Economic justice

Controversial law, economic woes driving Sudan youths to protest: Bashir

7 February 2019 

Sudanese President Omar al-Bashir on Wednesday acknowledged that a controversial public order law and the country's deteriorating economic situation had fuelled anger among youths leading protests calling for him to step down.

Sudan has been rocked by nationwide demonstrations since December with angry crowds taking to the streets, initially over a government decision to triple the price of bread.

Let's protect SA from corruption: President

30 January 2019 

President Cyril Ramaphosa on Tuesday said corruption in government and in business must be harshly dealt with.

President Ramaphosa was responding to a report that listed South Africa among the countries with the highest corruption levels.South Africa ranked 73rd out of 180 countries that participated in a Transparency International (TI) survey - which ranks participating countries according to their perceived levels of corruption in the public sector.

Reserve Bank announces interest rates decision

17 January 2019

The Reserve Bank is largely expected to keep interest rates steady this afternoon. The Monetary Policy Committee raised rates for the first time in over two years in November.

That took the repo rate to 6.75 percent and raised prime lending rates at banks to 10.25 percent. At the time the bank said it chose to hike sooner rather than later because of inflation risks.

Pension funds reject investment in Eskom

16 January 2019

Pension fund managers have drawn a line in the sand when it comes to government investments.The managers said they will oppose any move to force investment in state-owned companies.

The ANC announced in its 2019 Election Manifesto that it will investigate ways of using portions of pension funds for socially productive investments.

Fund managers warn the move could erode the value of pension funds. Cannon Asset Chief Investments officer Adrian Saville said it is a hard case to make for Eskom as an asset in its current state.

Ramaphosa expected at SA WEF delegates breakfast

16 January 2019

President Cyril Ramaphosa is expected to address a team of delegates, who will be representing South Africa at the World Economic Forum.

The breakfast meeting will take place in Johannesburg on Wednesday.

The aim is to develop an integrated approach to SA's input at the WEF deliberations and to identify areas of emphasis to present the country as a desired investment destination and trade partner.

Team South Africa comprises of diverse stakeholders in South African society and economy.

Brexit implications on trade, investment and tourism

16 January 2019

Amid continued uncertainties related to Brexit, Wesgro, the Western Cape's tourism, trade and investment promotion agency, is keeping a close watch on the implications for companies.

The UK is the province’s second largest export market and largest investor by number of projects, accounting for 25% of all foreign investment projects in recent years, as well as being the Western Cape’s largest tourism market.

Britain is South Africa's second largest trading partner in the EU, after Germany.

Little black book details Bosasa's bribe stash, bonuses

16 January 2019

Angelo Agrizzi, the former chief operations officer of controversial company Bosasa, says the company spent between R4m to R6m in bribes per month. 

The revelation was made before the commission of inquiry into state capture in Parktown, Johannesburg on Wednesday.

Agrizzi also told the commission that when people employed by Bosasa, and outsiders, asked for money, Bosasa CEO Gavin Watson, who used to spend time in his office, would leave and later come back with a bag of money.

Zimbabwe president says 'monumental task' to fix economy

17 January 2019

Zimbabwe President Emmerson Mnangagwa on Wednesday called for calm as he vowed to tackle the "monumental task" of fixing the shattered economy that has sparked violent protests this week.

"Resolving Zimbabwe's economic challenges is a monumental task... We are moving in the right direction. We will get there," he said on Twitter. "I call for calm and peace from all of our brothers and sisters."

World Bank projects paltry GDP growth for SA in 2019

9 January 2019

South Africa’s real GDP growth will expand by a paltry 1.3% in 2019, according to a World Bank projection, putting it among the worst performers in sub-Saharan Africa.

The bank, which published its annual Global Economic Prospects on Tuesday evening, downgraded the country's projected 2019 growth rate from its June 2018 estimate of 1.8%. 

At 1.3%, SA’s projected real economic expansion will come in at under a third of the estimated 4.2% growth rate of its emerging market peers. It is also well below the projected sub-Saharan average of 3.7%.


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