Optimism, the idea of hopefulness, or confidence about the future success of something, is a feeling that may be understandably absent from South Africans’ lives at the moment, especially amidst negative news headlines and a lack of certainty about the future.
Tourism is a significant sector. It directly and indirectly supports 8,6% of South Africa’s GDP. Its economic activity encompasses all non-commuter passenger travel, car hire, a wide range of accommodation types, a vast array of activities and attractions, conference centres, retail and restaurants and services such as tour operators, travel agents, conference and event organisers and the like.
Talking about finances at work can seem like a taboo subject, especially given that conversations about salaries, bonuses or saving for retirement usually take place behind closed doors. If you are a member of a group savings scheme through your employer, such as a pension, provident or umbrella fund, you may have burning questions about how this will impact your retirement.
An avalanche of regulations governing wealth management means that wealth managers have had to adapt their business models to remain compliant. With all the new rules and regulations in place it is important to ask your financial advisor certain questions to ensure they are compliant.
With local news agendas being dominated by the rand’s dismal performance, recent GDP woes and an economy slipping into a technical recession – South African investors are increasingly seeking shelter via offshore exposure.
Recent weeks have seen the local market hit by a triple whammy. Both local and global markets have crashed as the economic impact of the COVID-19 pandemic begins to be felt resulting in a market sell-off; a rapid decline in oil prices has created a global supply shock. In addition to that, ratings agency Moody’s downgraded South Africa’s credit rating to junk or sub-investment grade.
The affirmation of South Africa's investment-grade credit rating by Moody's late on Friday is welcome. South Africans will now be spurred to focus on their individual financial wellbeing and ask if their own status could be described as investment grade or junk. This in light of the fact that 94% of South Africans still on the junk watchlist.