Foreign investors undeterred by #SAunrest

Loading player...
Expectations were such that when the unrest in Gauteng and KwaZulu-Natal gained international traction, foreign investors would disinvest from the country, ditching South African bonds, but this was not so. The Head of the Economic and Finance department at the University of the Free State (UFS), Nico Keyser, says foreign investors were surprisingly not scared away by the unrest. He concedes the rand depreciated by 3% but it bounced back not too long thereafter.

It is estimated that the violent looting that took place in KwaZulu-Natal resulted in a R 20 billion loss for the province’s economy, and cost the country as a whole R 50 billion. Keyser says the South African Special Risk Insurance Association (Sasria) is estimated to receive between R 10 -20 billion in claims. He says this isn’t a true reflection of the damage incurred by the 40 000 businesses and 50 000 informal traders who were affected by the unrest because many of them are uninsured and as a result won’t be able to claim from Sasria.
21 Jul 2021 12PM English South Africa Business · Daily News

Other recent episodes

Welkom Business Forum long flagged controversial cargo airport project

The Welkom Business Forum says there were several warning signs that the Welkom Cargo Airport project was not what it appeared to be. Chairperson of the Welkom Business Chamber, Jakes Jooste, told the OFM Business Hour that they attended meetings with the team from Sébastien Investment et Logistique – a…
21 Aug 8AM 13 min

UFS reminds women to Be Better, BE-LIEVE

The University of the Free State’s women’s breakfast is taking place on 22 August under the theme “Be Better, Be-Lieve. Burneline Kaars, Head of the Division of Organisational Development within the Department of Human Resources at the UFS, says the event aims to empower women. When asked about work-life balance,…
19 Aug 7AM 10 min

South Africa's business rescue landscape explained

South Africa’s approach to financially distressed companies has shifted significantly. Where business rescue was once seen as just a detour on the road to liquidation, today the mantra in many boardrooms is ‘rescue first, liquidate later.’ Gareth Cremen, a Partner in the Business Restructuring, Rescue & Insolvency team at Cox…
20 Aug 9AM 8 min

Vrystaatse toerismebesighede gedwing om in silo’s te funksioneer om te oorleef

Vrystaatse toerisme en gasvryheidsbesighede word gedwing om in silo’s te funksioneer weens vervallende openbare infrastruktuur en swak dienslewering. Bianca de Klerk, die departementshoof van Toerisme en Geleentheidsbestuur aan die Sentrale Universiteit van Tegnologie, sê aan die OFM Sake-uur dat die regering se onvoltooide beloftes oor die verbetering van sleutelpaaie en…
19 Aug 7AM 9 min

Standard Bank backs Best of Bloem for third year in a row

For the third consecutive year Standard Bank is sponsoring the Best of Bloem, Bloemfontein Courant’s Readers’ Choice Awards gala event. Kevin de Beer, Standard Bank’s Head of Client Coverage, Business Banking for the Free State and Northern Cape, told the OFM Business Hour that what drew them to the awards…
12 Aug 7AM 4 min