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Bank Stocks Could Emerge Winners From Tough South African Budget [Bloomberg Business News]

CITIGROUP (C)  More Company Research Source: Bloomberg Business News
Last citigroup earnings: 7/13 07:59 am Check Earnings Report
US:NYSE Investor Relations: citigroup.com/citi/investor/pres.htm
PDF By Neo Khanyile More stories by Neo Khanyile Finance Minister Malusi Gigaba presents budget Wednesday Banks could benefit if budget improves sentiment: Citigroup South African stock investors are bracing for the impact Wednesday’s budget will have on their portfolios as Finance Minister Malusi Gigaba seeks ways to raise revenue and avert further ratings downgrades. Gigaba will present plans aimed at narrowing a 50.8 billion-rand ($4.3 billion) gap in the nation’s finances without endangering a fragile recovery. Along with various other revenue measures, he needs to produce a “needle mover,” such as a 1 percentage-point increase in value-added tax, a form of sales tax, said Adrian Saville, chief strategist at Canon Asset Management in Johannesburg. “The reality is there is a large hole that has to be filled in what up until now has been a very anemic economic growth environm [Read more]

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