Author: newsnote correspondent
The Civil Organisation, Undoing Tax Abuse (OUTA), has raised alarms over the state of private student accommodation in South Africa, urging a return to the model where tertiary academic institutions managed these facilities. Their call comes in the wake of a troubling funding crisis linked to the National Student Financial Aid Scheme (NSFAS), which has left many students and service providers in dire straits. In recent months, institutions providing private student housing have faced immense challenges stemming from significant delays in NSFAS funding. This backlog has not only threatened the livelihoods of accommodation providers but has also placed students at…
As South Africa navigates through a myriad of economic challenges and opportunities, the nation’s economic growth for 2025 could rise to nearly 2%. However, analysts are warning that volatility awaits, primarily due to the prospect of “Trump policy risk,” which may drive consumer inflation higher and instigate a tightening of monetary policy. According to Citadel’s 2025 Economic Outlook released on Thursday, the potential return of Donald Trump to the White House could stir market instability and currency fluctuations. Analyst Mike van der Westhuizen emphasises the need for South Africa to turn its focus toward intrinsic factors that can be managed…
South Africa’s economic outlook is better this year than last, but the inflation picture is more muddied as risks abound, its central bank governor said on Tuesday. South African Reserve Bank (SARB) Governor Lesetja Kganyago told Reuters in an interview at the World Economic Forum’s annual meeting in Davos, Switzerland, that growth in Africa’s most industrialised economy could be close to 2% in 2025, versus the 1.1% growth projected for 2024. “Depending on who is forecasting, growth varies between 1.6% and 2% (this year). We think … it would be closer to 2% than closer to 1.6%,” he told the…
At the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, President Cyril Ramaphosa brought a critical message to the forefront, calling for urgent reform of multilateral finance institutions that govern global development finance. Addressing an international audience, Ramaphosa stressed the importance of providing emerging economies with fair access to development finance, highlighting a pressing need for equity in the global financial system. Ramaphosa’s address was timely, as he stood not only as South Africa’s representative but also in his new role as president of the Group of Twenty (G20) for the year. In this dual capacity, he took…
The South African rand faced a modest retreat against a buoyant U.S. dollar on Tuesday as the global financial community began processing a wave of policy updates announced by President Donald Trump the previous day. At 1532 GMT, the rand traded at 18.5325 to the dollar, marking a decrease of approximately 0.1% from its previous close. This comes after the rand experienced a nearly 1% gain on Monday as markets anticipated Trump’s swearing-in.The dollar itself displayed strength, appreciating about 0.2% against a basket of global currencies. Adam Phillips, a treasury specialist at Umkhulu Treasury, noted, “I think we need to…
A chilling scene unfolded outside the Lenasia Magistrate’s Court on Tuesday as gunfire shattered the morning calm. A witness, who was poised to testify in a critical murder case linked to a 2021 incident in Eldorado Park, was shot dead in a brazen attack that has left the community and law enforcement authorities reeling. The unidentified man and another witness were waiting outside the courtroom when two armed assailants approached them. The suspects opened fire without uttering a single word, according to witnesses. According to police spokesperson Lieutenant-Colonel Mavela Masondo, this heinous act is a grim reminder of the dangers…
The ceasefire has come into effect in Gaza following intense negotiations to alleviate humanitarian distress and foster a moment of relief in the region. As part of this agreement, Hamas has presented the names of three Israeli hostages who are expected to be released today, marking a pivotal step towards reducing tensions and restoring some semblance of normalcy. The hostages set to be freed are identified as Romi Gonen, Doron Steinbrecher, and Emily Damari. This announcement comes from Hamas itself, illuminating specific details of an agreement that has been long awaited by anxious families and officials in Israel alike. In…
The fate of 170 million TikTok users is now in the hands of President-elect Donald Trump.On Friday, the U.S. Supreme Court upheld the law that requires TikTok to be sold to a U.S. company or be banned by Sunday, January 19.But, the White House said it would not enforce the law since Trump takes office the following day, leaving it up to the incoming president. CloseUS TikTok ban: When will the Chinese-owned social media app be banned?Sign up to our free IndyTech newsletterEmailI would like to be emailed about offers, events and updates from The Independent. Read our privacy policyThe…
The world economy is bracing for a turbulent year ahead, with the World Bank projecting a growth rate of merely 2.7%—the weakest performance since 2019, barring the catastrophic downturn experienced during the height of the Covid pandemic. This cautious outlook sheds light on significant underlying concerns that could derail any prospects for an economic resurgence globally. World Bank’s deputy chief economist, Ayhan Kose, articulated the gravity of the situation, asserting that while a growth rate of 2.7% is a figure that the global populace can “live with,” it lacks the capacity to uplift living standards across nations, both affluent and…
Israel intensified strikes on Gaza hours after a ceasefire and hostage release deal was announced, residents and authorities in the Palestinian enclave have said, as mediators sought to quell fighting ahead of the truce’s start on Sunday. The complex ceasefire accord between Israel and Hamas emerged on Wednesday, outlining an initial six-week halt to the 15 months of bloodshed that has devastated the coastal territory – leaving more than 46,000 Palestinians dead – and inflamed the Middle East. The complex ceasefire accord between Israel and Hamas emerged on Wednesday, outlining an initial six-week halt to the 15 months of bloodshed…