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Daily Maverick
2 hours ago
- Business
- Daily Maverick
South African GDP grows by a paltry 0.1% in Q1, but agriculture shines
One thing that is as certain as the changing seasons is that as the year progresses, forecasts for South African economic growth in 2025 – which are mostly around 1.2% – will be downgraded, which in turn will blow out of the water many of the revenue and debt projections in Budget 3.0. South Africa's sluggish economy barely grew in the first quarter (Q1) of this year, expanding a pathetic 0.1% from Q4 of 2024, according to data released on Tuesday by Statistics South Africa (Stats SA). This 'growth' – at a pace that a snail could slither past – would have been a contraction of 0.3% were it not for a stellar performance by the agricultural sector, which grew its production by a hefty 15.8% in the first three months of the year. Following gross domestic product (GDP) growth of just 0.4% in Q4 of 2024 – revised down from an initial estimate of 0.6% – the data underscores the woeful state of South Africa's economy, which simply cannot seem to expand at a rate that exceeds population growth and creates jobs. Against this backdrop, it's no surprise that South Africa's unemployment rate rose one percentage point in Q1 to 32.9%. Worryingly, only four of the 10 industries on the production side of the economy posted growth, led by agriculture, a sector that is also extremely volatile. Agriculture biggest growth driver South Africa's descent into deindustrialisation was writ large in the data, with the manufacturing and mining sectors the biggest drags on the read, declining 2.0% and 4.1% respectively. Consumer spending perked up – helped by lower interest rates, slowing inflation and early pension drawdowns under the two-pot reforms – but it hardly shot the lights out. 'Consumer activity was stronger, with trade, catering & accommodation expanding by 0.5%. Retail trade, motor trade, accommodation and food & beverages contributed positively,' Stats SA said. Changes in GDP contributions Gross fixed capital expenditure – a key measure of investment – maintained its downward trajectory, falling 1.7%. And without investment growth, the economy will remain stuck in a rut. 'Consumer demand likely received a small boost from lower rates, higher disposable incomes given still-low inflation and pension reform. But none of this is sufficient to offset the soft outlook still painted by dismal investment. From this data alone, there is no clear indication that it might be reasonable to expect more robust growth going forward,' said Razia Khan, Chief Economist Africa at Standard Chartered Bank in London. Indeed, the outlook for Q2 is already troubling. What this means South Africa cannot attract investment, create jobs and reduce poverty without significantly faster rates of economic growth. Many of the country's crippling social ills, including rampant crime, are at least partly a reflection of this woeful pace of growth. This deprives the government of revenue, forcing it to borrow more, raising its debt-servicing costs – leaving it with less to spend on things such as education, welfare and health – in a vicious cycle that shows no sign of ending soon. The Absa Purchasing Managers' Index (PMI) fell 1.6 points in May to 43.1 – pointedly, its lowest level since the Covid-19 pandemic. This marked the seventh consecutive month that the PMI was in contractionary territory below the neutral 50 mark and bodes ill for the sector's performance this quarter. The return of the rolling power cuts, popularly known as 'load shedding', after a 310-day pause in Q1 did not help matters, but the economy has been trapped in slow-growth mode for years. There are a range of reasons for this depressing state of affairs, which continues to fuel the terrible trifecta of poverty, unemployment and inequality. Policy uncertainty continues to deter investment, along with mounting concerns about reliable water supplies and a crumbling road, rail and port network. Transnet is showing promising signs of a management turnaround, but it still has a mountain to climb. A high tax burden with little to show for it hardly inspires confidence. Sky-high levels of violent crime and the security costs that go with that are constraints to growth, while South Africa's failing public schools add up to a chronic skills shortage. And amid these domestic challenges and many more, the outlook for the global economy has been souring, not least because of US President Donald Trump's bewildering tariff 'policies' that top the ANC and the GNU in the League of Uncertainty. One thing that is as certain as the changing seasons is that as the year progresses, forecasts for South African economic growth in 2025 – which are mostly around 1.2% – will be further downgraded, which in turn will blow out of the water many of the revenue and debt projections in Budget 3.0.
Business Recorder
4 days ago
- Business
- Business Recorder
Dollar mixed on tariff uncertainty
NEW YORK: The dollar was mixed on Friday but on track for a monthly gain against the Japanese yen as investors factored in the likelihood of trade tariffs remaining in some form, even as US President Donald Trump faces a court battle over his authority to impose them. A federal appeals court temporarily reinstated the most sweeping of Trump's tariffs on Thursday, a day after a US trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them. While the exact level of tariffs that will remain on trading partners is unknown, traders are expecting the levies to persist in some form. 'We're going to have some tariffing. Maybe not as exciting as was announced on April the 2nd, but we're still going to get it,' said Steve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank's NY Branch. 'The one thing that the court ruling may have done is limited the amount of shocks that Trump can unleash with a headline or with a comment at a press conference,' Englander said. White House trade adviser Peter Navarro said on Thursday that the Trump administration will seek to enact tariffs through other means if it ultimately loses the court fights over its trade policy. Investors are concerned that tariffs will slow growth and reignite inflation, though deals to drop tariff increases on China and the European Union as they negotiate trading terms has reduced pessimism over the US economic outlook. The dollar briefly bounced on Friday after Trump said that China had violated an agreement on tariffs with the United States. It comes a day after Treasury Secretary Scott Bessent said that trade talks between the US and China were 'a bit stalled.' Tariffs are also seen as a key source of revenue as Congress works on a bill to reduce some income taxes. Meanwhile the dollar showed little reaction to data on Friday showed that US consumer spending increased marginally in April as a rush to beat higher prices from import duties slowed, while inflation eased during the month. A separate report showed that the US trade deficit in goods narrowed sharply in April as the boost from the front-running of imports ahead of tariffs faded. 'Nothing in the data was such a clear surprise relative to expectations that would generate a definitive market move,' said Englander. May's jobs report due for release next Friday will next be closely watched for any indications that the labor market is weakening, after data on Thursday showed a bigger than expected jump in jobless claims in the latest week. The euro was last down 0.47% at $1.1317. It is on pace for a 0.05% monthly loss, the first red month since December. German inflation eased further in May, bringing it closer to the European Central Bank's 2% target and bolstering the case for an interest rate cut next week. The dollar weakened 0.14% to 143.99 Japanese yen. The greenback is on track for a monthly increase of 0.7% against the Japanese currency, the best performance since December, following four consecutive months of losses.
India.com
26-05-2025
- Entertainment
- India.com
Meet Aishwarya Rai's sister-in-law, Shrima Rai, former Mrs. India, who often gets trolled for…
Meet Aishwarya Rai's sister-in-law, Shrima Rai, former Mrs. India, who often gets trolled for… From working at Standard Chartered Bank to becoming a content creator, here's the journey of Aishwarya Rai's sister-in-law, Shrima Rai. By Kritika Vaid Advertisement Bollywood's most beautiful actress, Aishwarya Rai Bachchan, recently walked the red carpet at the Cannes Film Festival 2025. While her photos created a buzz from Cannes, her sister-in-law Shrima Rai's posts on family, beauty, and fashion went viral. Shrima is a beauty influencer and digital content creator. She married Aishwarya's brother, Aditya Rai, in 2004. He is a Merchant Navy Engineer and has co-produced Aishwarya Rai's film, Dil ka Rishta. Aditya prefers to keep a low profile and leads a private life, as compared to his wife. Shrima once shared the story of how she met Aditya. 'So here is our story. I was living in India in my early 20s and met Aditya at a dinner party where some family members decided to play matchmaker. We spoke, got to know each other, and after a one-year-long engagement, I decided to settle in Mumbai with him 15 years ago', said the creator. Advertisement === Just like Aishwarya Rai, Shrima too is very beautiful with sharp features. She started her career as a model and participated in Mrs India Globe 2009 and was the first runner-up. She also bagged the title of Most Beautiful Face. Shrima started modelling and was also featured in magazines. She also worked with Standard Chartered Bank in Mumbai. Despite all of her achievements, she has consistently said that her success is the result of her efforts and not because of family connections. Advertisement === With 140K followers on Instagram, she has shared tips on styling, hair care, fashion, etc. She has also met celebrities Sonam Kapoor, Priyanka Chopra, Sanya Malhotra, Shraddha Kapoor and others. Born in Mangalore, Shrima was raised in Philadelphia, USA. Her father worked as a scientist, and her mother was a lab technician. Shrima Rai avoids posting pics with Aishwarya Rai Going by Shrima's profile, one wouldn't guess that she knows Aishwarya Rai. Her followers began noticing her feed and old pictures with Aditya and his mother, Brinda Rai. That's when they realised she is Aishwarya's sister-in-law. Reportedly, the two are not on talking terms. View this post on Instagram A post shared by Shrima Rai 🧿Beauty•Fashion•Lifestyle (@shrimarai) Shrima Rai gets angry after being compared with Aishwarya Rai Shrima said in an old interview that she does not agree with the way she is being portrayed as Aishwarya's sister-in-law. She said, 'I am being shown as a 'sly character' and I do not agree with it. Some trolls started making unnecessary comparisons. You cannot compare the journey of one woman with the journey of another woman.' She further said, 'Just because you are a fan of her, it does not mean that you should troll another person.'
Business Times
23-05-2025
- Business
- Business Times
Trust Bank's FY2024 loss narrows to S$93.4 million
[SINGAPORE] Trust Bank on Friday (May 23) reported a loss of S$93.4 million for the financial year ended Dec 31, 2024, narrowing from a loss of S$128.4 million a year ago. Revenue more than doubled to S$97 million, from S$39 million in FY2023, the digital bank, which is owned by Standard Chartered Bank and FairPrice Group, said in a press release. Its interest income was S$72.8 million, up 124.7 per cent from S$32.4 million a year ago. Deposit balances doubled to S$3.8 billion, from S$1.9 billion a year ago. The group attributed this to the launch of Trust+, a banking product with a bonus tier of interest on deposit balances, as well as use of its gamified savings pots and more customers crediting their salaries to Trust savings accounts. Customer numbers reached 974,000 by the end of December and one million early in 2025, Trust noted. Dwaipayan Sadhu, CEO of Trust Bank, said: 'Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services.'
Business Times
23-05-2025
- Business
- Business Times
Trust Bank's FY2024 net interest income soars 124.7% to S$72.8 million; losses narrow
[SINGAPORE] Trust Bank on Friday (May 23) reported net interest income of S$72.8 million for the financial year ended Dec 31, 2024, up 124.7 per cent from S$32.4 million a year ago. Revenue more than doubled to S$97 million, from S$39 million in FY2023, the digital bank, which is owned by Standard Chartered Bank and Fairprice Group, said in a press release. However, the group continues to be loss-making. Its loss for the year narrowed to S$93.4 million, from a loss of S$128.4 million in FY2023. Deposit balances doubled to S$3.8 billion, from S$1.9 billion a year ago. The group attributed this to the launch of Trust+, a banking product with a bonus tier of interest on deposit balances, as well as use of its gamified savings pots and more customers crediting their salaries to Trust savings accounts. Customer numbers reached 974,000 by the end of December and one million early in 2025, Trust noted. Dwaipayan Sadhu, CEO of Trust Bank, said: 'Our growth has been driven by the continued growth in our customer base and the rapid expansion of our range of innovative products and services.'
