Minister of Public Enterprises Pravin Gordhan says SAA cannot afford to operate any new routes at this moment in time.
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SAA cannot afford to open any new routes:- Pravin Gordhan
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Is the South African Rand not out of the woods yet
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Last week the ZAR performed impressively in the face of a stronger USD, US rate hikes and fragility in emerging markets.
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Here Are The Top Savings Rates For Expats – October
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Here are the latest expat savings rates. Many expats can benefit from using offshore bank savings accounts.
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Let’s have a look at Why Expat Tenants Need Home Insurance
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Even before you moved to Hong Kong, you may have heard about the highly unaffordable rent in the city, which always ranks top among the world’s most expensive housing markets.
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What South African expats need to know about financial emigration and recession
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With the South African economy currently in recession, lessening the effects of Rand volatility is a top priority for many people at the moment. Many expatriates have retirement funds and other assets in South Africa that they would like to withdraw and transfer offshore. This is known as the process of financial emigration. SAFFA.com had a look at the most common questions about this process below.
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Rand volatility set to continue
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The rand followed in the footsteps of emerging market currencies and global equities to end last week in the green.
The local unit opened the week slightly on the back foot as risk aversion lingered. This week the rand will be in the firing line on both the international and local front. Abroad, a 25% tariff on $16bn of Chinese imports comes into effect on Wednesday with a Chinese trade delegation landing in the US on the same day, the US Fed will hold a 3 day symposium starting on the 23rd with investors keeping an eye on policy indications, and markets will be hoping for sanity on the Turkish crisis.
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US vs CHINA … vs the rand!?
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The rand along with other EM currencies were casualties (yet again!) as the US vs China trade war tensions continue to escalate.
China vowed to fight until the end, warning the US of “arrogance” and “making a fool of itself”. US treasury yields edged lower as investors fled to safety. The rand depreciated 0.9% against the dollar opening at 13.44/USD this morning.
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Not much data out today but do keep an eye out for corporate earnings and trade development between the two big boys (US & China) and SA manufacturing data. Have a Terrific Tuesday!
Latest Rates
USD/ZAR 13.3811
GBP/ZAR 17.3462
EUR/ZAR 15.4865
ZAR/JPY 8.3163
CNY/ZAR 1.9543<b
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Super Rugby News: Quarter-final fixtures, teams and kick off times
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The format continues to irk, but here are the quarter-final teams, fixtures and kick off times for this season’s Super Rugby.
After what feels like forever, Super Rugby’s quarter-finals have been decided. The format hasn’t gone down well with everyone this season, but here we are.
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It’s time to take your money out of South Africa
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Economist Dawie Roodt has advised South Africans to take their money out of the country amid looming downgrades which would send the economy into another recession. Speaking to IOL following the release of the auditor general’s report on the financial health of state-owned entities last week, Roodt said that the country is in dire straits…
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It’s still all about the US
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The local unit scored somewhat of a consolation goal on Friday (sorry Argentina fans), as global equities and EM markets ended the week stronger.
Eyes are still on the US though as June Fed minutes and job numbers will be out later this week. The data, coupled with escalating trade tensions between the US and China, could provide more volatility than the Spain vs. Russia penalty shootout.
On local shores, consumers are set to be hit with another sucker punch as the price of petrol is set to increase by 26c/litre. Combine this with higher municipal rates, taxes and electricity tariffs and you’ve got yourself an already overworked wallet. Have a great week and batten down the hatches if you’re in the Cape!
Latest Rates
USD/ZAR 13.83
GBP/ZAR 18.21
EUR/ZAR 16.09
ZAR/JPY 7.99
CNY/ZAR 2.07
AUD/ZAR 10.19
CHF/ZAR 13.95
AED/ZAR 3.76
SGD
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