• News
  • World

Gupta empire collapses as Zuma exits South African presidency

Gupta empire collapses as Zuma exits South African presidency

The new leadership aims to plug a revenue hole in its budget and fix its economy after nine years of mismanagement under the scandal-plagued Jacob Zuma who resigned last week.

It lifts the value-added tax to 15% from 14%-the first such increase in 25 years-and includes higher levies on fuel, alcohol and tobacco.

"The budget was probably enough to avoid another downgrade, at least for now", said John Ashbourne, Africa economist at Capital Economics in London.

The new spending plan contains tax increases for most South Africans, rather than concentrating the burden on the high earners and corporations, which can more easily shift earnings overseas.

On the eve of the shooting, Ramaphosa said in an email discussion between Lonmin and government officials that incidents of violence around the strike were "plainly dastardly criminal acts and must be characterised as such".

Peter Griffiths, a spokesperson for Moody's, said by email the company didn't have an immediate comment and Fitch's Peter Fitzpatrick resent a previous note in which it said the budget would be indicator of the direction of fiscal policy under Ramaphosa.

Investors, business leaders and rating agencies are watching closely for how Ramaphosa is going to deal with corruption and clean up cash-strapped state-owned enterprises.

The party said it would boycott Gigaba's Budget Speech on Wednesday if he's the one to deliver it.

The rand was at R11.7226 to the dollar from R11.6722. Mr. Gigaba said the government believes the economy grew 1% in 2017, up from its previous 0.7% forecast, and will expand 1.5% in 2018, 1.8% in 2019 and 2.1% in 2020.

Finance Minister Malusi Gigaba, whose position is uncertain now amid talk of an imminent reshuffle by Ramaphosa, sent shock waves through financial markets last October when he announced the projected revenue shortfall and flagged weak growth estimates and rising government debt. "The population was given a crash course in democracy, legal systems, the economy, state-owned companies and how safeguards failed us".

Locally, opposition parties have congratulated the 65-year-old Ramaphosa on his election in the National Assembly as a new President, but did not give him a free pass.

"The president ultimately has the prerogative over this issue", Gigaba told reporters before his speech.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

YouTube Apologizes for Shooting Conspiracy Video

Jones has said there is "officially ... about a 90 percent chance" the attack in Florida was a "deep state false flag operation". YouTube did not immediately respond to a request for comment about the conspiracy video, or its policy for similar situations.

Benitez: Shelvey miss cost Newcastle three points against Bournemouth

All odds mentioned in this article are correct at the time of publishing and are subject to change. Newcastle boosted their survival hopes with a 1-0 home win over Manchester United last time out.

Minnesota Timberwolves' Butler carried off court after injury

The pay-per-view possibilities alone would be delicious, although the game would probably be unlikely during the season. The Rockets will look to run their win streak to 12 games when they visit the Denver Nuggets Sunday night.

Bitcoin rises above $11000, first time since January

The cryptomarket will likely take its cues from Bitcoin however, with Bitcoin dominance continuing to rise, now sitting at 39.2. Yesterday, Bitcoin hit its highest price point of the year, surging to $11,700 before dropping by more than $1,000.

Dow rallies 347 points as stocks close higher for week

SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) was the target of a large decrease in short interest in the month of January. A number of other hedge funds and other institutional investors have also recently modified their holdings of the business.

Wizards hold off new-look Cavs

Tyronn Lue said that he will start LeBron James at small forward, Tristan Thompson at center and Cedi Osman at power forward. One of the biggest assists of the night came from Beal as he caught the inbound with just under a minute left in the game.

Father slashes son's throat, almost decapitating 2-year-old

Deenihan said Ortiz and his wife have six other children and hopes the arrest will bring "some level of closure" to the family. He was just an innocent kid whose trust and safety was betrayed by the one man he should never have to question.

Google Assistant to gain 30 languages, multilingual support

What this means is that users will be able to have Assistant handle a handful of separate tasks with a single command. Meanwhile, Google has worked closely with OEMs to improve the Assistant experience on third-party devices.

Decacorn watch: Dropbox files for a $500 million IPO

Exact pricing on the shares will arrive in the upcoming weeks from Goldman Sachs and JPMorgan Chase, who are leading this IPO. The filing also said co-founder and Chief Executive Drew Houston (pictured) has 24.4 percent of voting power in the company.

Study suggests 'modest' alcohol consumption can help you live past 90

Finally, people who spend two hours a day on a hobby are 21 percent less likely to die early. "Maybe that can tell us something". Moderate drinking, however, was not the only activity reported by The 90+ Study that had a positive impact on longevity .