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Rand

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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SAFRICA-ENERGY-ESKOM

Eskom to Receive Last Payment of 5 Billion Rand Bailout By Next Week

Next week, Eskom will be paid the remaining balance from the bailout. Eskom CE Brian Molefe expressed frustration to learn that Finance Minister Pravin Gordhan announced that the funds will be withheld. Treasury informed that the fund will be transferred and is already being processed.

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CHINA-ECONOMY-STOCKS

Following Turbulence in China, Asian Stocks Stumble and Rand Sinks

Asian market hit a worst week starting the 2016 trading. Global market also slipped following the turbulence in China.

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