‘South Africans spend 63% of their income to service debt’

18 October 2019, 3:03 PM
South Africa is heading towards a debt bubble with many consumers spending most of their disposable income to service debt.
Gupta brothers (L)
Judgment reserved on Atul Gupta and Bank of Baroda case 2 March 2018, 8:37 PM

Judgment has been reserved in the High Court in Bloemfontein in the preservation order matter involving the controversial businessman Atul Gupta and the bank of Baroda.

MTN signage
MTN expects 190cps earnings for FY2017 2 March 2018, 7:18 PM

South African telecommunications firm, MTN, on Friday said that it expects to report full year headline earnings per share (HEPS) of between 170 cents and 190 cents per share for the 12 month period ended 31 December 2017.

Fuel price to go down by next week 2 March 2018, 4:27 PM

Motorists can expect some relief at the fuel pumps next week.

Trade unions to push back against implementation of VAT 2 March 2018, 3:08 PM

Trade unions and NGO's have continued to push back against the implementation of VAT, saying it will severely hurt the poorest of the poor.

DTI applauds Whirlpool R100m investment in KZN 2 March 2018, 10:11 AM

South Africa's Trade and Industry Department on Friday applauded a R100 million investment by Whirlpool in a new manufacturing line in KwaZulu Natal province it said was expected to create about 100 new jobs.

Another Eskom executive resigns 1 March 2018, 2:41 PM

Yet another executive has resigned at Eskom.

Gupta companies seek urgent application to halt Baroda shutdown 1 March 2018, 9:14 AM

The High Court is to hear an urgent application by 20 companies belonging to the Gupta family to prevent the Bank of Baroda from shutting down.

SA metalworkers union rejects VAT increase 1 March 2018, 8:17 AM

Numsa has rejected the proposed increases in value-added tax, the fuel levy and road fund levy, saying these hikes were an attack on the working class and the poor.

Optimum mineworkers refuse to return at work until payment 1 March 2018, 6:27 AM

NUM says workers of the Gupta linked Optimum Coal Mine in Mpumalanga will not return to work until all the workers have been paid their salaries.

S&P Global to cut rating on Eskom 28 February 2018, 9:18 PM

Rating agency S & P Global says it is cutting its rating on Eskom to 'CCC+' and 'zaB' from 'B-' and 'aBB-'.

Optimum workers paid but questions raised about future sale 28 February 2018, 3:38 PM

There was no reason to place Optimum Coal Mine into business rescue other than the financing woes of Tegeta Exploration and the now fugitive Gupta family, Parliament's portfolio committee on mineral resources heard on Wednesday.

Myeni to be subpoenaed to parliament 28 February 2018, 2:12 PM

Former SAA board chair Dudu Myeni is to be subpoenaed after she failed to arrive at the Eskom Inquiry into state capture being held in Parliament.

WATCH: Inquiry into corporate governance at Eskom 28 February 2018, 1:20 PM

Watch Parliament's Portfolio Committee on Public Enterprises inquiry into corporate governance at Eskom.

Eskom’s credit rating downgraded 28 February 2018, 10:55 AM

S&P Global Ratings has downgraded the credit rating for Eskom to triple-C-plus from B-minus.

Meetings Africa showcases events industry 28 February 2018, 9:52 AM

Thousands of South African Small, Medium and Micro-sized Enterprises (SMME) owners will be given an opportunity to showcase their offerings to businesses from across world at the Meetings Africa conference taking place in Sandton, Johannesburg.

Guptas used Baroda bank to funnel funds out of SA: Report 28 February 2018, 5:59 AM

An Indian investigative group has released a report that lends credence to claims that the Gupta family used the Baroda Bank to funnel money out of South Africa.

Western Cape Cherry farmers feel drought pinch 27 February 2018, 8:43 PM

Agriculture remain the backbone of the economy in the Western Cape despite the drought that has a devastating effect on the sector.

New finance minister Nene to meet credit rating agencies 27 February 2018, 7:34 PM

South Africa’s newly appointed Finance Minister Nhlanhla Nene said on Tuesday after being sworn into office that his department has lined up meeting with rating agencies. Speaking to Reuters minutes after being sworn in parliament, Nene said it was too early say if South Africa will be downgraded by Moodys, which rates the country a […]

Sars welcomes back Nene as finance minister 27 February 2018, 5:45 PM

Tom Moyane, the Commissioner for Sars, on Tuesday welcomed and congratulated Nhlanhla Nene in his re-appointment as the new finance minister.

Report implicates Bank of Baroda in Gupta corruption scandal 27 February 2018, 3:38 PM

Just weeks after the Indian bank , Bank of Baroda announced it will be exiting the country in March, a new report by the Organized Crime and Corruption Project has detailed how deeply involved the bank was in the Gupta scandal.

Free education right step to support students: Modise 27 February 2018, 2:28 PM

A deputy director of the national treasury, Mampho Modise says a system of free tertiary education is the right step to support needy students and ensure that the majority of South Africans have access to study further after matric.

IDC to seize Oakbay resources 27 February 2018, 11:54 AM

Chief Executive Officer of Industrial Development Corporation (IDC), the Ministry of Economic Development's funding agency, Geoffrey Qhena says they are taking the Gupta's Oakbay Resources to court, to recoup R285 million of the loan they made to the Guptas to buy the mine.

Weinstein Company inches toward bankruptcy 27 February 2018, 10:00 AM

Disgraced Hollywood mogul Harvey Weinstein's former studio appeared to inch closer toward bankruptcy Monday over complaints that talks to buy the troubled production house had collapsed, leaving it with "no choice" but to go to the wall.

Prasa logo
Prasa to beef up security on Cape Town’s central line 27 February 2018, 8:52 AM

The rail agency, PRASA, says security will be improved on Cape Town's central line after it was reopened last week.

BLSA welcomes changes to cabinet 27 February 2018, 8:48 AM

Business Leadership South Africa says it welcome changes to the National Executive as announced by by President Cyril Ramaphosa on Monday evening, especially changes in National Treasury.

Coega special economic zone hosts supplier development 26 February 2018, 4:55 PM

The Coega special economic zone has hosted a supplier development day.

Sars reaches R1 trillion collection milestone 26 February 2018, 3:23 PM

Sars on Monday announced that it has crossed the psychological threshold of the R1 trillion mark in its revenue collection efforts, making it the third year in a row that SARS reached this milestone.

NUM, Optimum Mine to meet business rescue for solutions 26 February 2018, 3:18 PM

The National Union of Mineworkers (NUM) together with Optimum Mine will meet with a business rescue expert on Tuesday to try to find possible solutions.

Rob Davies Trade and Industry
The DTI supports SA firms exhibiting at Ghana international trade fair 26 February 2018, 9:51 AM

A group of 20 South African companies specialising in agro-processing, chemicals, clothing and textiles, forestry, furniture, creative industries, built environment, and capital equipment will exhibit their products and services at the Ghana International Trade Fair in Accra.

City of Cape Town launches job creation programme 25 February 2018, 8:55 PM

The City of Cape Town has launched a three-year development programme to assist thousands of unemployed residents from poor communities to find job opportunities.