The SA Post Office plans to register its financial services unit as a bank by July 3. The restructuring of Postbank is part of the government strategy to provide a wider range of accessible, relevant and affordable financial services products to those without bank accounts and low-income earners. The direct competition will be Capitec as their primary clientele will be low income earners.
Cabinet Reshuffle Rumors Growing And Hampering The Rand
The rand weakened yesterday, dragged lower by renewed speculation that President Jacob Zuma might reshuffle his cabinet, a move that could remove Pravin Gordhan as finance minister. The rand was bid at R13.58 to the dollar, 11.12c softer than at the same time on Friday. It reached a low of R13.68 earlier, after rumours on Friday that top ministers might be sacked hit demand for the currency and for local bonds.
Apple Makes Record Profit
Apple has announced results for the quarter ended 31 December 2016, which show a record quarterly revenue of $78.4 billion and record quarterly earnings per diluted share of $3.36. This strong performance was supported by an increase in iPhone sales – up from 74 million units in Q1 2016 to 78 million. iPad sales dropped from 16 million in Q1 2016 to 13 million units in the latest quarter.
Sugar Tax Could Cost The Industry R1.4 Billion
Formal businesses selling carbonated sugar drinks are estimated to suffer a R1.4 billion loss in revenue, should a “sugar tax” be implemented. The analysis document tabled during the hearings states: “Higher prices discourage consumption of soft drinks, with lower income households most affected.” Time will tell if this leads to healthier citizens.
Currencies And Stuff