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 and saw debt peaking at a higher level than in February when the main budget was tabled. Revenue collections in […]
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 warned that it could be lowered further if the government’s ongoing reforms to address the power crisis do not progress […]
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, but operations came to a halt when the company ran into financial problems. However, in July the business received a […]
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 prices. He warned against trusting lesser-known brands and to google the relevant companies, emphasizing that online purchases should be carried […]
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 third of the world’s economy to contract. “The three largest economies – the United States, China and the euro area […]
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 5.5% from 4.75% in what would be the biggest hike since September 2002. It’s already raised the benchmark by a […]
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 workers and of course, a shortage in generation capacity. Eskom has since confirmed that several striking workers have returned to […]
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 group cites a lack of enforcement of SA laws on Immigration, employment and by-laws. Western Cape provincial chair Sebele […]
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 globe as government-imposed lockdown restrictions stifled movement and saw businesses incurring added sanitizing and labour expenses, being driven into debt […]
VOC became the first Muslim radio station in South Africa when a special events license was granted to the station in Ramadan/January 1995. Subsequent temporary broadcast licenses were granted, permitting the station to broadcast for 24 hours.
