Jacob Zuma

Prince Harry Visits Africa - Day 6

Investment in South Africa might provoke additional risk

South Africa's economy, which was once considered a darling among foreign investors, have slumped over the previous 18-month period. Market experts view the current economic situation as a major risk factor for further investment in the country.

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South African Finance Minister Pravin Gordhan Delivers 2016 Budget

South African Currency Slumped as Finance Minister to Resign Over a Spat With Tax Commisioner

South Africa’s currency has dropped to its four-year low after the news of the country’s finance minister threats of resignation was reported. Finance minister Pravin Gordhan threatens to resign over a spat with Tom Moyane, as the minister demanded the tax commissioner to be dismissed, or he himself would leave.

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Opening Day Of The World Economic Forum (WEF) 2016

South African Finance Minister Orders Probe Into Eskom Coal Supply Deal

Eskom, a South African state owned power producer has attracted a probe over its deals for developing new power plants. Country’s finance minister has ordered the probe and cancelled post budget breakfast briefing scheduled to be broadcast by New Age newspaper. The move has been analyzed as a revolt within the government against Gupta family, intimate with President Jacob Zuma.

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South Africa's New Finance Minister Pravin Gordhan

SARB Increases Benchmark Rates, Commercial Banks Follow Trait, Job Cutting Feared

South African Reserve Bank (SARB) has announced increasing key interest rates by fifty basis points to 6.75% on Thursday. It has also slashed down growth forecast to 0.9%. SARB has increased the interest rates for the second time with an interval of weeks. However, the rate hike will influence the Banks’ expenses and banking industry may witness job cutting as cost minimization effort.

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France

South Africa signs nuclear agreement with France

South Africa has signed a nuclear power agreement with France, the government said on Friday, three weeks after it reached a similar deal with Russia as part of Pretoria's first tentative steps towards building up to 9,600 MW of nuclear power.

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