WeWork forced to file for bankruptcy in the US
WeWork, the shared office firm that was once valued at $47bn (£38bn), has been forced to file for bankruptcy in the US. The decision follows the meteoric rise – and fall – of a company which was once seen as the future of the workplace. WeWork’s filing will give it protection from its creditors and […]
South African Finance Minister Enoch Godongwana Raises Concerns Over Transnet’s Rail Performance and Economic Impact
South Africa’s Minister of Finance, Enoch Godongwana, recently delivered the Medium-Term Budget Policy Statement (MTBPS) in Parliament, bringing to light the financial challenges faced by the state-owned entity, Transnet. In his address, Minister Godongwana emphasized the grave consequences of Transnet’s poor rail performance, which he believes poses a substantial threat to the nation’s economy. Furthermore, […]
South Africans feel the crunch
Demand for credit among South African households is dropping in South Africa, while banks are tightening lending conditions amid the continued challenging economic environment. Meanwhile, South African businesses are taking out more credit as the investment environment declines. Private Sector Credit Extension (PSCE) grew from 4.39% y/y in August to 4.60% y/y in September – […]
New residential investment hotspots in South Africa
South African property buyers are looking for more reasonably priced homes farther out from major cities, says Renier Kriek, the CEO of home financing company Sentinel Homes. Kriek said that rising interest rates and the resulting decline in transaction volumes are some significant contributors to this trend. Since the start of the rate cycle in […]
This is the average payout from medical aids in South Africa
The Council for Medical Schemes (CMS) has published its preliminary industry report, outlining the state of the medical schemes industry and some of the emerging trends in South Africa. According to the group, the years-long trend of consolidation has continued in the country, with the number of medical schemes declining from 144 in 2000, to […]
Instagram sued over harm to young people’s mental health
Meta, the parent company of Facebook and Instagram, has been accused of misleading the public about the risks of using social media and contributing to a mental health crisis among youth. The claims were made in a federal lawsuit, which was announced by dozens of US states. They say the company used addictive features to […]
Economist’s Concerns Over CPI Increase and Potential Interest Rate Hike by South African Reserve Bank’s MPC
The recent surge in South Africa’s Consumer Price Index (CPI) has raised concerns among economists, potentially prompting the Monetary Policy Committee (MPC) of the South African Reserve Bank to consider an interest rate hike. This rise in CPI, from 4.8% in August to 5.4% in September, has brought it to the same levels as observed […]
Counterfeit Fashion Flood: A Persistent Challenge in South Africa’s Clothing Industry
The clothing industry in South Africa finds itself in a continuous battle against the proliferation of counterfeit items infiltrating the market. Recent efforts by the police in Gauteng saw the destruction of a substantial chunk of approximately R3 billion worth of confiscated counterfeit items, including luxury clothes, sneakers, handbags, and various other items. However, industry […]
The work from home dilemma in South Africa
The push to have workers return to the office in South Africa is not bearing much fruit – but some are begrudgingly making their way back to traditional work patterns because of load shedding. The latest Rode Report on the South African propert market for the third quarter of 2023 shows that the country’s office […]
BYD: The top electric car maker that is not Tesla
Electric car maker Tesla has a Chinese rival in its rear-view mirror. Shares in BYD, or Build Your Dreams, jumped this week after it said it expected third-quarter profits to more than double compared with last year. BYD is now ahead of Tesla in quarterly production – and second to the US car maker in […]
