I thought this Moneyweb article was an excellent summary of Finance Minister Tito Mboweni’s medium term budget policy statement, but if you can’t manage to hold your attention for the entire article, the post below from The Atlantic might explain why…
Archie has a new designer collar!
As many analysts had expected, economic data has revealed that SA’s unemployment rate climbed to an all-time high of 29% in the second quarter of 2019.
On a more positive note, however, retail sales growth beat expectations for a second straight month in May. Retail sales are likely to get a further boost from the SA Reserve Bank, which cut the repo rate by 0.25% in July.
No wonder then, that Archie is splashing out on the high street!
Climate Change Controversy Dominates G20
While Archie shivers miserably with cold in Johannesburg, record high temperatures in Europe are again raising concerns about climate change.
Indeed, although trade has been the main focus of this year’s G20, the thorniest issue has been climate change – and what to do about it.
Following prolonged debates, the G20 eventually met French President Emmanuel Macron’s demand for a strong reference to the Paris Agreement on reducing greenhouse gas emissions –and also averted the threat of President Trump convincing Turkey and Brazil to join him in withdrawing from the Paris Agreement.
However, a statement of US objections was included….“The United States reiterates its decision to withdraw from the Paris Agreement because it disadvantages American workers and taxpayers”.