Star 2025-06-25

Transport Minister, Barbara Creecy, has revealed that Transnet has approached the National Treasury for significant short-term infrastructural development funds in a bid to tackle deep-rooted challenges within South Africa's rail system. This appeal for funds required in July and October aimed to expedite tonnage haulage and improve revenue generation for the struggling rail entity. Appearing on the PSG Wealth Think Big interview on Tuesday, Creecy highlighted these urgent financial requests amid rising concerns expressed by Moody's Ratings agency last month. The agency pointed to Transnet's unsustainable capital structure, deteriorating liquidity position, and the lack of clarity on future government support, compounded by slower-than-anticipated operational improvements. Creecy stated that concerns would persist without new investments in rail infrastructure, hence Transnet has put in a request "to the budget facility for infrastructure,…

The National Treasury has called for more cooperation among the Group of 20 (G20) countries for the benefit of low-income economies on the back of escalating geopolitical tensions. This call comes amid concerns that ongoing conflicts—particularly in the Middle East, a crucial region for global oil supply—and heightened trade tensions between the United States and China are casting a long shadow over the global economy. Speaking at the opening day of the Supreme Audit Institutions of the G20 nations (SAI20) on Tuesday, deputy finance minister David Masondo reflected on the recent G20 finance meetings, where the global economic landscape was painted with uncertainty due to geopolitical tensions and trade fragmentation. Masondo said the G20 had to play a central role in fostering stability and strategic direction during this period of…

The latest Quarterly Employment Statistics (QES) released by Statistics South Africa (Stats SA) for the quarter ended in March has raised significant concerns as the report reveals a downturn in employment figures, exacerbating fears about the health of South Africa’s economy. According to the findings, a total of 74 000 jobs were lost in the first quarter of 2025, signalling a decrease of 0.7% from December 2024, where total employment stood at 10 653 000, dipping to 10 579 000 by March. The decline is largely attributed to substantial job losses in key sectors, including trade, which saw a steep reduction of 52 000 positions, and community services, which lost 17 000 jobs. The mining sector also contributed to this downturn, shedding 4 000 jobs, while business services, construction, and…

Lungelo Lethu Human Rights Foundation condemns banks legal action against homeowners South Africa’s major banks will finally defend themselves in court over claims that they repossessed hundreds, if not thousands, of people’s homes and sold them far below market value, cheating them of the earned interest on those properties over years. This comes as the South Gauteng High Court in Johannesburg has set down the matter, which is a R60 billion class action suit, against the country’s major banks to be heard in February 2026, nearly a decade after it was launched in 2017. This legal challenge aims to hold financial institutions accountable for pri- oritising profit recovery above the rights and dignity of homeowners.. Advocate Douglas Shaw from Banking Law Advisor and the claimants’ representative confirmed to Business Report…

The world is facing the "most complex" geopolitical situation seen in decades, the head of the World Economic Forum (WEF) told AFP Tuesday, warning that turmoil was "impacting global growth". "It is the most complex geopolitical and geo-economic backdrop we've seen in decades," WEF President and CEO Borge Brende said ahead of a meeting of the multilateral forum in the northern Chinese city of Tianjin. "If we are not able to revive growth again, we can unfortunately see a decade of lower growth," he warned. Officials including Singaporean Prime Minister Lawrence Wong will attend this week's WEF meeting in the port city of Tianjin - known colloquially as the "Summer Davos". The meeting comes hard on the heels of the US' involvement in the Iran-Israel conflict and follows months in…

The ongoing conflict in the Middle East continues to unsettle markets – but perhaps to a lesser degree than investors feared. Despite the intervention of the US, markets’ reaction has been contained. Oil prices initially rose, reaching over $81 (R1465) a barrel, but quickly fell back to their range of the previous week. Global conflict often transmits into wider economic and market performance via inflation, and energy prices are a key contributor. This is why, during geopolitical flashpoints, the oil price becomes a point of focus. What factors are influencing oil prices in relation to today’s Middle East crisis? Oversupply of oil keeps prices under $80 a barrel. The global economy currently enjoys a healthy oil surplus. This helps keep prices in the mid to low $70s, a historically moderate…