http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 18.00Change: 0.05
R/$ = 16.11Change: 0.04
Au 1188.05 $/ozChange: -5.95
Pt 925.00 $/ozChange: 0.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters About Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 08, 2011

SA economy remains strong, says Gordhan

Back
Africa|System|Africa
Africa|System|Africa
africa-company|system|africa
© Reuse this



Finance Minister Pravin Gordhan said on Monday that South Africa’s financial system remained strong, despite the global financial turmoil following the downgrade of the US credit rating and the ongoing European debt crisis.

Standard & Poor’s (S&P) downgraded the US credit rating late on Friday by one notch to ‘AA+’, removing the world's largest economy from the triple A-club for the first time since 1917, when the US won the top ranking.

Gordhan, South African Reserve Bank (SARB) governor Gill Marcus and members of the country’s financial stability oversight committee on Monday had discussions about the possible impact of the US credit rating downgrade and the ongoing sovereign debt concerns in Europe on South Africa’s financial stability.

The parties said in a joint statement that South Africa had “deep and liquid financial markets, which continued to function even during this difficult time of global financial turmoil”.

In fact, S&P revised South Africa’s rating outlook from negative to stable, affirming the country’s sovereign rating, the statement read.

All rating agencies rate South Africa at an investment grade.

“These ratings are a testimony to our sound management of the economy and public finances, and demonstrate confidence in our fiscal consolidation measures. Our financial system remains strong, with adequately capitalised financial institutions, supported by a robust regulatory framework,” said that statement.

The JSE fell by more than 2% on Monday, tracking weaker global markets, while the rand declined.

The National Treasury and SARB said that they would continue to actively monitor the situation to mitigate any financial stability risks and any adverse short-term and long-term effects on the broader economy.

The institutions remained confident in South Africa’s growth forecast and fiscal projections outlined at the time of the Budget in February.
 

Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
© Reuse this

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
 
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Economy News
Former Zimbabwe Finance Minister Tendai Biti
Updated 56 minutes ago Mining needs to be reinvented as a mutually transformative win-win for countries and companies to put an end to the resource curse, which has destroyed the collective creativity of resource-rich economies, causing them to fall behind their resource-poor counterparts,...
Despite a number of African countries being buffeted by falling commodity prices and fluctuating currencies in 2015, the latest Nielsen Consumer Confidence Index results have provided relatively stable overviews of East, West and South Africa, with Nigeria positioned...
Seifsa CEO Kaizer Nyatsumba
The metals and engineering sector, which has been underperforming in recent years, will come under microscopic scrutiny when stakeholders from business, labour and government meet at the second Southern African Metals and Engineering Indaba in May. Former Deputy...
More
 
 
Latest News
Former Zimbabwe Finance Minister Tendai Biti
Updated 56 minutes ago Mining needs to be reinvented as a mutually transformative win-win for countries and companies to put an end to the resource curse, which has destroyed the collective creativity of resource-rich economies, causing them to fall behind their resource-poor counterparts,...
Julius Malema
Updated 2 hours 30 minutes ago The Gupta family and the Economic Freedom Fighters (EFF) are expected to face off North Gauteng High court on Tuesday. The family, via their company Oakbay Investments,  is understood to have filed an urgent application on behalf of their shareholders, businesses and...
Updated 2 hours 50 minutes ago The Roads Agency Limpopo's CEO has been dismissed and two of his colleagues suspended for alleged fraud, corruption, and collusion involving more than R40-million, the agency said on Monday. The trio allegedly flouted supply chain management policies, colluded,...
More
 
 
Recent Research Reports
Construction 2016: A review of South Africa's construction industry (PDF Report)
Creamer Media’s Construction 2016 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; key participants; local demand; geographic diversification; corporate activity; black economic...
Energy Roundup – February 2016 (PDF Report)
The February 2016 roundup covers activities across South Africa for December 2015 and January 2016 and includes details of a Government Gazette notice that confirms Cabinet’s decision to move ahead with the 9 600 MW nuclear procurement programme; State-owned power...
Energy Roundup - December 2015 (PDF Report)
The December 2015 roundup includes details of State-owned utility Eskom’s application to claw back R22.8-billion; South Africa’s ranking as an investment destination for renewable energy; and a nuclear expert’s thoughts on reactor designs for South Africa’s nuclear...
Water 2015: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2015 Report considers the aforementioned issues, not only in the South African context but also in the African and global context in terms of supply and demand, water stress and insecurity, and access to water and sanitation, besides others.
Input Sector Review: Pumps 2015 (PDF Report)
Creamer Media’s 2015 Input Sector Review on Pumps provides an overview of South Africa’s pumps industry with particular focus on pump manufacture and supply, aftermarket services, marketing strategies, local and export demand, imports, sector support, investment...
Liquid Fuels 2015: A review of South Africa's liquid fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and...
 
 
 
 
 
This Week's Magazine
Power and automation company ABB is in the launch phase of its highest payload, multipurpose industrial robot, the IRB 8700. The robot has a reach of 3.5 m and can handle a payload of up to 800 kg. “When designing the IRB 8700, we emphasised reach and payload, as...
Identity and Access Management (IAM) is a critical facet of a connected security ecosystem, as controlling the confidentiality, integrity and authorisation of data access and use is key to securing new digital business channels. However, companies face several...
RORY YOUNG Managed security services provide companies with a means to actively monitor their environment and ward against threats
Data underpins digital business models, the digital economy, the Internet of Things and the fundamental changes in the ways people interact and protecting data is crucial to securing new ways of doing business, says T-Systems South Africa information and...
The City of Cape Town will issue a tender for the procurement of electric buses for its MyCiTi service, in line with the council’s commitment to lower its carbon footprint, says executive mayor Patricia de Lille. The tender, to be advertised early in February, will...
The iSimangaliso Wetland Park Authority signed a R10-million contract last month with local tailings storage facility specialists Cyclone Engineering Projects to remove about 100 000 m3 of dredge spoil obstructing the natural course of the uMfolozi river, in...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $149 Close
Subscribe Now for $149