Constitutional Court confirms the private growing and consuming of Marijuana to be legal
The Constitutional Court has upheld that it should be legal for citizens to cultivate and consume marijuana for personal use in the privacy of their own homes.
In a unanimous judgement, the country’s highest court effectively decriminalised the private use of dagga.
The ruling upheld a March 2017 High Court judgement, which said that the banning the personal use of dagga by adults in their homes was against the constitutional right to privacy.
The court ordered at the time that Parliament had 24 months to amend the current drug laws to bring them in line with the constitution.
In the Constitutional Court ruling, Deputy chief justice Raymond Zondo did not specify the amount that can be used by adults in private use, saying t…
Nene and his Plan to appease Moody's Rating Agency
The role of the decisions of international Rating Agencies is by now known even to the Minister of Finance. Insulting them Gigaba-sytle did not really bring the country forward, hence a more careful stance has to be chosen to appease them. Past and present Finance Minister Nhlanhla Nene has therefore promised both, a fiscally conservative mini-budget and a rather generous stimulus package for the up-coming “Mini-Budget” in October. Nene was speaking at the Moody’s Investors Service sub-Saharan conference in Johannesburg yesterday. Here are five highlights from his address:
1. Conservative Mini-Budget combined with Presidential Stimulus Package
“Fiscal sustainability must remain the focus of government’s efforts. There will be a…
Latest Crime Statistics show Country becoming a "War Zone"
The newly released crime statistics for South Africa came as a shock to say the least. While even the last person in South Africa has by now realised that the government is absent in almost all portfolios, busy campaigning for the up-coming elections to protect the golden cow they have milked for decades now. But what was a fact duly noted in every aspect of administration, municipal management and idiotic drafts of new legislation without any proper research, turned now a corner and came very close to everyone’s life and health!
Police Minister Bheki Cele himself was still shaken, when reporting the latest crime figures that show a 6.9% increase in murder over the 2017/2018 period, an estimated 20,336 people were killed during the pe…
Zuma Plot to oust Ramaphosa uncovered
Former president Jacob Zuma and several top ANC figures are plotting to remove President Cyril Ramaphosa, according to a report in the Sunday Times.
The Sunday Times stated that Zuma held a meeting with ANC secretary-general Ace Magashule, former North West premier Supra Mahumapelo, ANC Women’s League secretary-general Meokgo Matuba, and ANC Youth League KwaZulu-Natal secretary Thanduxolo Sabelo at the Maharani hotel in Durban on Thursday. “So secret was the Maharani meeting that those who were present denied having met Zuma, even though the Sunday Times is in possession of pictures of them together inside the hotel, and outside when they left,” stated the report.
The meeting was said to be about a strategy to “challenge the outcom…
Rand slightly recovered, outlook ambiguous
The Rand is currently slightly recovering, mainly in wake of positive outlooks within the emerging markets and despite a stronger Dollar in light of better employment figures showing a quarter of a million more jobs, a drop in long-term unemployment and a better than expected seasonal unemployment.
The Rand remains susceptible to the “trade-war” developments between the US and China / Turkey … most likely soon Africa as well as the pre-election campaigns and news pertaining to developments within parties, coalition prospects and cooperation failures.
The Rand will most likely hover at the current levels for a while, absorbing bad news from within South Africa through speculants, who did sell Rand positions empty and need to recov…
Rand in Free Fall as SA enters Recession
It was to be rather feared than expected, but watching clowns.com pretending to play “Government” had to prompt the bitter reality sooner or later. Well, “sooner” is now and South Africa is officially in a RECESSION!
After starting the week on the back foot, the rand continued to fall in early trade on Tuesday following the announcement by Stats SA that the country was in a technical recession. The local currency, which lost 1.5% against the dollar at the start of the week, fell below R15/$. At 10:15, it was changing hands at R15.06 to the greenback, down 1.3% on the day. It has fallen by over 2.5% against the dollar this week alone. At 11:30, Stats SA announced that the country’s real gross domestic product had contracted by 0.7% in…
Rand deteriorates further and Trade Deficit builds up
The Winter comes to an end, but the string of bad news on South African’s economy unfortunately not.
Last week was a bad one for the South African Rand. Amid a sharp emerging market sell-off sparked by volatility in the Turkish Lira and the Argentinian Peso, the Rand came under pressure in its own right. Although one of the worst performers of the Emerging Market Currency Basket, the reasons were not idiosyncratic to South Africa but rather a function of a broader rotation away from emerging markets that needed to be hedged. South Africa’s status as a sophisticated hedge against emerging market currency volatility means that it might ultimately be vulnerable to such sentiment and that was very clearly reflected last week. …
South Africa in State of Purgatory, while Ramaphosa idles in “Zuma-esque” Paralysis
It was with great relief when Zuma stepped down as president of the Republic and Hope re-appeared like a silver lining on the horizon as Cyril Ramaphosa took over the reins of an economically and socially battered country.
But this hope has faded, first slowly in disbelief, now much faster in light of clear facts. The former horror-cabinet based on nepotism and backdoor-deals is back with only a few incompetent faces being replaced. Crucial departments are run by the same clique, which already signed a note of intellectual bankruptcy in the past and created politically questionable precedents, ignoring any tact or reason. The Department of Home Affairs is the laughing stock of the migration experts on the continent, Human Settlements …
6 Reasons why the Rand is under severe Pressure
The weekend slide in the rand has caused many to panic, with some analysts attributing it to South African failures, presidential inefficiencies and other local elements. The truth, however, is far more complex. This is according to Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions who said that the first key element to note is that this decline is not confined to South Africa. “Emerging markets as a whole have suffered severe blows due to the sell-off of riskier assets by investors, and there are many factors contributing to this sell-off,” she said.
In the following she outlined six of the biggest reasons for the rand’s decline:
Global Trade War
The trade war has played a key role in the global econo…
Rand Weakness excellerates in Light of Emerging Markets
The rand shot past R14 to the dollar on Friday afternoon, after emerging market currencies crashed and tensions in the global trade war heated up.
By 15h45 on Friday afternoon, the rand toppled almost 3% from its open at R13.74 to sit at R14.12, the weakest point since November 2017.
“The rand and other EM currencies on the back foot as sentiment sours,” Rand Merchant Bank analysts said in a note on Friday, adding that this was due to “geopolitical concerns and the negative impact of the U.S.-China trade spat on global growth.”
Notably, the weakening of the rand is in line with other emerging market currencies dropping, headlined by the Turkish lira, which saw a 12% crash that triggered a global wave of turbulence.