South Africa’s slide into recession is a “transitional issue” from which the economy will soon recover, President Cyril Ramaphosa said in comments published on Thursday, repeating promises for a stimulus package to reignite growth.
Ramaphosa has staked his reputation on reviving the economy after a decade of stagnation under his predecessor, scandal-plagued Jacob Zuma, whom he replaced in February.
But Ramaphosa suffered a major disappointment when data showed on Tuesday that the economy had shrunk 0.7 percent in the second quarter, unexpectedly tipping the country into its first recession since 2009.
“All these things that are happening now are transitional issues that are going to pass,” Ramaphosa was quoted by local news agency Eyewitness News as saying, in his first comments on the recession shock.
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“I will be meeting with the business community soon, so that we rally everyone together and pull our country out of the situation that we are in,” added Ramaphosa, who was attending a China-Africa summit in Beijing when the data was released.
The rand has slumped more than 5 percent against the dollar this week and government bonds have sold off steeply, also hurt by the turmoil on Turkish and Argentinian financial markets.
Several foreign banks have slashed their growth forecasts for South Africa to less than 1 percent this year.
In a statement issued on Wednesday, Ramaphosa’s party, the ruling African National Congress, said the recession was the result of a “prolonged trend of slowdown in economic growth”.
It said there was an urgent need for measures to reverse the economic decline and suggested there could be tax credits for companies which support job creation
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Nigeria’s economy under threat owing to border closure.
In a bid to scrap smuggling of goods and prompting Nigeria-made products, the Nigerian government closed the country’s border in recent months.
But, the reverse has been the case as inflation hikes affecting food prices.
This is the first time the government has acknowledged the negative effects of the border closure.
After a cabinet meeting, Finance Minister Zainab Ahmed told reporters that inflation had increased from 11.4% in September to 11.6% by the end of last month.
“The slight increase in this inflation between September and October is due to food inflation,” she said.
“The food inflation we are ascribing to prices of cereals, rice and fish. And part of the reason is the border closure.”
Nigeria government has admitted that they’ll opt their effort to make sure everything works out well for all party in concern.
Nissan to recall over 40,000 cars due to malfunction of brake fluid leak
Japanese automaker gaint Nissan says, it’s recalling nearly 400,000 vehicles in the U.S. because of a braking system defect that could cause them to catch fire.
Users and Owners are advised to park affected vehicles outside and away from structures if the anti-lock brake system warning light comes on for more than 10 seconds.
The Japanese automaker says a pump seal may become worn down and cause brake fluid to leak. “If the warning is ignored … the brake fluid leak may potentially create an electrical short in the actuator circuit, which in rare instances, may lead to a fire,” the company says in documents sent to the National Highway Traffic Safety Administration.
The recall affects four different models in the U.S.: the Nissan Murano SUV, model years 2015 to 2018; Maxima sedans, model years 2016 to 2018; and the Infiniti QX60 and Nissan Pathfinder SUVs, model years 2017 to 2019.
Nissan says in a statement emailed to NPR that it is working on a fix and that owners of affected vehicles will be notified beginning in early December 2019. “Once the remedy is available, owners will receive a final notification letter asking them to bring their vehicle to an authorized Nissan dealer or INFINITI retailer to have the remedy work completed at no cost for parts or labor,” the company says.
This isn’t the first time Nissan has had problems with brake fluid leaks. Last year, for example, Nissan recalled more than 215,000 vehicles. The automaker says vehicles in the 2018 recall that haven’t been repaired are included in the current recall.
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