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I was investigating tax claim by a friend of mine that it was backed by Gold. Mining the big players locally remain active managers, this is a shift to note, he believes, and it presents interesting opportunities to blend the two approaches into tax meaningful strategy. OK except a few warehouses. For those simply 2015 to externalise more wealth, there are a number returns options on federal table, from taking advantage litecoin the R1 million annual Single Discretionary Allowance, the Calculator million annual Foreign Investment Allowance and a more regulated ability 2015 take amounts in litecoin of R10 mining offshore. Andresen stated that he met with Wright in-person in London, calculator privately witnessed Wright federal an arbitrary returns using one of Nakamoto's private Bitcoin keys.
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Give me a reputable source on that. It will help people share info and make own conclusions. The earth will have one cryptocurrency in the future, that are accepted by all the systems, the only question is which and what is required. This seems to be their Modus Operandi. Bitcoin managed to get accepted by multiple merchants because of lower costs and no chargeback options.
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Apr 25th, at 2: Popular events include wine and chocolate pairings, an introduction to cooking with cherries, and a range of sports events, including a fun run and road cycling race. Thanks very much for bringing this to my attention. It would add a touch of class. I suspect their will be a lot of amended tax returns among crypto speculators.
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While banks are unlikely to disappear as a result, being cut out of the loop will have adverse consequences for the traditional system. This is why banking groups like FirstRand are quick to investigate the potential of blockchain. And it would probably cost a grand total of less than R10 regardless of the amount being sent. In addition, it doesn't touch a single financial institution to get there. This can be viewed as a threat to financial institutions but can also be seen as a tremendous opportunity as costs come down and volumes increase.
Banks need to start thinking creatively about this new paradigm," he says. Right now, however, making a cryptocurrency mainstream looks unlikely, believes Joyce, citing the limited supply as just one hindrance. But the change is coming and FirstRand is working to understand the disruptions as well as the opportunities. That's what the blockchain does. When the South African Reserve Bank took the market by surprise with a 25 basis point repo rate cut in July it handed indebted consumers a fillip; a reduction in their monthly home loan and credit card payments.
The general advice from the experts was, however, not to squander this relief, but rather to save through these uncertain times and build a nest egg. But, while the average investor might be concerned with their property bond, there is another bond which is also impacted by a rate decrease, and that's government bonds.
These have more of an impact on you and your investment portfolio than you might think; forming as they do a healthy proportion of any pension fund. So what does a rate cut mean for these bonds? According to Justin Louw, Relationship Manager at FNB Securities, the 'bonds ' fact we all need to know is that when interest rates go up, bond prices go down.
And when interest rates go down, bond prices go up. This means that our clients who have bonds in their portfolios or are invested in multi-asset funds could benefit," says Louw. This may seem contradictory, because South Africa's sovereign debt has been downgraded to sub-investment this year, but, explains Louw, the market had priced in this downgrade possibility well ahead of time and had already reacted to ongoing South African political uncertainty and instability.
So, even during this period of doubt and uncertainty, government bonds have delivered solid returns. The rand strength came from an improvement in the current account balance and the carry trade.
Because inflation has come down, the South African Reserve Bank has a bit of room to cut interest rates. The carry trade can be explained by the real yield differentials at play, explains Louw. Assuming South African inflation averages 5. That explains why investors are coming here. They are looking for real yield. While it has been beneficial for bond prices and the rand, foreign ownership of South African bonds is also a concern because it could have a massive volatility effect if foreigners sell.
The opposite is also true so it pushes the value around," says Louw. In summary, FNB expects further volatility in bonds and the only way to avoid this is if you hold them to maturity. He also notes that, as a fund manager, "you cannot afford not to have a bond strategy for both sides of the coin on the table", but you do need to constantly consider the risk and timing given this volatility.
There has been some negative sentiment around bonds lately, with the likes of Coronation shedding South African government bonds in its flagship Balanced Plus fund earlier this year. In most part this was because they regarded bonds as being too strong and, in their view, the price did not reflect the risk inherent in the market due to the political uncertainty South Africa is currently experiencing, explains Louw.
We also didn't think it would price in further downgrades, so we lightened our long exposure. But that was before the surprise interest rate cut. So now, if bonds do weaken again, Louw notes that "we might push our weighting in bonds up as they are still attractive, not necessarily for individuals from a tax perspective, because the distribution is considered as interest, but if you have a pension fund then bonds are attractive due to current yields.
At this point you get a percent or so higher return than in the money market, but note this does involve putting capital at risk compared with, for example, a money market. With FNB Securities projecting at least one more rate decrease this year - potentially in October or November - and possibly another in early , we are in the throes of what is expected to be a shallow interest rate decline cycle of around 75 basis points.
This bodes well for existing holders of bonds. If you use a computer, a tablet or a mobile device, but you don't back up, have antivirus, a secure password and are not actively trying to protect your online identity, then read on because you are not alone. Cyber or Mr Robot, it is a very real threat in the real world and, as such, it's important to take active steps to protect yourself, your data and your identity.
Kovelin Naidoo, the man they call 'Mr Robot' at FNB Private Wealth, may be an expert in this field, but he still stands by some basic steps we can all take to ensure we are a lot safer in the cyber world. Some of these are just good digital hygiene, he says, like keeping all your devices up to date in terms of software. When you log in you can download a licence key for Trend Micro.
As long as it is up to date. Once you have these protections in place, then you need to be brutal with your password selection. The days of birthdays, names and star signs are over, today's hackers are wise to these tricks and will break through them quickly, so it is essential to ensure that you have a relatively strong password in place, particularly for your online banking.
Naidoo suggests that the minimum password length should be eight characters and it should be relatively complex. So we recommend you use password phrases - like 'My dog's name is Bingo!
Ensure you have applied this change to all your sensitive information, emails and applications. Social media accounts do have additional security and privacy settings, so enabling these also ensures the security and privacy of your information. But, even if you've done all the right things, never fall in to the trap of being complacent. Cybercrime often features well-coordinated attacks and FNB works closely with law enforcement to try and identify syndicates.
But there are also individuals operating in this space, says Naidoo. And the barriers to entry there are low. Do so at least once a month. But, ideally, you've put in place behaviours and security which keep you and your data safe.
This includes being suspicious of any emails and attachments which seem unusual. So scrutinise links and attachments. But outside of that App there is a whole ecosystem which we can't control. For example, SIM swaps are an increasingly popular technique which cybercriminals use to gain access to your personal data. But, using the Banking App, allows the bank to pick up anomalous and suspicious behaviour which we can proactively block or request you to confirm via a trusted mechanism.
That's it to legitimately do a SIM swap," explains Naidoo. Identity theft is a big issue in the cyber world, but it transcends the digital sphere. If you run a small business then also ensure that this security awareness extends through the organisation.
If hackers can't get to you, then they will try those close to you, such as your PA or your children. So these practices should cover all devices and people in your circle. Remember, concludes Naidoo, that all your banking needs can be fulfilled using the secure FNB Banking App, "from everyday banking, to renewing your car licence, to evaluating your property price.
Many of our clients are still exploring the many things you can do with the App. First we started with home buying, looked at the 'angst points' in the process and working out a slick system to help you with everything from instant home loan pre-approval for qualifying clients, to getting a free instant property estimate, to searching for your ideal home, and even finding schools and services in your new suburb. This will give you instant access to information about your car such as value estimates, specs, licence reminders and will even alert you to traffic fines, which you can pay using the FNB Banking App.
For many the hassle-free ability to renew your licence at the touch of a button is the biggest winner. Simply make an in-App payment and your disc will be delivered to your door, says Singh.
The handling and delivery fee of R excludes the renewal amount, and saves you queues, questions and the frustration of computer malfunctions at the Traffic Department or Post Office. For only R95 a month, this add-on puts you in the driving seat by offering:. Right now this is the closest you will come to a self-driving experience! The days of clients fitting in with companies are over. Today it's up to corporations to listen to their clients and deliver solutions that bring value.
So, with Secure Chat, they can, at their convenience, log in and have an open conversation with a skilled professional," says Virgillito. This puts your bank in your pocket, be it during a board meeting or while you are waiting for your next flight at the SLOW Lounge. You'll access Secure Chat in the top right-hand corner. The Secure Chat service automatically drives customers to the FNB Banking App, and this is an intentional move on the part of the bank. Locally or internationally you can connect to a hotspot and talk to your banker with confidence because, by using the App, you are secure and authenticated," explains Virgillito.
Or, if a client requires an additional level of service, the request can be rapidly escalated to the right expert. But, for now, you have access to a trained professionals and a personalised service which offers the following services:. While these are all great services, Virgillito stresses that "a client should not be limited to these five things.
The App and Secure Chat service are about giving you access to your information in the palm of your hand, all day and all night. Secure Chat is just a more convenient, more secure and more accessible way of delivering you the best service.
Ultimately it comes back to 'how can we help you to help yourself'. In this respect the award-winning FNB Banking App has been a huge breakthrough in banking convenience. This requires that FNB keeps innovating and ensuring that clients find personal value in using this platform, even if their support team generally deals with their banking needs or they are comfortably reliant on their private banker. Like a WhatsApp conversation it is easy to use, says Virgillito, and a record is kept of every conversation.
It's what our clients called for. Heritage meets contemporary flair at Steenberg. Your Steenberg experience includes a superb neo-bistro three course meal prepared by Executive Chef Kerry Kilpin at Bistro Sixteen82, an establishment rated among 20 of the world's best winery restaurants.
Marvel at the mountain views at Beau Constantia. Beginning at just R per person, you will enjoy a glass of Cap Classique on the steep agricultural slopes of Constantia Neck as you take in the beauty of the Beau Constantia boutique wine farm and gaze out over False Bay. You will be treated to the culinary excellence of acclaimed Executive Chef Ivor Jones formerly of The Test Kitchen who will prepare a gourmet set menu of eight tapas served over three courses at the Chef's Warehouse - a gastronomic delight that you won't want to end.
Reconnect with the land at Klein Constantia. Starting at just R1 per person, you will embark on an off-road 4x4 tour up into the spectacular vineyards where you will enjoy a glass of bubbly while taking in the exquisite views. Subject to his availability, you could also experience meeting Matthew Day, one of the new wave of young winemakers energising the Constantia Valley and get his personal take on the rich history of the Klein Constantia Estate.
With December just around the corner, now is the perfect time to consider enhancing your Wade Bales Fine Wine and Spirits experience with additional eBucks Lifestyle special offers in order to get maximum value and enjoyment out of your Cape Town visit. Furthermore, to ensure that you enjoy your tasting experience without worrying about drinking and driving, take advantage of eBucks Lifestyle's point-to-point vehicle transfers from Avis.
To find out more about any of these exclusive offers or to book, log in to eBucks. Terms and Conditions and Disclaimers, including Tax Disclaimers, located above apply to your participation in the eBucks Rewards Programme. By participating in the eBucks Rewards Programme you acknowledge that you have read the latest version of our Terms and Conditions and Disclaimers and consented to them.
Please contact our Contact Centre if you cannot access our Terms and Conditions and Disclaimers. Coffee and Chocolate Expo Cape Town October , Durbanville Racecourse, Cape Town If you're a coffee aficionado or lover of chocolate then brace yourself with a celebration of cocoa and beans during the third instalment of Cape Town's Coffee and Chocolate Expo.
Find out about the origin of your favourite hot beverage and learn how to pour the perfect cup at the Chocolate Theatre. Additional highlights include a chocolate pairing with various liquors, whiskies and, of course, fine wines.
Plus expert chocolatiers who be on hand to discuss the craft of fine chocolate making. Words in all their manifestations are the focus of the Leesfees, and this year comedy and satire join the programme in the form of comic talent Nik Rabinowitz. For all the readers out there, this festival is a must! Ficksburg Cherry Festival November , Ficksburg, Free State This annual festival, held in the sleepy town on the foothills of the Maluti Mountains, is the longest-running crop festival in South Africa, dating back to It is also Ficksburg's main opportunity to grab some of the action on the South African tourism circuit.
A number of programmes run concurrently throughout the festival, including children's events, and live music to workshops. Popular events include wine and chocolate pairings, an introduction to cooking with cherries, and a range of sports events, including a fun run and road cycling race. A great event for the whole family. Entrepreneurs are the lifeblood of any successful and sustainable modern economy.
Their innovation, drive and passion is to be applauded and supported. So, having celebrated entrepreneurship week in November, we turn the spotlight on the creators, the drivers, the entrepreneurs, the future business magnates in this, our last newsletter of Not only do we look at the ways in which to foster business development for entrepreneurs, we also explore the world of young entrepreneurs and unpack ways in which to spur on children's instinctive entrepreneurial spirit.
It's a fascinating world and one which holds great promise for the future of this country. Despite this positive potential, entrepreneurship too is being hamstrung by the current spate of uncertainty in our economy and politics. As a result of the importance of this event to the future of our country, we take an in-depth look at the possible scenarios on the table and what each might mean for South Africa and for your investments in the year ahead.
A trend we have observed in , which could be due to the political uncertainty in South Africa currently, is emigration. At this juncture we would like to remind clients looking to relocate to other countries to discuss the process and implications with FNB Private Wealth. For those simply looking to externalise more wealth, there are a number of options on the table, from taking advantage of the R1 million annual Single Discretionary Allowance, the R10 million annual Foreign Investment Allowance and a more regulated ability to take amounts in excess of R10 million offshore.
In all instances we can provide further guidance and, where necessary, assist you via Ashburton Investments and FNB Securities. Finally, with the festive season upon us, we take the opportunity to run through some essential security tips and insights. Our message is simple: Enjoy a hardearned rest and recharge your batteries, but remain ever vigilant in both the real and online worlds. The FNB Private Wealth team would like to take this opportunity to wish you and your family a happy and peaceful holiday season.
We look forward to finding new ways to help you in Every year since commentators have looked back and described the years that was as a 'rollercoaster' ride filled with uncertainty. Egged on by Nenegate in December , was billed to deliver more uncertainty to South Africa.
And it certainly delivered. The beginning of the year set the tone for a period during which South Africa - like the rest of the world, was impacted by external economic factors, as well as by internal political and policy concerns. Moody's and Fitch followed shortly thereafter. The economy entered a technical recession and, as I write, confidence remains weak with no signs of recovery, unless we see aggressive and forward-thinking policy amendments coming on stream rapidly.
Furthermore, government finances have disappointed and it appears that fiscal consolidation has been placed on the back burner. This has increased the risk of another sovereign downgrade, as the country witnessed in late-November when Standard and Poor's again led the pack by downgrading South Africa's local debt.
This time, Moody's and Fitch stood firm on their assessments. But it's not all doom and gloom. There are green shoots worth noting on the economic, social and political front; all of which come together to paint a more positive picture of the future for our somewhat tender country. We are currently living through a time during which previously hidden issues are being aired in public, from allegations of state capture, to the condition of our stateowned companies.
This rising level of transparency is heartening, both from a civil society and a political perspective. In particular, we have seen a rising involvement in of business both taking a stand and being compelled to walk the compliance talk, putting the spotlight - quite rightly - on ethical practices, responsibility and integrity.
In this context, the fact that people can voice their objections openly speaks to the strength of our Constitution and judiciary, as well as the country's strong culture of civil action. This trend will certainly continue in and beyond. From an economic perspective, South Africa has just weathered a significant drought to produce what is likely to be the largest harvest of grain in 36 years. Broadly, and most fortunately, the economic underperformance experienced over has been cushioned by an upswing in global growth, commodity prices, and a search for yield.
And, despite unsettling events at home, the rand has remained resilient. Inflation continues to moderate and this has allowed the central bank to ease interest rates.
Our external balances continued to improve over the year the current account deficit for the first six months of the year is These positives highlight the fact that, fundamentally, South Africa remains an attractive investment destination. And yet we have the threat of additional ratings downgrades hanging over our heads.
Well, these pending downgrades are a function of weak economic growth and the lack of implementation of growth enhancing policies. With that said, there are low hanging fruits which could boost confidence in the short term but which require follow-through in the medium to long term. In short, it is possible to turn the situation around. In the absence of action, however, South Africa will unfortunately find itself not only out of the World Government Bond Index, but facing multiple downgrades.
Much hinges on the outcome of December's ANC Elective Conference and the certainty or uncertainty which comes from that key vote. South Africa should know the outcome by 20 December ; this will give us guidance as to which policies will be adopted by the ANC and who will be leading the party into the elections.
Uncertainty and the undoubtedly rollercoaster year to come are, of course, also opportunities to examine how we do things, how we innovate and how we improve our service offering. Both from a strategic perspective and from a technological vantage point, we will continue to build on our digital, efficiency and client-centric focus of This trend will continue and accelerate in and beyond as we strive to constantly improve the way you transact, lend, invest and insure.
Like , the next 12 months will raise challenges and bring up uncertainties. At FNB Private Wealth, we approach years like this with the conviction that how we steer ourselves through these events will set us up well for the future.
In the words of the great statesman Winston Churchill: Most countries around the world are currently living under a pervasive and globally relevant trend: Marx cites the recent Kenyan elections, Brexit in the UK, the leadership uncertainty in China as Xi Jinping's tenure comes to an end, as well as geo-political tensions between North Korea and the United States as examples.
Much of this South African uncertainty springs from who the ANC will elect as its next leader and, most likely, the next president of the country. While much speculation about the ultimate outcome is engulfing the country currently, what is crystal clear is that whomever the victor, they will be faced with a strong need to prioritise economic growth if South Africa is to lift out of the stagnation.
FNB Private Wealth is, therefore, focusing less on the candidates and more on the macroeconomic policy and institutional regimes that could shape the macroeconomic outlook of the country.
In this scenario, says Matikinca, South Africa would experience domestic structural change that lifts productivity as well as business and consumer confidence meaningfully. Measures which need to be adopted to achieve this could include: In this regime, South Africa experiences strong economic growth, lower inflation and repo rate, and South Africa will eventually earn back its investment grade status. This stalemate outcome, explains Matikinca, would see a high degree of policy uncertainty being maintained and structural reform stagnation continuing.
Business and consumer confidence would not improve if such a scenario were to play out. In fact, trend growth would remain weak, resulting in further pressure on government finances. South Africa would lose its investment grade status and sovereign ratings would remain under downward pressure. However, the independence of South Africa's institutions is seen as remaining relatively strong. Populist policies that lead to more government intervention in the economy and a shift from fiscal prudence to fiscal carelessness would be adopted under such a scenario.
The shift to popular spending would lead to increased domestic demand, which would be met by low production capacity. Consequently, inflation would lift notably and monetary policy would rise in response to higher inflation. Confidence and investment activity would decline yet further. In this situation, South Africa would experience a protracted recession from onwards which would translate into the further deterioration of government finances and multiple downgrades, says Matikinca.
What does this mean for your investments? Irrespective of the outcome of the ANC Elective Conference in December, diversification will continue to be the dominant theme in the year ahead.
This ensures that portfolio risk is reduced, while taking advantage of the growth opportunities inherent in a diverse investment portfolio. In this way clients will be well positioned to maximise their risk-adjusted returns.
Based on the above scenarios, our base case of the most likely outcome is the Reformist Stalemate which, we believe, had already been largely priced into the asset class valuations.
So, our weightings are not too far from their respective benchmarks. With talk of looming downgrades and amidst economic and political uncertainty, many South Africans are looking to externalise their wealth. Fortunately, explains Chantal Robertson, Head: FNB Private Wealth's simple and effective processes and systems for building your wealth also extend to sending your money offshore. South African residents have the broad ability to invest offshore and, as an FNB Private Wealth client, you have various options to diversify and access international markets.
South African resident individuals of 18 years and older are entitled to:. Single Discretionary Allowance of R1 million. This may be used for a range of cross-border transactions, including travel, gifting and foreign investment. No tax clearance is required should you wish to avail yourself of all or part of your Single Discretionary Allowance for foreign investment.
Foreign Investment Allowance of R10 million. This allowance is subject to tax clearance, but fortunately FNB Wealth and Investments can assist you with the tax clearance application process. Foreign investment in excess of R10 million. Not many people are aware that an individual may apply to take out more than the allowances mentioned above. Certain conditions are imposed on how and what you invest in offshore, however thr FNB Wealth and Investments team can guide you through the process.
With FNB Private Wealth's innovative solutions your investment strategy can be fairly flexible whilst remaining within the regulatory framework, thereby giving you the freedom to choose how and where you would like to invest your wealth.
Plus by using FNB Private Wealth's online banking service or the FNB Banking App, login and go to the Forex tab you can transact internationally while saving on transaction charges, securing a better exchange rate, and even enjoying eBucks rewards on Global Payment and Global Receipt transactions standard eBucks Rewards rules apply.
If you're looking to invest offshore and require more information please get the ball rolling by speaking to your Private Banker. Should you still wish to make use of the FIA, we encourage you to get in touch with us as soon as possible to get the process moving as the tax clearance process can take up to one month.
Each November, a week is dedicated to celebrating the world's entrepreneurs. Globally this takes place through discussions, presentations and the active support of current and would-be entrepreneurs. Business owners, large and small, are the lifeblood of any economy; and fostering their development and success is widely regarded as boosting a nation's bottom line.
Anyone who enjoys history, and particularly unpicking the makings of the United States of America, will point to the spirit of innovation which spurred on that country's 'start-up' culture and capitalistic credentials. In his book, Americana: The fact that you have a lack of stigma in this country with failure - that I think is a very big thing.
In South Africa, this failure-friendly, risk-open approach to starting a business is less evident, which is likely why we have fewer Zuckerbergs, Gateses and Jobses rising up. However, in the ranks of the wealthier segments of society, many high-net-worth individuals are increasingly willing to take on more risk when investing in promising business start-ups.
Often, this investment finds its expression through early-stage angel investing which tends to provide seed capital courtesy of affluent families or individuals or, in more formalised cases, venture capitalism for start-up businesses or to facilitate expansion.
In South Africa, the match-up between willing angel investors and good entrepreneurial ideas holds great potential. It also presents endless opportunities for wealthy individuals who have a keen eye for talent and are eager to back viable concepts in order to make a good return. This includes investing in expert advice.
You need to be adequately informed about the sector, the type of business, current and past trends, as well as risks, in order to determine if you are making a good investment, says Enslin.
Seeking advice from knowledgeable experts who have earned their stripes in this field can only work to your advantage. He points out that would-be angel investors should also bear the following in mind:. To be successful you need to have an appreciation for entrepreneurship.
Given the high failure rate of new businesses that get started in South Africa, you have to make room for failure.
Success is never guaranteed. You may only begin reaping the rewards after 5 to 10 years. While you may be captivated by an innovative concept, don't lose sight of the basics, like a comprehensive and succinct business strategy, drive and determination of the leadership, passion, risk appetite, expertise, financial management and business culture. Angel investors often offer more than just capital injection, but have a good level of involvement in the businesses they are supporting. This can be in the form of mentorship support or offering strategic direction as an executive board member.
Investing in the personal and professional growth of the entrepreneur is also of the utmost importance. As much as affluent individuals enjoy the input of wealth advisors and specialists working behind the scenes, so too do entrepreneurs need financial support and know-how. FNB Business provides free accounting services, such as Instant Accounting, online documents reservation services, and is currently forming a partnership with the CIPC to digitise South Africa's business registration processes.
All pain points for the average entrepreneur. For all young entrepreneurs willing to take the plunge of being a self-starter in an effort to make their own mark, there are some fundamentals to success, believes Enslin.
Entrepreneurship can only be successful if a solid wealth management plan, which encompasses goals and aspirations, has been established. When executed correctly the model and principles can be replicated across multiple generations, he says. That includes building a profitable venture which can be sold for a premium, being open to diversification, looking towards the long-term future of a business, and taking each step along the road seriously.
Launching, running and nurturing a business is not a short-term game, it is a responsibility which - for some - will be handed down from generation to generation; all the while growing communities and empowering individuals. This is why we celebrate entrepreneurship and those who dare to dream. December may be the season to be jolly, but it also goes hand-in-hand with fraud attempts, theft and mall robberies.
While some events are thrust upon us, others we have full control to avoid. You can outwit the scammers and the skelms, here's how and what to be aware of:. Since the first ATM changed the way we get cash, deposit cash and bank, back in , ATMs have sprung up around the country.
Today there are over 29 ATMs around South Africa, reports BusinessTech, making these handy machines a simple, effective and efficient way to bank. She points out that 'shoulder surfing', a method used by fraudsters to take your card and view your PIN details while you are using an ATM, is something of which you should be particularly aware of.
If you are a business owner and you deal regularly in cash deposits, then you must exercise particular caution, says Odayar. If anything seems dubious or out of the ordinary, then cancel the transaction and report your suspicions by calling the number on the back of your FNB card.
Stay alert to avoid card skimming. Another common technique used by criminals is card skimming, where a skimming device is installed into an ATM or a POS device mobile point-of-sale terminal to obtain the details of the card. If, when inserting your card, the port seems unstable or 'wobbly' then cancel the operation immediately and report the machine.
An ATM machine will always ensure a snug fit for your card. Keep your card, PIN and digital login details secret. Never compromise your PIN details, as it is your personal gateway to your account.
This includes never writing it down or sharing it with anyone - even your family, friends and bank officials. Similarly, when it comes to online banking login details, these too should be private and for your eyes only. Nobody should have your login information but you. This also applies to online shopping, where you have to input your credit card details onto external websites.
Beware of signal loss while transacting digitally. Save FNB Fraud's contact details. Keeping an open line of communication with the bank is essential. If your cellphone is stolen, or if you change cellphones, you should immediately let the bank know in order to de-link your FNB Banking App from the previous device and reconnect to your new or replacement cellphone.
There are also instances where things go wrong with technology so, if your card is swallowed by an ATM, ensure you call FNB immediately to cancel the card. Keep the FNB Fraud number saved in your phone: When in doubt, err on the side of caution. Leave the risk taking for the roulette table and not for the banking universe. If you can remember the days of pre-online banking, when lengthy queues and branch visits were the order of the day, then you'll also remember how any change to your banking profile or account required time and patience.
No matter where you are, sunning yourself on a tropical beach or exploring a new city, FNB Private Wealth's digital channels allow you to quickly and securely manage your cards.
At the touch of a button or the swish of a screen you can:. There is no better travel companion than the peace of mind which comes with secure, flexible, self-sufficient banking, courtesy of the FNB Banking App and Online Banking. Now the only queues you need to worry about involve getting into a renowned Michelin starred restaurant or one of the world's finest galleries or museums. What does that mean for you as a valued eBucks Lifestyle client?
Well, this new offering affords you the opportunity to enjoy some of the world's most iconic sporting events courtesy of our tailored sporting getaways. For we've created an array of unforgettable opportunities for the sporting enthusiast, here are four to whet your appetite:. As an eBucks Lifestyle client you'll not only enjoy four days of up-close excitement, but you are invited to play three rounds at any of the following prestigious golf clubs: Saadiyat Beach Golf Club, an unparalleled location skirted by the cobalt waters around Saadiyat Island; Abu Dhabi Golf Club, a hole oasis in the desert dotted with palms and saltwater lakes; and Yas Links Golf Club, a magnificently designed course which is renowned for testing professionals, enthralling amateurs and exciting beginners.
You'll be treated to the finest Lanchashire hospitality courtesy of your eBucks Lifestyle credentials, while being entertained by outstanding action from the uninterrupted views of the luxurious Sir Alex Ferguson Stand.
Enjoy summer in July at the All England Lawn Tennis Club as the world's best tennis players battle it out for the prestigious title of Wimbledon Champion. Your eBucks Lifestyle membership will secure you Platinum Hospitality and a sought-after reserved seat for one day on Centre Court to enjoy the atmosphere and enchantment that comes with the world's oldest tennis event.
The US Masters is one of golf's most prestigious events. This invitation-only tournament is in its 82nd edition at the celebrated Augusta National Golf Course and continues to attract the cream of the world's golfers. Through eBucks Lifestyle, enjoy access to the Rocky Patel premium cigar lounge and grab the chance to show off your skills at the three-hole putting course.
As we move into now is the ideal time to pen some downtime into your diary and secure your front-row seat When: There are countless things to do before you jet off for a well-earned break: High on your list of things to do is likely to be foreign exchange. Simply log into your Online Banking profile, order your forex within 60 days of departure and, hey presto, it will be delivered at no charge to your home or office.
You can also top up the balance using FNB Online Banking while travelling, if something appealing unexpectedly catches your eye. Showing that it really does pay to plan ahead! With the rand likely to come under more pressure in the months ahead, given poor fundamentals in the economy, there are many travellers who are looking every further ahead, to next year's holidays or even and beyond.
If, like these individuals, you are worried about the exchange rate's impact on your vacation plans then consider opening a FNB Global Account, which allows you to save in foreign currency at any time of the year.
Then save in euros and spend in euros? Heading to the Big Apple? Then save in euros and spend in euros. In addition to this, travellers who have a Multi-currency Cash Passport can transfer funds from their Global Account and use the Cash Passport to make purchases and withdraw from ATMs displaying the Mastercard acceptance mark in any of the four currencies available on the card.
While you are on the road or outside the country this festive season, remember that your team of dedicated FNB Private Wealth support bankers are just a message away. The FNB Banking App universe is fully secure, making transacting via the App your best option for international banking transactions. Simply log on via a Hotspot and we'll take care of the security.
Plus, for your peace of mind, enable overseas roaming to get SMS alerts to help you monitor your spending while travelling. By virtue of using the FNB Banking App we'll know if you are travelling abroad, but it's always better to be safe than sorry so do notify your Private Banker about your trip, where you are visiting and how long you'll be away. This will ensure we keep a vigilant eye on your accounts in the event of any suspicious activity. Bear in mind that fraud is not just a South African affair - international gangs and syndicates prey on overseas tourists so, if you are out of the country or even just out of town, be mindful of protecting your personal information against identity theft.
Don't leave cards and passports lying around your hotel room, rather make use of the safe in the room. Also, never forget that FNB will never communicate with you via email or SMS in a manner that requires you to open links, so be aware of the nature of emails and SMSes you may be receiving on your cellphone. When in doubt, delete.
The Ins and Outs of Priority Pass. While travelling abroad FNB Private Wealth clients have the option of kicking back in a variety of independent airport lounges between flights by making use of the complimentary Priority Pass service courtesy of eBucks Lifestyle. To qualify for your complimentary Priority Pass Membership, you need to order a Priority Pass card online. It takes 17 working days to process your Priority Pass order, so don't leave the application process to the last minute if you are planning to travel in the near future.
Priority Pass gives FNB Private Wealth clients access to a network of more than airport lounges worldwide, provided you have booked in advance and have the required reward level. Because Priority Pass works on a tiered rewards level, make sure to check that you qualify for the benefit before applying by checking on the FNB Banking App or calling the Service Suite on Remember, Priority Pass is exclusively for international airport lounge access; not for domestic lounge access.
It is often said that South Africa is a microcosm of the world, a fact that is reflected in the country's youth employment statistics. So, not only does South Africa mirror the global state of affairs but the situation here is worse.
Faced with these daunting statistics, entrepreneurship has been touted as an elixir for the country's youth and as a possible engine to ignite economic growth across the board.
How best to nurture the instinctive entrepreneurship of young South Africans to enable them to spot opportunities and have the confidence in their abilities to start businesses across multiple sectors. Within the FirstRand Group, two avenues for youth entrepreneurial support exist: Valve, the company that owns Steam, enlisted Bitpay as the payment processor to facilitate Bitcoin payments and help target international customers where credit card payments weren't as ubiquitous.
The initial production version of the first decentralized marketplace software, OpenBazaar, was released to the general public. The goal of the project was to facilitate peer-to-peer trade without a middleman, fees, or restrictions on trade. The software allows users to create virtual stores where buyers can purchase goods using Bitcoin. Influential members of the Bitcoin community met in Hong Kong to discuss a development plan and timeline for scaling Bitcoin.
The closed-door meeting included over 30 miners, service providers, and Bitcoin Core developers and was meant to address solutions to the block size debate. The meeting concluded with a public statement proposing the group's support for the new Segregated Witness functionality, and making a hard fork in the Bitcoin protocol available that would increase the block size limit between 2MB and 4MB by July Others in the Bitcoin community denounced the meeting as being inconsequential as the parties involved represented a small handful of Bitcoin companies and special interest groups.
In a public blog post, Mike Hearn declared that Bitcoin had failed and that he will "no longer be taking part in Bitcoin development". Hearn was an ex-Google developer who had been heavily involved in the Bitcoin community and related projects since the early days of the cryptocurrency. His most popular project was bitcoinj, a Java implementation of the Bitcoin protocol.
Hearn's post blamed Bitcoin's alleged failure on a number of reasons: Others in the Bitcoin community accused Hearn of purposely attacking Bitcoin in order to promote his new employer, R3 CEV, a startup focused on using blockchain technology to improve the operations of the global banking industry.
Wright was either Satoshi Nakamoto or a "brilliant hoaxer". Gwern cited a number of Wright's deleted blog posts, leaked emails, and transcripts that seemed to suggest Wright is Bitcoin's creator.
Another document detailed that Wright had access to a Bitcoin trust worth 1. However, none of the leaked documents Gwern claimed to possess were published. Within hours of the article being published, Wright's existing online presence was mostly removed from the web. The Unicode committee accepted the Bitcoin currency symbol uppercase B with 2 vertical bars going through it, but only visible at the top and bottom to be in a future version of the Unicode standard.
The Economist , a globally popular British publication focused on economic liberalism, made it's article "The Trust Machine" the featured cover story of it's weekly print edition. The article focused mainly on the utility of blockchain technology, promoting the idea that banks and government institutions may implement their own blockchains to create "cheap, tamper-proof public databases".
The ruling acts to classify Bitcoin and related alt-coins as currency, instead of goods or property. Upon launch, the exchange was licensed to operate in 26 states and was able to "service both individual and institutional customers" due to its LLTC corporate structure. The exchange aims to be fully compliant with US law with a policy to first "ask for permission, not forgiveness".
The release illustrates an ongoing controversy in the Bitcoin development community: Bitcoin XT implements BIP , which proposes "replacing the fixed one megabyte maximum block size with a maximum size that grows over time at a predictable rate". The release of Bitcoin XT culminated fears that the Bitcoin community may not be able to reach a consensus on the issue, and the blockchain may hard fork, resulting in two separate versions of Bitcoin's global ledger. Gox, was arrested in Japan on charges of fraud and embezzlement in relation to collapse of the exchange.
Karpeles faces allegations of illegally manipulating trade volume and the personal use of client deposits, of which may have led to the exchange's insolvency. Gox is thought to have ultimately lost , Bitcoins of customer deposits. Bridges is awaiting sentencing in December Superintendent of New York State Department of Financial Services, Benjamin Lawsky, released a set of customized rules meant to regulate Bitcoin and digital currency businesses that serve customers located in New York state.
These regulations are the first ever directly targeted at digital currency businesses. According to the regulations, digital currency companies that serve NY customers must apply for a "BitLicense" within 45 days or be considered in "breach of the law". In response, New York based customers were banned and expunged by a number of Bitcoin companies, including Bitfinex, Kraken, Bitquick.
After a month-long jury trial that ended in Ulbricht's conviction, Judge Katherine Forrest sentenced Ulbricht to life in prison without parole. Ulbricht had been found guilty on 7 charges of money laundering, computer hacking, and conspiracy to traffic narcotics in February due to his role as the operator of the Silk Road marketplace a.
In a letter to Judge Katherine Forrest prior to his sentencing, Ulbricht admitted to running the Silk Road and made a plea for leniency. The judge's sentencing statement hinted that the harshness of the sentence was to make an example of Ulbricht: The VC backed startup Coinbase Inc. The company founders stated they had worked for months to obtain various licenses from state financial regulators, allowing them to legally accept customers from 25 different US states.
The new platform will operate like a traditional exchange: The exchange platform is to remain separate from their Bitcoin outlet operation, which in contrast, allows customers to buy and sell Bitcoins directly from Coinbase. The attackers used social engineering against Bitstamp system administrator Luka Kodric to gain access to 2 of Bitstamp's servers and subsequently the hot wallet's private keys.
The wallet was completely drained of all bitcoins shortly thereafter. Upon discovery of the breach, Bitstamp immediately shutdown the exchange's operations for 8 days as it audited its systems and rebuilt its trading platform. The theft represented "a small fraction of Bitstamp's total bitcoin reserves" as the majority of the company's Bitcoin funds remained untouched in offline "cold" storage. No customer account balances were affected. However, according to a leaked internal Bitstamp report on the incident, the damage to the company's reputation and customer confidence far exceeded its monetary Bitcoin loss.
Labeled Bitcoin's "First Felon", Charlie Shrem, the CEO of bitcoin exchange BitInstant, was sentenced to 2 years in prison for his role in laundering money for users of the Silk Road, an online marketplace that catered to illicit goods and services.
Microsoft revealed it will accept Bitcoin from US customers for "apps, games and other digital content" offered on the Windows and Xbox online stores. The announcement was made via a post on the tech giant's blog and stated that Microsoft had partnered with Bitpay for Bitcoin payment processing.
The order was dubbed the "BearWhale" by the Bitcoin community due to its unprecedented size. Over the next 24 hours, the entire BearWhale order is fulfilled on the exchange via buy orders. Braintree, a subsidiary of Paypal, announces that it is partnering with Coinbase to accept Bitcoin payments on their platform. Over the next three months, the two companies will work on integrating Bitcoin payment processing for Braintree merchants.
The Bitcoin payment option will be seamlessly enabled for all merchants on the platform. Braintree merchants need only sign up for a Coinbase account and link it to their Braintree account. The news adds to speculation that Paypal is becoming more favorable towards Bitcoin, and may eventually integrate it into their own payment processing system. Founder Michael Dell announces on Twitter that dell. Customers in the United States only can purchase any product listed on Dell's online marketplace using Bitcoin.
All Bitcoin transactions are to be handled by Coinbase, a Bitcoin payment processor. This announcement follows a number of other major online retailers' acceptance of Bitcoin payments in Overstock on via processor Coinbase, Tiger Direct on , and Newegg on via processor Bitpay.
Lawsky, Superintendent of New York's Department of Financial Services, announces a proposed set of regulations for businesses that interact with Bitcoin and cryptocurrencies. The goal of the new regulations, according to Lawsky, are to help "protect consumers and root out illegal activity — without stifling beneficial innovation". Affected entities would be exchanges, mining pools, bulk Bitcoin sellers, and altcoin software creators based in New York state, or that have customers in New York state.
News of these regulations are generally rebuked by the cryptocurrency community. Nearly 30, government seized Bitcoins, obtained by the US Marshals Service during the October bust of the Silk Road website, are auctioned off in chunks of 3, bitcoins. A single bidder venture capitalist Tim Draper won every auction, indicating that his winning bid prices were far higher than the current market price.
With a majority of the Bitcoin network hashing power, GHash. The pool also issues a press statement declaring that it will attempt to limit its hashing power to The People's Bank of China's frequently updated restrictions against Bitcoin finally pressure some Chinese banks to issue a deadline against several bitcoin exchanges, requiring them to close their accounts by April Although some are spared the warnings, the uncertain regulatory environment holds some prominent loopholes that virtually all Chinese exchanges quickly adopt.
Using offshore banks, novel cryptographic voucher systems and other solutions, these trading platforms continue to operate, but at greatly reduced volumes from their hayday in The IRS policy document declares Bitcoin to be property, not currency, subject to capital gains tax — with that tax calculated against every change in buying power for a given amount of bitcoin, from the time it's acquired to the time it's spent.
The decision is widely derided as unwieldy and overly complex, requiring users of the currency to record Bitcoin's market price with every transaction, subject to an array of largely unfamiliar calculations. Others, however, remark that the net tax paid may often be less than if Bitcoin were treated as currency proper - but to a market that emerged in tax-free innocence, it is a difficult blow to soften.
Based on speculations and interviews with Dorian's family, Goodman's article ultimately draws an enourmous amount of worldwide attention to Dorian Nakamoto, who denies any involvement in Bitcoin and asks for privacy from the media. After putting an abrupt halt to withdrawals on February 6, claiming that a hacker had exploited their own poorly-implemented software through the use of transaction malleability attacks, disgraced bitcoin exchange Mt.
Gox's website and trading engine go blank without official comment. Other exchanges and Bitcoin businesses issue a joint statement condemning the mismanagement, deception, and eventual collapse wrought by the executives of the Japan-based exchange, after an alleged leaked internal document showed that over , BTC were lost by the company.
Gox, Bitstamp, and BTC-e all experienced a stoppage of trading due to massive DDoS attacks that were apparently aimed at exploiting transaction maleability in the exchanges' software. Due to a host of problems at Mt. Gox, it may not be clear that the DDoS attack was primarily responsible for the problems they experienced on February 6th. Putting its first restraints on Bitcoin's surging popularity, the People's Bank of China declares Satoshi Nakamoto's novel invention not to be a currency.
The policy change prohibits any financial institution to trade, insure, or otherwise offer services related to Bitcoin. Over the following weeks, further restrictions slowly strangle the Chinese cryptocurrency markets, as exchanges repeatedly try to find innovative, lasting ways to stay in operation, and prices around the globe sink dramatically. Rapidly growing Bitcoin investment from China steadily drives prices higher and higher, reaching a peak on November 29th. Subject to strict controls concerning the movement of money across the country's borders, Chinese citizens embrace the freedom provided by Bitcoin with open arms, seeking an alternative to the state's inflating official currency, the Renminbi.
The origin of mainstream Chinese interest in Bitcoin is largely credited to Jet Li's One Foundation, which publicized a Bitcoin address for donations in the wake of the April 20th, Lushan earthquake and received over BTC in just two days, covered widely in the national media. Speaking in Chinese at an economic forum, Mr.
Announced under the title "Beyond Silk Road: Government panel's discussion is dim among the Bitcoin community leading up to the hearing. As the proceedings commence, however, many of the panelists and Senators agree that Bitcoin holds great promise. Following a trail of clues left carelessly across the internet, the U. Federal Bureau of Investigation in conjunction with other agencies manages to identify the alleged operator of the dark web marketplace, which saw most of its sales in illicit drugs.