South Africa's biggest mall in trouble and Pick n Pay pain

Here are some of the biggest news stories you may have missed this week. Fourways Mall is in serious financial trouble. It has a large number of vacant stores and is facing serious financial problems. [BusinessTech logo]( [Top stories this week]( [◼ South Africa’s largest shopping mall is in serious trouble]( Fourways Mall is in serious financial trouble. It has a large number of vacant stores and is facing serious financial problems. [◼ Pick n Pay closing stores]( Pick n Pay is in serious financial trouble. As part of a turnaround strategy, it will close loss-making stores and convert Qualisave stores back to Pick n Pay stores. [◼ Major blow to couriers and deliveries in South Africa]( The Department of Communications and Digital Technologies (DCDT) has extended the period of time in which no other service but the South African Post Office can provide ‘reserved’ postal services in the country. [◼ Load shedding warning for winter]( Numerous energy experts have warned that while the current load shedding reprieve is welcomed, it will not last throughout the winter season. [◼ Ramaphosa signs new retirement system for South Africa into law]( President Cyril Ramaphosa has signed into law the Revenue Laws Amendment Bill of 2023, which establishes a “two-pot” system that gives members of retirement funds access to retirement savings without having to resign or cash out entire pension funds. [◼ South Africa’s hidden economy of R750 billion with no taxes]( South Africa’s informal economy is estimated to be worth around R750 billion, hidden from many economic indicators and even the taxman. [◼ South Africans dump DStv as price pain sets in]( MultiChoice is struggling to hold on to DStv subscribers as years of price increases made the service expensive and uncompetitive in the new streaming market. [◼ Big tax hikes for South Africa are coming]( The African National Congress (ANC) has planned major social security changes for the country—the main ones being the BIG and the NHI—pointing to tax reforms and hikes as the main source of funding. [◼ R1.00 per litre petrol price joy on the cards for South Africa next week]( Month-end data from the Central Energy Fund (CEF) shows that South African motorists are in store for joy at the pumps in June. [◼ Big problems for domestic workers in South Africa]( Domestic workers currently earn median wages far below even the National Minimum Wage (NMW) and face the prospect of job losses and rising debt as one of the most vulnerable working classes in South Africa. [Facebook]([Twitter]([LinkedIn]([YouTube]( [Manage your preferences or unsubscribe]( • [View PDF]( • [Pause Subscription]( • [View Online]( This email was sent to {EMAIL} on 02-06-2024 This is intended for opt-in communication only. If you feel this email is unsolicited please [report it]( to us Email Powered By Everlytic