Business Archives - Al Ansaar

Ramaphosa Calls for Russia/Ukraine Peace Talks while Fuel Prices are cut

Leave a Comment / Business / Yacoob Cassim

President Cyril Ramaphosa has met with Ukrainian President Volodymyr Zelensky over two weeks ago to express hope of peace between Russia and Ukraine. Ramaphosa says that South Africa is deeply concerned about the ongoing conflict in Ukraine and believes the only path to peace is through diplomacy. Talks had come on the heels of Russia […]

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Finance Minister to reverse VAT Increase

Leave a Comment / Business / Yacoob Cassim

Finance Minister Enoch Gondongwana has found himself in a right muddle of things. The minister will soon implement measures to reverse the nation-wide planned vat increase of 0.5 percentage points. The value-added tax (VAT) increase was set to begin on 1 May 2025. However, it faced fierce resistance, including legal cases from the Democratic Alliance

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Tech skills Mismatch, Debilitating Public Service, challenges of an AI-Powered Africa

Leave a Comment / Business, Technology / Yacoob Cassim

South Africa’s public service needs an adequate tech-skilled workforce that is capable of having the capacity to handle an evolving social landscape. According to academic researchers South Africa’s public service workforce lacks some of the technology essential for progressing to the Fourth Industrial Revolution (4IR). Despite the drive of government officials to implement these technologies,

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South Africa, Its Role in BRICS and Trump’s Tariffs

Leave a Comment / Business / Yacoob Cassim

South Africa as a member of BRICS must utilise its role in the organization to have an equal footing with the United States to strike a fair free-trade agreement. This was according to BRICS Business Council member Stavros Nicolaou who said in statement. South Africa stands at the Geographic Cross Roads of the world. According

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Eastern Cape Province in crisis and Oil Prices drop

Leave a Comment / Business / Yacoob Cassim

The Rand strengthened against the dollar last week Friday the 11th of April. The experts have cautioned that it remains vulnerable to developments in Washington’s global trade war and the potential for a split with in South Africa’s coalition government. The Rand was trading at 19.21 against the dollar, approximately 1.3 % stronger than Thursday’s

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As Trump s 30 Percent Tariffs begin Petrol Prices become Unpredictable

Business / Yacoob Cassim

It had begun on Wednesday 9th of June. US President Donald J. Trump’s imposition of thirty percent trade tariffs on South Africa took effect. South Africans should brace themselves for a period where prices become unstable. The US President known for his single-minded leadership claimed South Africa has been “ripping off” US taxpayers and insisted

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The Budget Speech faces Fiasco Concerning Jobs at Eskom and Oil Price increase

Business / Yacoob Cassim

The Rand has been hit hard by the defunding of federal support by US President Donald J. Trump since Friday 7th of March. Washington has cut all aid to South Africa. However, the American Dollar weakened after data revealed that the U.S economy added fewer jobs than anticipated last month. The Rand was trading at

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South Africa is taking first steps to integrating with Africa Industrialisation

Business / Yacoob Cassim

The African Continental Free Trade Agreement (AfCFTA) is in full swing. Implementation of the agreement offers South African business people unlimited opportunities to grow their businesses and expand their markets into the rest of Africa. South Africa’s centres of commerce such as Cape Town, Johannesburg and eThekwini (Durban) need to learn the new ropes concerning

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eThekwini at its height in Employment Growth ahead of the nation

Business / Yacoob Cassim

It was recorded in 2024, the previous year that Durban enjoyed an increase in over 70k jobs. This is the lowest unemployment rate among South Africa’s metros, recording a significant drop in unemployment. Durban’s data shows it has the highest employment rate and lowest unemployment among the country’s major metros. According to the latest Quarterly

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For the first time in South Africa’s history, in an unprecedented move by the government of President Cyril Ramaphosa not seen since the dawn of Democracy the Budget speech has been postponed. The joint session of Parliament in the City Hall of Cape Town was in uproar. They were left reeling from the postponement with a bitter taste in the mouths. The news was broadcasted across the country yesterday afternoon as National Assembly Speaker Thoko Didiza delivered the announcement that the tabling of the Budget Speech for 2025/2026 has been postponed to a later date. Finance Minister Enoch Godongwana was due to deliver the Budget speech to parliament. Even before then there was concern about increased taxes. “I have just had a consultation with all the Whips of parties following a consultation with the leader of government business (Andrew Garfield Whitfield). In terms of rule 48 sub-section 2, we have decided to adjourn proceedings for a date to be determined by the programming committee. This is in accordance with rule 10. “Before we started the session, we were informed by the leader of government business…that while we have gathered here to have the Minister of Finance presenting the budget to this august House, there has not been agreement in terms of parties in the executive to actually find one another in proposals of the budget…about where there are possible increases. “Cabinet therefore decided not to come and do a presentation of the budget and allow themselves enough time to relook at the budget and come back to this House in March at the time at which they will inform us,” she said. These were National Assembly Speaker Didizia’s words on the postponement. The purpose for the sudden postponement was that coalition members of the Government of National Unity (GNU) had opposed an increase on the Value Added Tax (VAT). This would raise the price on almost all goods and services produced. The risk was to see it implemented at a time when most consumers had to contend with rising inflation. The Congress of South African Trade Unions (Cosatu) the country’s largest trade union federation had already warned they would resort to nation-wide strikes over any proposed increases to tax income. The build-up of outrage was already being felt by every sector of South African society. The threat by the Democratic Alliance to with draw from the governing coalition was a serious matter. It could have undermined the hold on power by the African National Congress (ANC) and led to the dissolution of the government and parliament. New elections would have taken place. Ahead of the speech, reports surfaced that the Value Added Tax (VAT) was set to increase by 2% to 17%. However, because of disagreements within parties who are part of the Government of National Unity (GNU), the budget was postponed. The Economic Freedom Fighters (EFF) said they reject any increases in VAT which will place the burden of revenue generation on the poor! Speaker of Parliament Thoko Didiza said party chief whips held a meeting and agreed to a postponement so that they can reach a consensus over contentious issues, including the reported VAT increase. Protocols were followed, however there will be a hike in volatile public outrage over the increase being proposed to the VAT. This would have been nothing compared to the outpouring of anger had Minister of Finance Enoch Godongwana gone ahead with the speech. It would have been a funeral march for the president and the government. The EFF and Umkhonto We Sizwe (MK) would have called on their supporters to stir up chaos. A consensus would definitely have been needed to avert political unrest over the budget speech delay. However, the government has responsibility to reduce unnecessary expenditure. State fiscal policy must not shift the burden of the government leadership’s lack of responsibility on the people.

Budget Speech Delayed in Unprecedented Move Shockwaves Radiate

Business / Yacoob Cassim

For the first time in South Africa’s history, in an unprecedented move by the government of President Cyril Ramaphosa not seen since the dawn of Democracy the Budget speech has been postponed. The joint session of Parliament in the City Hall of Cape Town was in uproar. They were left reeling from the postponement with

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