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Cape Town - A roundup of Thursday's top economic and finance reads on Fin24.
Gupta mineworkers demand answers about their future
Striking mineworkers at Gupta-owned Optimum Coal Mine have demanded to know the "truth of the sale" of the mine.
Workers downed tools on Wednesday morning, saying there was uncertainty over their jobs and the future of the mine.
A large group of mineworkers gathered at the main gate of the mine early on Thursday morning, insisting that management briefs them.
Optimum Coal CEO George van der Merwe received a memorandum from them. In the memorandum, they demanded to know if they would be paid and asked to be informed of plans to pay outstanding debt to creditors.
Ramaphosa tax gamble targets debt before elections
President Cyril Ramaphosa risks alienating voters in the run-up to next year’s elections after his administration announced plans to raise sales tax and curb spending as it seeks to stabilise debt and prevent a third junk credit rating.
The value-added tax rate will be raised to 15% from 14%, the first time since the end of apartheid that the government has targeted a charge seen as hitting the poor hardest.
Levies on fuel and luxury goods will also go up, while planned spending will be cut over the next three years, according to Finance Minister Malusi Gigaba. The rand and government bonds gained.
#EntrepreneurCorner: SONA, Budget Speech and your business
In this week’s episode, Fin24’s resident expert Anton Ressel discusses the importance of both the State of the Nation Address and the national Budget Speech, and how they affect the running of small businesses.
Ressel is hopeful that President Cyril Ramaphosa’s indication of support for the sector in his speech will ensure an enabling environment for small businesses to thrive.
"We've been hearing this for a long time," he said, "I think that the government always has the best intentions." But when it comes to implementation, it has not always followed through, Ressel says.
- WATCH the full interview here: #EntrepreneurCorner: SONA, Budget Speech and your business
Schizophrenic budget a desperate attempt to balance the books
Whichever way you look at it, Budget 2018 was always going to be punitive – and it sure was.
All South Africans, especially the poor, are being made to pay for both the excesses of the Zuma era as well as the failure to enact and enable growth-orientated economic policies.
The rise in value-added tax (VAT) and fuel levies is largely an attack on the poor and presents a gamble for newly-elected President Cyril Ramaphosa as he seeks to revitalise his own political party ahead of the 2019 elections.
But Budget 2018 was a peculiar affair. In essence, it was delivered by a less-than-credible messenger under the whip from a more-than-credible new president, writes Daniel Silke.
Property experts weigh in on Budget 2018
The property market, which is fuelled by sentiment, and Budget 2018 – on the back of the election of President Cyril Ramaphosa – are expected to go a long way towards reaffirming investor confidence in real estate, according to Dr Andrew Golding, chief executive of the Pam Golding Property group.
Golding said an interesting aspect of the Budget Speech is the proposal that some 195 000 government-owned properties with an estimated value of over R40bn would either be better used or sold in the short to medium term.
This could unlock revenue as well as opportunities for property development and redevelopment.
Visit our Budget 2018 Special for all the news, views and analysis.
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