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Cabinet reshuffle

31 March 2017

There has been speculation for a while of a possible cabinet reshuffle. Key ministries that would be targeted by this impending reshuffle would include National Treasury. These rumours have now been confirmed, with Minister Pravin Gordhan and his deputy, Mcebisi Jonas, being removed from their positions. Of course there were other changes - affecting almost a third of our cabinet - but these are less relevant to financial markets, albeit not necessarily for our country over the long term. This time there was no façade of a possible alternative position at the BRICS bank, so this was in effect not a “re-deployment”. The message was not subtle and there were no nuances. The message was clear - the President simply wanted them gone.

Cabinet reshuffle and what it means for South Africa

31 March 2017

At midnight on Thursday President Jacob Zuma announced the details of a widely-anticipated cabinet reshuffle. Zuma made 20 changes to his administration. Without question, though, the most significant – and concerning – is the removal of the respected and regarded Minister of Finance, Pravin Gordhan, and Deputy Minister of Finance, Mcebisi Jonas. Notwithstanding internal opposition from amongst the top six members of the ANC and its alliance partner, the South African Communist Party, eight other cabinet members were also shuffled. Immediate market reaction was palpable, with the rand moving from R12.80 to the US dollar on Thursday evening to trade as high as R13.60 to the US dollar by early Friday morning.

Markets cheer US interest rate hike

22 March 2017

Last week, the Federal Reserve (the Fed), increased its policy interest rate as expected. The Fed funds rate target range increased by 25 basis points to a range of 0.75% to 1%. This is only the third time US interest rates were increased since rates were slashed to near zero in December 2008.

Sanguine US Fed waits on Republican fiscal policy decisions

17 March 2017

The US Federal Reserve’s decision on 15 March 2017 to increase the target range for the federal funds rate by 0.25% to 0.75-1.0% was widely anticipated.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

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