South Africa’s finance minister will propose tax changes next year as part of an effort to stabilise public finances that are under strain from a drop in mining revenue, a midterm budget review on Wednesday showed. The budget document presented to parliament projected wider deficits over the next three years[…]
Standard and Poor’s Global Ratings downgraded its outlook on South Africa to stable from positive, citing severe rolling blackouts. The rating agency says South Africa’s constraints on infrastructure and electricity supply could affect its economic growth. S&P has kept South Africa’s currency debt rating unchanged at sub-investment grade but has[…]
Having failed to take off, Mara Phones South Africa, which was rescued by Lebashe Investment Group last year, will now retrench staff. When it opened at Dube TradePort Special Economic Zone on the KwaZulu-Natal north coast, it was hailed as being responsible for the first smartphone fully made in Africa,[…]
INTERNATIONAL Algeria’s foreign reserves amounted to $60 billion by the end of 2022, the governor of the Bank of Algeria announced yesterday, Anadolu Agency reported. Salah-Eddine Taleb told reporters that the available reserves would cover the country’s import needs from goods and services for two and a half years. The North African[…]
LOCAL As Black Friday specials flood online stores and shopping malls, South Africans are reminded that fraudsters are particularly active during the festive season. CEO Manie van Schalkwyk says the Southern African Fraud Prevention Service has picked up on an increasing number of fake websites advertising non-existant products at low[…]
INTERNATIONAL The International Monetary Fund (IMF) has cut its global growth forecast for 2023 as economic pressures collide, from the war in Ukraine, high energy and food prices and sharply higher interest rates. The IMF warned on Tuesday that conditions could worsen significantly next year and said it expected more than a[…]
LOCAL The fastest inflation of Lesetja Kganyago’s almost eight-year tenure means it’s not a question of if the central bank governor will raise interest rates on Thursday, but by how much. Economists and traders aren’t ruling out the prospect that the SA Reserve Bank may lift the repurchase rate to[…]
By Loushe Jordaan Gilbert With South Africa constantly being left in the “dark”, economists fear that this might further cripple the economy. On Tuesday Eskom announced that the country will be moved to stage six loadshedding as the ailing power utility faced several issues such as a strike amongst its[…]
by Tauhierah Salie Amid high rates of unemployment, Operation Dudula has revealed it is launching a branch in the Western Cape this weekend to quote-unquote ‘take back jobs from foreigners’. The movement, led by 36-year-old Nhlanhla “Lux” Dlamini, emerged in Soweto during the height of riots in July last year.[…]
The tough economic climate that many South Africans find themselves submerged in amid the 2020 pandemic will not be easier this festive season. This is according to new data which revealed that the price of basic goods could increase during the festive season. The financial impact was felt across the[…]
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