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Stock Market / Finance in South Africa

  • BRICS countries considering own cryptocurrency as settlement mechanism

    CHINA, 2017/09/07 The BRICS Finance Committee is discussing a joint virtual currency for the five country bloc of developing economies, according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev. During the BRICS Summit in Xiamen, Dmitriev told journalists that Brazil, Russia, India, China and South Africa could develop its own alternative to other payment tools. "While there is a focus on settlements in national currencies, cryptocurrencies are as well being discussed as one of the possible settlement mechanisms," Dmitriev explained.
  • The budget bank rattling South Africa's financial sector

    SOUTH AFRICA, 2017/09/06 A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “large four” lenders and prompting a price war that is driving down banking costs in a country where a lot of people can’t afford an account. Capitec Bank has doubled its customer numbers over the completed five years and quadrupled in market price, even as South Africa’s economic increase has stalled and the country has slid into recession, squeezing household incomes. It offers a single “no-frills” bank account with low fees, inclunding unsecured loans to customers inclunding low-gain borrowers, but steers clear of the additional complex financial products offered by rivals.
  • South Africa considers privatisation to counter recession

    SOUTH AFRICA, 2017/07/29 South Africa’s Finance Minister Malusi Gigaba said on Thursday the country was considering the sale of non-core assets and partial privatisation of national-owned firms to wrench the economy out of recession. Gigaba told newsmen in Johannesburg that the privatisation was part of an “ambitious 14-point programme” to put the country back on the path of increase.
  • South Africa: Government Welcomes S&P Credit Rating

    SOUTH AFRICA, 2017/06/06 The South African government has welcomed Standard and Poor's decision of maintaining South Africa's long-term local currency deficit ratings of 'BBB-', an investment grade rating. "The affirmation of the long-term foreign currency rating of 'BB+' and the negative outlook on the ratings are as well noted. "While government agrees with S&P that the pace of economic increase is slow and as such, poses risks to fiscal consolidation and rising contingent liabilities, the fiscal policy stance continues to be guided by chapter 13 of the Constitution.
  • Wrestling with Moody’s over South Africa

    SOUTH AFRICA, 2017/04/28 New finance minister stares into the eyes of the re-rating monster in a series of top-level, Washington DC meetings. While the new finance minister's engagement with key world financial institutions got under way last week in Washington DC with a number of meetings with the World Bank and International Monetary Fund (IMF), attention was on the conference with Moody’s Investor Services early on Friday morning. Moody’s was always going to be the large one, as any decision to downgrade South Africa’s local currency rating to below investment grade would have huge implications for the flow of world capital to the country.
  • Finance Minister Malusi Gigaba could well captain South Africa through some stormy conditions.

    SOUTH AFRICA, 2017/04/26 Malusi Gigaba will write for Business Report The Star Late Edition24 Apr 2017Adri Senekal De Wet
  • South Africa falls into economic turmoil as Zuma leaves finance officials in limbo

    SOUTH AFRICA, 2017/03/31 A power struggle at the highest levels of South Africa’s government has pushed the country into economic turmoil, with its currency plummeting and its top finance officials in imminent threat of dismissal. President Jacob Zuma shocked the country this week by ordering Finance Minister Pravin Gordhan and deputy finance minister Mcebisi Jonas to cancel their investment roadshow in Britain and the United States and to return home instantly. Mr. Gordhan and Mr. Jonas had just arrived in London on Monday, trying to reassure foreign investors that South Africa was presently a stable country with an improving economy. Instead, the opposite signal was sent to investors, who saw their meetings suddenly cancelled with no explanation.
  • Zimbabwe: Govt Drafts Law to Legalise Use of Bond Notes

    SOUTH AFRICA, 2016/11/19 President Robert Mugabe's government has, through the finance ministry, drafted a Bill to amend the Reserve Bank of Zimbabwe Act to pave way for the imminent introduction of bond notes. The government made its intention known through an Extraordinary Government Gazette issued 16 November this year. Last month, Mugabe invoked the Presidential Powers (Temporary Measures) Act to amend the Reserve Bank of Zimbabwe Act to designate bond notes as legal tender but lawyers have said the use of presidential powers was unconstitutional.
  • South Africa may be over the worst of its economic downturn

    SOUTH AFRICA, 2016/10/04 South Africa may be over the worst of its economic downturn with potential increase of over one % next year, Finance Minister Pravin Gordhan said on Monday, noting President Jacob Zuma had expressed confidence in him. Speaking to reporters on the sidelines of the FT Africa Summit, Gordhan as well said the country, which is teetering on the lowest investment grade ratings rung, hoped to avoid a downgrade to junk. "We predict over one % next year," Gordhan said.
  • South Africa's economy regains rank as Africa's biggest on rand appreciation

    SOUTH AFRICA, 2016/08/18 South Africa’s economy regained the position of Africa’s major in dollar terms additional than two years next losing it to Nigeria as the price of the nations’ currencies moved in opposite directions.