South African Banking Giant To Quit England

South African banking giant set to quit UK after R17 billion hit One of SA’s most valuable banks is exiting the United Kingdom following a ‘disproportionate’ motor finance hit. By SAPeople Staff Writer 08-04-26 09:43 in Business and Finance Stock image of a transaction showing a bank card, point of sale device and two people's hands. This image accompanies an article about FirstRand pulling out Aldermore and UK 0 Image: Energepic via Pexels One of South Africa’s most valuable banks, FirstRand, has announced its planned exit from the United Kingdom following a crippling UK motor finance hit. The financial services giant will divest from its British challenger bank, Aldermore, after new regulations rendered its consumer finance operations financially unviable. As reported, FirstRand has been forced to increase its provisions for mis-sold motor loans by £510 million (R11.9 billion) to a staggering £750 million (R17.7 billion). The group, which owns FNB, RMB and WesBank, stated that this massive financial blow heavily outweighs the £275 million in profit its motor finance division has generated over the past decade. The FCA’s redress scheme The controversy centres on MotoNovo, a vehicle finance company operating under the Aldermore Group umbrella. In October 2024, the UK Court of Appeal ruled that several lenders had unlawfully arranged motor finance deals without adequately disclosing the commissions paid to car dealerships. Following further legal battles, the UK’s Financial Conduct Authority (FCA) introduced a redress scheme to compensate motorists, expecting the industry to pay out around £9.1 billion. FirstRand – a top 10 South African employer in 2024 – has heavily criticised the FCA’s approach, labelling the final redress scheme as “disproportionate and unfair”. The group argued that the compensation model includes more customer contracts than initially anticipated and utilises a calculation method that is both unsubstantiated and ignores lender costs. Aldermore divestment and future outlook Founded in 2009 and acquired by FirstRand in 2018 for £1.1 billion, Aldermore operates as a digital-only specialist bank serving small to medium-sized businesses and personal customers. While FirstRand maintains that Aldermore is a sustainable business, the stringent requirements of the FCA scheme mean MotoNovo would require significant recapitalisation, severely constraining the capital available to fund further UK growth. Consequently, the banking giant concluded that operating a UK consumer finance entity no longer aligns with its risk appetite or required financial returns. FirstRand is currently working alongside the Aldermore board and regulators to facilitate an orderly transition of ownership. Due to the massive accounting provision, the group expects its full-year earnings to contract by between 10% and 15%. 0 comments

Nigerian Air Strike Targeting Militants Backfires-100 Civilians Killed

Nigerian Air Strike Targeting Militants Misfires, Killing More than 100 Civilians NIGERIA Nigeria A Nigerian military strike targeting militants hit a northeast marketplace over the weekend, killing more than 100 civilians and injuring numerous others, prompting authorities to open an investigation as such errors have become a grim, recurring pattern. The Nigerian Air Force said in a statement that it had dispatched a team “to immediately proceed to the location on a fact-finding mission on the allegation,” as officials continued to assess the aftermath of the strike. While authorities acknowledged that an error had occurred, they did not release further details or confirm a final death toll. However, human rights watchdog Amnesty International said survivors had told them that at least 100 people were killed in the airstrike, including many children. The strike hit Jilli market near the border of Borno and Yobe states, where military aircraft had been targeting Islamist militants. The area is the epicenter of a jihadist insurgency that has plagued the region for more than a decade. Local authorities in Yobe said the operation had been aimed at a stronghold of the Boko Haram militant group. A civilian security volunteer working with the Nigerian military in the northeast said intelligence showed the group’s militants were gathered near the market and were planning to strike surrounding communities. Air raids are a common tactic in Nigeria’s fight against armed groups operating from forested areas, but they have repeatedly resulted in civilian deaths. An Associated Press tally found that at least 500 civilians have been killed in such incidents since 2017. Analysts attribute the repeated errors to gaps in intelligence and weak coordination between ground forces, air units and other stakeholders. Nigeria, Africa’s most populous nation, has been grappling for years with Boko Haram and other militant groups as well as kidnapping-for-ransom gangs in the northeast.

Nigeria Prosecutes More Than 500 For Terrorism In Mass Trial

Nigeria Prosecutes More than 500 For Terrorism in Mass Trial NIGERIA Nigeria Nigeria began one of its largest terrorism trials this week, with more than 500 suspects facing prosecution over alleged involvement in militant attacks, as authorities seek to address escalating insecurity across the country. The mass trial opened Tuesday at a high court in the capital Abuja, where 227 suspects were arraigned before 10 judges. The defendants face a range of charges related to aiding and abetting terrorism, including participating in attacks and providing support to militant groups through funding, weapons and logistics. Some of those on trial are accused of links to Boko Haram, the Islamist group that has waged an insurgency in northeastern Nigeria for nearly two decades. The conflict has since spread to other regions of the country, with other jihadist groups appearing alongside armed groups and criminal gangs, which carry out kidnappings for ransom. On Tuesday, gunmen attacked villages in the Shiroro district of western Niger state, killing 20 people, according to residents. Across Nigeria, hundreds of people have been killed in bombings and other attacks this year alone. The hearings began under heavy security. Authorities welcomed the trial, describing it as a demonstration of the government’s commitment to tackling terrorism and restoring stability. Security analyst Bashir Galma called the trial a “positive development” and a “significant milestone” in the fight against terrorism, adding that it helps counter claims that suspects are routinely released without prosecution.

Char'd Grill and Bar Cape Town-A Special Venue

There's something exciting going on in Cape Town every week. Be the first to know what's new with our newsletter: email address Brandy, tequila & gin tastings with your cuts of meat at Char’d Steaks are the main event. The tastings complete the experience Last updated: Wednesday, 18 March 2026 Brandy is as quintessentially South African as steak, and Char’d Grill offers the best of both. The tasting tray of 100% locally-made brandy makes for an ideal pre-dinner experience, followed by fantastic steak which Char’d prepares and ages in-house. And if brandy isn’t your thing, there’s also craft tequila, gin, and a great wine list. Char’d prepares and ages all of its steak on site. Image: Char’d Grill and Bar 100% LOCAL BRANDY & TEQUILA TASTINGS While steaks may be the drawcard, it’s the tastings served in Char’d’s steampunk interior that complete the experience. Exposed pipes and vintage pressure gauges line the walls while waiters in mechanical goggles serve you the tasting tray. The brandies on offer are Oude Molen VS, which uses a unique Spanish maturation process for an ultra smooth finish; Ladismith 8yr, a triple international gold award-winning brandy from the Klein Karoo; and Joseph Barry XO, which has gentle hints of vanilla, sherry and apricots. Meanwhile, the tequila tasting features Leonista, a Karoo spirit made the traditional Mexican way where the agave is smoked. Leonista Honey is infused with wild Cape honey and has a smoky finish, while Leonista Black swaps the smokiness for rich notes of butterscotch and caramel. The spirit tastings are a wonderful way to end off dinner at Char’d. Image: Char’d Grill and Bar EVER HEARD OF A GIN ATOMISER? Beyond the excellent brandies and tequilas, there’s one more unique tasting: The interactive gin atomiser. You squeeze the balloon-like atomisers at the tasting station to smell the infused ingredients of the gins. You’ll be able to sniff the orange blossom and exotic marula fruit of African Craft Marula Gin, or the orange, lemon, and lime notes of Triple 3 Citrus. Then pick four for your tasting. There is also a wine list of over 45 labels that showcase some of the best wineries of the Overberg region, like Benguela Cove, Hermanuspietersfontein, and Creation, which won Number 1 in Africa in the World’s Best Vineyards Awards for four consecutive years. Smell before you sip. The gin atomiser is a fun way to choose your tasting. Image: Char’d Grill and Bar GRAIN-FINISHED CUTS PREPPED IN-HOUSE After the tastings, you’ll have worked up an appetite for the grain-finished steaks prepared entirely in-house. Grain-finished cows, unlike grain-fed cows, eat grain and grass for their entire lifespan, which improves the quality and taste of the steak. That flavour is bolstered at Char’d’s onsite butchery, where the beef is cut, coated in a smoked salt seasoning, and dry-aged with Himalayan rock salt. The salt draws out moisture and creates a tender steak with an amazing crust. We spoke to Petri Hendriksz, the owner of Char’d, and got his recommendations for cuts of steak at Char’d Grill. People drive from all around the province to eat at Char'd. Image: Char’d Grill and Bar VISIT CHAR’D GRILL & BAR Char’d Grill is open: Monday to Saturday, 11:30am - 10:30pm (kitchen closes 9:30pm). Sunday, 11:30am - 10pm (kitchen closes 9pm) Find it: Shop 4, Hermanus Waterfront, Western Cape Contact on: 028 312 1986, @chardhermanus, Char’d website --- DISCOVER MORE FOODIE FUN This hidden gem is on a lagoon in Onrus, just outside Hermanus. See what else you can get up to in Hermanus. There’s so many things to do this weekend in Cape Town. --- Loved discovering this? Make sure you get our popular weekly newsletter. Follow and like us on Twitter ❤ Facebook ❤ LinkedIn ❤ Instagram ❤ Pinterest for updates. Date: 09 Apr 2026 Time: 11:30 - 21:30 Venue: Chard Grill & Wine Bar Location: Shop 4 Village Square, Hermanus Hermanus Phone: 028 312 1986 Email: info@chardhermanus.co.za Website: https://chardhermanus.co.za/ 22 1 0 0 0

First Afrikaner Refugee Returns To South Africa

FIRST AFRIKANER REFUGEE RETURNS TO SOUTH AFRICA According to US intel analyst Chris Wyatt, the first known refugee has returned to South Africa over the Easter weekend. The US commentator, who has a special interest in South Africa, and in particular the refugee resettlement programme, claimed that he was informed that the individual, an elderly woman, had returned to the country The woman arrived in the state of Iowa two weeks ago, ahead of her family. However, she had reportedly discovered that her adult children had been removed from the programme for unknown reasons. According to Wyatt, the woman chose to return to South Africa at her own expense. She would also be liable to pay a travel loan from the United Nations International Organisation for Migration. He said, “It certainly doesn’t appear that she’s unhappy or uncomfortable in America. It seems to be tied to the fact that her family, in a linked case, her support structure, is no longer coming. ADVERTISEMENT “She’s made a decision. This is heartbreaking after going through this programme. The reality is that she came over, she took a seat, filled a slot and used resources that another South African could not use. This is a shame… He continued: “We can speculate that they changed their mind. Or maybe this is one of the first denials [rejection of application]. This is not a shocker or surprise”. https://www.youtube.com/watch?v=aiH7v3OF8YA WHITE EXPATS COMING HOME The Afrikaner refugee’s case is not to be confused with reports that high numbers of white expats living abroad are choosing to return to South Africa. According to Reuters, thousands of South Africans have cited reasons of wanting to reunite with family and friends back home, the weather, and the cost of living and living standards in the country. An employment agent told the news agency that he had seen a 70% increase in interest in white South African expats who had contacted him in the last six months. Many were hoping to secure remote work abroad while returning to South Africa. CAN REFUGEES RETURN TOO? While expats can return to South Africa without any red tape issues, those who have taken “refugee status” in the US under the Trump administration could potentially face issues. According to the US Citizenship and Immigration Services (USCIS), there are stringent travel restrictions in place for refugees who are successful in the resettlement programme. USCIS states that all refugees must obtain permission via a travel document before departing the US. Failure to do so could result in refugees being denied re-entry into the US. These actions could also strip South Africans of their refugee status, resulting in removal proceedings before an immigration judge. Returning to South Africa – considered the country of “persecution” – could come at a cost. Click here for more information. For “refugees” hoping to return home permanently, voluntary repatriation is always an option. Organisations like the United Nations High Commissioner for Refugees (UNHCR) help people who wish to return to their countries by providing financial assistance. According to the South African Department of International Relations, “refugees” would be welcomed back as citizens. However, they would have to revoke their status in order for this to happen. 0 comments

South Africa: An Unbearable Tax Burden

A family man with a salary of R100,000 a month can pay up to 80% ‘tax’ in South Africa Shaun Jacobs • 29 March 2026 South Africa has one of the most heavily burdened personal income tax bases in the world, with around 2.4% of individuals paying 77% of all personal income tax. The country also has a highly progressive personal income tax system, with high-income earners making over R887,001 per year taxed at a rate of 41%. While South Africans are heavily taxed, these formal taxes do not cover the additional costs individuals pay due to the government’s failure to provide basic services. This includes education, healthcare, and security, with individuals having to pay private schools and companies to provide services that the state is meant to provide. While private education has historically been the preserve of the wealthy in South Africa, it is becoming increasingly mainstream as many state schools suffer from years of mismanagement and inadequate investment. Efficient Group chief economist Dawie Roodt has previously said that these payments, in the form of school fees, security levies, and medical aid, can be considered an additional “tax” on South Africans. In effect, in these regards, individuals are double-taxed, as they have to pay for these services out of their own pocket on top of personal income tax. MyTreasury co-founder Michael Kransdorff explained that the mismanagement of South Africa’s state-provided education, healthcare, and policing means individuals are compelled to pay for these services from private alternatives. Furthermore, the personal income tax paid by South Africans does not include the multitude of other ways the South African government taxes individuals. This includes value-added tax (VAT) on nearly all purchases, excluding VAT-exempt food items, as well as several fuel taxes levied at the pump. Individuals who save and invest in stocks, property, and other assets face several additional taxes, including a 20% flat tax on dividends and a capital gains tax. Interest earned from bank savings accounts or fixed-income investments is added to an individual’s taxable income and taxed at their marginal tax rate, with the first R23,800 being tax-free. As a result, an individual’s tax burden in South Africa is significantly greater than the headline personal income tax rate, largely due to the additional private services they have to purchase to make up for shortfalls in government-provided services. Family man earning R100,000 per month as an example To illustrate the situation, Daily Investor used the example of an individual who earns R100,000 per month, or R1.2 million a year, before tax. This income is generally considered high, and someone earning this amount is widely regarded as rich in South Africa. However, calculations show that this individual is left with significantly less spending money than typically assumed, with private-sector alternatives to state services eating up a substantial chunk of their paycheque. Most South Africans would look at the headline figure after tax, which in this case is R67,965 after the individual pays PAYE, the Skills Development Levy (SDL), and contributes to the Unemployment Insurance Fund (UIF). The individual’s UIF contribution is capped at R177.12 per month, while the SDL payment is 1% of their paycheque, R1,000. In Daily Investor’s example, the calculation continues to include medical aid payments, private school fees, an estate levy for security, property rates, and fuel levies. Daily Investor assumed the individual’s partner did not work and that they had two children. The family lives in Johannesburg. The family’s two children attend Curro Primary and Curro High School in Rivonia, with one in grade six and the other in grade ten. Their combined school fees come to R21,860 per month. Regarding medical aid, the individual has a Discovery Classic Smart Comprehensive scheme, with their partner and two children as additional dependents. This comes to an estimated R18,498 per month. The individual receives tax relief in the form of medical aid tax credits, which vary depending on excess payments. Including these payments, Daily Investor assumed tax credits of R2,749 per month. For this example, the family lives in Waterfall Country Village Estate, which includes 24/7 security. This estate has a levy of R3,610 per month. Daily Investor assumed the family would live in a R3 million house. At Johannesburg’s property rates, this equates to R2,146.25 per month as the first R300,000 is exempt. The individual pays a series of other municipal levies on their property, including refuse removal, sewage, and electricity and water tariffs. For this calculation, Daily Investor focused on the levies charged and not the total utilities bill. These levies amount to R2,908.86. Regarding fuel levies, Daily Investor assumed the individual drove a petrol-engined Toyota Hilux and filled its 80-litre tank twice a month with 93-octane petrol. Using the National Treasury’s breakdown of fuel taxes for the new financial year, which includes increases to the General Fuel Levy and Road Accident Fund Levy, the individual will pay R1,052 in fuel taxes per month. The taxes, including payments for private services to replace deteriorating public alternatives, and their impact on the individual’s income can be seen in the table below. Item Amount Gross salary R100,000.00 PAYE R30,857.75 UIF R177.12 SDL R1,000.00 Total after payroll taxes R67,965.13 Medical aid R18,498.00 Medical aid tax credits R2,749.00 Private schooling R21,860.00 Estate levy R3,610.00 Property rates R2,146.25 Refuse removal R456.00 Sewage R900.00 Electricity tariffs R1,185.00 Water tariffs R367.86 Fuel levies R1,052.00 Total remaining R20,630.00

South Africa: Rosebank: An Urban Oasis

https://www.news24.com/life/travel/in-transit-48-hours-in-rosebank-johannesburgs-walkable-urban-oasis-20260304-1038?lid=pr63tby7neju