Economists warn that South Africa is on the brink of an economic crisis. The recession, unemployment, the rand’s decline in value as well as international developments are factors that make the red lights flash. The rating agency Fitch stated on Tuesday, September 25, that the so-called stimulus package of Cyril Ramaphosa does not really bring..
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South Africa is currently on the verge of an economic collapse, with our corrupt government can one expect differently?
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Following the Zondo Commission so far, The Reserve Bank warns of ‘catastrophic’ impact if banks kept Gupta accounts open
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South Africa’s “big four” banks could have been locked out of the international payments system with “absolutely catastrophic” results if they had kept the Gupta family’s bank accounts open in 2016, according to South African Reserve Bank deputy governor Kuben Naidoo.
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There is some good news for consumers – Repo rate remains unchanged
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The recession apparently forced the SA Reserve Bank to keep the lending rate unchanged. However, three of the seven members of the bank’s monetary policy committee asked for a 25 basis point increase. The bank expects GDP to grow at 0.7% for 2018, against the forecast of 1.2% in July. Read the original article in..
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SA Reserve Bank – Lending rates remain unchanged
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The SA Reserve Bank announced that the lending rate to banks remains the same at 6.5%. The prime lending rate will remain at 10%. The bank’s view of growth in the country for 2018 has been adjusted downwards to 1.2% which is still no motion of confidence in its own government. The Reserve Bank also..
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VBS chair, Tshifhiwa Matodzi, family trust implicated in bank’s looting
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The family trust of former VBS Mutual Bank chairperson Tshifhiwa Matodzi was allegedly paid nearly R5-million from Vele Investments’ heist of money from VBS Mutual Bank.
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ANC intend to start a process to nationalize the Reserve Bank of South Africa – Here Comes The R200 000 000 Note
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ANC general secretary, Ace (the Free State-milkman) Magashule, announced that, not only does the ANC intend to start with expropriation of land without compensation within the next week or two, but that they will also start a process to nationalize the Reserve Bank of South Africa.
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No good news for consumers, you’re going to struggle more
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The Reserve Bank announcement that the repo rate is reduced by 0.25% is a very slight sugar stroke over other shocks that consumers are going to hit and their living standards will be negative.
Just after Easter week fuel
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DA wants to petition VAT increase
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JOHANNESBURG – DA leader Mmusi Maimane says he will today launch a national petition in Soshanguve to oppose the VAT increase in Parliament.
Finance Minister Malusi Gigaba announced in his Budget speech that VAT will increase from 14% to 15%.
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Malusi Gigaba – Prepare for a tough budget
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President Cyril Ramaphosa has been pressuring the finance ministry to reduce spending and increase revenue, and South Africans should thus prepare for another tough budget, finance minister Malusi Gigaba told the Mail & Guardian.
Amid speculation that Gigaba could be reshuffled out of the paramount ministry by Ramaphosa after his takeover as head of state,
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Rand weakens after Zuma’s veiled treats
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JOHANNESBURG – Embattled President, Jacob Zuma was on Tuesday given an ultimatum to resign as head of state or otherwise face a motion of no-confidence in Parliament tomorrow.
ANC Chief Whip Jackson Mthembu and ANC treasurer-general, Paul Mashatile on Wednesday afternoon, announced the decision of the ANC caucus; to announce a motion of no-confidence in the President, scheduled to take place on Thursday.
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South Africans are trying to decode Ramaphosa (and getting it wrong)
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During the Cold War, a new profession emerged – “Kremlinologists”, a hodge-podge of academics, journalists, other scoundrels, and commentators, who would study every minute detail of the behaviour of Soviet Union leaders when they were in public. They examined who stood next to whom, whose chair was closer or further away from the leader, who..
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The ruling party moves for land, and the Reserve Bank
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The ANC will seek to amend the constitution of the country to allow for expropriation of land without compensation and will also nationalise the South African Reserve Bank, the party announced on Wednesday night. The contentious announcement was made just before the close of its 54th national conference on Wednesday night. The sectoral commission on..
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