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Cape Town - A roundup of Friday's top economic and finance reads on Fin24.
Ramaphosa: Moyane disciplinary inquiry fair
President Cyril Ramaphosa has dismissed at length suspended SARS commissioner Tom Moyane's objections to the procedural fairness of his disciplinary hearing.
In a 30-page affidavit submitted by Ramaphosa, the president outlines why the procedures are fair, despite several complaints laid by Moyane. The inquiry is set to take place on Saturday.
"In fact, as will become apparent below, the Terms of Reference signed by the President go beyond what is strictly necessary in order to ensure fairness to Mr Moyane,” the affidavit reads.
Popo Molefe clean-up at Transnet continues
Transnet has disbanded its scandal-plagued Acquisition and Disposal Committee, saying company directors should not be involved in acquisitions, according to a new letter by the state-owned enterprise's chair Popo Molefe.
Molefe was named as the new chair of the embattled rail, port and pipeline SOE in May 2018.
In a letter to staff, which was shared by a source, Molefe gave a broad overview of how the new board had been tackling corruption. Molefe on Friday confirmed to Fin24 that he had sent out a letter to staff regarding the decision to disband the committee after a recent shareholders meeting.
AngloGold Ashanti’s Pityana raies concern over new rules of Mining Charter
South Africa risks driving away new investment and crippling its mining sector if “reckless” new rules are implemented, according to AngloGold Ashanti chairperson Sipho Pityana.
The latest Mining Charter, which is aimed at sharing the benefits of the country’s mineral wealth more equally among South Africans, doesn’t provide solutions to the industry’s challenges and will make it difficult for companies to buy and sell assets, Pityana said on Thursday.
Much of South Africa’s mining industry is struggling with rising costs and faltering metal prices that have forced producers to slash thousands of jobs and shrink production.
Do you have a healthy relationship with money?
If you are unable to save, perhaps it’s time to look at the relationship you have with money, according to Eunice Sibiya, head of consumer education at FNB.
She says people who have a healthy relationship with money understand that saving has very little to do with the size of your bank account - it all depends on your relationship with money.
"Most people would like to save because they understand the financial benefits of having a safety net. However, saving usually takes the back seat simply because of the hesitation to make sacrifices," she says.
Also related to Saving’s Month, there’s an app to help you
keep track of your savings.
Medical aid increases exceeding salary raises
Medical aid increases have not been keeping pace with salary raises, according to the eighth GTC Medical Aid Survey.
The financial services company, formerly Grant Thornton Capital, publishes the annual survey to assist its own consultants, financial planners and medical aid members to decide on the best plan to suit their pocket and needs.
"The effect of these increases will continue to place pressure on members to downgrade plans or cancel their medical aid cover altogether, in search of an alternate medical insurance to cater for their most pressing needs," warns GTC Healthcare broker Jill Larkan.
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