Market Commentary | The week that was – June 4th
May 2024 saw the introduction of South Africa’s digital nomad visa which allows remote workers to earn from foreign sources, provided they meet a R1 million annual income threshold. Despite potential benefits, experts have cautioned against complex tax implications that could deter extended visits and create a permanent establishment risk for foreign employers. The 2024 election showcased democracy with the ANC's support dropping to 40%, leading to coalition talks as the new uMkhonto weSizwe Party gained 14.6% of the vote. CEO Duncan Wanblad of Anglo-American faces restructuring the company post-rejection of a $49 billion BHP bid. OPEC+'s production increase plan caused price fluctuations in oil markets, with varying analyst opinions. The upcoming week features significant economic data releases from South Africa, the US, the Eurozone, India, and China, impacting market outlooks.Checkers Sixty60 is beta testing an expanded app featuring over 10,000 non-grocery products with same-day delivery, challenging market giants like Takealot and Amazon. OpenAI launched GPT-4o, a unified AI model processing text, audio, and images, promising real-time interactions and broad accessibility. In the markets, South African indices closed higher due to gains in mining and consumer staples, while the tech firm Naspers saw a decline. The upcoming week includes key economic indicators from South Africa, the Eurozone, Japan, the UK, and the US.