IMF attributes its poor economic forecast for SA to Eskom’s woes

20 January 2020, 6:34 PM
The International Monetary Fund has attributed its decision to lower its growth forecasts for the South African economy in 2020 and 2021 to Eskom's nationwide power cuts, structural constraints and deteriorating public finances.
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Load-shedding
currency
SA’s rand strengthens against dollar over concrete Zuma push 14 February 2018, 2:51 PM

South Africa's rand strengthened on Wednesday lunchtime after the ruling African National Congress gave President Jacob Zuma a deadline to resign or face a motion of no confidence in Parliament on Thursday.

Gold Fields hit by R3.5 billion impairment 14 February 2018, 9:43 AM

Gold Fields said on Wednesday it had taken a R3.5 billion, or U.S.$278 million, impairment charge at its South Deep mine due to a below-forecast gold price and a slower ramp up of production for the year ended 31 December 2017.

Rand holds its ground despite uncertainty over Zuma 14 February 2018, 8:16 AM

The rand held its ground against the U.S. dollar on Wednesday even as uncertainty swirled around President Jacob Zuma's future, hours after his ruling ANC party said it had recalled him from his post.

Post office
SAPO to take over from CPS 13 February 2018, 9:45 PM

Cash Paymaster Services has asked the Constitutional Court to amend its judgment ordering that a new service provider should take over social grant payments after March 2018.

SACCI logo
SA Chamber of Commerce welcomes Zuma’s recall 13 February 2018, 8:07 PM

The South African Chamber of Commerce and Industry on Tuesday welcomed the decision by the African National Congress to recall President Jacob Zuma as Head of State.

Nelson Mandela Bay Mayor, Athol Trollip.
Nelson Mandela Metro is reviving resort business 13 February 2018, 5:29 PM

Resorts in the Nelson Mandela Bay have become derelict and vandalised.

consumer goods on sale
Consumer goods sector continues to experience growth 13 February 2018, 4:07 PM

The consumer goods sector continues to experience growth pressures as a result of a weak economy.

U.S. to push for ‘reciprocal tax’ on trade partners: Trump 13 February 2018, 8:33 AM

U.S. President Donald Trump said on Monday he would push for a “reciprocal tax” against countries, including U.S. allies, that levy tariffs on American products.

Cape Town water crisis threatens tourism industry 12 February 2018, 5:24 PM

Cape Town’s water shortage is spooking international tourists. A city twinning agreement between New York City & company and Cape Town tourism kicks off on Monday.

Bank of Baroda notifies SA Reserve Bank of intended exit 12 February 2018, 1:26 PM

The South African Reserve Bank (Sarb) confirmed on Monday the Bank of Baroda, India's state-owned international bank, has notified the registrar of banks of its exit from South Africa.

UCT logo
Subsidies will ease pressure on some families: UCT 12 February 2018, 7:04 AM

The University of Cape Town says the subsidies by the Higher Education Department will ease the financial pressure on some families.

IMF’s Lagarde says market swings aren’t worrying, but wants reforms 11 February 2018, 3:49 PM

Sharp swings in global financial markets in the past few days are not worrying since economic growth is strong but reforms are still needed to avert future crises, the managing director of the International Monetary Fund said on Sunday.

oil
Oil majors strike it rich on rising crude prices 11 February 2018, 9:43 AM

The world's leading oil companies published a bumper crop in profits last year as rising crude prices helped turn their fortunes around, but they remain cautious and are unlikely to rush out on a new spending spree just yet.

Skills program to benefit over five hundred KZN youth 10 February 2018, 7:17 PM

The KwaZulu-Natal Department of Social Development has launched a learnership program for over five-hundred young people from disadvantaged backgrounds in the province.

Economist warns of ANC policies 10 February 2018, 11:49 AM

Economist Azar Jammine has warned that South Africa can forget about sustaining the current positive economic sentiment if the government implements some of the ANC policies.

Some tourists have been cancelling their trips to Cape Town.
Tourists shouldn’t cancel trips to Cape Town: SA Tourism 10 February 2018, 8:33 AM

South African Tourism says tourists should not cancel their trips to Cape Town as the so called "water crisis" is not unique to the Western Cape but is a global issue.

Brand SA warns against delays in leadership transition 10 February 2018, 8:03 AM

Brand SA has warned that any further delay in finding a solution to the country's leadership transition will scare away potential investors and in turn worsen unemployment and poverty.

Matjhabeng municipality fails to settle R1 billion water bill 9 February 2018, 8:30 PM

Matjhabeng municipality in the Free State says it simply cannot afford to settle its more than R1 billion water bill with Sedibeng Water.

Mkhwebane not happy with Estina Dairy farm report 9 February 2018, 6:05 PM

Public Protector Advocate Busisiwe Mkhwebane says she's not completely happy with her Estina Dairy farm report because she could not investigate other important aspects due to budgetary constraints.

Stanbic says mining remains crucial to Zambian economy 9 February 2018, 1:05 PM

Stanbic Zambia says mining remains a significant sector of the southern African country's economy as it generates the largest amount of revenue for the government through taxes.

Eskom’s financial woes could end soon 9 February 2018, 6:13 AM

Eskom’s financial crisis could soon be over. The power utility says local financial institutions are now queuing up to lend it money following the recent drastic changes in its management, with a new board being announced. Eskom needs R20 billion to stay afloat until the end of its financial year next month. It’s already received […]

Eskom’s financial crisis could be over soon 8 February 2018, 7:02 PM

The power utility says local financial institutions are now queuing up to lend it money following the drastic changes in management recently.

Residents demand Dikgatlong Municipality to be dissolved 8 February 2018, 2:13 PM

Barkley West residents in the Northern Cape demand that Dikgatlong Municipality be placed under administration and its entire council be dissolved.

Positive growth for International airfreight cargo in KZN 8 February 2018, 11:33 AM

International air freight cargo volumes are on the increase in KwaZulu-Natal, signalling positive growth patterns for trade in the province. 

Chamber of Commerce concerned over delay to remove President Zuma 8 February 2018, 7:03 AM

The Cape Chamber of Commerce and Industry has expressed concern over the delay in determining President Jacob Zuma's fate.

South Africa's volatile currency - the Rand
Rand continues to strengthen 7 February 2018, 9:02 PM

After months of under performance on global currency markets, the rand continues to strengthen on the back of a strong dollar and hope of a new political administration in South Africa.

Cosatu logo
Cosatu calls for Sibanye Gold mine closure 7 February 2018, 6:16 PM

The Congress of South African Trade Unions has called for the closure of Sibanye Gold mining company, citing its poor safety record.

Parliament of SA
Parly determines loss costs after SONA postponement 7 February 2018, 5:04 PM

The acting Secretary to Parliament, Baby Tyawa, is currently determining the costs involved in postponing the State of the Nation Address.

NUM saddened by death of mine workers 7 February 2018, 3:09 PM

The National Union of Mineworkers said on Wednesday that it was saddened that the two mineworkers who were trapped underground at Sibanye-Stillwater's Kloof mine had died.

Miners trapped underground at Sibanye Gold Mine 7 February 2018, 12:28 PM

Two miners are trapped underground following a ground-fall at Sibanye Gold's Kloof gold mine on Gauteng's West Rand.