Latest news with #expenses
Zawya
a day ago
- Business
- Zawya
Swypex introduces Egypt's 1st approval-based business card
Arab Finance: Swypex, a financial management platform based in Egypt, has launched the country's first Approval-Based Limits Card, a product designed to help businesses manage expenses more efficiently, as per a press release. Offered through the Swypex Premium subscription, the card applies dynamic spending limits that are activated only after transactions are reviewed and approved. This setup allows finance teams to maintain oversight and enforce spending policies in real time. Modeled on the structure of petty cash management, the card uses a rotating balance system to ensure employee spending does not exceed approved limits. It replaces manual processes with a streamlined mechanism to improve operational control. The launch comes as Egypt continues to develop its financial infrastructure. While over 74% of adults are now financially included and mobile wallet usage is growing, 94% of business payments are still processed manually. Swypex aims to address these challenges with localized products built to meet international standards. The Approval-Based Limits Card is part of a broader Premium subscription, which also includes cashback, spend controls, and customizable approval workflows. The company is supported by a $4 million seed round led by Accel—its first fintech investment in the MENA region—and is licensed by the Central Bank of Egypt. Swypex's platform integrates payments, invoicing, corporate cards, and financial workflows into a single system. Business accounts can be opened in under three minutes. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
News24
2 days ago
- Business
- News24
Cabinet's travel splurge; UK blocks Malema: Today's top 7 stories in 7 minutes
News24 brings you the top 7 stories of the day. News24 brings you the top stories of the day, summarised into neat little packages. Read through quickly or listen to the articles via our customised text-to-speech feature. Hey, big spender! SA's travel-happy Cabinet racks up the travel bills - Despite strained public finances, Cabinet ministers' travel budgets remain unaffected. - ActionSA requested travel cost details from all 34 Cabinet members, including costs for support staff. - Responses showed varying travel habits among ministers, with some being big spenders and others more cautious. Charity 'icon' may have used donor money for beauty treatments, judge says - Tears Foundation founder Mara Glennie is accused of transferring R2 million in donor funds to her company, Fireworx Management Solutions, for personal expenses. - A court application revealed concerns about the financial management of the non-profit, leading a judge to dismiss the application and question the legitimacy of a supposed loan. - The judge has called on Glennie to explain why she shouldn't personally pay the court costs and directed regulators to investigate potential financial irregularities. UK declines Malema visa application due to his 'extremism' - Julius Malema has been denied a UK visa due to his support for Hamas and statements about 'cutting the throat of whiteness', deemed 'extremist' behaviour by the UK Home Office. - The Home Office cited Malema's past statements, including his intention to arm Hamas and his remarks about the potential for violence against white people, as reasons why his presence in the UK would not be conducive to the public good. - Future visa applications are unlikely to succeed unless he provides compelling new evidence and changes his stance. Bidders Choice Group Bentley, Maybachs, and Hiluxes: MaMkhize's Royal AM cars go under the hammer - A fleet of 14 luxury cars linked to Shauwn Mkhize and Royal AM Football Club is being auctioned to settle a tax debt. - The auction includes a rare Mercedes-Benz S680 Maybach 'Edition 100' and a Bentley Continental GTC, among other vehicles. - Bids open on 27 June and close on 2 July, with a R50 000 registration fee required for interested bidders. THEGIFT777/Getty Images Kyalami owner plans R180m upgrade amid F1 bid - Kyalami Grand Prix Circuit plans a $10 million (R180 million) overhaul to meet FIA Grade 1 standards for a Formula 1 race. - The upgrades will include safety features and improved spectator amenities, potentially taking three months. - South Africa is competing with other African nations to host an F1 race and needs government support and sponsors to fund the bid. (Gallo Images/Alet Pretorius) Boks laud Proteas for showing fight at Lord's: 'That's all SA want to see,' says Rassie - Rassie Erasmus was inspired by the Proteas' ability to overcome criticism and pressure during their World Test Championship win. - Siya Kolisi praised Temba Bavuma's tenacity and leadership, highlighting the team effort and individual contributions to the Proteas' victory. - Kolisi emphasised the significance of the Proteas' win, noting the challenges they faced and the team's resilience in achieving the historic victory. Kayla Oaddams/WireImage US filmmaker Tyler Perry faces explosive lawsuit as actor alleges sexual assault - Actor Derek Dixon is suing Tyler Perry for $260 million, alleging sexual harassment and assault. - Dixon claims Perry created a 'coercive, sexually exploitative dynamic' after promising career advancement. - Perry's attorney denies the allegations, calling them fabricated claims of harassment and a shakedown attempt.
Bloomberg
3 days ago
- Business
- Bloomberg
Ramp's Valuation Jumps 20% in Latest Funding Round
Ramp CEO Eric Glyman talks about the company's $200 million Series E funding round that values the company at $16 billion, and how the fintech company is adding AI to its expense tools. Glyman joins Caroline Hyde and Ed Ludlow on "Bloomberg Tech." (Source: Bloomberg)
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
The Underestimated Cost of Healthcare in Retirement - Your Money Briefing
As retirees get older, they could face additional costs including medication and doctors visits that could add tens of thousands of dollars to out-of-pocket expenses . Host Oyin Adedoyin talks with WSJ contributor Gail Marks Jarvis about how to prepare for unanticipated healthcare expenses in retirement. Full Transcript This transcript was prepared by a transcription service. This version may not be in its final form and may be updated. Oyin Adedoyin: Here's Your Money Briefing for Monday, June 16th. I'm Oyin Adedoyin for the Wall Street Journal. Saving for retirement is hard enough; where you choose to live once you retire can add tens of thousands of dollars in healthcare costs, and then you have to factor in the costs of doctor's visits and certain medications. Gail Marks Jarvis: There have been some estimates that have said that the average couple, instead of thinking they're going to spend $330,000, that maybe they'll have to spend over $600,000. That takes into account more of these unusual expenses that people may have to pay. Oyin Adedoyin: We'll talk with Wall Street Journal contributor Gail Marks Jarvis about where these sneaky medical costs come from and how to prepare for them. That's after the break. Americans tend to enter retirement in relatively good health, but as they age, their health may start to deteriorate, which could lead to recurring expenses that can squeeze even the most affluent retirees. Wall Street Journal contributor Gail Marks Jarvis joins me to talk about it. So Gail, planning for retirement is kind of like trying to see into the future in some ways. We're estimating how much money we're going to need to live comfortably in our 60s and 70s. Your reporting has shown that medical costs can be a blind spot in that crystal ball. Why is that? Gail Marks Jarvis: Well, in part it's because it's hard to know just what's going to happen to you medically. So a lot of people are going to go through retirement and spend about what Fidelity estimates, which is, during all of retirement, about $330,000 for a couple and about $165,000 for an individual. But you don't know if you are that average. What happens if you get sick and need drugs that are not covered by your drug plan, or what happens if you think you're really healthy when you're young and you move out to some isolated area and you get sick? So your expenses could be huge. Oyin Adedoyin: Those are some pretty interesting numbers. Let's say that I'm a retiree with a pretty healthy nest egg saved up like that. Guidance from Fidelity says that retirees should have 10 times their salary by the time they're 67. How much of this is estimated to be eaten up by those medical costs that you mentioned? Gail Marks Jarvis: If you have saved that 10 times amount and you average, you're probably going to be okay in terms of your medical costs. But if you start doing unusual things like going to a mountaintop to live in retirement where there's no doctors around or no good hospitals, that's going to change considerably. There have been some estimates that have said that the average couple, instead of thinking they're going to spend $330,000, that maybe they'll have to spend over $600,000. That takes into account more of these unusual expenses that people may have to pay. Oyin Adedoyin: One of the things that you explain in your story as one of those unanticipated costs is Part D Medicare. Can you talk a little bit about how that works and how that can add to those costs when you're retired? Gail Marks Jarvis: Just a few years ago, they added a new part of Medicare, and it's called Part D. and that's what's supposed to cover your drugs. You pay a premium every month, just like you pay a premium every month for Medicare. Medicare only pays about 80% of your medical costs, so the supplement pays the extra 20%, and the drug insurance pays some of your drug costs. But the key about Medicare Part D, the drug insurance, is that you are only covered by what your policy says they cover. What people don't realize is that their drug coverage is based on something called the formulary list that every drug plan has, and every drug plan is different. If you bought a drug plan and I bought a drug plan, each one would have a different formulary. So maybe a cancer drug would be covered in yours but not mine. So what do you do about that? If you're stuck with a drug that costs $9,000 and your plan doesn't cover it, for that year, you're going to have to pay the $9,000. But at the end of the year, you have the right to shop for a new drug plan. And what you can do then is pick a new drug plan that does have that expensive drug on the formulary list. And so instead of having to pay $9,000 again the next year, you pay only $2,000. Oyin Adedoyin: Wow. Those costs are really adding up. Gail, what are some possible solutions and ways that people can either prevent the situation or navigate it? Gail Marks Jarvis: Before they ever retire, while they're still on regular insurance, go to that community that they think they're going to live in, find a doctor, and get accepted by that doctor as a patient. They still could get turned down later when they go on Medicare, but doctors tend to continue to take patients that they have had even when they go on Medicare. A second step is just to realize that, for example, Florida is a place people go to cut their taxes, but they may have extra expenses, like they may pay more for medical care. So all of these things are things to think about in advance of retiring. Oyin Adedoyin: Speaking of in advance, Gail, I'm 25. This is all blowing my mind right now. I have a 401k through my job, and that's it. What can I do now to ensure that I don't end up in that predicament where I'm underestimating future medical costs by the time I'm retired? Gail Marks Jarvis: Well, it sounds like you're aware of the rule of thumb that when you go to retire, you want at least 10 times what you were making. But the other thing is, every year you should try to maximize what you're putting in your 401k, and you should make sure that you're at least getting the employer match. I have been shocked at the number of young people who say, "Oh, I have student loans. I'm busy. I can't figure out the 401k." And they skip it even though their employer would give them free money. Some of that free money, if you start in your 20s, that's liable to be like $250,000 of free money by the time you go to retire. So you don't want to ever give up that free money. Oyin Adedoyin: That's WSJ contributor Gail Marks Jarvis, and that's it for Your Money Briefing. This episode was produced by Ariana Aspuru with supervising producer Melony Roy. I'm Oyin Adedoyin for the Wall Street Journal. Thanks for listening.
News24
6 days ago
- Business
- News24
Five harsh financial truths for young people leaving home
Being honest with young people about the difficulty of doing it on their own is important. There is often little guidance on what to expect. Ask any adult what it was like entering the working world or moving into their own place, and they will tell you that leaving the nest was a big financial wake-up call for them. Not only was life vastly more expensive when no longer cushioned by the comfort and safety of one's parents, but they were also forced to face the realities of adulthood such as bills, rent, groceries – and what they really cost. Nine times out of ten they will also tell you that they wished someone had been honest with them about what to expect. 'Leaving school or university and joining the workforce marks an exciting but often uncertain new chapter, says Ruhan van Zuydam, a wealth management specialist at Consult by Momentum. 'Many young people step into adulthood with big dreams, yet little guidance on what to expect or how to build and protect their financial dreams. It's important that young people understand the harsh realities of adulthood so that they can kick off their financial futures on the right note. Ruhan van Zuydam Living is more expensive than you think The jump from student life to adulting often comes with a price shock. Rent, groceries, transport, Wi-Fi and unexpected expenses pile up fast. 'Taking responsibility for your expenses can be overwhelming, says Van Zuydam, 'but it's also a motivator to start budgeting, planning, creating a rainy-day fund and taking ownership of your financial future.' No one is going to advocate for you to get that career opportunity or promotion In school or university, someone may have guided or recognised your potential. In the real world, success isn't handed out – it's earned. You need to speak up, ask for feedback, build networks and actively position yourself for growth. Financial independence and opportunity do not come to those who wait, but rather to those who seek them. The earlier you get on the books, the easier your life will be Building a credit and insurance record early sets the stage for future financial ease. A solid credit history helps with everything from renting a flat to qualifying for a home loan, while some forms of insurance – such as life insurance – are often cheaper when you're younger, as you're seen as lower risk. 'Start small and let time work in your favour.' Be warned: living on credit will cost you Credit isn't free money – it's a future obligation. Living beyond your means on credit cards or loans can quickly spiral into unmanageable debt. 'Avoid unnecessary debt and prioritise needs over wants, Van Zuydam advises. 'If you must borrow, do so with a plan to repay in full – and as quickly as possible.' Most South Africans won't have enough saved to retire comfortably Don't be one of them. 'Retirement may feel like a distant concern, but starting early is key,' adds Van Zuydam. 'Thanks to compound interest, even small amounts saved from your first paycheck can grow into a substantial nest egg. 'Wealth creation doesn't happen overnight. It takes time, discipline and commitment – the earlier you start, the better.'
