In late January, the Monetary Policy Committee (MPC) hiked interest rates for the eighth consecutive time, by 25 basis points, taking the repo rate to 7.25% and the prime interest rate to 10.75%. This is in an ongoing effort, by the South African Reserve Bank, to curb inflation which... Read more
Resilience is key to building a successful and sustainable organisation capable of withstanding internal and external shocks. Building resilience asks that the organisation bed down stable and agile financial foundations that are aligned with global and local governance, risk and compliance (GRC) mandates. This ensures that the business is... Read more
The average nominal take-home pay declined in December, ending the dismal compensation year at a low point, according to the latest BankservAfrica Take-home Pay Index (BTPI). “At R14 633, the average nominal take-home pay was 4.8% lower than the R15 403 reflected in the previous year,” says Shergeran... Read more
The 131 projects that have been approved under the Black Industrialists Scheme have resulted in increased investments and job creation. “The approval of these 131 projects of black entrepreneurs has leveraged over R13.2 billion of private-sector investment, about 9 500 new jobs created and 8 900 retained in a... Read more
President Cyril Ramaphosa says government will this year focus on significantly expanding the small business incubation programme. The incubation programme provides budding entrepreneurs with physical space, infrastructure and shared services, access to specialised knowledge, market linkages, training in the use of new technologies and access to finance. “The incubation... Read more
SONA 2019 budget cut by 47% amid economic conditions
About the Eastern CapeCompany NewsFinance 31/01/2019
Speaker of the National Assembly Baleka Mbete says the budget for next week’s State of the Nation Address (SONA) has been cut by 47% as Parliament remains committed to cutting costs. Mbete said this when the Presiding Officers of Parliament briefed the media at the National Assembly on the... Read more
Business insolvencies to increase by 2%
Finance 23/01/2019
South Africa’s increase is in line with global insolvencies, which confirmed their upward trend from 2017 after seven consecutive years of sizable declines. Indeed, Euler Herme’s Global Insolvency Index which covers 43 countries totaling 83% of global GDP is to post a +10% y/y increase for 2018. Overall, we... Read more
A new book by McKinsey confirms that Africa is poised for economic acceleration, akin to the Asian boom. While other geographies are seeing incremental growth, global companies that get in early and join the African champions shaping the right strategies, can sustain double-digit profit growth over the next few decades.... Read more
The National Assembly on Tuesday approved the Division of Revenue Amendment Bill, which will adjust the equitable share among the three spheres of government. The bill, which Finance Minister Tito Mboweni tabled when he presented his maiden Medium Term Budget Policy Statement (MTBPS) last month, also changes the specific... Read more
Govt welcomes audit results
Finance 03/10/2018
Government has welcomed the 2017/18 financial year audit results of various departments, tabled in Parliament last week. The audit reports of the Audior General contribute to a culture of public sector accountability and this makes a difference in the lives of South African citizens. Over the past few years,... Read more
