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South Africa first, after lockdown by Tito Mboweni

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South Africa Finance minister Tito Mboweni has proposed a conservative economical template after a lockdown in South Africa.


In an effort to alleviate the unemployment crisis in an economy that is haemorrhaging from the recession and lockdown Tito Mboweni has proposed several ways to cushion the effect, which could be termed “South African first”.

Some have called it “Trump Policy” which emphasizes on “American First”.

A more conservative approach to the fiscal policy.

He started by openly saying that businesses in the Restaurant Industry must employ more South African staff members.

Mboweni has argued that “life after lockdown” must put the workforce of this country first in the hands of South Africans.

This populist view was expressed while he was discussing the potential for a New Economy in South Africa.

He touched on several areas whereby jobs could be resuscitated including the possible resurrection of South African Airways (SAA)

“South Africa first”, Tito Mboweni tells the restaurant industry

The minister emphasized that the Restaurant Industry must be South African First.

Tito claimed that “almost all restaurant staff” in South Africa are from other countries.

Mboweni promised to change this situation after the lockdown.
But would ensure the policy doesn’t alter the already established foreigners who already with jobs in the service sector.

Tito also hammered on unregistered Spaza shops who are operating illegally in the country.

“The proportion of South Africans working in a restaurant must be greater than that of non-South Africans… The new economy after lockdown must prioritise South Africans, but this must not discriminate against non-South Africans either.”

“We will assist those who show a willingness to hire staff from SA.

Every spaza shop must be licenced to operate, must have a bank account and registered for tax and open itself up for health inspections from the Department of Health.”

Tito Mboweni stated.

When asked about Lockdown relief: Where is the money going?
Tito Mboweni explained how the distribution would be in order to resuscitate the economy.

Health Budget would take R20 billion.

SASSA grants would gulp another R50billion.

While Medical necessities take R1 billion from the Solidarity Fund.

In his explanation, the minister detailed how the country would afford the Rescue Package.
In revealing the source of these funds which would be used to rebuild the new economy, the minister said;

“We are in constant conversation with the World Bank and we are entitled to a loan of up to $55-60 million (around R1 billion). We are also entitled to applying for funds from the New Development Bank. IMF has indicated that SA is eligible for $4.2bn (R77 billion).”

“SARB has already unveiled a monetary and policy package of their own. This takes our total economy-wide measures over R800 billion. Let me say that again – our combined fiscal and monetary policy package is over R800 billion.“

He concluded.
This has sparked a lot of reactions from the people on social media. Triggering a new hope for South Africans who have been indoors due to lockdown. And to those who might have lost their jobs and those who are without jobs might see a reason to smile again, if these things are implemented.

Here are the reactions of the people.

@Lerato
“Minister of finance @tito_mboweni answered my question, I hope you keep your word. We are really not xenophobic or hateful, we are just tied excluded by Employers”

https://twitter.com/uLerato_pillay/status/1253672262294740995?s=19

Lerato “For years we have been pushing this Nationalism agenda using different approaches, People swearing at us. Some of my Compatriot and Foreigners have laughed at our efforts in the past, saying our plea for South Africans to be prioritized by Employers is crazy @tito_mboweni 🙏”

https://twitter.com/uLerato_pillay/status/1253691298881703942?s=19

“Well done Lerato & all patriotic forces of SA

We shall win this fight against thuggery that has morphed into Africanism. No economy can be sustained by foreign nationals

We can’t normalize our sovereignty being taken away by those who crippled & handicapped their own countries”

“Important Message from Tito Mboweni.

The new economy must prioritize South Africans.

Restaurants, Construction Companies must employ South Africans otherwise they won’t get Government Assistance (Stimulus package)”

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South Africa’s currency Rand hits ‘best level in years’

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reserve bank

South Africa’s flagship currency Rand has staged a major recovery against the US Dollar this week, reaching the best level not seen since 2019.

The Rand briefly dipped below the $1 : R14 mark on Monday, before stabilizing between R14.00 to R14.10. But what has caused this fluctuation in the exchange rate.


This time last year, the Rand was in meltdown against the US Dollar. As the value threatened to break the R20 mark, months of gradual recovery brought the currency back to the R15 range. But, following a strong few weeks, ZAR has made in-roads on the Greenback, yet experts believe this is probably the peak of the resurgence:

“It will be interesting to see whether there is enough momentum for the rand to make a run at the 14.00 level. The expectation is for the rand to test lower, but the fact that 14.05 has held a couple of times leads us to believe that going lower could be a tough slog.

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Elon Musk calls Dogecoin ‘a hustle’, admits he has Asperger’s

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dogecoin0

Tech billionaire Elon Musk says Dogecoin a hustle, He made his Saturday Night Live debut this weekend, and I’m doing so offered the public at large some significant insights into the eccentric entrepreneur’s character.

His very appearance on the famed late night show also had a cataclysmic effect on the trading price of the Dogecoin share price, which fell nearly 30% when Musk referred to the mercurial cryptocurrency as a “hustle”.

During his opening monologue, Musk admitted for the first time that he has Asperger’s Syndrome, making him the first host of SNL with the disorder. “Or the first person to admit it, at least,” he joked.


Musk’s opening monologue was certainly revealing. His “coming out” over his Aspergers condition fell during his self-deprecatory appraisal of his often strange behaviour, in which he admitted that sometimes he doesn’t convey himself in the most obvious terms, and that this might lead people to be somewhat confused.

“I don’t always have a lot of international variation in the way I speak,” he said, which he noted “also makes for great comedy”.

“I’m actually making history here tonight as the first person with Asperger’s to host SNL. I won’t make a lot of eye contact with the cast tonight, but don’t worry I am pretty good at running human in emulation mode,” he said.

He said that he believes that humanity must become a “multi-planetory space-going civilisation” and said that those who consider him strange or have been offended by his often bizarre tweets, they should consider the following:

“Look, I know I say or post strange things but that’s just how my brain works. To anyone I’ve offended I just want to say, I reinvented electric cars and I’m sending people to Mars in a rocket ship,” he said. “Did you think I was also going to be a chill, normal dude?”


Musk has been a fierce supporter of Dogecoin in 2021, going so far as to label himself the Dogefather after tweeting frequently about how the cryptocurrency is going to take over the world and fund Musk’s vision to take humanity to Mars.

Musk’s tweeting about Dogecoin has helped drive an increased price for the cryptocurrency, with the coin’s 1 cent trading price in January 2021 skyrocketing to over 70 cents during the week leading up to the SpaceX founder’s appearance on SNL.

Unfortunately, Musk’s advocacy for Dogecoin during the SNL skits on Saturday night did not have the desired impact, and the gains recorded in the run-up to his appearance were dashed by around 66 cents to just below 50 cents just hours after the show.

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America Authorities have Sought Court Order to Shut Down Crypto Trading Platform Allegedly Duping Thousands of Investors

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bitseed

America’s authorities is seeking a court order to immediately shut down the operations of cryptocurrency exchange Platform. The attorney general previously filed a lawsuit against the crypto exchange, but the platform allegedly continued to operate and dupe investors.


The Office of Attorney General Letitia James announced Friday that the attorney general “has taken legal action to immediately halt the continued illegal and fraudulent operations of the cryptocurrency trading platform Coin seed Inc.”

A motion was filed late Thursday “asking the court for a temporary restraining order, a preliminary injunction, and the appointment of a receiver to immediately block Coinseed and its CEO from making any further unauthorized trades and safeguarding investors’ monies,” the notice reads. The receiver will “oversee all assets in an effort to safeguard investments as Attorney General James’ lawsuit proceeds.”

James filed a lawsuit in February against Coinseed and its two top executives, including founder and CEO Delgerdalai Davaasambuu. They allegedly “violated New York state laws and illegally squandered investors’ monies.”

However, in the months since the lawsuit was filed, “the greed perpetrated by Coinseed and its CEO has not only continued, but grown,” the announcement describes, adding that “Coinseed and its CEO have continued their fraud and the Office of the Attorney General (OAG) has learned of new fraudulent conduct.” Within the last three months, the OAG “has received over 130 complaints from investors who are concerned about protecting their assets due to Coin seed’s fraudulent conduct.” According to the lawsuit filed, the platform allegedly “defrauded thousands of investors across the nation.”

This company has continued to operate illegally holding investors’ funds hostage and conducting unauthorized trades in investors’ portfolios, while depleting accounts and transferring virtual currency to an offshore, unregulated trading platform.

“We filed this motion to immediately halt Coinseed’s unlawful activity and protect the investments that are left,” she concluded.

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