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Top 5 on Fin24: The start of strike season: what to expect, consumer confidence hits record high

Cape Town - A roundup of Wednesday's top economic and finance reads on Fin24.

The start of strike season: what to expect

STRIKE

President Cyril Ramaphosa might be trying to solicit R1.2trn in new investment but back home, the country is boiling over with industrial action affecting key sectors such as manufacturing, transport, healthcare and possibly the entire civil service.

The winter months in South Africa are sometimes known as ‘strike season’ due to the inevitable number of wage disputes that occur most years.

And 2018 is shaping up to be no different. Fin24 looks at the strike by the South African Federation of Trade Unions, the bus strike, the North West health services shutdown and the possibility of a public sector strike. 

No appetite or benefit in selling SAA now, board insists

South African Airways hopes that its planned oversight forum in partnership with National Treasury will see the troubled national carrier breaking even and funding its own operations by the year 2021.

A delegation from SAA met with Parliament’s standing committee on appropriations to reassure MPs that they would soon act on government’s fresh commitments to steer the carrier in a more stable direction.

However, the board maintained that the government is not considering a sale.

Consumer confidence hits record high on change in SA leadership

The FNB/Bureau of Economic Research Consumer Confidence Index for the final quarter of 2018 rose to a record high of +26 index points, the highest level since a decade ago, a report released on Wednesday showed.

“The latest reading surpassed the previous record high of +23 index points reached in the first quarter of 2007, when the South African economy pumped out real economic growth of nearly 6%,” said a statement.

State capture inquiry into Zwane not meant to deliver verdict, Parliament hears

A new state capture inquiry into the department of mineral resources and its former minister Mosebenzi Zwane is purely meant for "oversight purposes" and will not issue verdicts. 

Criminal issues which may crop up will be dealt with relevant organs of state and Parliament can refer issues to the Hawks and the Public Protector, said Parliament’s legal adviser Fatima Ebrahim on Wednesday. 

“At end of the day no verdicts are cast,” she said.

Panel of experts to review list of zero-rated VAT items


Finance Minister Nhlanhla Nene has appointed an independent panel of experts to review the list of zero-rated value-added tax items. 

This comes after National Treasury heeded recommendations made to Parliament in February by civil society groups and trade unions following the announcement in the National Budget that the VAT rate would be increased by one percentage point from 14% to 15%. 

Cabinet also previously called for a review of items exempt from VAT.

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