The scheme that used Johann Rupert and Elon Musk to steal R1 billion from South African investors

The Financial Sector Conduct Authority has explained how it came to fine Banxso R2 billion and debar some of the company’s executives for 30 years. View online Friday, 21 August 2026 Your daily update The scheme that used Johann Rupert and Elon Musk to steal R1 billion from South African investors The Financial Sector Conduct Authority has explained how it came to fine Banxso R2 billion and debar some of the company’s executives for 30 years. New owner for Shell’s 600 petrol stations in South Africa one step closer Adnoc Distribution and Reatile Group have entered into an agreement to acquire a stake in Shell's South African business. Eskom accused of unfairly targeting black-owned businesses in South Africa Eskom has referred 26 black-owned security companies to the National Treasury for blacklisting over allegations of fraud and corruption. Business and Technology News Major bank in South Africa takes R129-million cyber fraud hit Absa said its operational risk losses grew to R369 million in 2026, largely driven by increased incidents of digital fraud. The ANC is collapsing The ANC, South Africa’s dominant political party since 1994, is steadily losing ground, as voter confidence and projected poll attendance plummets to historic lows. Rand gets a major boost from the United States The rand has experienced another wave of strengthening against the US dollar after minutes from the Federal Open Market Committee (FOMC) meeting put the greenback on edge. Must read South Africa needs a perfect storm  South Africa could unlock 5% annual growth and significantly boost asset values if slow-moving domestic reforms align with favourable global conditions, as happened in the early 2000s. South Africa’s richest city is falling apart Johannesburg’s decline is becoming a national economic concern, with the city’s infrastructure, finances, and political instability putting pressure on its role as South Africa’s economic hub. Goodbye Cape Town – buyers are flocking to these small towns Buyers are increasingly looking beyond Cape Town and larger Western Cape centres toward smaller towns where properties offer more space and a slower pace of life. Renergen starts helium production, again ASP Isotopes announced that Renergen has commenced commissioning of its liquid helium plant in South Africa. This is the same announcement Renergen made in 2024 and 2025. Partner content The client-value leak: the layer underneath the client you know Advice practices in South Africa are not short of work. Regulation is heavier, clients are more demanding, markets are volatile, and cost-to-serve continues to rise. The practices that grow from here will not be the ones working harder, but the ones identifying and plugging the hidden leaks draining capacity and growth. Best PrimeXBT MT5 Accounts for Beginners: Which One to Choose? Choosing the right trading account is one of the first decisions a beginner makes when moving from learning about the markets to trading in practice. Afrihost – South Africa’s top ISP and hosting provider The two MyBroadband awards Afrihost has won emphasize its ability to deliver leading services across the highly competitive local ICT market. How to modernise your mobile app with the help of Codehesion Codehesion will analyse your existing code for strengths and weaknesses, rewrite your code where needed, and add design improvements and modern features. More stories

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