The nation of South Africa gathered to watch our President, Jacob Zuma, deliver his state of the nation address last night. As expected, there was no lack of drama as the Economic Freedom Fighters’ (EFF’s) MPs were forcefully removed from the National Assembly and the Democratic Alliance (DA) staged a walkout shortly thereafter. Subsequently, the speech commenced, focussing predominantly on the energy crisis that currently cripples the economy.
The South African rand fell to its weakest level against the dollar in 13 years ahead of the President’s speech, coupled with the Greek and German showdown that is weakening investor appetite for risky assets.
Wall Street continues to rise, helped by Apple as it became the first U.S. company worth more than $700 billion!
Finance ministers and central bankers met this week in Turkey for the Group of 20 (G-20) meeting. The Group is faced with a two-speed growth challenge, pushing for structural reform in areas such as trade, education, health, labour and product markets, as well as creating efficient infrastructure.
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