Citibank Settles On R69m Fine Forex Fine

The Citi Banking Group has agreed to pay its fourth fine related to forex rigging after reaching a settlement with the Competition Commission on Monday. Citi has agreed to pay R69.5m for its role in the saga and was previously fined $310m for forex benchmark rigging by the US Commodity Futures Trading Commission in 2014. Citibank was also fined £225.6m the same day by the UK Financial Conduct Authority.

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Gauteng Govt To Spend 91% Of Procurement Budget On Black Business

Gauteng Premier David Makhura on Monday during his State of the Province Address said his government will be spending 91% of its procurement budget on black businesses. Of the 12,000 companies that conduct business with our provincial administration, 10,000 of them are Historically Disadvantaged Individuals.

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Govt Spent R873m On Legal Fees Last Year

Last year, government spent R873m on legal services — an increase of 161% over six years. The police, whose legal costs are up 228% over the same period, accounted for R300m of that. Tracking the amount spent on legal services by all 35 national departments since the 2009/2010 financial year reveals an alarming trajectory. The total rises from R334m in 2009/2010 to R873m in 2015/2016. That’s an increase of 161% — or R540m in round numbers — since the beginning of Zuma’s administration.

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Russia Outproduces Saudi Arabia On Crude Oil

Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers. Russia pumped 10.49 million barrels a day in December, down 29 000 barrels a day from November, while Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November. The US was the third-largest producer, at 8.8 million barrels a day.

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Cape Town Rentals Highest In SA

Figures released by credit bureau TPN, which vets the credit records of tenants who stay in rental properties, disclosed that the average rent for a one-bedroom apartment in the Cape Town was around R7 000, more than double what the average South African earns a month. Since the last quarter of 2015, the percentage of rent increases in the Western Cape and North West remained above 10%, while over the same period the percentage of rent increases in Gauteng remained below 5%.

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Indicators : JSE 52’558 – Oil 56.21 – Rand/USD 13.06 – Rand/GBP 16.23 – Rand/EUR 13.83


Author: The Turk Report

Simplifying complex money matters

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