http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.17Change: 0.04
R/$ = 10.69Change: 0.01
Au 1281.11 $/ozChange: 2.07
Pt 1422.00 $/ozChange: 6.50
 
 
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 Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 08, 2011

SA economy remains strong, says Gordhan

Back
Africa|Standard & Poor|System|Africa|Europe|Europe|South Africa|United States|Gill Marcus|Pravin Gordhan
Africa|System|Africa|||
africa-company|standard-poor|system|africa|europe|europe-country|south-africa|united-states|gill-marcus|pravin-gordhan
© 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
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Economy News
South Africa has signed and adopted the new Benguela Current Commission (BCC) with Angola and Namibia, which will see the three countries work together in marine conservation matters. The agreement is a five-year strategic plan that aims to promote the long-term...
President Jacob Zuma
President Jacob Zuma says supporting small enterprises and broad based economic empowerment will be a key strategy in growing the economy to create millions of decent jobs by 2030. He said this would be guided by government’s plan to industrialise the economy by...
Various stakeholders have expressed optimism that the Small Business Development Ministry, created after the national elections in May, will add much needed impetus to enterprise development in South Africa, where a strengthening of the entrepreneurial culture is...
More
 
 
Latest News
Sacci CEO Neren Rau
The South African Chamber of Commerce and Industry (Sacci) would work with the office of the Afican National Congress (ANC) secretary-general Gwede Mathashe on a series of constructive engagements on improving the domestic economic climate and building a more...
JSE-listed investment and empowerment group Grand Parade Investments (GPI) and electronics contract manufacturer Tellumat have teamed up to create a 51:49 joint venture company Grand Tellumat Manufacturing. The transaction would see the engineering skills and...
JSE-listed property group Redefine Properties on Friday said its acquisition of all the assets and the property portfolio of Fountainhead Property Trust, had not been approved by the requisite majority of Fountainhead unitholders and would, therefore, not be...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
MODDERFONTEIN NEW CITY Modderfontein New City will aim to exemplify an integrated city node and improve infrastructure utilisation through mixed-use spaces
The multibillion-rand development of the Zendai Modderfontein New City, east of Johannesburg, will aim to exemplify an integrated city node, says property group Zendai South Africa COO Wenhui Du. The development will focus on the Modderfontein Gautrain station to be...
The South African Civil Aviation Authority (CAA) hopes to have finalised regulations for the flying of Unmanned Air Vehicles (UAVs) – also designated Remotely Piloted Air Systems (RPAS) and popularly called drones – in the country’s civilian airspace by the end...
Various stakeholders have expressed optimism that the Small Business Development Ministry, created after the national elections in May, will add much needed impetus to enterprise development in South Africa, where a strengthening of the entrepreneurial culture is...
BOB SCHOLES To ensure that emissions plateau by 2020 and then decline until a net negative emission level is achieved by the end of the century, CO2 capture and storage in addition to major emission reduction efforts will be needed
Capturing and storing carbon dioxide (CO2) is the only way through which the world will achieve the lowest of the United Nations Framework Convention on Climate Change’s (UNFCCC) global warming predictions, called the representative concentration pathway (RCP) 2.6....
PARKS TAU Ongoing investigations had identified at least 30 large power users in Johannesburg as having defrauded the city
The City of Johannesburg has recovered R107-million following the arrest of 22 people allegedly involved in corruption, collusion, fraud and tampering with the city’s electricity systems, which had ultimately cost the city R200-million in lost revenue.
 
 
 
 
 
 
 
 
 
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