Not since Nelson Mandela walked out of Victor Verster prison 26 years ago have investors been gloomier about South Africa’s economy.
South Africa’s unemployment rate rose in the third quarter, with more than one in four out of work.
Reserve Bank Governor Gill Marcus has warned that South Africa’s economic outlook is deteriorating rapidly, with strikes likely to lead to job losses.
SA’s current account recorded its largest deficit in nearly four years in the second quarter of 2012 as exports fell due to subdued external demand.
First National Bank says it is aiming to appoint a new sharia board for its Islamic finance division by the end of 2012.
Finance Minister Pravin Gordhan says SA’s growth this year is likely to miss forecasts while the central bank warns about the economy’s vulnerability.
SA may issue five new bonds this week, helping to plug a 10-year benchmark gap and extend the government yield curve by a further seven years.
Headline inflation slowed in March to within target range for the first time in four months, suggesting inflation may undercut the forecasts.
There is little risk the political crisis in North Africa could spread to sub-Sahara Africa, but escalating oil and food prices are the main worry.
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/ 9 December 2010
South Africa’s current-account deficit widened in the third quarter, partly due to a fall in receipts after the boost from the Soccer World Cup.
Bulls supporter Eldre Janse van Rensburg had never set foot in Soweto before Saturday’s Super 14 rugby final.