President Ramaphosa announced a late-night cabinet reshuffle that has seen some key Ministry replacements, notably the return of Nhlanhla Nene to the finance ministry and Pravin Gordhan as Public Enterprises Minster.
One of the most important legislative changes made in the past week was the increase in offshore allocation in Regulation 28. African focused investments are now limited to a max... ››› more
So far this year, you've heard the word recession a lot. It's a real threat to the economy right now.
The third quarter of 2015 saw 0.7% gross domestic product (GDP) growth - the fourth quarter saw 0.6% GDP growth. Results of the first quarter of 2016 shows the economy contracted 1.2%.
Economists expected the economy to contract only 0.1%, which leads me to believe that nobody really knows... ››› more
Friday morning proved to be a good day on the JSE as it recovered from Thursday's sell-off which was triggered by news that US interest rates will increase sooner than expected. Global markets like the US and Asia are still struggling but the European markets joined the JSE in its recovery.
Considering that May is usually the worst month for the JSE, things are not looking as bad as investors... ››› more
The past few weeks have been harrowing for the rand.
It's been taking a severe beating from the dollar in the past two weeks.
Worst of all, rumours about the arrest of Pravin Gordhan has certainly not been helping matters at all. But, finally, it seems to have found a moment of stability. How long this will last, I don't know.
But let's take a closer look...
The rand is battered by t... ››› more
This morning, the rand is trading at R15.51 to the dollar. In 11 days it's lost 54 cents against the greenback. This is only the beginning of the rand's fall.
If you think this is bad, keep an eye on the rand this week. I expect to see a significant weakening against the dollar thanks to new rumours in the media related to the arrest of our finance minister, Pravin Gordhan. “Pravin Gordhan fa... ››› more
Last week, President Zuma made an unexpected announcement.
Finance minister Nhlanhla Nene was let off (dare I say fired). And the sad thing is that he has been widely known to do a great job during difficult times. And is probably one of the most qualified person for the job. But as soon as the announcement came out, the rand crashed. It moved from R14.50 to R15.29 to the US dollar in just one h... ››› more
Yesterday, President Jacob Zuma announced his new cabinet following his re-election a couple of weeks ago. President Zuma decided to move Pravin Gordhan from his finance minister position. Mr Gordhan is now the minister of co-operative governance and traditional affairs. The finance minister slot goes to Nhlanhla Nene. Over the past five years, Mr Nene was the deputy finance minister. Let's take a... ››› more
Yesterday, after Finance Minister Pravin Gordhan presented his 2014 budget, the rand wobbled slightly, but didn't change markedly. Now the rand has the release of producer price index (PPI) to contend with today. And later on, Janet Yellen will address the Senate banking committee. Her testimony could affect the rand. Let's take a closer look at what's going on with the local currency…
The ran... ››› more
This afternoon, Finance Minister Pravin Gordhan presented his budget to parliament. As economists expected, Mr Gordhan cut economic growth forecasts for 2014/2015. But he left the following two year projections unchanged. The rand fell slightly after his address. Let's take a closer look at what the Finance Minister said about South Africa's economy in his budget…
As expected, in his budget ad... ››› more
The rand has managed to remain steady against the dollar over the past few days, inching stronger. This as all eyes in South Africa will turn to Finance Minister Pravin Gordhan this afternoon as he announces the budget. Analysts don't think the budget will contain any shocks as the government gears up for elections in May. Let's take a closer look at what's going on with the rand…
This morning... ››› more
Friday was the deadline for non-provisional tax payers to submit their tax returns. With more than six million tax returns submitted on time, this is the best response to date. Let's take a closer look at the latest tax filing season…
Yesterday, Pravin Gordhan, the Finance Minister “thanked the more than six million people who filed their tax returns on time,” notes the SABC. The number of... ››› more
At his mini budget today, Finance Minister Pravin Gordhan announced that government officials' expenses are facing large cuts. The Finance Minister took this stance to show the government as an example of cost cutting measures. Let's take a closer look at what his plans entails...
Earlier today, the Finance Minister Pravin Gordhan said that he is “implementing stringent measures to cut costs a... ››› more
Finance Minister Pravin Gordhan took the opportunity today to clarify a few matters relating to Libyan assets in South Africa. This follows reports about Gaddafi's billions being stashed here in the form of cash, diamonds and gold. Let's see what's going on…
After much speculation, Gordhan clarified a few matters relating to Libyan assets in South Africa.
Over the last week or so there have... ››› more
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