MORE BUSINESS NEWS… The Council for Medical Schemes (CMS) has advised medical schemes to cap their premium increases at 4.4% for 2025 to shield members from financial strain and the risk of losing health coverage amid the ongoing cost-of-living crisis. This guidance, posted on the CMS website, aims to ensure affordable annual contribution rates in line with the Medical Schemes Act’s mandate to protect beneficiaries’ interests. The recommendation aligns with the South African Reserve Bank’s 2025 CPI forecast. High inflation, interest rates, and consumer debt levels threaten members’ ability to afford premium hikes, potentially leading to lapses in coverage. The…
Author: Staff Writer
OTHER BUSINESS NEWS TODAY… Ethiopia has secured a substantial $16.6 billion financial package from the World Bank, following the successful implementation of its International Monetary Fund (IMF) program. This agreement, marking a significant boost to Ethiopia’s economic reform efforts, includes both concessional loans and grants. The World Bank’s support aims to bolster the country’s economic stability, support infrastructure projects, and enhance social services. The funding package underscores the international community’s confidence in Ethiopia’s reform trajectory and its commitment to fiscal responsibility. This landmark deal is expected to accelerate Ethiopia’s development goals and improve its economic outlook. Kenya’s physical banks are…
Westbrooke Alternative Asset Management has successfully raised £15 million (over R350 million) in the second quarter of 2024 for its flagship private debt fund, Westbrooke Yield Plus. With north of £30m raised in the first half of 2024, it underscores the growing appeal of private debt as an attractive investment for South African investors. “This year is a testament to the robust demand for private debt investments and investors’ confidence in Westbrooke’s ability to deliver stable, predictable and attractive hard currency returns. Westbrooke Yield Plus now boasts a six-year track record of performance and has never had a down month,” said…
Financial inclusion remains a key issue in South Africa, and promoting real inclusion is critical in enabling more people to improve their quality of life, says Simphiwe Phakathi, Executive Head of Sales and Distribution at EasyPay Everywhere. Financial exclusion is associated globally with persistent poverty. “At its most basic, the issue is that so many people remain underserved by traditional banking products, and so miss out on all the benefits that come with access to a modern banking system,” he says. “But the deeper challenge, the underlying cause of this financial exclusion, is that many people can’t access the financial…
The African Development Bank Group (AfDB) has approved a $1-billion corporate loan to Transnet for its recovery and growth plans.
Africa experienced the highest average weekly cyber attacks per organisation in Q2 2024, with a 37% increase from the previous year.
Nokia’s Q2 operating profit fell 32% due to weak demand for 5G telecom equipment.
SA e-health startup RecoMed partners with Discovery Vitality to simplify flu vaccination bookings.
Anglo American delivered a strong Q2 performance, maintaining production guidance for most assets, except coal.