SARB pushes out timeline for rate cuts
SARB pushes out timeline for rate cuts

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Moonstone Monitor | 25 April 2024
IN THIS WEEK'S ISSUE
Top stories
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
SARB signals the repo rate may not be cut until 2025
Hefty sentences for members of syndicate who defrauded SARS of R100m
In the news
Kamlana urges banks to be fair and transparent when closing customers’ accounts
SCOPA calls for overhaul at Road Accident Fund after ‘disastrous’ legal outcome
FSCA shares list of currently licensed crypto asset service providers
PPS ‘disappointed’ by 12% decline in new life and risk insurance business
Capitec to launch life cover product in June
Discovery Life’s claims report: ancillary benefits dominate payouts
Celebrity chef sentenced to 10 years in jail for R5.3m VAT fraud
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In Lighter Wyn
Throwing shade … in style
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TOP STORIES
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
Top story read button
SARB signals the repo rate may not be cut until 2025
The markets are pricing for a rate reduction next year, and headline inflation is expected to return to the midpoint of the target band only in the last quarter of 2025.
Top story read button
Hefty sentences for members of syndicate who defrauded SARS of R100m
The group claimed R200m in VAT refunds for importing, storing, and selling diesel.
Top story read button
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IN THE NEWS
Kamlana urges banks to be fair and transparent when closing customers’ accounts
‘Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures.’
Itn read button
SCOPA calls for overhaul at Road Accident Fund after ‘disastrous’ legal outcome
It says the RAF board and executives should be held personally responsible for the expenses incurred in the ‘irresponsible’ court action against the Auditor-General.
Top story read button
FSCA shares list of currently licensed crypto asset service providers
The Authority responds to media statements by entities claiming to be the first or only licensed institutions.
In the news 3 read button
PPS ‘disappointed’ by 12% decline in new life and risk insurance business
The allocation to members’ Profit-Share Accounts soars from R620 million to R4.54 billion thanks to strong investment returns.
In the news 4 read button
Capitec to launch life cover product in June
The group’s after-tax profit from its insurance business increased by 12%, with its funeral plans now covering more than 12 million lives.
In the news 5 read button
Discovery Life’s claims report: ancillary benefits dominate payouts
Life insurance payouts rose in 2023, while Covid-19 claims fell sharply, indicating the virus’s shift from pandemic to endemic status.
In the news 6 story read button
Celebrity chef sentenced to 10 years in jail for R5.3m VAT fraud
Lusizo Henna laundered the R3.1m refund within 14 days of SARS paying the money into his business account.
In the news 7 read button
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Fit & P export FCA data
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VIDEO
Desktop audits and credit providers
Gerrit Viviers, Moonstone Compliance’s National Credit Act specialist, talks about the desktop audits conducted by the National Credit Regulator – how the process works and what is required of credit providers. Running time: 6:17 minutes. Click here


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Career opportunities
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CAREERS PLATFORM - INDUSTRY POSITIONS
 
Gap Cover Claims Assessor: Cura Administrators, Pretoria. We are looking for a competent, dependable, and energetic Gap Cover claims administrator to manage Gap Cover claims. Related medical scheme experience is essential.
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Representatives and Brokers: Manage All, Pretoria and countrywide. Manage All invites brokers and representatives to join our brokerage and market our range of medical scheme products. Applicants must have a reputable track record in the financial services industry and must be compliant with Fit and Proper regulations.
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Client Services Administrator Medical Schemes: Manage All, Pretoria. We are looking for a competent, dependable and energetic client services administrator to manage medical scheme queries. Requirements include: RE5, Class of Business training in Health Benefits. Related Medical Scheme experience essential.
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Policy Administrator / Underwriter: Glenwood Brokers (Pty) Ltd, Pretoria. Glenwood Brokers is an established short-term Financial Service Provider situated in the East of Pretoria. We have a position available in the policy administration department. The role is focused on providing an end-to-end service and support to our clients.
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For career opportunities currently available at Moonstone please click the button below.
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IN LIGHTER WYN
Throwing shade … in style
These insults are from an era before the English language boiled down to four-letter words.
.
“He had delusions of adequacy.” – Walter Kerr (1913–1996, American writer and theatre critic)

“He has all the virtues I dislike and none of the vices I admire.” – Winston Churchill (1874–1965, British statesman, soldier, and writer)

“I have never killed a man, but I have read many obituaries with great pleasure.” – Clarence Darrow (1857–1938, American lawyer)

“He has never been known to use a word that might send a reader to the dictionary.” – William Faulkner (1897–1962, American writer) about Ernest Hemingway (1899–1961, American novelist, short-story writer, and journalist)

“Poor Faulkner. Does he really think big emotions come from big words?” – Ernest Hemingway about William Faulkner

“Thank you for sending me a copy of your book. I’ll waste no time reading it.” – Moses Hadas (1900–1966, American teacher and classical scholar)

“I didn’t attend the funeral, but I sent a nice letter saying I approved of it.” – Mark Twain (1835–1910, American writer, humourist, and essayist)

“Why do you sit there looking like an envelope without any address on it?” – Mark Twain

“He has no enemies but is intensely disliked by his friends.” – Oscar Wilde (1854–1900, Irish poet and playwright)

“Some cause happiness wherever they go; others, whenever they go.” – Oscar Wilde

“I am enclosing two tickets to the first night of my new play; bring a friend, if you have one.” –George Bernard Shaw (1856–1950, Irish playwright and political activist) to Winston Churchill

“Cannot possibly attend first night, will attend second ... if there is one.” – Winston Churchill, in response

“I feel so miserable without you; it’s almost like having you here.” – Stephen Bishop (born 1951, American singer-songwriter, actor, and guitarist)

“He is a self-made man and worships his creator.” – John Bright (1811–1889, British politician)

“I’ve just learned about his illness. Let’s hope it’s nothing trivial.” – Irvin S. Cobb (1876–1944, American author, humourist, and editor)

“He is not only dull himself; he is the cause of dullness in others.” – Samuel Johnson (1709–1784, English poet, playwright, essayist, editor, and lexicographer)

“He is simply a shiver looking for a spine to run up.” – Paul Keating (born 1944, former prime minister of Australia)

“He loves nature in spite of what it did to him.” – Forrest Tucker (1919–1986, American actor)

“His mother should have thrown him away and kept the stork.” – Mae West (1893–1980, American actress, singer, comedian, screenwriter, and playwright)

“He uses statistics as a drunken man uses lamp-posts ... for support rather than illumination.” – Andrew Lang (1844–1912, Scottish poet, novelist, and literary critic)

“He has Van Gogh’s ear for music.” – Billy Wilder (1906–2002, Austrian-born filmmaker and screenwriter)

“I’ve had a perfectly wonderful evening. But I’m afraid this wasn’t it.” – Groucho Marx (1890–1977, American comedian, actor, writer, and singer)

The exchange between Winston Churchill and Lady Astor. She said, “If you were my husband, I’d give you poison.” He said, “If you were my wife, I’d drink it.”

“He can compress the most words into the smallest idea of any man I know.” – Abraham Lincoln (1809–1865, 16th president of the United States)

“There’s nothing wrong with you that reincarnation won’t cure.” – Jack E. Leonard (1910–1973, American comedian and actor)

“They never open their mouths without subtracting from the sum of human knowledge.” – Thomas Brackett Reed (1893–1902, American attorney, author, and politician)

“He inherited some good instincts from his Quaker forebears, but by diligent hard work, he overcame them.” – James Reston (1909–1995, American journalist) about Richard Nixon
 

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