News in South Africa 10th October: 1. Wrong side of the war: The war between Israel and Hamas could be another conflict in which South Africa is deemed to be on the wrong side. In a rand note, Investec Chief Economist Annabel Bishop said that the stronger-than-expected US payroll data saw the rand weaken to […]
News in South Africa 3rd October: 1. SA has run out of money: South Africa is facing a severe budget shortfall, and with a stagnant, over-taxed tax base and massive debt, the government has run out of ways to raise more money. This is the warning from the South African Institute of Taxation CEO Keith […]
News in South Africa 27th September: 1. Government to fail on its promises: South Africa is set to miss all but one of the 2030 development targets its National Planning Commission set just over a decade ago. Of nine targets set in the National Development Plan, ranging from employment to investment, five measures have deteriorated […]
News in South Africa 22nd September: 1. Global central banks high inflation credo: Central banks for the world’s biggest economies have served notice that they will keep interest rates as high as needed to tame inflation, even as two years of unprecedented global policy tightening reaches a peak. The so-called “higher for longer” mantra is […]
News in South Africa 20th September: 1. Rand stuck at R19/USD: The rand has been stuck at around R19/USD as markets worry about the deterioration in South Africa’s state finances, the risk of a global recession, and the US Federal Reserve’s aggressive monetary policy stance. This is according to Investec chief economist Annabel Bishop, whose […]
News in South Africa 19th September: 1. Load shedding suspended: Eskom will suspend load-shedding for an additional seven hours on Tuesday, 19 September 2023, due to improved generation capacity and reduced breakdowns. In a statement on Tuesday morning, the utility said that 13,577MW of generation capacity was unavailable due to breakdowns. Therefore, it would suspend load-shedding […]
News in South Africa 18th September: 1. Transnet costing economy R1bn daily: Last week, the Durban Chamber of Commerce and Industry called on Public Enterprises Minister Pravin Gordhan to remove Transnet CEO Portia Derby and other key executives, claiming their lack of service delivery is sabotaging business. This is the latest broadside against the state-owned […]
News in South Africa 15th September: 1. New SOE plan proposal: A radical new model for SA’s troubled state-owned enterprises (SOEs) could be on the cards, with the approval this week of the draft National State Enterprises Bill, which would lay the basis for private equity investment in state companies and listings on the stock […]
News in South Africa 13th September: 1. Stage 6 load shedding: South African electricity outages remain at record levels despite the state power utility burning through vast quantities of diesel to bolster output. Eskom said Tuesday that Stage 6 power cuts, whereby 6,000 megawatts of capacity is removed from the grid to prevent a total […]
News in South Africa 12th September: 1. 200 000 public job cuts: President Cyril Ramaphosa has called an urgent but long overdue meeting with organised labour for Tuesday, as the possibility of a further wage freeze, job cuts, and more cuts to government services hang over the country. Federations were urgently advised of the meeting […]
