News in South Africa 11th September: 1. SA losing $62bn annually to illegal imports: South Africa is losing more than $62 billion a year because of illicit financial flows (IFFs), which could be used to fund the building of schools, hospitals and safer roads. This was highlighted at a conference on increased illegal trading in […]
News in South Africa 6th September: 1. Households at breaking point: Households in South Africa have been hit by a “tsunami” of cost pressures, with the two biggest sources of energy now threatening to push many over the edge. The cost of petrol and diesel have shot up dramatically from today (Wednesday, 6 September), increasing between […]
News in South Africa 4th September: 1. Social unrest warning: South Africa is at high risk of social unrest due to its high unemployment, rising inequality, and increased lawlessness. PwC senior economist Xhanti Payi told 702 that South African companies will face increased uncertainty and volatility until the country addresses its major social problems. “This is something […]
News in South Africa 30th August: 1. 5 years more of load shedding: There is no ‘silver bullet’ to end load-shedding, and South Africa’s electricity crisis will be with the country for five more years, despite recent deals made with Chinese representatives. This is the view of energy expert and University of Johannesburg professor Hartmut […]
News in South Africa 29th August: 1. Over 900 businesses closed in 2023: Data from Stats SA shows that 140 businesses in South Africa were liquidated in July. According to Stats SA, the 127 businesses closed down voluntarily, while 13 did so on a compulsory basis. This takes the total number of liquidations in South […]
News in South Africa 16th August: 1. Unemployment concerns: Despite a slight drop in the unemployment rate economists still believe that far too many people in South Africa remain unemployed. On Tuesday, Statistics South Africa released the second Quarter Labour Force Survey for the period starting from 1 April to the end of June 2023. […]
News in South Africa 14th August: 1. Economy likely to grow: South Africa’s economy probably avoided a contraction in the second quarter, despite record power cuts, logistical constraints and sagging consumer confidence. In the view of analysts polled by Bloomberg Aug. 4-10, the economy stagnated quarter-on-quarter, compared with a forecast for a 0.1% contraction last […]
News in South Africa 2nd August: 1. US stripped of AAA rating: The US was stripped of its top-tier sovereign credit grade by Fitch Ratings, which criticized the country’s ballooning fiscal deficits and an “erosion of governance” that’s led to repeated debt limit clashes over the past two decades. The credit grader cut the US […]
News in South Africa 27th June: 1. South Africans severely indebted: South Africans are among the most indebted people in the world, with as much as 73% of disposable household income servicing debt repayments. Credit abuses and frailties in the legislative framework, compounded by financial illiteracy, leave borrowers vulnerable to manipulation by lenders. This is […]
News in South Africa 13th June: 1. Rand on the rise: Sentiment towards South Africa is slowly shifting, with markets embracing talks between the government and business leaders to address the energy, logistics and crime crises – while the state puts some substance behind its claims of neutrality towards Russia. According to Investec chief economists […]
