Browsing: Reserve Bank

Why Shuttleworth lost exchange control case

A R250,5m exit levy charged to billionaire Mark Shuttleworth when he transferred his assets out of South Africa in 2009 was “not inconsistent with the constitution”. This is according to a judgment handed down

Cwele fails to meet promises

On 21 May, South Africans will get to hear telecommunications & postal services minister Siyabonga Cwele deliver his second budget vote speech. It will be a report card for a minister who has been in the role for precisely a year. He is unlikely to

Trust to get Shuttleworth’s R250m

Mark Shuttleworth will give away the more than R250m the South African Reserve Bank must have him following a bruising battle at the supreme court of appeal in Bloemfontein. The Internet billionaire said in a blog post on Wednesday that he will commit all the funds returned to him

Reserve Bank must pay Shuttleworth R250m

The South African Reserve Bank must pay Mark Shuttleworth R250,5m plus interest after the Internet billionaire won a high-profile case at the supreme court of appeal in Bloemfontein. According to a report on technology website

SA tech firms can now transfer IP offshore

South African technology firms and other companies can now transfer intellectual property (IP) offshore thanks to a relaxation of exchange control regulations in this regard. One of challenges that private companies in South Africa have faced is their inability to tap into international venture capital markets, with the main obstacle being

New SA banknotes defective

An important security feature on the new Mandela banknotes, which were rolled out in November last year, has been found to be defective, it was reported on Sunday. The security thread, the most visible feature on the notes, which was meant to be embedded in the note, was

Reserve Bank lays into Shuttleworth

Billionaire entrepreneur Mark Shuttleworth’s bid to have South Africa’s exchange control system declared unconstitutional could have a devastating effect on the country, the South African Reserve Bank said on Tuesday. Jeremy Gauntlett SC, for the

Interest rates cut

The SA Reserve Bank has cut the repo rate by 50 basis points to 5%, governor Gill Marcus said on Thursday. The prime rate would decline to 8,5%. “While it is recognised that such a move on its own will not overcome the challenges facing the economy, it is felt that it can help alleviate some of