Zimbabwe introduces new gold-backed currency to tackle inflation
In a bid to bring an end to the tumultuous journey of its local currency, Zimbabwe has embarked on a groundbreaking initiative, replacing its faltering dollar with a new unit dubbed ZiG. Backed by a diverse portfolio including foreign currencies, gold, and other precious metals, ZiG symbolizes a pivotal moment in the nation’s economic narrative. […]
Ethiopian bank glitch leaves costomers drowning in money
The Commercial Bank of Ethiopia faces a daunting task as it grapples with a substantial financial setback caused by a “systems glitch.” This glitch allowed customers to withdraw sums of money exceeding their account balances, resulting in a staggering total of over $40 million or £31 million, as reported by local media outlets. The incident […]
Above the Line: Implications of Exceeding South Africa’s BCEA Earnings Threshold
Implications of Exceeding South Africa’s BCEA Earnings Threshold. In the dynamic landscape of South Africa’s labor laws, the Department of Employment and Labour recently implemented significant adjustments to the earnings threshold stipulated by the Basic Conditions of Employment Act (BCEA). This revision, effective as of April 1st, 2024, has sparked discussions and raised questions about […]
Eskom Debt Relief Amendment Bill Sparks Heated Debate in National Assembly
In a contentious session at the National Assembly, the passing of the Eskom Debt Relief Amendment Bill has ignited a fierce debate among political parties. The bill, which mandates the power utility Eskom to pay interest on government loans, has drawn criticism from opposition members who view the R254 billion Eskom loan as a mere […]
ANC Stands Firm Against Rand Manipulation
In a resolute stance against financial misconduct, the African National Congress (ANC) has thrown its weight behind the pursuit of criminal charges and prosecution for traders and banking institutions implicated in the manipulation of the South African rand. The investigation, which traces its origins back to 2013, recently regained prominence following admissions from the UK […]
A Deep Dive into the Third Quarter Setback
In a surprising turn of events, the economic landscape witnessed a contraction during the third quarter of the year, marking a departure from the promising signs observed in previous quarters. According to the latest data released by Stats SA, economic activity experienced a notable shrinkage of 0.2% over the three months ending in September. This […]
Financial Challenges Threaten Electricity Supply to Johannesburg Hospitals
In the heart of Johannesburg, a critical healthcare facility, Charlotte Maxeke Academic Hospital, faces a dire predicament. The threat of an imminent electricity cutoff looms large unless the hospital can muster R40 million to settle its outstanding electricity bill. City Power, the electricity provider, cites commitments from the provincial government to address the debts, but […]
NSFAS Sees Positive Start to 2024 Application Season
The National Student Financial Aid Scheme (NSFAS) has kicked off the 2024 application season on a positive note, having provisionally approved a substantial 76,000 applications within the first six days. As thousands of prospective beneficiaries eagerly submitted their applications, the efficiency and functionality of the online application system have come under scrutiny. In contrast to […]
Former President Thabo Mbeki Calls for Transparency in Banking Scandal
Former South African President Thabo Mbeki has added his voice to the growing concerns surrounding allegations of price fixing and currency manipulation involving almost 30 commercial banks in South Africa. The banking scandal has recently come to light, with British multinational bank Standard Chartered fined nearly R42 million by The Competition Commission for its admitted […]
Relief for South Africa as Reserve Bank holds interest rates
The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) has voted to hold interest rates for the third consecutive meeting. This keeps the repo rate at 8.25%, with the prime lending rate at 11.75%. The result was in line with economist and analyst expectations, which shifted in recent weeks to align with the view […]
