Giving Meaning to South Africa's Ocean Economy

Ramaphosa in power since only last week is putting his name to a tough budget

Mr. Ramaphosa must also balance the need to maintain the unity of his party, the African National Congress, with pressure to remove Zuma appointees in his cabinet, including Finance Minister Malusi Gigaba, who presented the budget on Wednesday.

This is expected to see the country's debt pile stabilize at a level equivalent to 56.2% of GDP by the end of the 2022 year.

Peter Griffiths, a spokesperson for Moody's, said by email the company didn't have an immediate comment and Fitch's Peter Fitzpatrick resent a previous note in which it said the budget would be indicator of the direction of fiscal policy under Ramaphosa.

"This is line with our forecast for continued South African rand (ZAR) gains over the course of this year, in part also reflecting a weaker United States dollars, with an eventual test of 11.00 remaining possible".

The South African Treasury is on the hook for as much as ZAR 350 billion (£21 billion) of Eskom's debt and a further ZAR 330 billion of additional debt held by other state owned enterprises.

The new spending plan contains tax increases for most South Africans, rather than concentrating the burden on the high earners and corporations, which can more easily shift earnings overseas.

That is barely in line with population growth and far short of the 3% expansion for 2018 Mr. Ramaphosa had envisaged when he campaigned to become ANC leader past year, and of the 5% growth he had foreseen for the period after 2023.

"Coming off a very low base, the growth number is very achievable", Jeffrey Schultz, an economist at BNP Paribas, said by phone from Johannesburg.

President Cyril Ramaphosa says he's confident the budget announced on Wednesday will help South Africa recover from recent economic blows.

"Mr President, your abrupt rise to the highest office in the land is the collective efforts of the relentless struggles of people of South Africa from all walks of life against the then ANC deployed corrupt leader [Zuma]", said Holomisa.

"The president ultimately has the prerogative over this issue", Gigaba told reporters before his speech.

Ramaphosa said on Friday he would "shortly appoint a Commission of Inquiry into Tax Administration and Governance of SARS‚ to ensure that we restore the credibility of the Service and strengthen its capacity to meet its revenue targets". "The population was offered a refresher course in democracy, legal systems, the economy, state-owned business and how safeguards failed us". "We will support him fully".


  • Britain records less than expected economic growth

    Britain records less than expected economic growth

    GDP did increase by 0.4% between quarter 3 and quarter 4 a year ago , the data showed, and 1.7% between 2016 and 2017. The UK's unemployment rate has unexpectedly risen by the biggest amount in nearly five years, official figures show.
    McArthur facing 6th murder charge as cops identify more remains

    McArthur facing 6th murder charge as cops identify more remains

    McArthur's alleged victims, from left to right: Selim Esen, Soroush Mahmudi, Dean Lisowick, Andrew Kinsman and Majeed Kayhan. December 8, 2017 - Police Chief Mark Saunders says the force will review its practices in missing persons investigations.
    Juan Mata Backs VAR Despite Seeing Goal Ruled Out

    Juan Mata Backs VAR Despite Seeing Goal Ruled Out

    In a statement, Hawkeye said: "A technical error led to an incorrect graphic being provided by Hawkeye to BT Sport on Saturday". Juan Mata celebrates a goal that is ruled out offside after VAR (Video Assistant Referee) is consulted.
  • NBA team owner fined for tanking comments

    NBA team owner fined for tanking comments

    At the start of Wednesday's The Jump on ESPN , Rachel Nichols reflected on Sports Illustrated's report. They drafted rookie point guard Dennis Smith Jr., one of the league's rising stars.
    Who Is Rachel McAdams Dating? Everything You Should Know About Jamie Linden

    Who Is Rachel McAdams Dating? Everything You Should Know About Jamie Linden

    A representative for the famously private actress did not immediately respond to HuffPost's request for comment. The 39-year-old has been seeing screenwriter and producer Jamie Linden , 38, since the summer of 2016.
    Alcohol 'major risk' factor for early-onset dementia

    Alcohol 'major risk' factor for early-onset dementia

    "Our findings suggest that the burden of dementia attributable to alcohol use disorders is much larger than previously thought". It revealed that people who engaged in binge drinking had a 62% higher chance of suffering from decline in cognitive function.
  • City prepares for potential flooding

    City prepares for potential flooding

    The Ohio River usually maintains a height of 25 feet, meaning that the recent rainfall has almost doubled the depth of the river. SIX NATIONS OF THE GRAND-The Six Nations Fire Department has closed off Fourth Line Road at Mohawk Road as a result of flooding.
    Roy Keane reveals cause of Pogba's troubles at Manchester United

    Roy Keane reveals cause of Pogba's troubles at Manchester United

    Paul Pogba started on the bench for the visitors but came on after just 17 minutes following an injury to Ander Herrera . Sevilla fired 25 shots at De Gea's goal in comparison with United's six, only one of which was on target.
    Astros pitching prospect Whitley suspended 50 games for drug violation

    Astros pitching prospect Whitley suspended 50 games for drug violation

    There's no information on what drug popped on Whitley's test, but a reporter out of San Antonio (Whitley's hometown) is reporting that it was a stimulant.
  • USA  advances to quarterfinals in hockey; will meet Czech Republic

    USA advances to quarterfinals in hockey; will meet Czech Republic

    Boston Bruins prospect Ryan Donato has been a revelation for the Americans in this tournament . Donato stayed on the ice for a bit after taking an elbow to the face during the second period.
    Student in custody after threat made to Waterloo High School, police say

    Student in custody after threat made to Waterloo High School, police say

    They declined to identify all of the schools because none of the threats were valid, and to do so could spark unnecessary fear. According to the Columbus Police Department, a fire alarm was accidentally set off at Columbus East High School at 8 a.m.
    Palestinian Authority President No Longer Wants US To Lead Peace Efforts

    Palestinian Authority President No Longer Wants US To Lead Peace Efforts

    Though Kushner and Greenblatt didn't meet Abbas, they did meet informally behind closed doors with Security Council members. Ambassador Anatolio Ndong Mba called the fact that they came to the council "very, very important" and "a good sign".


Latest news

Marcus Davenport to Packers again in Mel Kiper's 2.0 mock draft
Here is what Kiper predicted in his initial mocks versus what the Browns actually did in the first rounds, since 2010. No matter what you think of Rosen, how he presents himself is a legitimate worry at this stage of the process.

Google Assistant to gain multilingual support, more languages & deeper device integrations
Sprint, Koodo, Telus and Vodafone are the first to actively develop Assistant integrations, with many more "coming soon ". Finally , Google announced today that more languages are gaining support in Assistant this year (more than 30, actually).

Australia deputy leader quits Cabinet over harassment claim
Mr Joyce told reporters in Armidale today that he will throw open the leadership at a meeting in Canberra this Monday morning. Barnaby Joyce says sexual harassment allegations against him are false but they were the final straw that led him to resign.

Sheriff: 'Disgruntled student' allegedly overheard threatening to shoot at school
A driver in a School Saftey vehicle makes his way to the campus of El Camino High School in Whittier, California . According to the principle of the school, students can not possess electronic devices while class is in sessions.

NRA CEO Gives First Speech Since Florida School Shooting
Students all over the country are going to be joining up, because the adults have let us down. "It wouldn't be right ", he said. Your comments this week and those of our President have been pathetically weak", he said to lasting applause and cheers.

Fortnite update 3.0.0 adds extensive building improvements
Focused on building improvements for the most part, loads of changes befall both Battle Royale and its Save the World counterpart. It also allows for quick defensive structures from flanking with less input and worry about running out of a particular material.

Porsche 911 GT3 RS Line Adds Outrageous Power, Price, Paint Job
For racetrack bling, a no-cost Clubsport package adds a roll bar, fire extinguisher, six-point belt and battery disconnect switch. Hence the Porsche 911 GT3 RS receives modified fascia at the front with a bigger spoiler.

Kushner Pushing Back On Kelly's Effort To Revoke Interim Clearance
Kelly said that he assured Kushner that the policy was not an attempt to push him out of the president's inner circle. Kushner's clearance has been delayed, in part, to incomplete information on his application and financial forms.

Trump supporters, conservatives rage over Russian bot purge, #TwitterLockOut
The steps are part of Twitter's ongoing battle to reduce the amount of spam and bot activity now taking place on the site. In hearings a year ago , US lawmakers criticized Twitter for not taking the Russian bot scourge seriously enough.

Nest's indoor Cam IQ security camera now features Google Assistant
It is worth noting, though, that the outdoor versions of the security camera is not getting this particular update. A unusual exclusion given most people would love to cast their Nest Cam to their TV - perhaps in the next update.

Bombs Rain on Eastern Ghouta, Death Toll Above 200
The ICRC and the Syrian Arab Red Crescent accessed Eastern Ghouta in December to facilitate the evacuation of 29 wounded patients. Such tactics appear to flout worldwide law but Russia , Syria's ally, has vetoed 11 U.N.

Ice dancer endures Winter Olympic 'NIGHTMARE' after nip slip on live TV
Figure skater Yura Min, an American competing for South Korea, nearly lost the top of her costume earlier in the games. Her halter-top, complete with tassles and spangles, edged sideways to offer an unchoreographed flash of her left boob.

Grocery retailer Albertsons to buy Rite Aid pharmacy chain
This is something that Investors should look for in all the stocks they are trading and is an important indicator to keep tabs on. Presently, 0.70% shares of Capricor Therapeutics, Inc. 16,660 are held by Susquehanna Intl Gru Limited Liability Partnership.

Amazing: AI algorithm by Google which can detect heart disease
By reviewing this massive database, Google's algorithm trained itself to recognize the patterns that designated people as at-risk. The algorithms correctly discovered patients who had great cardiovascular risks within a 5-year window 70 percent of the time.

Turkey denies chemical weapons use in Syria
The Syrian Observatory for Human Rights on Friday released a report accusing Turkish forces of a chemical weapons attack in Afrin. A White House official says the United States thinks it is "extremely unlikely" Turkey used chemical weapons against the Kurds.

Other news