Shoprite Checkers’ profits hit a big hit due to poor economic conditions and sales dropped drastically. Rumors circulating that Rupert, Wiese and Steinhoff are the mafia of the Western Cape are even seen on the social network, and with their respective losses, ironically, it is seen as no coincidence. Rupert lost R300m worth of luxury..
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Well-known retail struggles heavily due to SA’s faltering economy and shows profit drop of over 18%
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The Rand remains on a rollercoaster of volatility -the currency continued to weaken due to the heightened global growth risks after talk of financial bailout for Eskom
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Last week’s poor global data is indicative of a worldwide economic rough patch. Talk of another massive financial bailout for Eskom has put South Africa on thin ice with Moody’s. The country is said to be fighting a losing battle to keep its last remaining investment grade credit rating. Foreigners have already begun dumping R2..
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Ramaphosa approved new law that frees debt burden of millions of people – however, it is speculated that whites will be excluded from new legislation once again
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The new law, which has just been passed by parliament, could mean that almost 10 million people’s debts may be written off. The law, which is seen as a benefit of predominantly black people, who incurred debt while their income is such that they cannot pay the debt, was of particular concern to the bankers.
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ANC’s pension money proposal upsets economists – Government wants to use private and public pension funds to settle struggling SOE’s debts
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ANC Chairman on economic transformation, Enoch Godongwana, said during an interview with the Sunday Times that money from the country’s private and public pension funds should be used to pay off the debts of struggling state-owned enterprises such as Eskom and SAA. In response to the statement, economist Mike Schüssler said it was just another..
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ANC’s proposed land grab program is leaving SA farmers uncertain – concern that land will be given to disadvantaged and agricultural production will decline
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In recent months, it has become quieter regarding how the government is going to progress with its land grab program while the focus is currently more on the ANC divisions. Farmers across South Africa’s main concern is that land will be made available to the disadvantaged and instead of increased agricultural production, a drastic decline..
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Government policy causes SA academics to squander
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Government policy is not aimed at drawing the most out of South Africa’s rich academic well. This became evident from the answers provided to two written questions that the FF Plus posed to the Minister of Higher Education, Science and Innovation. One question dealt with retaining academics after the compulsory age of retirement, namely 65..
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Economist says consumers are facing a bit of pressure things could get tougher in SA
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JOHANNESBURG – While the latest retail trade figures show a slight increase in consumer confidence, there were fears that pressure on consumers’ income may still decrease sales. Statistics South Africa released a report on Wednesday, showing an increase in retail sales which boded well for economic growth. The main contributors to the increase were clothing,..
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Foreigners are dumping SA bonds at a rate of almost R2 billion ($132 million) a day as junk status looms
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Investors have been dumping South African government bonds at a rate of almost R2 billion ($132 million) a day in August. With issuance increasing and a downgrade to junk a looming possibility, non-residents have sold a net R14.4 billion of the debt in August so far, according to JSE data compiled by Bloomberg. That’s an..
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National Health Plan is going to need at least R180bn to R250bn for 12-month spending – with SA’s faltering economy that’s a disproportionate amount
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Implementing a National Health Plan does not mean, like Eskom, demanding a R50 billion from the government’s money it has collected from taxpayers. The reality is, too, that it cannot come into effect by making a slight upward adjustment in the personal taxes levied. The reality is that at least R180bn to R250bn will be..
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SA currency now worst in the world – ANC the guilty party for display because of land expropriation policy, corruption and fraud as well as where internal fights are the order of the day
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The South African currency, the Rand, has reached its lowest level since September 2018. The state’s debt burden, Eskom’s inability and negative comments from potential downgrading agencies, are cited as reasons for the poor performance. Standard Bank’s Warrick Butler stated that the Rand is currently the poorest performer of all payment instruments worldwide. The Rand..
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SA collapses as a result of communist ANC regime – dire state of land now on the same level as Zimbabwe
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Political analysts say conditions in South Africa are now deteriorating by the day, and the bad conditions are now putting residents at the same level as in Zimbabwe. A police service that has lost thousands of rounds of ammunition without any action being taken against the culprits indicates the dire security situation that prevails. The..
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Huge Disparity in Cost of Cancer Treatment – A year’s supply of cancer medicine cost less than R32,000 in India, but costs R882,000 in South Africa!
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Despite having a good medical aid, Pinetown resident Hennie Botha, 52, is facing mounting debt of thousands of Rands because of the cost of his cancer treatment. He is not alone: the exorbitant cost of treatment for cancer in South Africa is way beyond the reach of most citizens.
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We are getting poorer in SA – Unemployment will continue to increase as long as population growth exceeds economic growth – Time to induce birth control to reduce breeding and stop bulk of illegal aliens from African countries
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The publication of the most recent Quarterly Labour Force Survey by Statistics SA and its calculations that the number of unemployed people continues to increase have once again elicited strong opinions and calls that somebody must do something. Reading the labour force and unemployment statistics together with the report on population growth that Stats SA..
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Unemployment rate grows to 29%, while SA’s economy declines – Ramaphosa’s promises of new job opportunities, all lies
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South Africa’s economic crisis is causing increasing violence, and is linked to several factors, the poor growth rate of less than 0.5% being a scapegoat. Compared to the previous year, about 25,000 jobs became available, but that’s a drop in the bucket against the myriad of school leavers of 598,000 who want to enter the..
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Political condition of SA compels owners to get rid of properties in wealthy suburbs of Cape Town – prices are now down to 50%
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Property prices in the rich suburbs of Cape Town have dropped by up to 50% of the initial selling price. Sellers in neighborhoods like Constantia and the Atlantic have dropped their prices between 20% and 50% in an effort to get rid of the property. Real estate brokers report that the slightly upward flash after..
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