” Meat World CEO Angelino Pereira said: “We will do everything in our power to restore our customers’ faith in our brand.” Meat World annually sells about R1.5-billion worth of meat products in their 14 stores across Gauteng‚ North West and Mpumalanga. Gerhard Schutte‚ CEO of the Red Meat Producers Organisation‚ said these allegations are “unacceptable” and believes a business that does this would be shooting itself in the foot. “At the end of the day‚ the consumer determines where he buys and where he does not buy. If he does not have trust in the said business‚ then that guy will suffer.” According to a regulation of the Foodstuffs‚ Cosmetics and Disinfectants Act‚ you cannot relabel food that has been “exposed for sale”‚ including the cleaning or repacking of food. In terms of this‚ first offenders can be fined R400 or could face up to six months in jail. Janusz Luterek‚ consumer lawyer at Hahn & Hahn‚ said frozen food can be refrozen‚ but labels may not be altered. “If I put it out for sale and now it is going a bit off‚ it is past its date and it’s just not smelling so fresh‚ I can’t then take it to the back‚ wash it‚ put fresh marinade on it and put it out a second time.” However‚ Luterek said he is unaware of anyone being prosecuted for changing the sell-by dates on labels. He said law enforcement boils down to environmental health practitioners at municipalities. “Municipalities cannot even fix street lights. They don’t have the resources or the skill‚ regrettably‚ to prosecute people like this.”

Cape Town - Retired investors commonly face the dilemma of either maintaining a certain lifestyle or adjusting it in order to preserve their savings. Typically the more income one draws and spends today the less is available to create future income. When inflation is added to this quandary, it becomes important to also grow that income over time to retain one’s buying power. Income specialist company Marriott has researched the sustainable levels of income that retirees were able to draw historically, to better understand the difficulties retirees face and why in retirement you should spend the income and not the capital. Its research, using returns for SA asset classes going back to 1900, tested how much retirees could safely draw from their savings without running out of capital for 30 years. For research purposes it was assumed each retiree invested R1m in a typical balanced fund (comprising 60% equities, 30% bonds and 10% cash) and drew an annual income that kept up with inflation. Initial safe withdrawal rates have fluctuated significantly over time. Some retirees were able to start with a withdrawal rate as high as 13%, grow their income in line with inflation and still have a successful retirement - capital that lasted for 30 years. A closer look at the data revealed that maximum safe withdrawal rates correlated with the first 10 year annual real returns the investor experienced. In other words lower maximum safe withdrawal rates coincided with lower real returns and visa-versa. This seems obvious, but the difficulty retirees face is that future returns are very difficult to predict. The concern for retired investors today is that market returns are expected to be below average for the next decade, due to demanding valuations combined with lower growth expectations. This suggests many living annuities will come under pressure in the years ahead. Marriott has two suggestions for retired investors: Match the income drawn with the income produced Investors should be aware of how much income their portfolio is generating and try to draw no more than the income produced – thus avoiding capital erosion. Investments that produce reliable and consistent income streams assist investors to avoid capital erosion over time. If an investor can avoid capital erosion they can secure their future income. It is especially important in the early stages of retirement that capital is preserved as far as possible. If investors wish to draw more income than what their investment is producing, it should be with the knowledge that they are eroding their capital. Choose investments which produce consistent income streams that grow over time Investors not only need to preserve capital, but also need to ensure they protect themselves against the impact of rising living costs over time. Investments that produce a reliable income stream that grow over time, like equities, are critical for a successful retirement as the income produced from these investments tend to grow ahead of inflation. By including equities with a reliable growing income stream, investors will be able to ensure growth in income over time. The trade-off of including equities, however, is that an investor’s portfolio will produce less income initially. Investors need to find the appropriate level of exposure between the different asset classes that will give them enough income and income growth over time. Marriott suggest that investors examine their situation carefully when considering using capital to supplement their income. It strongly urges investors to preserve capital until they reach a stage in their retirement years when it may become safer to drawdown on capital. While investors may find it challenging to restrict their annuity income to the income produced in the current low yielding environment, it is preferable to finding that one’s capital has been partially or even completely eroded. Rather be conservative now than risk having to find another source of income, such as going back to work or having to reduce one’s standard of living at some point in the future. "The simple truth is, if you spend more than you earn, you will erode your capital and ultimately erode your income. When it comes to investing, particularly in retirement when capital preservation is paramount, this age-old wisdom rings true even today," says Marriott.

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