Top 5 on Fin24: Unemployment rate steady, rand tanks and massive petrol price spike seen | Fin24

Top 5 on Fin24: Unemployment rate steady, rand tanks and massive petrol price spike seen

May 15 2018 18:16

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

Rand tanks more than 2% on US retail sales data

The rand tanked more than 2% on Tuesday afternoon after US retail sales showed a rise of 0.3% during the month of April.

"This has caused the USD to continue its gains against its peers and is currently trading at 12.60 against the ZAR and 1.1850 against the EUR," TreasuryONE said in a snapnote.

By 15:21 the local unit was trading at a four-month low of R12.62 to the greenback, 2.35% weaker than its previous overnight close in New York.

SA unemployment rate steady at 26.7%

The country's unemployment rate remained unchanged at 26.7% over the first quarter of 2018 compared to the fourth quarter of 2017, according to the quarterly labour force survey released by Statistics South Africa on Tuesday.

In the first quarter, gains were recorded in the formal sector with an increase of 111 000 jobs, while the informal sector added 93 000 jobs. Private households added 5 000 jobs.

Mantashe bemoans R1.9bn funding for DMR is inadequate

Gwede Mantashe

Government’s R1.9bn budget allocation to the department of mineral resources (DMR) is “inadequate”, says Mineral Resources Minister Gwede Mantashe.

After fewer than 100 days in office, Mantashe tabled the budget vote in Parliament on Tuesday, outlining the department's priorities for the 2018/19 financial year. These include issues of policy and legislation, health and safety, mining rights and applications for mining licences, and illegal mining, all of which Mantashe said must be addressed urgently.

“The funding allocated to the department, and its portfolio of entities, remains inadequate if we are to effectively carry out our mandate,” Mantashe said.

READ: Mantashe bemoans R1.9bn funding for DMR is inadequate

Motorists in for another massive petrol price spike

petrol pumps

Motorists can expect another massive fuel price hike at the beginning of June, the Automobile Association warned on Tuesday.

"This means the country started the month (May) with a substantial fuel price deficit. In the first half of May, the fuel picture has continued to worsen, with steep oil price rises and ongoing weakness of the rand against the US dollar."

Ideas good, but execution vital for SA energy sector

Eskom acting CEO Phakamani Hadebe. (Photo: Netwerk

Ideas form a good basis for growth and development, but in the end only the execution of these ideas will bring about growth, acting Eskom CEO Phakamani Hadebe said at the opening of the 18th Africa Utility Week in Cape Town on Tuesday.

"Energy is a lifeline and a human right. It is not optional, it is essential," he said.

"Our future is in our own hands. It is only by creating growth in Africa that people will stop risking their lives to cross the Mediterranean. I want to emphasise that the execution of ideas is key."

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

best of fin24


Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do small independent businesses stand a chance against big corporates in SA?

Previous results · Suggest a vote