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TRADE CONDITIONS SURVEY - PRESS RELEASE PDF Print E-mail
Wednesday, 12 April 2017 12:00

Trade Expectations Weaken Notably


The seasonal adjusted six-month Trade Expectations Index (TEI) weakened notably and declined from 61 in February to 51 March 2017 – the weakest level since April 2016. The non-seasonal adjusted six-month Trade Expectations Index (TEI) weakened even more markedly and declined from 63 in February to 51 March 2017. The TEI was on a strong path of recovery from May 2016 up to February 2017. However, due to extraneous events, all components of trade expectations were severely and negatively affected in March 2017.
Forty four percent of the responses for the March 2017 Survey were received before the 24th of March 2017 recalling of the former Minister of Finance and subsequent replacement on the 31st of March 2017 in a Cabinet reshuffle. The March 2017 Survey may therefore not reflect the full short-term impact of the political developments of the last few days of March 2017. The subsequent downgrade to junk status by Standard and Poor’s and Fitch will also have longer-term repercussions for trade conditions.

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SACCI PRESIDENT REPLIES TO PIETERMARITZBURG CHAMBER OF BUSINESS - PRESS RELEASE PDF Print E-mail
Wednesday, 05 April 2017 16:49

SACCI President replies on behalf of Board to a Pietermaritzburg Chamber of Business (PCB) article in the Witness Newspaper of 4th April 2017.

We view the media crusade launched by Ms Veness and company as being very reckless, damaging and highly opportunistic. SACCI is a chamber mother body, which espouses values of openness, transparency and professionalism. These allegations are not coming through for the first time, when they first surfaced we invited the complainants as part of the engagement process to use the internal dispute resolution mechanism to put matters on the table.

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BUSINESS CONFIDENCE INDEX PRESS RELEASE PDF Print E-mail
Wednesday, 05 April 2017 13:35

Business Confidence under Pressure

The SACCI Business Confidence Index (BCI) pulled back by 1.7 index points to 93.8 in March 2017 from 95.5 in February 2017. This is the first month since November 2016 that the SACCI BCI declined year-on-year after it improved year-on-year for three consecutive months in December 2016, January and February 2017. The BCI is nearly four index points lower than the high of 97.7 in January 2017.
Towards the end of March, developments extraneous to the economy abruptly upset the momentum of further improving business confidence. The March 2017 SACCI BCI, however, does not yet capture the full impact of uncertainty that was created as these developments commenced on the 24th of March 2017 when the Minister of Finance was recalled from an overseas investment roadshow before relieved of responsibilities on the last day of March.

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SOUTH AFRICA REVISED TO JUNK STATUS BY S&P - PRESS RELEASE PDF Print E-mail
Tuesday, 04 April 2017 17:14

SOUTH AFRICA REVISED TO JUNK STATUS BY S&P

The South African Chamber of Commerce and Industry (SACCI) notes with disappointment, that on April 3, 2017, S&P Global Ratings lowered the long-term foreign currency sovereign credit rating on the Republic of South Africa from 'BBB-' to 'BB+' and the long-term local currency rating to 'BBB-' from 'BBB'. S&P also lowered the short-term foreign currency rating from 'A-3' to 'B' and the short-term local currency rating from 'A-2' to 'A-3'.

S&P has in their Rationale paragraphs, listed the following reasons for the downgrade:

- The divisions in the ANC-led government that have led to changes in the executive leadership, including the finance minister, have put policy continuity at risk. S&P further believes these delays could lead to fiscal and structural reforms, and potentially erode the trust that had been established between business leaders and labour representative
- South Africa's pace of economic growth remains a ratings weakness. It continues to be negative on a per capita GDP basis. While the government has identified important reforms and supply bottlenecks in South Africa's highly concentrated economy, delivery has been piecemeal in our opinion
- Contingent liabilities to the state, particularly in the energy sector, are on the rise, and that previous plans to improve the underlying financial position of Eskom may not be implemented in a comprehensive and timely manner.

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SACCI'S RESPONSE TO THE PRESIDENTS DECISION TO RESHUFFLE THE CABINET - PRESS RELEASE PDF Print E-mail
Friday, 31 March 2017 13:03


SACCI'S RESPONSE TO THE PRESIDENTS DECISION TO RESHUFFLE THE CABINET

As the South African Chamber of Commerce and Industry (SACCI) we have received the news of the Cabinet Reshuffle with concern, especially at a time when speculation was rife about the pending changes in the National Treasury.

Although it is a presidential prerogative for the president to deploy his ministers accordingly, we as business strongly believe that some measure of prudence is exercised to avoid the subsequent knock-on effect such decisions are likely to have on the economy of our country. On the political front it is our call as business formation that there be cooperative partnership in managing sensitivities that may adversely impact our risk profile in international markets.

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