Star 2025-06-24

Decisive move underscores authority’s commitment to enforcing compliance within the sector The Prudential Authority (PA) has unleashed a wave of administrative sanctions on three prominent international banks operating within South Africa following notable breaches of the Financial Intelligence Centre (FIC) Act. This decisive move underscores the authority's commitment to enforcing compliance within the financial sector, as mandated by the South African Reserve Bank (Sarb). In a recent statement, the PA said it imposed administrative sanctions on Citibank N.A. South Africa Branch (Citibank) as a result of its non-compliance with certain provisions of the FIC Act.This followed an inspection conducted on Citibank in 2022 in terms of section 45B of the FIC Act. "The administrative sanctions imposed on Citibank consist of a caution not to repeat the conduct which led to…

Prosus, the Amsterdam and JSE-listed global technology group and Naspers subsidiary, gained up to 3.57% on the JSE yesterday after reporting a maiden annual profit, a year after the appointment of CEO Fabricio Bloisi, who put the group on a new strategy. The strategy that Bloisi began implementing in July last year, shortly after his appointment, entailed a move away from being mainly an investment holding company toward building large-scale lifestyle platforms across sectors like food delivery, classifieds, fintech, and edtech. The strong results meant the group was able to raise the dividend 100% to €0.20. Shareholders also benefited from $50 billion in share buybacks that drove 15% growth in net asset value per share. Adjusted earnings before interest and tax (EBIT) increased to $179 million versus a loss of…

Minister of Agriculture John Steenhuisen has confirmed that mass vaccination efforts against Foot-and-Mouth Disease (FMD) have officially commenced in Gauteng as the agricultural sector is facing a significant challenge against the outbreak. This announcement was made during Steenhuisen's visit to the Karan Beef Feedlot on Monday where he underscored the critical nature of the ongoing vaccination campaign following last week’s delivery of over 900 000 vaccine doses from Botswana. This is the first time the department is vaccinating at feedlot level to get FMD under control. Steenhuisen highlighted the severity of the FMD situation, noting outbreaks primarily in Gauteng and KwaZulu-Natal, with additional cases emerging in Mpumalanga and North West province. “We urge farmers and workers to follow the regulations we have put in place. It's the cooperation that will…

The recent escalation of the conflict between Israel and Iran has sent shockwaves through global markets, raising alarms about potential economic repercussions around the world. Over the weekend, the United States launched airstrikes on three Iranian nuclear facilities, further intensifying the already fraught situation. International relations expert, Dr Noluthando Phungula, on Monday said that on a socio-economic aspect, the escalation of conflict is likely to see instability in exchange rates and oil prices. "Sadly this will be felt most in poorer nations. The South African government has been dragging its feet in terms of coming out on its position," she said. "This has been the case with politicians that are often vocal on social media platforms. This makes complete sense considering the recent SA - US disastrous meeting." Malcolm Hartwell,…

Primary Health Properties (PHP) on Monday raised its offer for a leading UK healthcare real estate investment trust Assura to around £1.79 billion (R43bn), securing backing from Assura’s board and paving the way for the creation of a major UK-listed healthcare real estate investment trust (REIT). Under the revised terms, Assura shareholders will receive 0.3865 new PHP shares and 12.5 pence in cash for each Assura share. They will also receive a special dividend of 0.84 pence, bringing the total implied value to 53.3 pence per share based on PHP’s closing price on June 20. Including previously declared dividends, the offer rises to 55 pence per share. The increased offer represents a 5.8% premium over a rival bid from Sana BidCom a consortium led by private equity firms KKR and…

Only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data, a new briefing by Just Share reveals. Companies that disclosed gender pay were: Anglo American (UK only); Anglo American Platinum; British American Tobacco; Clicks; Discovery; Gold Fields; Impala Holdings; Investec plc, Investec ltd, MTN, Nepi Rockcastle and Vodacom. Despite making up 46% of South Africa’s economically active population, women earn on average 30% less than men, and South Africa’s largest listed companies appear to be doing little to change that. Just Share said even among these, transparency is inconsistent and often limited to international operations where disclosure is mandatory. Fourteen companies offer only vague commitments to “fair pay”, while 13 fail to mention gender pay at all. International compliance While the JSE’s Sustainability…