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Posts Tagged ‘budget’
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March 16, 2018

ENERGY DEPT NEEDS R1 TRILLION FOR NUCLEAR PLANS

Finance Minister Nhlanhla Nene confirmed that nuclear plans will remain on the table but will only be implemented at a pace the country can afford.

Finance Minister Nhlanhla Nene says the Energy Department will need a budget of R1 trillion for its nuclear plans.

Nene confirmed that nuclear plans will remain on the table but will only be implemented at a pace the country can afford.

The Finance Minister gave his first public address in Tshwane on Monday at a Fedusa conference.

“Which means we must not move away from the existing plans and we’re sitting with the IPPs as we speak on renewable energy, some of them that are due to be signed quite soon, some of [...]

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March 2, 2018

Rand at strongest level in three years

“The rally in the local currency ‘continues unabated it seems and a slight dollar recovery last week has done nothing to dent this’”

The rand continued its winning ways on Monday morning, touching levels not seen since early 2015.

Positive sentiment towards SA was the recurring theme.

Foreigners were net buyers of local bonds to the tune of R12.3bn over the past week, helping the momentum in the rand, which acts a buffer against inflation.

Foreigners have also been aggressive net buyers of the local shares since December when Cyril Ramaphosa became the new of the new leader of the ANC.

With inflation now close to the mid-point of the [...]

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January 19, 2018

Here’s what R100 buys you around the world right now

The rand is currently enjoying one of its longest winning streaks since 2002, with the currency trading at R12.37 to the dollar on Monday, 8 January.

Notably it has been on the front foot since December, supported by investors’ hopes that the newly elected leader of the ruling ANC, Cyril Ramaphosa, would push through business-friendly policies.

However, a Reuters poll held on Friday (5 January) found that the run is likely to end soon, with technical indicators now suggesting the rand is overbought.

There are also doubts about how much Ramaphosa, a promised reformer, can do for South Africa’s ailing economy, with the polled strategists saying that the rand is [...]

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