Moody's: Strike could damage SA's reputation
Moody's Analytics, , a subsidiary of Moody's Investors Service, said that due to the labour unrest, which seems to be getting worse, the damage done to South Africa's reputation as an investment destitution could be lasting.
The credit ratings agency urged South Africa to keep business conditions stable in order to boost the country's global profile.
Civil servants recently went on a three-week strike demanding better wages and a higher housing allowance. The workers were asking for an 8.6% increase and a R1000 housing allowance. The strike has, however, been suspended and government sticking with its 7.5% wage increase offer along with R800 housing allowance.
In the biggest strike the country has seen since 2007, police had to take action with rubber bullets and water cannons as strikers turned violent, threatening those who were working and ignoring ailing patients. It's expected that the strike cost the economy around R1billion each day.
The strike had no impact on the South African bond, stock and currency markets, though and the Rand hit a 30-month high against the dollar on Monday, September 13 when the rand traded at 7.1550 to the dollar at 07:51.
Recent Articles
Featured How is debt consolidation different from debt counselling?
If you’re struggling to manage your debt and you decide to seek help, you will likely come across the terms “debt counselling” and “debt consolidation”. Although they sound like synonyms, these are two separate debt solutions.
What factors colour your credit application?
When you apply for a loan, your prospective creditor will assess whether you can afford the monthly repayments. But what do creditors actually consider on your credit report, and what most interests them?
Is good debt a good reason to take out a personal loan?
When you’re in a pinch and you need to borrow money, you may reach out to a creditor for a personal loan. The upside of this kind of loan is that you can spend the money on anything you choose. However, just because you can use it for anything, does not mean you should.
Checklist for a good consolidation loan
Debt can get out of hand if it’s not managed properly. That is why it’s important to be realistic about your budget and consider affordability before you take a loan. However, if your debt still gets out of hand, there are ways you can rein it in again.
Deals
Get 40% off your Easter holiday at The President Hotel
Price: Available on request
When: 01-30 April 2021
Where: Cape Town
Colosseum Deluxe Suite Special
Price: R990
When: Until 31 August 2021
Where: Cape Town
One & Only Fitness Special
Price: Available on request
When: Until 30 April 2021
Where: Cape Town