Economy

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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Ford Registered Better Vehicles Sales in China in 2013

Ford Registered Better Vehicles Sales in China in 2013

It has been reported that Ford Motor Co. and its local partners registered increased sales in China by about 50% in 2013. This increase in a sale is an indication that the company has surpassed Japanese giants Toyota Motor Corp. and Honda Motor Co. to start inroads into the world's largest auto market.

Ford had been left behind byJapan's big car makers for past more than 10 years. But, conflict between China and Japan on territorial front and release of new and revamped vehicles in 2013 has helped Ford a lot.

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Long-Term Unemployment MakesYoung People Feel Suicidal: Report

Long-Term Unemployment MakesYoung People Feel Suicidal: Report

A youth charity in UK haswarned that long-term unemployment is forcing young people to suicidal thoughts. Out of three, every one long-term youthful jobless people have thought about committing suicide and 24% have self-harmed. It is expected that people who do not have any work, are two time more likely to be prescribed with anti-depressants as compared to the ones who have a regular job.

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French Court Approves Millionaire Tax; 75 Percent Tax on High Income

French Court Approves Millionaire Tax; 75 Percent Tax on High Income

French top court has approved the high tax rate of 75% on ultra-rich individuals, receiving salary of one million euro or more. The French government led by President Francois Hollande has been criticized for high tax rate on millionaires. Constitutional council of France approved the tax on Sunday.

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Euro Jumps Significantly Against Dollar

Euro Jumps Significantly Against Dollar

The European Union common currency has touched a new high this year against USD after strong hopes of economic recovery in major European economies. The Euro has recently jumped quite smartly against the US dollar.
Euro has gained strength in past two months of current year. From a low of 1.28 to USD, Euro is heading to close year 2013 around 1.38 levels compared to USD. As the banks adjusted positions for the year end, while the yen hit five-year lows for a second straight session.

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Zimbabwe’s Lackluster Budget

Zimbabwe’s Lackluster Budget

According to a latest report, about after a month's delay the finance minister of Zimbabwe has announced a not so apt $4.02-billion budget.

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South African Reserve Bank Celebrates 100th Year Anniversary of Union Buildings by Launching Commemorative R2 coin

South African Reserve Bank Celebrates 100th Year Anniversary of Union Buildings

The South African Reserve Bank is celebrating the 100-year anniversary of the Union Buildings. In order to celebrate the same, the bank has launched a commemorative R2 circulation coin and a R2 crown size silver coin.

The R2 circulation coin will be available from early months of 2014. The front side of the coin has number of things like the South African Coat of Arms, the year of issue with South Africa. On the back side of the coin, an image of the Union Buildings is present.

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Rand Declines for Second Day against the Dollar

Rand Declines for Second Day against the Dollar

For a second day, the rand declined against the dollar. The traders argued whether the Federal Reserve will today declare a decrease in US monetary stimulus or not. US monetary stimulus helped in make investment to South African bonds.

The central bank in the world's biggest economy may start cutting its $85-billion of monthly bond purchases this week. As per 34% of economists in a December 6 Bloomberg survey, the figure was increased from 17% in a poll that took place on November 8

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