1 minute Reserve Bank Governor Lesetja Kganyago has announced that the monetary policy committee has decided to cut rates by 25 basis points – meaning that the prime lending rate decreases to 11%. It’s the third consecutive rate cut by the Central Bank. The cut comes despite the US Fed’s decision to keep rates on…
Reserve Bank Governor, Lesetja Kganyago 1 minute It is widely expected that the Reserve Bank will cut the repo rate by 25 basis points when it makes its announcement this afternoon. This is as inflation has continued to surprise on the downside, a trend expected to remain until the second half of this year. Consumer…
Canola plants blossom in a field beneath electricity pylons, as South African utility Eskom experiences frequent power outages, near Cape Town, South Africa, September 8, 2022. 1 minute Independent Energy Analyst Clyde Mallinson says 11 million households in the country live in energy poverty. His comments follow the National Energy Regulator of South Africa’s (Nersa)…
Farmer receives Hemp seeds and certificate. 1 minute The Eastern Cape Province is moving forward with plans to establish itself as a hub for the cannabis industry. Today, 26 local farmers will receive hemp seeds from the Eastern Cape Rural Development Agency and sign an agreement at the Coega Special Economic Zone in Gqeberha. These…
Reserve Bank Governor, Lesetja Kganyago 3 minutes Some political parties in Parliament and Cosatu have welcomed the Reserve Bank’s decision to cut interest rates by 25 basis points. However, some say despite the reduction, interest rates are still higher than before the COVID-19 pandemic. They say there’s room for more cuts to stimulate economic growth…
Power lines. 1 minute The National Energy Regulator of South Africa (Nersa) has announced that it has approved electricity tariff adjustments for Eskom for the next three years. For the 2025/26 financial year, the regulator approved a tariff increase of 12.7%. Eskom was seeking a 36% hike. For the 2026/27 financial year, Nersa approved a…
Community members queue for water. 1 minute The Statistics South Africa 2022/23 Income and Expenditure survey shows that black households face severe financial constraints compared to White, Indian, Asian and Coloured households. Statistician-General Risenga Maluleke released the survey in Pretoria yesterday. The income of black households which averages R143 000 annually is well below the…
Cannabis processing equipment in Gqhebera. 3 minutes Twenty-six Eastern Cape farmers have received hemp seeds as part of a R1 billion investment by Medigrow and the Coega Special Economic Zone in Gqeberha. The venture is part of an initial R100 million investments in an indoor cannabis cultivation project. The handing over of the seeds marked…
1 minute Statistics South Africa 2022/23 Income and Expenditure survey shows that black households face severe financial constraints compared to White, Indian, Asian and Coloured households. The income of black households which averages R143 000 annually is well below the South African average. The average income among white households is just over R670 000, Indian and…
KwaZulu-Natal Premier Hon. Thamsanqa Ntuli addressing the media regarding the financial affairs of Ithala SOC. 3 minutes The KwaZulu-Natal government says it will use all possible avenues to challenge the Prudential Authority’s application to liquidate Ithala SOC Limited. This was after the repayment administrator, appointed by the Reserve Bank, found that Ithala was technically and…
