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, […]
Tax warning for South African expats
South Africans living abroad are contending with a major shift in procedures from the South African Revenue Service (SARS). Tax consultant Leap Group said that SARS has started flagging previously unsubmitted tax returns. “This change is not arbitrary; it is based on third-party information received by SARS, which can include information received from foreign institutions […]
Minister Nzimande Encourages Students to Apply for NSFAS Grants
In a bid to empower aspiring students and pave the way for their academic endeavors, Minister Blade Nzimande, responsible for Higher Education, Science, and Technology, recently addressed the media to underscore the significance of applying for the National Student Financial Aid Scheme (NSFAS) grants. As the application window officially opened on a Tuesday morning, the […]
African bank hits 4 million customers
African Bank has recorded a profit for the financial year ended September 2023 – rescuing itself from a challenging start to the year. Over the financial year, the group said that it saw a successful acquisition and integration of Grindrod Bank and Ubank assets, liabilities and operations. With the more extensive operations, the group is […]
Employees are scamming their bosses in South Africa – costing them billions
Employee fraud is costing businesses worldwide billions – including in South Africa – and some experts call the rampant theft a global financial pandemic. Speaking with eNCA, CEO of forensic investigative services company CS Forensics, Christo Snyman, said employee fraud is very likely the most common form of financial fraud in South Africa. These types of […]
South Africa’s wage delusion
Ratings agency Fitch has warned that the National Treasury’s projections for the country’s public wage bill does not match up with reality, and risks pushing up the country’s debt even higher. Commenting on the 2023 medium-term budget policy statement delivered by finance minister Enoch Godongwana at the start of the month (1 November), the agency […]
South Africa’s Mining and Manufacturing Sectors Grapple with Ongoing Challenges
South Africa’s economic landscape is navigating troubled waters as its mining and manufacturing sectors endure a persistent downturn. For the third consecutive month, the mining industry has experienced a decline in output, primarily attributed to the relentless pressures stemming from logistics and energy crises. Statistics South Africa (Stats SA) recently released data highlighting a nearly […]
Transnet’s Financial Crisis: A Looming Threat to South Africa’s Economy
Transnet, a government-owned logistics giant in South Africa, is currently facing a severe financial crisis. The company’s board has sounded an alarm, citing a growing debt burden of R130 billion that it can no longer manage. The interest on this debt alone has become unmanageable for Transnet, which reported a loss of R5.7 billion. Moreover, […]
