B2B Central

Economy

28 Jul 2021

Treasury discussing withdrawals from retirement funds with NEDLAC

By Staff Writer

At today's media briefing, the National Treasury said that it is in discussions with the National Economic Development and Labour Council (NEDLAC) on a proposal for limited withdrawals from retirement funds, for those losing part of their income during the Covid-19 pandemic.
28 Jul 2021

Relief package of over R38bn announced by National Treasury

By Staff Writer

The National Treasury held a webinar media briefing today – at which it announced that it has provided for a relief package of over R38bn for the country, following the damage caused by the recent unrest in KZN and Gauteng. This is made up of R27bn for the relief of distress grant of R350 per month, R3.9bn support for Sasria, and R5bn for the employment tax incentive.

27 Jul 2021

BlackRock's Weekly Market Commentary: Taking advantage of volatility

By Staff Writer

Market volatility is on the rise, as worries about new virus strains have been exacerbated by stretched positioning and light summer trading. Recent swings in market sentiment reflect the unusually wide range of potential outcomes beyond the current economic restart, in our view.

27 Jul 2021

S&P: SA's social unrest is a reminder of constraints to a fragile recovery

By Staff Writer

Widespread civil unrest centered on KwaZulu-Natal and Gauteng provinces has left several businesses and supply chains in South Africa in disarray. S&P Global Ratings does not expect immediate rating actions, but that doesn't rule out a weakening of corporate credit quality in the next few years.

27 Jul 2021

South Africa's economy - the real impact of the crisis

By Staff Writer

As calm steadily returns after the recent social unrest, analysts are hard at work tallying the cost of the looting and disruption to economic activity. So far, the damage to 2021 growth is estimated at between 0.5 and 1.0 percentage points. These numbers incorporate various media-reported estimates of infrastructure damage, inventory losses, and expected claims from the South African Property Association (SAPOA) and the South African Special Risk Insurance Association (SASRIA).

27 Jul 2021

How the Delta variant is spooking global investors

By Staff Writer

Last week saw one of the biggest equity market wobbles we’ve had in a while, completely unrelated to the unrest. Rather, global investors were briefly spooked by the relentless spread of the Delta variant of the coronavirus, particularly in the US, but also in the UK and Continental Europe.

26 Jul 2021

Don't make impulsive investment decisions in wake of unrest, says GTC

By Staff Writer

Alongside the vast majority of South Africans, financial advisory business GTC is stunned and deeply saddened by the recent scenes of unrest.

26 Jul 2021

BUSA welcomes President's address

By Staff Writer

"We stand ready to support the President in ensuring a fit-for-purpose intelligence and security service to be prepared for any further attempts to destabilize our country. Finally, we urge the President to order the quick identification and arrest of those who planned the recent insurrection."
25 Jul 2021

President Ramaphosa announces measures to support recovery of the economy

By Staff Writer

In his address this evening to update the country on the progress made in tackling the coronavirus pandemic, President Cyril Ramaphosa also announce a range of measures to support the recovery of the economy that has been negatively impacted not only by COVID-19, but also by the unrest and looting that recently hit KZN and Gauteng. These measures are intended to provide relief to the poor and to those who are vulnerable as a result of the measures that had to be imposed to deal with COVID-19.
22 Jul 2021

Unchanged interest rates provide temporary relief to consumers and businesses

By Staff Writer

Following the South African Reserve Bank’s (SARB) decision to keep its benchmark rate unchanged, FNB will maintain its prime lending rate at 7% and will review its position after the next SARB MPC meeting in September 2021.Jacques Celliers, FNB CEO says: “The SARB continues to adopt a prudent approach to balance monetary policy imperatives with support for our fragile economy. We welcome the SARB’s decision to keep rates unchanged as it allows consumers and businesses temporarily relief to assess the impact of recent events on their finances.
20 Jul 2021

How SA can rebuild social trust and repair the economy

By Staff Writer

What may have started out as a political protest – to the jailing of former president Jacob Zuma – quickly descended into widespread violence and pillaging on an unimaginable scale last week in KwaZulu-Natal and townships around Johannesburg.
20 Jul 2021

Survey: Most South Africans against violence, but youth five times more likely to support it

By Staff Writer

CompariSure, one of South Africa’s leading FinTech companies has conducted an insightful online survey across the country on the recent unrest. Using its conversational AI technology, CompariSure’s research involved “chatting” to over 1 600 respondents in order to gather opinions and results, all within a short period of 48-hours.