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South African economy projected to grow in 2018


South African gross domestic product shrank 2.2 percent in the first quarter, led by a slowdown in agriculture and mining, after expanding 3.1 percent in the final three months of last year. However, the survey of 24 economists taken in the past week forecast the economy would grow 1.7 percent this year. That was only 0.1 percentage point lower than ... Read More »

Two suspects arrested after business robbery in Alberton


A swift response by the police led to the arrest of two suspects and the recovery of three unlicensed firearms and a stolen vehicle in Alberton‚ east of Johannesburg. Police spokesman Captain Mavela Masondo said police had received information about a business robbery in progress in Van Riebeeck Street and had responded immediately. “Upon arrival at the scene‚ police noticed ... Read More »

South Africa’s richest man buys Vumatel to expand fiber business


A unit of Remgro bought part of fibre provider Vumatel as South Africa’s richest man seeks a greater share of the country’s expanding broadband network. Community Investment Ventures Holdings, in which Johann Rupert’s investment vehicle is the biggest shareholder, took a 35% stake in the fibre provider and has agreed to take full ownership at a later date, it said ... Read More »

Rand caps dramatic week at six-month low, stocks weak


The rand plummeted this week to reach the year’s lows, dragged down by weak economic growth and global investors shying away from riskier assets. At 14.21 on Friday, the rand was 13.10 to the dollar, down from the year’s peak of 13.28 earlier in the session. The currency was at its weakest level against the dollar since Dec. 18, Thomson ... Read More »

Government offers car makers tax breaks to double their production

Robot arms assemble cars at the Avto ZAZ plant, major Ukrainian car maker, in Zaporizhzhya, 500 km (311 miles) southeast of the capital Kiev, August 7, 2013. Struggling to bridge a large foreign trade deficit, Ukraine has, in particular, introduced new barriers against imports of goods ranging from cars to coke, a fuel produced from coal and used in steel production.  REUTERS/Gleb Garanich  (UKRAINE - Tags: TRANSPORT BUSINESS)

The government is proposing car makers, including Toyota, Ford and BMW, more than double production in return for tax breaks so generous the companies can ship the cars to Europe. The automotive industry accounts for about 7% of SA’s GDP and has been one of the few highlights of a period of sluggish economic growth, according to the National Association ... Read More »

7 arrested after Limpopo cash-in-transit heist


Seven people believed to be behind a cash-in-transit heist outside Polokwane on Monday have been nabbed and two bullet-riddled stolen vehicles, rifle ammunition, cartridges, explosives and money bags were retrieved in Seshego. Captain Matimba Maluleke of the Limpopo Hawks said on Tuesday that more arrests were imminent. The group was arrested following an “intensified operation” between the Hawks, a provincial ... Read More »

Ranked: The 10 biggest unit trusts in South Africa right now


We compiled a list of the 10 biggest South African unit trusts in the first quarter of 2018. Some R1.9 trillion is invested in SA unit trusts, down 3% from the last quarter. Unit trusts from Coronation, which was one of the biggest investors in Steinhoff, continued to feature in the top 10. There are currently some 1,261 registered unit ... Read More »

South Africa kidnappers make ransom demand in bitcoin


A gang that kidnapped a South African teenager from a playground at the weekend have demanded a ransom in bitcoin worth about $123,000, police have said. The 13-year-old boy was taken in the town of Witbank in the eastern province of Mpumalanga while he was playing with two friends near his home. Witnesses said a Toyota Corolla pulled up nearby ... Read More »

Tough trading conditions weighing on Imperial’s revenue growth in SA


JOHANNESBURG – Challenging trading conditions in South Africa were placing a handbrake on the revenue growth of listed Imperial Holdings’ logistics and motor businesses in the country. However, the listed transport and mobility group said yesterday it anticipated solid operating and financial results in the year to June. Imperial said it expected to produce double-digit growth in headline earnings a ... Read More »

Higher oil prices and weaker rand a risk to inflation – analysts

Interest Rate - Variable Interest Rate - a conceptual look at variable interest rates. Will they go up or down?

The South African Reserve Bank’s monetary policy committee (MPC) is expected to take a hawkish stance and keep interest rates unchanged next Thursday, analysts expect. The rand and other emerging market currencies lost gains made this week, given a rise in US Treasury bond yields to 3.11%. The local currency reached an intraday low of R12.82 to the greenback on ... Read More »

Corruption-linked police supplier’s offices closing, but business still running


For employees working at embattled police IT supplier Forensic Data Analysts (FDA), was the last day on the job. has reliably learnt that the offices of the company, which has been accused of wide-scale corruption in its police and State Information Technology Agency (SITA) contracts, have over the last few days closed their doors. The company’s landline has not been ... Read More »

Patient police nab drug dealer


The Ekurhuleni Metro Police Department (EMPD) nabbed a suspected drug dealer after hours of surveillance by its drug enforcement unit. EMPD spokesperson Chief Superintendent Wilfred Kgasago said officers were surveilling a man in the Springs area after receiving a tip-off “from a reliable source”. “The suspect’s vehicle was subsequently stopped and searched on Tonk Meter Road near N17 Hospital whereupon ... Read More »

Man held for triple murder in Manenberg crackdown


A police crackdown in Manenberg following weeks of violence has led to the arrest of a 27-year-old man for a triple murder. Despite this, a 16-year-old was shot dead and three people wounded in suspected gang violence on Tuesday. Police spokesperson FC van Wyk said: “We can confirm a shooting incident at Matilda Court, Manenberg, where three people, aged 15, ... Read More »

Man arrested at OR Tambo after almost R7m found in luggage


PRETORIA – A 27-year-old man was arrested and R6.9-million in cash in American and South African currency was seized at the OR Tambo International Airport, police say. A team acting on intelligence intercepted luggage suspected of containing undeclared cash on Saturday. After verifying that the bag did indeed contain an amount of $199,300 and R4,5-million — which is a total ... Read More »

South Africa confirms Expo 2020 Dubai participation


South African: South African President Cyril Ramaphosa send message to Dubai ruler Sheikh Mohammed bin Rashid Al MaktoumUAE state minister for foreign affairs Anwar Gargash. (GIUSEPPE CACACE/AFP/Getty Images) South Africa on Thursday confirmed its participation in Expo 2020 Dubai. Dr Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, met with Paul Mashatile, Treasurer General of the African National ... Read More »

South African 2018 Tax Revenue Below Budget


CAPE TOWN: South Africa’s tax agency collected 1.216 trillion rand ($101.3 billion) in the year through March, slightly below target.  Personal-income taxes comprised 38 percent of collections, Finance Minister Nhlanhla Nene told reporters Tuesday in the capital, Pretoria. Value-added tax contributed 25 percent to the total, he said.The government had forecast 1.35 trillion rand of total revenue in the period, ... Read More »

South Africa Launches VAT Zero Rate


CAPE TWON: Having increased the headline value-added tax rate to 15 percent from 14 percent on April 1, South Africa has appointed a panel to consider a review of the list of food items subject to the zero rate. The panel has been asked to, first, evaluate whether the current list of 19 zero-rated food items achieves the objective for ... Read More »

S. African Tourism ties packages to U.S. tax refunds


CAPE TWON: South African Tourism has launched a campaign featuring deals to South Africa that is timed to tax day in the U.S., encouraging Americans to spend their tax refunds on a South Africa vacation. Partnering with the top U.S. travel trade partners South African Tourism has unveiled six packages priced between $1,700 and $3,200, a range it said reflects ... Read More »

South African consumer confidence hits all-time high


SEOUL: Consumer confidence in South Africa touched an all-time high in the first quarter of 2018, as positive political and economic developments made consumers much more willing to spend. The consumer confidence index, sponsored by First National Bank (FNB) and compiled by the Bureau for Economic Research, improved to +26 from -8 in the final quarter of 2017. “The extraordinary ... Read More »

South Africa Legal agreements influence transfer duty liabilities


CAPE TWON: In the recent matter of the Commissioner for the South African Revenue Service v Short and Other  the High Court of South Africa (Western Cape Division) had to decide whether transfer duty had been determined correctly. The taxpayers contended that the acquisition of the property and the right of habitatio were two separate transactions. As a result, the ... Read More »