Mboweni’s budget in a nutshell

Finance minister Tito Mboweni’s first National Budget came with no real surprises or shocks. Given the pressure-cooker that is state finances, especially those of struggling power utility Eskom, it appears to be a well-balanced act. Government’s central economic policy goal remains to accelerate inclusive growth and create jobs, said the[…]

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Gigaba says no to nuclear

Finance Minister Malusi Gigaba says drastic steps are needed to help South Africa’s ailing economy – including freezing senior civil servants’ salaries and selling chunks of state-owned enterprises. In an exclusive interview with City Press on Friday, Gigaba unveiled the surprise moves, which include slamming brakes on the country’s estimated[…]

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Gigaba lashes SOEs, but another SAA soft landing

State-owned entities present a major fiscal risk to the economy, but two of them – SAA and the SA Post Office – will receive R8.5-billion in government funding, putting South Africa’s carefully maintained expenditure ceiling at risk of a R3.9-billion breach. Finance Minister Malusi Gigaba announced in his medium-term Budget[…]

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IMF demands Greece debt relief ahead of vote

The International Monetary Fund can only participate in Greece’s bailout if its European creditors produce a clear debt sustainability, a senior official has said. The threat came on Tuesday, a day before Greece’s parliament were due to start debating on a new package of austerity measures and economic reforms to[…]

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Black Sash happy with EAOs ruling

Social rights group Black Sash have hailed a momentous ruling by the Western Cape High Court, which has nullified emolument attachment orders (EAO) issued against 15 farmworkers. Wednesday’s ruling, made by Judge Seraj Desai, is expected to set a precedent which could help curb the abuse of EAO’s by loan[…]

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Garnishee orders an assault on human dignity – judge

A Western Cape High Court judge has ruled that the debt collecting procedure used by micro-lenders is “unconstitutional” and “an assault on human dignity”. The application, brought by the University of Stellenbosch and the Legal Aid Clinic on behalf of 15 consumers, focused on the processes employed by micro-lenders to[…]

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Greece given until Sunday for debt deal

Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe’s currency bloc and into economic ruin. “The stark reality is that we have only five[…]

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Greece needs extra €60bn in funds and debt relief

The International Monetary Fund has electrified the referendum debate in Greece after it conceded that the crisis-ridden country needs up to €60bn (£42bn) of extra funds over the next three years and large-scale debt relief to create “a breathing space” and stabilise the economy. With days to go before Sunday’s[…]

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SA debt measures backfire

Only 21c in every rand is available to the average South African household to pay for living expenses. The rest is used to pay debt, despite measures in the last two decades to curb levels of household indebtedness. What’s more, of the 20 million credit-active consumers in this country, 47%[…]

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