China may have signaled it's going more hard-line on trade, but it could be a good thing, former U.S. negotiator Clete Willems told CNBC.World Economyread more
As China's economic growth declines, some analysts say Beijing may have to spend more on infrastructure, adding to concerns about high debts.China Economyread more
After years of speculation, Neuralink, the brain-machine interface start-up co-founded by Elon Musk, started talking directly to the public on Tuesday.Technologyread more
"The charts, as interpreted by Carley Garner, suggest that the upside in the stock market has gotten more limited," Jim Cramer says.Mad Money with Jim Cramerread more
John Paul Stevens, who served on the Supreme Court for nearly 35 years and became its leading liberal, has died.Politicsread more
Aarti Borkar from IBM Security says artificial intelligence bias can exist at three levels: the program, the data and the people who design those AI systems.Cybersecurityread more
A key read on the industry, the Architecture Billings Index, fell into negative territory in June, according to the American Institute for Architects. Inquiries for new...Real Estateread more
The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
Mikaila Ulmer may be just 14 years old, but the Me & the Bees Lemonade founder knows a thing or two about business.Young Successread more
U.S. President Donald Trump said Tuesday that Washington and Beijing have a long way to go on trade, adding that America could place tariffs on an additional $325 billion...Asia Marketsread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
South Africa is to increase its value added tax (VAT) for the first time in 25 years in order to help bridge a gap in the government's budget.
The news came as part of Finance Minister Malusi Gigaba's first annual budget in the South African Parliament in Cape Town. The speech also marked the first budget under new South African President Cyril Ramaphosa.
South Africa's VAT, which has remained constant since 1993, will increase to 15 percent from 14 percent as of April 1 this year. This is part of the Treasury's attempt to shrink its budget deficit, which stands at 4.3 percent of gross domestic product (GDP) in the 2017/18 fiscal year.
Last week saw momentous political change in Africa's most developed economy as Ramaphosa took over as president following former President Jacob Zuma's resignation. Ramaphosa is viewed favourably by the business community, not least for his pledge to fight the corruption that plagued Zuma's administration — of which Zuma denies wrongdoing.
The U.S. dollar fell against the South African rand on news of the VAT hike, and was trading over 0.7 percent lower immediately after the news.
"This is a tough, but hopeful budget," Gigaba said, as reported by Reuters.
"We decided that increasing VAT was unavoidable if we are to maintain the integrity of our public finances," he added.
South Africa's Treasury intends for its consolidated deficit to fall to 3.5 percent of GDP by the fiscal year of 2020/21. It also revised its projection of GDP growth for 2017 to 1 percent, up from the previous 0.7 percent figure.