A gamut of factors are affecting the South African economy as dwindling inflows of money, weaker currency, rising unemployment rate and severe drought conditions are at their worst in 25 years. South Africa's GDP growth rate is projected to slowdown further in 2016.
Tags: South Africa
South African Currency Slumped as Finance Minister to Resign Over a Spat With Tax Commisioner
South Africa’s currency has dropped to its four-year low after the news of the country’s finance minister threats of resignation was reported. Finance minister Pravin Gordhan threatens to resign over a spat with Tom Moyane, as the minister demanded the tax commissioner to be dismissed, or he himself would leave.
Propery Investors To Face Tough Economic Condition in South Africa
Property investors would face tough economic condition in South Africa due to the economic resession the country is facing. Finance Minister Pravin Gordhan is attempting to overcome this by increasing tax, that could slow down property sales in the country.
22 Years After the Apartheid in South Africa: White Squatter Camp
White people were once ruling and oppressive class in South Africa, As government wipe out the apartheid, unskilled white people are ousted and have to live in slums. There are more than 400,000 white people live in poverty.
Eskom to Receive Last Payment of 5 Billion Rand Bailout By Next Week
Next week, Eskom will be paid the remaining balance from the bailout. Eskom CE Brian Molefe expressed frustration to learn that Finance Minister Pravin Gordhan announced that the funds will be withheld. Treasury informed that the fund will be transferred and is already being processed.
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Amplats revealed a shocking 86% loss in its 2015 earnings report. The world's largest metal producer is facing a grim situation of reduced capital expenditure, mine closure, employment cutbacks, and shelving of projects.
Vodacom Group Ltd has recorded 8.7 percent growth in third quarter revenues. The South Africa-based mobile phone company is focusing on subscribers and high-speed network expansion. Vodafone is expanding internet services and strengthening its network amid rising domestic competition.
South African retail bank said the country's house price will decline in this year. Fitch Ratings also remarked South African residential property and mortgage markets outlook to weaken further facing microeconomic challenge.
South Africa plans to import 5 million tonnes of white corn from South America as the worst drought since 1992 continue to ravage the area, according to Grain SA, the biggest producers association in the country.
Falling in line with the economists' forecast, the inflation rate in South Africa rose to 4.8 percent in November, registering its highest since July 2015. Consumer prices marginally rose 0.1 percent during the month. South Africa's currency Rand fell against US dollar, euro and pound. The currency depreciation is likely to be a major risk to the inflation outlook.
Petra Diamond Ltd and Ekapa Minerals Pty have acquired De Beers oldest diamond mine in Kimberley. UK's Petra Diamond Ltd partners with South African's Ekapa Minerals Pty to buy the oldest mines of De Beers in South Africa.
USDA monthly outlook reported that soybean crops are expected to reach a record high harvest in six years, thus lowering the price in CBOT. Two other U.S. major crops, corn and wheat also estimated to produce higher than expected result.
General Electric Co. and Alstom have won contracts from India's state owned rail company worth a combined of $5.6 billion to supply and service diesel locomotives as the country works to modernise its infrastructure. The contracts are also the biggest deal to be awarded by India to foreign firms.
New World Wealth (NWW), a South Africa-based market research consultancy, released the lists of wealthiest countries, ranked by using its own new method.
