banking
Electronic fees befuddle firms
It appears that South African businesses are no better than the general population when it comes to low awareness of the amount spent on electronic transaction banking fees. An independent survey, which included 210 respondents from small to large scale enterprises, indicated that only 17 percent of businesses were confident they were not paying additional fees for electronic banking transactions. Some 48 percent were not confident about how much they spent on such transactions. The survey, commissioned by Sure Transact, said 51 percent of businesses did not know if there were being charged extra for debit orders, beneficiary amendments or viewing of Sure online banking platforms. Transact chief executive Michael Barr said that in many cases South African businesses were paying excessive charges for transactions such as debit orders and electronic fund transfers. He blamed this on a lack of competition and transparency in the local banking industry. – Ann Crotty
Fiscus
Treasury plans to raise $1.5bn
The Treasury plans to raise funding in international debt markets this year, as it takes advantage of low global interest rates and high levels of liquidity to fund its budget deficit. “We have pencilled in $1.5 billion (R13.7bn) and we will definitely do a conventional bond this year,” Thuto Shomang, the head of the Treasury’s asset and liability management division, said yesterday. “We are working on it now so we will announce soon.” The February Budget provided for $1.5bn to be raised in foreign markets, including a debut Islamic bond, to fill a budget deficit of 5.2 percent of gross domestic product. Shomang did not know when the sukuk sale would happen. “Until we find assets” that were appropriate to finance using a sukuk “the process will be delayed”. – Bloomberg
labour
Cosatu opposes tolling, broking
Cosatu has vowed to take to Gauteng’s highways later this month and shut them down to protest against e-tolling and labour brokers. The union federation had held discussions with both the Gauteng and national governments in a bid to persuade them to ban labour brokers and scrap e-tolls, Cosatu provincial secretary Dumisani Dakile said yesterday. “We have also had discussions with the ANC in an attempt to deal with these two central issues, and these discussions have not yielded any positive outcomes thus far.” He said many members of the ANC, the government and society supported Cosatu in its campaign on these two issues. – Sapa
Insurance
Complaints hit record high
A record number of complaints against long-term insurance companies was recorded last year, the long-term insurance ombudsman said yesterday. There were 9 592 complaints last year, 4 percent more than in 2011, Brian Galgut said. “Consumerism has arrived to stay, and with it have come ever more persistent complainants, who do not take no for an answer even when their complaints are without merit.” His office recovered a total of R94.3 million for consumers, with 37.4 percent of cases resolved wholly or partially in favour of complainants. Compensation of R413 428 was paid to consumers for poor service. – Sapa