Economy

Impact of Rand on Local Companies

Impact of Rand on Local Companies

The decline in valuation of rand has started showing its impact on the balance sheet of local companies. The currency is at its lowest level in more than five years compared to US dollar and Euro.

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FM Gordhan at ‘Africa: Economic Outlook and Opportunities’

FM Gordhan at ‘Africa: Economic Outlook and Opportunities’

Finance Minister Pravin Gordhan said that South Africa will come out of the financial turmoil and the currency is currently undervalued. During a panel discussion at ‘Africa: Economic Outlook and Opportunities’ event hosted by Bloomberg, Gordhan said that ANC will return back to power and will create six million jobs in next five year.

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President Zuma Supports Pan African Free Trade Area

President Zuma Supports Pan African Free Trade Area

President Jacob Zuma has supported the idea of development of pan-Africa free trade area to give boost to African economy. The President added that African countries should come forward and setup a free trade agreement to create an economic zone which could be valued above $2.6 trillion.

President Zuma further added that the market would boost the economic development for African nations. Also, many companies across the world would consider the partnership as a positive sign as more than 1 billion residents would offer a quick market for their products.

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Finance Minister Expects Higher Exports

Finance Minister Expects Higher Exports

Finance Minister Pravin Gordhan said that the decline in rand would make South African products more competitive in the international market and the ministry is expecting higher export figures.

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Inflation at 5.4 Percent in December

Inflation at 5.4 Percent in December

The consumer price index data released by statistics office has witnessed marginal increase during December. The Inflation for December remained at 5.4 percent compared to 5.3 percent in November.

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Zimbabwe to Launch Sovereign Fund with Mining Royalties

Zimbabwe to Launch Sovereign Fund with Mining Royalties

Zimbabwe has planned to use some portion of mining royalties to launch sovereign wealth fund to help the ailing economy. Zimbabwe currently ranks at 14th position in per capita GDP among the countries in Africa.

The unemployment rate is high and commodity prices are rising. President Robert Mugabe is facing criticism for the ailing economic conditions and hyperinflation. The economy has shrunk by almost 40 percent since year 2000. The country has better literacy rate compared to African average. The high rate of unemployment has led to massive outrage among residents.

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China's Annual Trade Exceeds USD 4 Trillion Mark for First Time

China's Annual Trade Exceeds USD 4 Trillion Mark for First Time

Economy in China is improving and with China back on the track, market experts are confident of sustained growth in the Asian region. As per official figures released, yearly trade of China has surpassed the USD mark of 4 trillion last year. The main reason behind the increase was exports on higher consignments of goods to the European Union and the U.S. market. The exports increased by 7.9% to USD 2.21 trillion.

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Wealth List Ranks South Africa on Top Position in Africa

Wealth List Ranks South Africa on Top Position in Africa

The per capita wealth list issued by New World Wealth has ranked South Africa at first position in Africa. The 2013 wealth of South African was $11,310 on an average. Among poorest nations were Ethiopia, Uganda, Mozambique, Tanzania and Zimbabwe.

New World Wealth has offices in South Africa and United Kingdom. The company evaluated complete wealth of individuals including real estate, business holdings, bank balance and shares, to rank the nations in Africa. The wealth per individual in South Africa has seen steady rise over the past few years.

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Moody’s Could Retain Stable Outlook for South Africa

Moody’s Stable Outlook for South Africa helps Rand

Positive Moody’s rating outlook at investment grade for South Africa helped the currency on Tuesday. Moody’s investors service added that debt of the nation seems ‘manageable’ and outlook for 2014 is positive for South Africa. The rise in demand from Europe and United States could also help South Africa.

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Germany's Unemployment Rate remains Steady in December

Germany's Unemployment Rate remains Steady in December

As per official figures revealed on Tuesday, German unemployment rate suddenly fell on a seasonally accustomed basis in December. Since, the reunification of Germany more than two decades back, the unemployment rate has remained under control in the strongest European economy.

The current data suggesting lower unemployment numbers strengthens hopes that domestic consumption could raise expansion in Europe's biggest economy. Sustained recovery in Germany could also help Euro, which has already seen rally against USD and Japanese Yen.

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