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 […]

Unwrapping Deals and Discounts: Navigating the Black Friday Bonanza in the 2023 Festive Marketplace

The retail sector is bracing for a pivotal moment as the annual holiday shopping extravaganza unfolds in 2023. With the much-anticipated “Black Friday” followed closely by “Cyber Monday,” retailers are deploying an arsenal of strategies to entice consumers into festive purchases. This year, however, the landscape is tinged with economic unease, despite favorable unemployment rates. […]

South Africa’s Inflation Dilemma and the Repo Rate Decision

In the complex landscape of South Africa’s economic scenario, the recent surge in inflation to 5.9% has stirred a discourse among economists regarding the impending decision on the repo rate. With the Consumer Price Inflation (CPI) nearing the upper threshold of the South African Reserve Bank’s (SARB) target band of 3% to 6%, the central […]

Binance chief Changpeng Zhao pleads guilty to money laundering charges

The Binance chief executive, Changpeng Zhao, has resigned after pleading guilty to money laundering violations. “I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself”, he said in a post on X. The Justice Department said it was requiring Binance, the largest crypto-exchange in the world, […]

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