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Resource Dependence and Fiscal Effort in Sub-Saharan Africa
August 28, 2013--Summary: High natural resource prices in recent years have resulted in sizeable increases in fiscal revenue for many resource-exporting countries in sub-Saharan Africa.
However, this revenue source is volatile, and arguably these countries should also rely on other forms of taxation to help fund public expenditure. This paper asks whether the availability of higher resource revenue in these countries has led to lower taxation effort of other revenue categories. The question is analyzed both in terms of the relationship between non-resource tax revenue and resource revenue, and between non-resource tax revenue and statutory tax rates. The paper finds evidence suggesting that nonresource revenue is negatively influenced by a higher resource revenue-to-GDP ratio. The lower take up of nonresource taxes in resource-rich countries is correlated with higher levels of corruption in these countries, suggesting weaker institutions affect nonresource revenue through incentives for tax evasion and/or large tax exemptions as argued in the literature.
the IMF Working paper-Resource Dependence and Fiscal Effort in Sub-Saharan Africa
Source: World Bank
Rand stalls at R10.40/$
August 28, 2013--Following a recent and steady decline of the rand against the dollar since August 12, the local currency has now shown further weakness, after breaking through its familiar trading range of R10.20/$.
As anticipated, subsequent to the bullish pin bar posted on Friday, showing rejection of lower prices and the R10.20 support holding, dollar buyers to the rand stepped in substantially on Monday and Tuesday of this week.
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Source: FIN24
Nigeria: Exploring Opportunities in the Domestic Bond Market
August 28, 2013--Obinna Chima and Nume Horsfall highlight the opportunities in the domestic bond market for members of the organised private sector The significant improvement of level of business confidence expressed by both local and foreign investors in Nigeria reflects the opportunities in the country.
Some of the factors that have continued to contribute to the growing confidence in the Nigerian business environment include the on-going reforms in the power sector, infrastructure developments, impressive corporate results churned out by quoted companies, moderating inflation and exchange rate stability
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Source: AllAfrica.com
SA stocks hit record highs
August 27, 2013--South African stocks hit record highs for the third straight trading session on Tuesday, edging up as the weaker rand currency helped to lift battered stocks like Impala Platinum (Implats).
The benchmark Top 40 index hit a lifetime high of 38 964, while the broader All-Share traded as high as 43 345.
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Source: FIN24
Rand extends losses ahead of GDP release
August 27, 2013--The rand extended losses against the dollar on Tuesday, weighed down by worsening labour strife that threatens to hurt growth.
The rand was at 10.3535 to the dollar at 06:25 GMT, 0.2% weaker than its close in New York on Monday.
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Source: FIN24
JSE surges to record close
August 26, 2013--South African stocks booked their highest finish on record on Monday, as a weaker rand currency helped lift battered down gold producers such as Gold Fields.
The benchmark Top 40-index closed up 0.65% at 38 903.32, a record finish, while the broader All Share [JSE:J203] rose 0.69% to 43 290.55.
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Source: FIN24
Rand, bonds firm slightly
August 26, 2013--The rand strengthened slightly against the dollar on Monday and is expected to start the week range-bound, but the currency could be hit by looming strikes.
The rand was at 10.2125 to the dollar at 06:46 GMT, up 0.3% from its New York close on Friday.
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Source: FIN24
JSE trades softer
August 23, 2013--The JSE slipped in early morning trade on Friday with the Top 40 [JSE:J203] falling 0.49% to trade at 38 486.12.
The All Share [JSE:J200] index weakened 0.46% to 42 815.77.
Construction firm Murray & Roberts [JSE:MUR] lost 1.24% to R23.98 and Northam Platinum [JSE:NHM] gave up 1.23% to R39.50.
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Source: FIN24
Rand recovers, but still vulnerable
August 23, 2013--The rand held steady against the dollar on Friday, a day after hitting a new four-year low, but remains vulnerable to domestic labour unrest and the prospect of reduced US monetary stimulus in the coming weeks.
The rand was at R10.2645/$ at 08:47, 0.2% stronger from Thursday's New York close.
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Source: FIN24
Nigeria's revenues fall due to oil outages
August 23, 2013--Nigeria's government revenues slumped 42% in July to N498bn from N863bn the previous month, due to oil theft and production outages, the accountant general said on Friday.
A total of N715.8bn was distributed to local, state and federal governments, down slightly from N718.1bn in June, Jonah Otunla told reporters.
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Source: FIN24
