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Companies sitting on R470-billion
Business Live says South African companies - wary of investing in the current economic climate - are sitting on a cash pile of R470-billion, but are not investing this money.
Quoting Nedgroup Investments, Business Live says the cash deposits now exceed R470-billion although some of this cash pile will be depleted through the payment of higher dividends.
First National Bank's chief executive Michael Jordaan says that South Africa's growth prospects for the coming year were "brighter than those of the global economy" and suggested that now was the right time for companies to invest.
While opinions are forecasts about South Africa's prospects vary, Jordaan says that he is confident that the local economy will out-perform the global markets but cautions that growth of about 4% will not be enough to have a meaningful impact on job creation.
For more:
- Business Live: 'Wary' SA firms sitting on R470bn cash pile
- FNB: Homepage
- Nedgroup Investments: Homepage
