In the news today: IMF cuts South Africa’s growth forecast, Cape Town is Africa’s most expensive residential property city, and Zimbabwe headed for a new economic crisis


After the World Bank, the IMF also cuts SA’s growth forecast

In its October World Economic Outlook, the IMF has revised down South Africa’s growth forecast to 0.8% from 1.5%. The growth forecast for 2019 has also been revised down, from 1.7% to 1.4%.  READ MORE

Rand gains on Tito Mboweni’s appointment as South African finance minister

Former South African Reserve Bank governor Tito Mboweni has been appointed as the country’s new finance minister following the resignation Nhlanhla Nene.  READ MORE

Nexus in the Middle East to offer instant online life assurance

Nexus Group has teamed up with Zurich International Life to allow residents of the United Arab Emirates to purchase life insurance online without the need for a medical check-up, nor meeting an advisor.  READ MORE

Cape Town is Africa’s most expensive city for residential property

The AfrAsia Bank Africa Wealth Report from New World Wealth shows that Cape Town is Africa’s most pricey city for homeowners, followed by Umhlanga in Durban, Central Sandton in Johannesburg, Nairobi and Marrakesh.  READ MORE

Trouble in Zimbabwe as new tax sparks economic panic

Zimbabwe’s markets have been roiled after a tax increase spurred consumers to turn to equities as a refuge against rising prices. The value of bond notes, introduced two years ago amid a shortage of hard cash, has plummeted.  READ MORE