Research from Standard Bank shows that foreign exchange proceeds from tourism in South Africa are now far higher than receipts from gold exports, reflecting the growing importance of tourism to the SA economy. Forex receipts from tourism topped R Gold mining has traditionally been the bedrock of SA' s economy, but its percentage of gross domestic product GDP has steadily dwindled over the years.
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Tourism is also a significant employer in the economy and faster growth in the sector is seen as positive for job creation. The role of tourism as an economic driver for South Africa has been analysed by Rogerson Critical issues in tourism development are seen as focusing on pro-poor tourism; the promotion of new tourist growth and investment; and restructuring the tourism space economy. Other research by Rogerson argues that tourism is a significant element in planning the economic renewal of Johannesburg, while Merwe and Saayman show the economic importance of game farm tourism in the country.
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The research by Standard Bank examines factors affecting foreigners decisions to visit South Africa. Interestingly, the study shows that the rand plays a much more subdued role in foreigners' decisions to visit SA than is expected, which implies that the sector is more resilient in the face of the rand's strength.
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Standard Bank's research suggests that tourists are more affected by economic growth in their own countries than the rand's level when deciding whether or not to visit SA. With global growth set to accelerate next year and the rand likely to weaken, the outlook for tourism was rosy, said Moolman.
One reason for the resilience of the tourism sector to fluctuating exchange rates is the importance of visitors from neighbouring countries such as Lesotho, Swaziland, Zimbabwe, Botswana, Mozambique and Namibia. Most of these visitors come to shop. Germany and the USA are also leading markets. Standard Bank report PDF file.
Markets are still waiting for the RBA to decide whether it will keep the April bond as the YCC target, or roll over to the November maturity. Lowe said last month the board would make a decision later in the year.
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House prices surged 2. Sydney led the gains, surging 3. The rapid economic recovery has led some economists to expect a significantly smaller budget deficit. Adds job vacancies, trade in seventh paragraph, house prices in penultimate. For more articles like this, please visit us at bloomberg. Alwyn Jones is the latest in a group of digital banking executives to join crypto firms.
An agreement would have bought the state-owned bank more time in servicing a facility with Standard Chartered, the lone holdout from the restructuring talks, after a court ordered it pay back million rand in December. Land Bank has now pledged to pay the remaining million rand it owes to Standard Chartered by Thursday. In DefaultLand Bank has been battling to repay its debt and extend credit since a drought caused many of its customers to default on their loans.
Last April, the Pretoria-based institution missed a loan repayment that triggered a cross-default in notes issued under a 50 billion-rand bond program. The bank has been in talks with a consortium of creditors for about a year and is negotiating its third proposal to emerge from default.
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Standard Chartered declined to comment. It divested in when it sold its stake in Standard Bank Group but returned five years later independently and was granted a full-service banking license in Its business in the country is now mainly focused on corporate and institutional banking activities, according to its website. Lifeline to FarmersLand Bank extends credit to commercial and emerging black farmers as South Africa aims to redress imbalances from racial-segregation policies ended in It must now decide how it will manage these dual interests, and quickly.
A breakthrough in negotiations with creditors would bode well for confidence as South Africa looks to stabilize other larger state-owned companies such as power utility Eskom Holdings SOC Ltd. The manner in which the government is approaching Land Bank, however, is probably related to how much of its capital structure it guarantees, Gondo said. The largest U. It slashed operating expenses last year and analysts had forecast a per share profit of 54 cents, according to IBES data from Refinitiv.
The US dollar has rallied yet again during the trading session on Wednesday as this market seems to completely defy gravity. The exchange is planning to roll out futures tied to the index soon. It's not a "fear gauge" but an "action gauge. Canada's biggest oil sands producers are generating billions more in free cash flow in a faster-than-expected pandemic rebound, but taking a cautious approach to spending it that is disappointing environment-minded investors.
Their strategy to repay debts and pay shareholders has won praise from investors in Canadian Natural Resources, Suncor Energy and Cenovus Energy who are eager for higher returns. The early price action suggests a neutral tone early in the session as traders await the next catalyst. Oil prices gave up some gains.
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Celonis, a fast-growing German process mining software startup, has struck a strategic partnership with IBM to help companies make the most of the digital transformation that many are undergoing at speed. Back to dspc.
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Individual forex bureaus and commercial banks set their own rates, which are held to reasonable levels of variance and margins due to competition in the market.