Banks stand up to stress test, says report

April 26, 2007

By Ethel Hazelhurst

Johannesburg – South African banks are well capitalised, though the sector’s capital adequacy ratio has slipped slightly since June last year.

The Reserve Bank’s financial stability report, released yesterday, said the capital adequacy ratio for the sector was 11.9 percent in January – a marginal decrease from 12.1 percent in December 2006 and the 12.4 percent recorded in June.
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FNB cuts charges, but other banking giants are unfazed

April 25, 2007

By Mzwandile Jacks

Johannesburg – First National Bank (FNB) had scrapped 15 banking fees and reduced 10 in an effort to “put money back into the pockets of its customers”, it said yesterday.

But South Africa’s other banking giants seemed unfazed, with some saying they had done their own price adjustments and did not have to repeat them because FNB had done so.
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Financial information that you can bank on

April 23 2007 at 02:33PM

An understanding of common banking terms gives you better control of your wallet, says Paul Maggott of Old Mutual. “Thinking you know what a beneficiary is or the difference between a stop order and a debit order can be just as bad as not knowing at all. “Yet, incredibly, people sign forms and make financial decisions without understanding the terminology.” He has provided an explanation for the following list of terms: Prime rate: The interest rate at which banks lend money (More…)

Rate hikes hit banks’ income

April 24, 2007

By Mzwandile Jacks

Johannesburg – South Africa’s retail and investment banks had experienced a slowdown in income in the first quarter as last year’s rate hikes meant they would have to reprice all deposits, the Ernst & Young banking confidence index disclosed yesterday.
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Rate hikes give investors more reason to buy into SA

April 24, 2007

By George Glynos

Against expectations at the start of the year, the rand appears to be far more resilient than anticipated. With the trade balance under significant pressure early in the year because of fuel-related product imports and logistical disruptions, many thought the rand would stay on the defensive. More…

Altech inks deal for cheaper African broadband service

April 24, 2007

By Thabiso Mochiko

Johannesburg – Allied Technologies (Altech) had agreed to distribute the broadband services of US-based CityNet Wireless in southern Africa, the telecommunications company said yesterday.
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Credit card debts scandal

Edwin Naidu     April 22 2007 at 09:21AM

Financial institutions have been accused of taking advantage of their customers by increasing the interest they charge on credit cards without adequate notice – and before new laws regulating credit come into effect on June 1. Most lenders have increased their interest rates on credit card debit balances by between two and three percentage points in the past month. More…

Inflation hit three-year high, economists predict

April 23, 2007

By Nasreen Seria

Johannesburg – Consumer inflation probably accelerated by at least half a percentage point to its fastest pace in more than three years last month after the government raised petrol costs and food prices jumped, economists predicted ahead of the planned release of the data by Statistics SA on Wednesday.

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The blacklisted could be in luck

April 20, 2007

By PRINCE MOENG

Cape Town – Blacklisted consumers stood to benefit from the implementation of the National Credit Act on June 1, Manie van Schalkwyk, the credit information ombudsman, said yesterday.

Van Schalkwyk said adverse information of a consumer owing less than R500 would be removed from credit bureaus and the negative listings of smaller debt would automatically be deleted. Consumers must contact the relevant credit bureaus with proof of payment to get the information removed, but they still have to repay the outstanding debt before September 1. – Prince Moeng

Absa launches Barclays cards

April 20, 2007

Johannesburg – Absa plans to issue 100 000 credit cards with the Barclays brand to middle- and high-income earners within a year.

The country’s top consumer bank would start offering two Barclaycard credit cards and a fuel card to customers today, said Chris Sweeney, the managing executive of Absa’s credit card division. More…