The rand's more than 10% decline against the dollar during the fourth quarter of 2015 was clearly reflected in the relative performance of asset classes during the quarter, according to Herman van Papendorp (head of macro research and asset allocation) and Sanisha Packirisamy (economist) of Momentum. The best performers were global assets, with global equities outperforming global bonds and cash, according to their quarterly market and economic review, released on Tuesday. Among the … [Read more...] about Plummeting rand impacts asset performance
Grahamstown mother arrested after killing of ‘abusive’ son
A Grahamstown woman whose son allegedly abused her has been arrested for his murder, Eastern Cape police said on Tuesday. Rosy Links, 38, appeared in the Grahamstown Magistrate's Court on Monday following the death of her son, Vuyolwethu, 17, at their home in the Sun City informal settlement, Captain Mali Govender said. She was arrested in the early hours of Sunday after he was stabbed to death. Links would remain in custody until her bail application on January 18. "At this stage it is … [Read more...] about Grahamstown mother arrested after killing of ‘abusive’ son
ANCYL wants EC education MEC sacked
The ANC Youth League in the Eastern Cape has called for Education MEC Mandla Makupula to be redeployed following the province's dismal matric results. The province's entire administration had to be overhauled, the ANCYL said on Tuesday. Eastern Cape matrics got a 56.8% pass rate in the National Senior Certificate examinations, making it the worst-performing province. The ANCYL called for drastic measures to be implemented to safeguard the future of the province's youth. "The MEC … [Read more...] about ANCYL wants EC education MEC sacked
Expected 1st Quarter interest rate hikes not good news
Manufacturing production decreased by 1% in November 2015 compared with November 2014, Statistics South Africa announced on Tuesday. This was mainly due to lower production in the metals industry, which brought down the total by 1.3 percentage points, having contracted by 7%. Seasonally adjusted manufacturing production decreased by 1.2% in November 2015 compared with October 2015, following month-on-month changes of -1.7% in October 2015 and 2.3% in September 2015. In the three months … [Read more...] about Expected 1st Quarter interest rate hikes not good news
Obama announces 15 March Agoa suspension
South Africa has until 15 March 2016 to fully comply with the US over its meat imports, after US President Barack Obama on Monday ordered the suspension of duty-free treatment to all Agoa-eligible goods in the agricultural sector from South Africa, effective on that date. Sources in the industry indicated to Fin24 that the suspension would only be implemented should South Africa not fully comply with the requirements. The announcement comes after South Africa failed to meet the December 31 … [Read more...] about Obama announces 15 March Agoa suspension
‘Business as usual’ for Proteas
Proteas coach, Russell Domingo, says it is 'business as usual' for the squad as they prepare for the third Sunfoil Test match against England starting at the Bidvest Wanderers Stadium on Thursday. Domingo says the change in captaincy hasn't had too much of an effect on the squad, which is focused on building on their improved performance in the second Test in Cape Town. "Within our team it's been business as usual," Domingo said of the team environment while addressing the media in … [Read more...] about ‘Business as usual’ for Proteas
Consider a trade
There is hope for matriculants still looking for a spot at a university. Those who qualified for higher education but who had not been offered a place by the time their matric results had been released, and those eligible to study but who had missed deadlines to apply, could contact 0800 35 66 35. They could also send an SMS with their name, ID number and contact number to 49200. They would be phoned back free of charge. Institutions would then contact them to offer them unfilled … [Read more...] about Consider a trade
R16 Billion for higher education
Government has set aside R10bn for the National Student Financial Aid Scheme, amid rumblings of a new wave of #feesmustfall protests, Higher Education Minister Blade Nzimande said on Monday. It had committed an additional R6.9b to support university education, he told reporters in Cape Town. "This is a strong indication that government has listened to concerns raised by university students." The R6.9bn would go towards covering the R2.3bn funding shortfall universities would face due to … [Read more...] about R16 Billion for higher education
R16.49 to the $1 because ‘markets do not understand Zuma’s motives’
Any expectations of a respite for the rand after last week's beating were given a final nail in the coffin when President Jacob Zuma stated that the turmoil regarding Nenegate was not all that serious, and that markets did not understand what he was trying to do. This is according to Wichard Cilliers, director and chief dealer at treasury services company TreasuryOne. "This week has got a lot of potential banana peels that the rand could slip on. Several speeches by US Fed members could … [Read more...] about R16.49 to the $1 because ‘markets do not understand Zuma’s motives’
Those Dreaded Data Bundles
The South African National Consumer Union (Sancu) is urging consumers to be aware of their smart phone charges after receiving complaints from users with bills running over R20 000. Sancu vice chairperson Ina Wilken told Fin24 that in 2015 the union received nearly 500 cell phone-related complaints, with some being sent to the Consumer Commission. "It seems to me the big issue here is the bundles," she said. "Smart phones have the ability to devour huge quantities of data when performing … [Read more...] about Those Dreaded Data Bundles
1 dead, 43 injured in PE bus crash
One woman died and 43 other people were injured when their bus crashed into a wall of the Standard Bank building in Port Elizabeth, on Friday afternoon, the Eastern Cape health department said. The crash took place at 14:52 in Sidwell, at the corner of Kempston and Commercial roads, spokesperson Siyanda Manana said. "The woman was ejected through the window of the bus and landed in between the bus and the wall," he said. None of the injuries were life threatening. It appeared the driver … [Read more...] about 1 dead, 43 injured in PE bus crash
Battered rand will bring hard year to SA
The rand is currently at the mercy of external factors, analysts said on Friday. They were responding to the rand hitting R16.20 to the greenback on Thursday before consolidating trade for the rest of the day at around R16.10/$. At 10:38 on Friday the unit was trading at R16.03/$ from a close of R16.06 in the previous session. "It's not only South Africa, the world is an unhappy place," Adam Phillips, independent treasury consultant at Umkhulu Consulting, told Fin24. "In case you … [Read more...] about Battered rand will bring hard year to SA
Assegai Murder in Eastern Cape
A 19-year old man was stabbed to death with a homemade assegai on Thursday in Dutywa in the Eastern Cape. According to police spokesperson Captain Jackson Manatha, it is believed that a misunderstanding between the man, identified as Sibulele Silo, and a 21-year old suspect lead to the attack. The murder happened in the early hours of the morning after they had a quarrel. "The elder brother of the deceased managed to stop the quarrel between the two boys," Manatha said in a … [Read more...] about Assegai Murder in Eastern Cape
Davies – We have cracked the Agoa deal
The salmonella issue has been concluded and the South African market is now open for 65 000 tonnes of US poultry imports, Rob Davies, Minister of Trade and Industry (dti), told media on Thursday. Briefing media about progress regarding the US African Growth and Opportunity Act (Agoa), Davies said the US has signed all documents and he is now awaiting formal indication that the agreement has been concluded. He commended the people involved in the negotiations, saying they had cracked the … [Read more...] about Davies – We have cracked the Agoa deal
Eastern Cape is a ‘failed state’
When it comes to education, the Eastern Cape is a failed state. That's according to education economist Dr Nic Spaull. Spaull said on Wednesday that, while inequalities in terms of resources contributed to the disparities between pass rates, the effectiveness of poorer provinces also had to be assessed. The 2015 national pass rate fell to 70.7%, from 75.8% in 2014. The Western Cape was the best performing province, with an 84.7% pass rate. The worst performing province was the … [Read more...] about Eastern Cape is a ‘failed state’
