Jump to content
  • The JSE Investment and Finance Forum

    Platinum Wealth is the soon-to-be-leading financial forum with an eye on the future of our country and the citizens of South Africa. No matter if the years of trading with just goods have gone by, us as a civilization have always looked towards how to get a better deal, how to have more – essentially to prosper. We have created a bigger platform for you to do so. A connection of your peers giving their tips and tricks for what has helped them reach their finance and investment goals.

    From personal finance and making money, to financial news and small business, we cover it all at Platinum Wealth. Pose your money and investment questions in our money and investment forums, we'll make sure they get answered. We want to guide a new generation of money-conscious readers. We are here to share tips that will help you live large without sacrificing your financial independence.

Chatbox

Load More
You don't have permission to chat.
  • Who's Online   0 Members, 0 Anonymous, 15 Guests (See full list)

    There are no registered users currently online

  • Member Statistics

    1,884
    Total Members
    6,415
    Most Online
    yazanzezo
    Newest Member
    yazanzezo
    Joined
  • Forum Statistics

    • Total Topics
      1,100
    • Total Posts
      8,783
  • Posts

    • Rand crashes through R19/$ and is down more than 18% in the past month.   SA was dealt another blow late on Friday when Fitch Ratings downgraded the country further into junk, just a week after  Moody’s Investors Service stripped it of its last remaining investment grade. The rand extended its losses, crashing through R19/$.   Fitch said it had cut SA one notch to BB from BB+ because the country lacked a “clear path towards” stabilising its debt position, a situation that would be worsened by the effect of the Covid-19 shock on economic growth and public finances.   It maintained a negative outlook, meaning the next move is more likely to be further down the junk scale, because it saw “the prospect of further significant upside pressure on government debt and additional downside risks associated with the global shock”.   The Fitch move came at the end of a difficult week for markets, with general volatility worsened by concern that SA’s credit-rating downgrade by Moody’s would lead to an exodus of funds, increasing government’s borrowing costs at a time when a shrinking economy will decimate its tax collection.   While the Fitch move may be seen as less important than that of Moody’s, which put SA into junk with all three major companies and on course to fall out of key indices such as the FTSE World Government Bond Index, it reinforces negative sentiment towards an economy that slipped into recession even before the coronavirus outbreak.   Like Moody’s, Fitch was pessimistic that the government would be able to renegotiate its three-year wage deal with public-sector unions, on which the numbers in the February budget were premised. The company also said that a new wage deal in 2021 was also “unlikely to result in the projected savings”.   The rand weakened 2.84% to R19/$ at 6.27pm, down 7.28% for the week and 18.58% over the past month.   Fitch said it expected the consolidated fiscal deficit to surge to 11.5% of GDP in 2020/21, which is more than the 8.5% predicted by Moody’s last week. Government debt, including that owed by municipalities, as proportion of GDP will jump to 80.2% in 2021/22, “well above the 2019 BB category median of 46.5%”.   In his reaction, finance minister Tito Mboweni acknowledged that noninvestment grade ratings have undesirable implications for the whole economy.   “To assure all South Africans, government is seized with addressing and minimising the impact of Covid-19, implementing measures to improve economic growth and setting government finances on a sustainable trajectory,” he said.   Source: https://www.businesslive.co.za/
    • New cashout £20.23 processed by how to make money from home fast free cashed consumer Finney. The website really nice. Set eyes on screenshot. Recommended say recommended. http://fast2earn.com/r/412845
    • I ****ing love Clear Access. 24/7 support and I can count on my one hand the amount of times we've had real issues.
    • thanx  hope it's gonna work for me
×
×
  • Create New...