President Joe Biden announced he will not seek re-election in 2024 and endorsed Vice President Kamala Harris as the Democratic nominee. On the S.A. front, President Cyril Ramaphosa signed the Pension Funds Amendment Bill, initiating the two-pot retirement system. Meta Platforms is negotiating a 3-5% stake in EssilorLuxottica to advance its smart glasses development.
The 2024 South African elections introduced significant changes, disrupting the political landscape. The African National Congress (ANC), which has ruled for three decades, lost its parliamentary majority, winning only 39.77% of the National Assembly vote and 159 out of 400 seats.
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.
South Africa's national and provincial elections on May 29, 2024, are poised to be the most competitive since apartheid, with 27.7 million registered voters and 70 political parties plus 11 independents contesting. The U.S. plans to significantly increase tariffs on Chinese imports starting 1 August 2024. In South Africa's corporate sector, the Ackerman family is stepping down as majority shareholders of Pick ‘n Pay amid a company revamp. Markets closed positively last Friday, with gains in retail and mining stocks, though the JSE All Share index fell 0.46% for the week. Upcoming economic data includes South Africa's Private Sector Credit, PPI, and Trade Balance, alongside key releases from the U.S., Eurozone, Japan, and China. 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.
While every care and effort has been taken to ensure the accuracy of the information provided, any information shared on this website does not constitute advice as defined in the Financial Advisory and Intermediary Services Act, 2002. It is your responsibility to get professional advice to determine whether any information taken from our website will suit your personal circumstances. Authorised Financial Services Provider | FSP 43488
2024 • All Rights Reserved • Created by Fort Hartley Brand Consultants
