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Toyota SA to invest over R4 billion in car assembly and parts

Toyota SA Motors (TSAM) has announced a R4.28bn investment in local vehicle assembly and parts supply. Speaking at the company’s annual State Of the Motor Industry address at Kyalami on Thursday, president and CEO Andrew Kirby said the lion’s share of R2.43bn would go towards the production of a new passenger-car model from October 2021 at the Prospecton plant in ... Read More »

Toyota SA to invest over R4 billion in car assembly and parts

Toyota SA Motors (TSAM) has announced a R4.28bn investment in local vehicle assembly and parts supply. Speaking at the company’s annual State Of the Motor Industry address at Kyalami president and CEO Andrew Kirby said the lion’s share of R2.43bn would go towards the production of a new passenger-car model from October 2021 at the Prospecton plant in KwaZulu-Natal. The ... Read More »

Massmart warns of almost R1.4bn loss as SA consumers struggle

Walmart-owned retailer Massmart, whose brands include Makro and Game, warned on Thursday it had swung into a loss in its year to end-December, as SA’s consumers cut back on higher-margin durable goods such as kitchenware and electronics. In addition to trading disruptions caused by “aggressive” load-shedding in early December, consumers continued to prioritise spending on non-durables, such as food, the ... Read More »

SAA may get just R44m of R877m Zimbabwe owes in ticket sales

SAA, the national airline that has entered business rescue, may only be offered 5% of the $60m (R877.2m) that its owed by neighbouring Zimbabwe in funds from ticket sales and hasn’t been able to extract from the country. The Reserve Bank of Zimbabwe’s monetary policy committee plans to “reject the majority of debts” owed to institutions, a move it hopes ... Read More »

Best investments to look at for 2020

Ashburton Investments, the asset management arm of the FirstRand Group, says it is looking to government bonds and listed property to provide the best risk-adjusted returns on the local front for South African investors in 2020. And the asset manager remains constructive on global equities, particularly in emerging markets. Nico Els, multi asset strategist at Ashburton Investments, said South African ... Read More »

South Africa’s biggest airports score well in this one key metric

South Africa’s three largest airports overcame considerable upheaval in the local aviation sector in 2019 to remain in the top tiers of global on-time performance with rankings of second, ninth and tenth in their respective categories, according to Airports Company South Africa. The annual Punctuality League tables published by OAG, a global travel data firm, rank several hundred airports and ... Read More »

Economist warns of tax hikes for South Africans in 2020

Economist Dawie Roodt says that the state of government’s finances means that further tax increases can be expected in 2020. Roodt noted in an interview with eNCA that the state’s debt is at record levels, meaning “there will be tax hikes”. “The question is which one of the taxes will be increased? I am pretty sure that things like the ... Read More »

The massive debt problem facing middle class South Africans in 2020

South Africa’s middle class is facing a massive debt problem, and the lack of end-of-year bonuses and wage stagnation means that many people are borrowing to pay for necessities such as food and transport. Speaking to the Sunday Times,Paul Slot from the Debt Counselling Association said that 10 million people in South Africa have bad debt — meaning they have ... Read More »

Drakenstein reveals plans to service R1.63bn debt

The Drakenstein municipality has a loan debt of more than R1.63billion and low revenue streams. A recent document showed that the municipality took out loans to the value of R2.184bn over the past nine years and has only repaid R554 million of that debt. It also showed that cash reserves were depleted and that the municipality’s revenue growth had slowed ... Read More »

The industries that pay the highest average salaries in South Africa

Stats SA has published its latest Quarterly Employment Survey, showing what the average monthly salary is in South Africa right now, across all industries. As part of the data, Stats SA breaks down earnings across various sectors in the country, including mining, manufacturing, trade and transport, among others. The country’s formal sector lost 28,000 jobs in Q3:2019 compared to Q2:2019, ... Read More »

South Africa’s businesses marooned by rolling blackouts

JOHANNESBURG: As if choreographed by a puppet master, stores along the aisle of a Johannesburg mall hurriedly shut their doors one by one as soon as power outages strike slap-bang in the middle of the day. “We have to close the store immediately because people can steal … the card machines also don’t work without electricity,” a 23-year-old clothing retail ... Read More »

How the latest round of load shedding will hit South Africa’s economy

Market research firm Intellidex has published a new report highlighting the impact of load shedding and other recent developments on South Africa’s economy and projected growth. Head of Capital Markets Research at Intellidex, Peter Attard Montalto, said that load shedding, SAA, fiscal deterioration and ratings are not enough of a threat or a shock to a faster pace of reform ... Read More »

Business confidence ticks up from 20-year low

As business confidence languished near its weakest levels in two decades, the SA Reserve Bank insisted that cutting interest rates is not a remedy for the country’s economies woes that are threatening the loss of its remaining investment grade. While the central bank could act and provide some stimulus if there was a slack in growth, the extent to which ... Read More »

The company cashing in on South Africa’s minibus taxi industry

SA Taxi owner Transaction Capital published its results for the year ended September 2019, showing headline earnings growth of 18% despite South Africa’s strained operating environment characterised by low consumer and business confidence. SA Taxi grew headline earnings by 38% to R519 million and debt collection business, Transaction Capital Risk Services (TCRS), grew headline earnings by 15% to R313 million. ... Read More »

Rand gains as trade war news lifts market sentiment

The rand started the week on the front foot on Monday morning, as positive news on the US-China trade war boosted global market sentiment. News reports that China will raise penalties on intellectual property rights, which is one of the crucial topics discussed in the trade talks, renewed hope that the US and China may be moving closer to concluding ... Read More »

SARS goes to court to recover R200m lost through illicit tobacco trade in decade-old case

The South African Revenue Service has instituted a civil process to recover R200m it says was lost to the fiscus through the illicit tobacco trade. The tax agency’s executive head of customs and excise, Kumaran Moodley, and its acting head of digital information services technology, Intikhab Shaik, on Tuesday briefed Parliament’s Standing Committee on Finance on illicit tobacco trade. Moodley ... Read More »

Thousands of kilograms of Zim gold being smuggled into South Africa, says minister

Zimbabwe is losing thousands of kilograms of gold through smuggling into neighbouring South Africa, a senior Zimbabwe government official said this week. The precious metal is one of Zimbabwe’s biggest export earners. But production is being hampered by a lack of capital investment and repeated power cuts. Miners are also not happy with an arrangements that sees them being paid ... Read More »

Zuma: If the public protector wants my tax records, she must have them

Former president Jacob Zuma defended the public protector’s right to access his tax records in a series of tweets. Zuma was supposed to appear before the judicial commission of inquiry into state capture this week, but excused himself due to illness. Still, he has been busy on Twitter, defending public protector Busisiwe Mkhwebane who is currently in a legal battle ... Read More »

Japan-South Africa business committee launched

Officials from Japan and South Africa are working together to help Japanese companies make the most of business opportunities. A signing ceremony for a new promotions committee was held in Johannesburg on Wednesday. South African President Cyril Ramaphosa was on hand to offer his support. “There can be no better time to invest in this dynamic, growing economy than now,” ... Read More »

Rand perks up after Moody’s reprieve

The rand was quoted stronger in early trading hours on Monday after the country clung to its last investment-grade credit rating. Moody’s Investors Service announced that it had decided not to downgrade the country’s credit score to junk, although it did reduce the outlook to negative. This came even after the country released forecasts last week that showed its financial ... Read More »