State of economy sparks concern

2015-06-24 06:00
GRAIG PHEIFFER, head of private client asset management at Absa.
 
           Photo: 
Boipelo Mere

GRAIG PHEIFFER, head of private client asset management at Absa. Photo: Boipelo Mere

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THE unstable electricity supply, high fuel prices and lack of consumer confidence caused by municipalities are raising concerns.

These factors are seen to be contributing to the now unstable economy, leading to low business confidence in South Africa.

This issue was raised by Graig Pheiffer, head of private client asset management of Absa, on Thursday, 11 June.

He spoke at a session themed Portfolio positioning in the current economic environment with the bank’s wealth and investment group in the Northern Cape.

The session was also attended by Freddie Rorich, regional head of wealth advisory at Absa, and his team of Absa wealth-investment managers who shared valuable knowledge on investing the right way.

The bank invited a group of its clients to explain to them that even during this volatile economic period investment opportunities exist in the country.

According to Pheiffer, businesses and factories at this stage rather keep their money at hand instead of hiring more people or expanding their businesses.

“This results in slow activity in the economy,” Pheiffer said.

“We need to boost consumer confidence.”

Touching on foreign investment, Pheiffer highlighted the need to attract foreign capital by building attraction in the market.

That, he said, could be achieved through making it easier for foreigners by easing up on labour laws so they can invest in the country.

“When the rand weakens, our imports become expensive, resulting in us borrowing money to finance deficit.”

Rorich explained that the presentation was an effort by the bank to show its clients that it could still add value and give them proper advice in terms of their investments

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