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Foreigners in South Africa panic over voicenote threat on businesses

Published

3 years ago

March 26, 2022

Foreigners who run businesses in South Africa have been thrown into panic after some voice notes threatening foreign-owned businesses in the former apartheid enclave have been in circulation over the past week.

According to the voice notes, foreign business owners, especially those in the Durban province, were warned not to operate on Sunday or they will be attacked.

Following the emergence of the voice notes and messages threatening violence on social media, the KwaZulu-Natal Police have been placed on high alert, with the South African Police authority saying officers “will be strategically deployed to respond swiftly to those who act unlawfully.”

Provincial police spokesperson, Brigadier Jay Naicker, said officers and other law enforcement agencies were prepared to react to any event which may contribute to the breakdown of law and order.

The voice notes and messages, said to have emanated from a South African group known as ‘Operation Dudula’, are vowing to shut down businesses belonging to foreign nationals in Durban, and have been widely circulated on social media platforms.

The ‘Operation Dudula,’ is a violent group opposed to foreigners in the country and primarily targets foreign nationals and their businesses, which they claim have taken over their jobs.

The organisation which started in Johannesburg, has been spreading to other parts of the Rainbow Country, and is set to have its first meeting in Durban on Sunday, which further gives credence to the voice notes threats.

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Moroccan annual inflation rises to 0.8% in November

Published

22 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”