Economy

 

Rand recovers as US Stocks whiplash

The rand broke below 12/$ overnight as US stocks clawed back more than half their losses seen Monday.

The Zuma saga continues as today’s ANC NEC meeting along with the State of the Nation Address was postponed in order to give more time for talks between Zuma and Ramaphosa (Indicating Zuma may have one foot out “the shower” door!).
Continue reading…

Enjoyed this post? Share it!

 
 

Steinhoff implosion staggers SA

Leave a comment

The collapse of Steinhoff International’s share price this week, following allegations of accounting fraud, is being described as the biggest corporate failure on the JSE so far, but it may just be the tip of the iceberg. On Thursday afternoon, Finance Minister Malusi Gigaba said he supported a decision by the Financial Services Board (FSB)..
Continue reading…

Enjoyed this post? Share it!

 
 

Have SITA And SAPS Been Captured? Scopa To Ask Questions About R6.1bn Expenditure

Leave a comment

The State Information and Technology Agency (SITA) appears to have become a site of capture by private interests, two investigations – by IPID and SITA itself – have revealed. The relationship between SAPS, the agency and Keith Keating, director of FDA and two other companies, Investigative Software Solutions and Risk Diversion Digital, also owned by..
Continue reading…

Enjoyed this post? Share it!

 
 

S&P Downgrades South Africa To Full Junk Status As Rand Slides

Leave a comment

S&P Global Ratings on Friday evening lowered its long-term foreign currency sovereign credit rating on the Republic of South Africa to ‘BB’ from ‘BB+’ and affirmed the ‘B’ short-term foreign currency sovereign credit rating. The outlook is stable. At the same time, the long-term local currency sovereign credit rating was lowered to ‘BB+’ from ‘BBB-‘..
Continue reading…

Enjoyed this post? Share it!

 
 

Gigaba: SA To Raise Revenue By R15bn In 2018’s Budget To Curb Debt

Leave a comment

South Africa will implement spending cuts of R25 billion rand and raise revenue by R15 billion in next year’s budget to contain growing debt, Finance Minister Malusi Gigaba told Parliament on Wednesday. Gigaba said the extra R40 billion, or 0.8% of GDP, would be used to tackle rising public debt which otherwise could balloon beyond..
Continue reading…

Enjoyed this post? Share it!

 
 

ANC regime is the reason why South African citizens live in poverty

Leave a comment

Two equal evils, poverty and inequality lie at the root of South Africa’s economic problems. Both should be treated equally. If the focus is only on inequality, it will create an economy where everyone is equally poor, except the elite which holds power, said adv. Anton Alberts, chairman of the FF Plus. Adv. Alberts said..
Continue reading…

Enjoyed this post? Share it!

 
 

Don’t be fooled by Ramphosa’s ‘New Deal’ or NDZ’s ‘radical economic transformation’

Leave a comment

It is now abundantly clear that the race to succeed Jacob Zuma as ANC president next month is between his deputy, Cyril Ramaphosa, and Nkosazana Dlamini-Zuma — the president’s former wife and preferred successor. No one else matters. All our attention should be focused on these two. Not that the other supposed candidates for the..
Continue reading…

Enjoyed this post? Share it!

 
 

South Africa Is On The Path To Zimbabwe If We Don’t Act Now

1 Comment

 Despite being called ‘hysterical‘ for warning people to get the money out of South Africa, economist Dawie Roodt insists that he is being completely responsible in warning citizens about the dark path the country is on. In a column published on Tuesday, Roodt said that South Africa is on the same route that many countries have..
Continue reading…

Enjoyed this post? Share it!

 
 

Zackie Achmat: SA is on the verge of ‘chaos’ – Yes we know that already!

Leave a comment

We must accept we are in an extremely dangerous situation where, unless we do something, we will create the moment of chaos.” This is the warning to South Africa from 55-year-old anti-apartheid activist and acclaimed Treatment Action Campaign (TAC) co-founder Zackie Achmat. “Everyone I know, all of us just hope Cyril [Ramaphosa] will win [the..
Continue reading…

Enjoyed this post? Share it!

 
 

How you will pay for Zuma’s free education plan

Leave a comment

The government is considering drastic budget cuts to fund free higher education, including cutting social grants, freezing the roll-out of RDP houses and increasing taxes. With the country facing an unpre-cedented R50.8‑billion revenue hole, a treasury document has been put before President Jacob Zuma by the presidential fiscal committee, outlining possible areas where budgets could..
Continue reading…

Enjoyed this post? Share it!