James

Tourism contributes a tremendous amount to our economy, especially in those areas with attractions well-known around the world. But the increasing frequency of extreme weather events is having an effect on this money spinner, and will continue to do so into the future. Our coastal areas have borne the brunt of changing weather patterns when it comes to the impact on especially international visitors. Motheo Khoaripe gets some insight from tourism specialist Lee-Anne Bac, director at consulting firm BDO South Africa. Bac cites the disruption caused by recent and current weather events, using KwaZulu-Natal coast and the Western Cape as examples. Listen to full article here: https://www.primediaplus.com/2024/07/11/how-extreme-weather-events-are-disrupting-tourism-in-sa

Law and order must be maintained in order for South Africa’s economy to flourish, as crime stifles business confidence and general confidence in the country, trade union Solidarity maintains in its new Economic Recovery Plan for South Africa. Solidarity published its recovery plan this week, with enforcement of low and order one of its five top priorities along with infrastructure maintenance and development, lighter and predictable personal and commercial taxation, a stable currency, and a well-educated workforce. “Nobody develops wealth if there is too great a risk that it will be taken away from them. It does not matter whether it is the state or other people who take wealth away. Crime stifles business confidence and general confidence in the country. The fact that almost nothing has been done to act on the findings of the Zondo Report proves that the government is not serious about fighting corruption,” the report states. There must be consequences for crime, Solidarity believes, as violent crime in particular makes it exceedingly difficult to market the country as a tourist attraction. Businesspeople will then also be reluctant to visit the country. Read the full article on: https://www.protectionweb.co.za/state-security/maintaining-law-and-order-a-key-part-of-solidaritys-plan-for-sas-economic-recovery/

While Samsung is already on the sixth iteration of its foldable series, in general, these advanced devices remain out of reach for most consumers, despite their appeal. Yesterday, the South Korean smartphone manufacturing giant introduced its latest foldable smartphones: the Galaxy Z Fold6 and Galaxy Z Flip6. The foldable smartphones, together with an expanded portfolio of wearables, were unveiled during Samsung’s Galaxy Unpacked event, livestreamed from Paris to a local audience in Johannesburg. Samsung’s new fold series comes equipped with Galaxy AI features. The 256GB Galaxy Z Fold6 model has a price tag of R43 499, while the 512GB Galaxy Z Fold6 will retail for R45 999. The Galaxy Z Flip6 costs R25 999. Read more here: https://www.itweb.co.za/article/foldable-phones-remain-out-of-reach-for-most-south-africans/GxwQDM1D5D57lPVo

Foreign investors bought the most South African government bonds in more than two years on Thursday, attracted by yields among the highest in emerging markets as the Federal Reserve gets closer to cutting interest rates. Non-residents bought a net R4.6 billion ($256 million) of the securities, the most in a day since January 2022, according to JSE data compiled by Bloomberg. That capped eight days of net buying by foreigners, the longest streak in more than seven years. Investors are showing renewed interest in South Africa’s bonds after the May 29 election, when the African National Congress lost its parliamentary majority. That forced it to invite opposition parties into government, including the business-friendly Democratic Alliance, which drew the second-most votes. Investors are wagering that the presence of opposition parties may help the new administration tackle state ineptitude, power shortages and logistics snarl-ups that have hobbled economic growth. The rand is the best-performing developing currency since the election, while South African stocks are at record highs. Read the full article here: https://www.moneyweb.co.za/news/markets/foreigners-buy-south-african-bonds-at-a-rate-not-seen-in-years/