Armyworm To Cost Africa $3Bn

An outbreak of fall armyworms destroying crops across Africa may cost the continent about $3 billion in lost corn output in the coming year, according to an estimate by the Centre for Agricultural and Biosciences International. The alien pest, which is prevalent in the Americas, attacks more than 80 different plant species.

Source : https://goo.gl/NUkNfi

S.A Trade Surplus Reaches R11.4 Billion

South Africa’s trade surplus grew sharply in March as commodity exports jumped on the back of strong global demand, raising the chances it will be able to narrow the current account deficit, which is seen as a key economic weakness. The treasury has an ambitious target to trim the current account deficit to around 3% from 4% of gross domestic product last year.

Source : https://goo.gl/XaMRhB

Zuma Signs Fica Bill Into Law

After many delays and criticism from international and local businesses, president Jacob Zuma has finally signed the anti-money laundering FICA bill into law. The bill which allows for increased scrutiny of the bank accounts of “prominent individuals”, including himself, was signed into law on Saturday.

Source : https://goo.gl/8eRU1q

FSB Investigates Suspect Trades Ahead Of Gordhan Recall

The Financial Services Board (FSB) is investigating certain foreign-exchange futures contracts amid allegations that insider trading took place ahead of the firing of former finance minister Pravin Gordhan. “We are currently analysing both the report from the JSE as well as the article, which was published by Stuart Theobald of Intellidex. The investigation is ongoing,” board CEO, Tshidi.

Illicit Capital Flows Cost $3.5 Trillion In 2014

Illicit capital flows into and out of developing economies ranged from $2-trillion to $3.5-trillion in 2014, with Africa the region most vulnerable to the flight of capital needed for investment and other purposes, according to a new study. It shows that combined, illicit outflows and inflows amounted to 14.1% to 24% of total developing country trade from 2005 to 2014, the last year for which comprehensive data are available.

Source : https://goo.gl/Zwlvca

Indicators : Oil 51.40 – Rand/USD 13.29 – Rand/GBP 17.07 – Rand/EUR 14.50

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Author: The Turk Report

Simplifying complex money matters

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