http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 17.13Change: -0.13
R/$ = 15.00Change: -0.09
Au 1280.17 $/ozChange: 3.35
Pt 1062.50 $/ozChange: 1.00
 
 
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|Finance|System|Africa
Africa|Finance|System|Africa
africa-company|finance|system|africa



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

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
Following the drop in commodity prices and China’s demand for Africa’s resources, African economies were slumping and gross domestic product growth was stagnating in most of the continent’s emerging markets, said the New Partnership for Africa’s Development, or...
DE BUYS SCOTT As long as the nuclear project remains affordable, South Africa can look forward to a cleaner, larger source of baseload energy
The development of the proposed nuclear energy project in South Africa could become increasingly difficult to complete, should the economy be downgraded to junk status by credit rating companies. According to advisory firm KPMG global infrastructure major projects...
HEALTHCARE Cancer and cardiovascular conditions remain the most prevalent conditions insurance customers claimed for
The medical conditions underpinning death or critical illness insurance claims vary significantly between the genders, with men more affected by cardiovascular conditions and women by cancer, says financial services firm Liberty chief medical officer Dr Philippa...
More
 
 
Latest News
Updated 48 minutes ago The Organisation Undoing Tax Abuse (Outa) on Friday said the extension of the e-toll 60% discount offer was “predictable and expected”. On Thursday the Minister of Transport Dipuo Peters granted an additional 10 working days extension for road users to take advantage...
Updated 2 hours 19 minutes ago Safeguard duties, in addition to the 10% protection already introduced on a range of steel products entering South Africa, “remain critical in the short term to ensure the future sustainability of primary steel production”, ArcelorMittal South Africa (AMSA) said on...
Economic Development Minister Ebrahim Patel
Updated 2 hours 59 minutes ago Economic Development Minister, Ebrahim Patel, on Thursday welcomed commitments between the Coca-Cola Beverages Africa (CCBA) merger parties – SABMiller Plc, the Coca-Cola Company and Gutsche Family Investments – as well as the South African government. According to...
More
 
 
Recent Research Reports
Energy Roundup – May 2016 (PDF Report)
The May 2016 roundup covers activities across South Africa for April 2016 and includes details of the National Energy Regulator of South Africa’s proposal to introduce a coal benchmark cost as part of its final decision on Eskom’s multiyear price determination...
Automotive 2016: A review of South Africa's automotive sector (PDF Report)
Creamer Media’s Automotive 2016 Report provides an overview of South Africa’s automotive industry over the past 12 months. The report provides insight into local demand and production, vehicle imports and exports, investment and competitiveness in the sector, as well...
Energy Roundup – April 2016 (PDF Report)
The April 2016 roundup covers activities across South Africa for March 2016 and includes details of a North Gauteng High Court Judge’s dismissal of a court application to postpone the 9.4% electricity tariff increase, which the National Energy Regulator of South...
Electricity 2016: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2016 report provides an overview of South Africa’s electricity sector, focusing on State-owned power utility Eskom and independent power producers, electricity planning, transmission, distribution and the theft thereof, besides other issues.
Energy Roundup – March 2016 (PDF Report)
The March 2016 roundup covers activities across South Africa for February 2016 and includes details of the Department of Energy’s plans to announce the preferred bidders for the first tranche of the coal independent power producer procurement programme; the Council...
Steel 2016: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2016 Report examines South Africa’s steel industry over the past 12 months. The report provides insight into the global steel market and and particularly into South South Africa’s steel sector, including production and consumption, main...
 
 
 
 
 
This Week's Magazine
Following the drop in commodity prices and China’s demand for Africa’s resources, African economies were slumping and gross domestic product growth was stagnating in most of the continent’s emerging markets, said the New Partnership for Africa’s Development, or...
The New Development Bank, a multilateral lender formerly known as the Brics Development Bank, will provide $811-million in a first round of loans for clean energy projects in four nations.
South African car and bakkie exports into Africa declined for the third year in a row in 2015, falling from 79 228 units in 2012, to 77 589 units in 2013, 60 189 units in 2014, and 41 446 units last year – this according to the Automotive Industry Export Council’s...
Networking systems multinational Cisco is training 75 people as part of a pilot project to develop specialist networking skills in South Africa, says Cisco South Africa CTO Vernon Thaver. The trainees were nominated by and selected from Cisco’s local partners and...
The threat landscape is changing, along with technologies, impacting on new fields, such as industrial infrastructure, which is becoming increasingly connected. Smart cities are also developing fast through connected devices, Web services and cloud solutions, but...
 
 
 
 
 
 
 
 
 
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