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Cape Town - A roundup of Friday's top economic and financial reads on Fin24.
Magda Wierzycka: 'The crooks must go to jail, Markus Jooste first'
The corruption of Jacob Zuma is dead and buried and South Africans must now focus on building a future for the country, Sygnia Asset Management CEO Magda Wierzycka has said.
"It is important to recognise that, whatever you are doing in South Africa right now, you can’t do it ignoring the political and economic environment we live in," she said.
Evidence that some Transnet employees 'operate like syndicates' on tenders - Molefe
Transnet chairperson Popo Molefe has said the group's board found that some people within the company "operate like syndicates" and collude not to reveal information on tender processes.
Earlier this the week the state-run rail, port and pipeline company said three senior executives are facing suspension, and have until Monday, August 20 to make written submissions as to why they should not be suspended.
Rand breaches R15/$ in volatile trade
The rand remained volatile on Friday morning, first strengthening by 0.75% before weakening by 1.7% to briefly breach R15/$.
The local currency, which has been experiencing large swings in recent days on the back of broad emerging market weakness and local economic concerns, opened at R14.73/$ and strengthened to R14.62/$ before falling back to change hands at R14.80/$ at 10:54.
Treasury crunching numbers in case zero VAT list widens revenue gap
If there is a revenue gap caused by additional zero-rated VAT items, then National Treasury will either have to adjust expenditure or raise taxes in the mini budget, Parliament has heard.
In a report released by Treasury on August 10, the panel had recommended that white bread, bread and cake flour, sanitary products, school uniforms and nappies be zero-rated.
South Africans changing spending habits due to financial pressure, index shows
South Africans are under financial pressure and have adjusted their spending behaviour to weather the economic headwinds, according to Shergeran Naidoo, head of stakeholder relations at BankservAfrica.
BankservAfrica's latest Economic Transaction Index (BETI) transactional value for July was 127.3, lower than any reading since March 2017, according to Naidoo.
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