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Budget News

Continued support for renewables IPPs an economic boost – Sarec

By: Megan van Wyngaardt     22nd February 2017 The South African Renewable Energy Council (Sarec) has welcomed the confirmation by Finance Minister Pravin Gordhan that the continuation of South Africa’s independent power producer (IPP) programme was imperative, given the need to boost investment in the short term. In a statement following... 

2017 Budget 

     22nd February 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the highlights of the 2017 Budget that was presented by Finance Minister Pravin Gordhan on Wednesday. 

2017 Budget
Camera and editing: Nicholas Boyd

Seifsa welcomes R95m steel development fund

By: Megan van Wyngaardt     22nd February 2017 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) on Wednesday welcomed Finance Minister Pravin Gordhan’s R95-million allocation towards the establishment of a Steel Development Fund in the 2017 National Budget. The fund will be controlled by the Industrial Development... 

Sacci outlines Budget expectations

By: Creamer Media Reporter      21st February 2017 With Finance Minister Pravin Gordhan preparing to deliver his 2017 National Budget speech on Wednesday, the South African Chamber of Commerce and Industry (Sacci) weighed in on its expectations at a time when South Africa is experiencing subdued economic growth. Amid the Reserve Bank having... 

Fiscal consolidation, tax increases, SoE cost containment critical for pro-poor Budget - Busa

By: Natasha Odendaal     20th February 2017 Fiscal consolidation, considered and careful tax increases and parastatal cost containment will be critical elements for a pro-poor, pro-inclusive-growth Budget for South Africa for the year ahead. While there is a limit to what can be achieved through an effective Budget, Business Unity South... 

Certainty on Carbon Tax needed from this year’s Budget – Cova

By: Creamer Media Reporter      20th February 2017 With expectations of the long-awaited Carbon Tax being implemented in 2018, much more clarity and certainty will be needed from the 2017 Budget, which will be delivered by Finance Minister Pravin Gordhan on Wednesday. Currently, much uncertainty exists, with industry questioning policy certainty,... 

South Africa remains on junk ‘knife-edge’ as ANC succession takes centre stage  

By: Terence Creamer     14th February 2017 South Africa will remain on a downgrade “knife-edge” in 2017, Standard Bank chief economist Goolam Ballim warns, despite the bank’s view that the country’s growth will recover to 1.4% from only 0.4% last year. Both Fitch Ratings and S&P Global currently have South African on ‘negative watch’,... 

South Africa remains on junk ‘knife-edge’ as ANC succession takes centre stage
Standard Bank chief economist Goolam Ballim on how Finance Minister Pravin Gordhan may adjust tax policy to sustain consolidation path, while limiting negative growth impacts. Camera Work: Duane Daws. Editing: Lionel da Silva. 14.2.2017

Finance Minister invites public input ahead of Budget speech

By: Sane Dhlamini     6th February 2017 Finance Minister Pravin Gordhan has urged South Africans to share their views on economic conditions and to highlight issues they would like government to focus on in the National Budget Speech on February 22. The National Budget Speech will be presented against the backdrop of sluggish economic... 

Finance Minister invites public input ahead of Budget speech
Photo by Duane Daws
Finance Minister Pravin Gordhan

Smarter portfolio choices and lower costs could drive higher returns in 2017

     3rd February 2017 The resource exploration industry has a good chance of achieving double-digit returns in 2017, as smarter portfolio choices and lower costs are already paying off, says analytics business Wood Mackenzie exploration VP Dr Andrew Latham. 

Smarter portfolio choices and lower costs could drive higher returns in 2017
Photo by Bloomberg
EMERGING EXPLORATION THEMES Some of the emerging exploration themes in 2017 include exploration for pipe gas opportunities near undersupplied markets

Gordhan in for tough Budget speech despite public support

By: Natasha Odendaal     31st January 2017 All eyes will be on Finance Minister Pravin Gordhan on February 22 as he tables what will likely be a difficult 2017/18 Budget, in which measures will need to be adopted to generate sufficient taxes without stifling growth and widening inequality. With South Africa in a “near perfect storm” of... 

Gordhan in for tough Budget speech despite public support
Photo by Duane Daws
Finance Minister Pravin Gordhan

Consulting engineers ready to help with irregular expenditure fight

By: Dylan Slater     9th December 2016 Firms that are members of nonprofit organisation Consulting Engineers South Africa (Cesa) made known at the yearly Cesa Infrastructure Indaba, that they are ready to partner with government to reduce irregular expenditure.  

Ansys profits soar to R51m

By: Megan van Wyngaardt     29th November 2016 Engineering solutions provider Ansys’s profit before interest and tax in the half-year ended September 30, increased by 645.9% to R51.1-million from R6.8-million in the comparative period. The company attributed this significant increase to its continued investment in its operations, as well as... 

South African govt generates R1.2tr in FY14/15 income

By: Natasha Odendaal     24th November 2016 The South African government’s income for the year ended March 31, 2015, increased by R107.1-billion, Statistics South Africa (Stats SA) reported on Thursday. This increase in the consolidated general government accruement of R1.2-trillion from operating activities in the 2014/15 financial year... 

Creecy unveils R250bn Gauteng budget, warns on risk late invoice payments pose

By: Megan van Wyngaardt     22nd November 2016 Departmental accruals, where invoices from one financial year are forwarded for payment in the following financial year, pose a threat to the overall financial health of the Gauteng provincial government (GPG) and its R250-billion Medium Term Budget, Finance MEC Barbara Creecy said on Tuesday.... 

Creecy unveils R250bn Gauteng budget, warns on risk late invoice payments pose

National Treasury makes further strides in bringing down supplier costs

By: Natasha Odendaal     21st November 2016 In an effort to bring down supplier costs, National Treasury’s Office of the Chief Procurement Officer (OCPO) has successfully renegotiated an existing contract with Telkom-owned Business Connexion (BCX). It is expected that the renegotiated fixed-line telecommunication services contract will... 

Guptas considered Treasury a 'stumbling block'

By: News24Wire      3rd November 2016 The Treasury was a "stumbling block" to the Guptas' business ambitions and the family asked Deputy Finance Minister Mcebisi Jonas to sack its director general, according to former Public Protector Thuli Madonsela’s "state capture" report. He would have had to do this if he had accepted the... 

Guptas considered Treasury a 'stumbling block'
Photo by Duane Daws
Deputy Finance Minister Mcebisi Jonas

Funding, procurement for road infrastructure projects problematic

By: Nadine James     28th October 2016 The methods of acquiring funding, as well as the public procurement process for road infrastructure projects need to be re-examined, as current models are problematic, says civil engineering consultancy WSP | Parsons Brinckerhoff Africa. WSP | Parsons transport and infrastructure divisional... 

Funding, procurement for road  infrastructure projects problematic
CAUTION CURVES AHEAD Challenges pertaining to the country's economy, government funding and public procurement has made it increasingly more difficult to develop road infrastructure

R100-billion infrastructure investment enhances safety and mobility

By: Nadine James     28th October 2016 As part of the City of Johannesburg’s ten-year R100-billion investment in infrastructure, the city’s road infrastructure authority the Johannesburg Roads Agency (JRA) investigated the state and quality of the 814 bridges in Johannesburg, and set out to construct and rehabilitate bridges in the... 

R100-billion infrastructure investment enhances  safety and mobility
NALEDI-PROTEA NORTH BRIDGE Construction on the bridge that now links the two Soweto suburbs started in 2014

Highlights from the minibudget 

     26th October 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the key themes of this year’s minibudget, including funding for higher education and developments in the electricity sector. 

Highlights from the minibudget
Highlights from the minibudget

Government, society need joint solution for Fees Must Fall challenge

By: Anine Kilian     26th October 2016 Government has acknowledged concerns raised by various parts of the post-school community regarding free tertiary education, noted Finance Minister Pravin Gordhan in his Medium-Term Budget Policy Statement address on Wednesday. The Fees Must Fall movement, comprising university students demanding... 

Government, society need joint solution for Fees Must Fall challenge

Concerns over timing of Gordhan summons  

By: Sane Dhlamini     11th October 2016 Business leaders expressed concern on Tuesday following the issuing of fraud charges against Finance Minister Pravin Gordhan by the National Prosecutions Authority head Shaun Abrahams. Gordhan was ordered to appear in court on November 2 on a charge of fraud related to the pay-out made by South... 

Concerns over timing of Gordhan summons   
Photo by Duane Daws
Finance Minister Pravin Gordhan

Global defence aviation market predicted to expand, but competition to rise too

By: Keith Campbell     5th August 2016 European aerospace and defence company Airbus Defence and Space (Airbus DS) expects the global defence market to grow at an annual average rate of 2.4% between now and 2020. Currently, total global defence expenditure is estimated at about €400-billion. In terms of regions, defence spending in... 

Fitch aligns South Africa’s local currency rating to its foreign currency rating

By: Megan van Wyngaardt     26th July 2016 International ratings agency Fitch Ratings has aligned South Africa’s long-term local currency rating to the long-term foreign currency rating at ‘BBB-’ with a stable outlook. This followed a recent update to Fitch’s Sovereign Rating Criteria, which is the methodology it uses to rate all... 

Gordhan requests extension for SAA’s financial statement 

By: Creamer Media Reporter      14th July 2016 Finance Minister Pravin Gordhan has requested Parliament grant an extension until September 15 to table South African Airways’ (SAA’s) annual financial statement (AFS), the National Treasury said on Thursday. The national airliner’s AFS could not be finalised until a decision had been made on its... 

Gordhan requests extension for SAA’s financial statement
Photo by Duane Daws
Finance Minister Pravin Gordhan

Procurement rules overhaul aims to assist small firms – National Treasury

By: Terence Creamer     15th June 2016 The Office of the Chief Procurement Officer in the National Treasury has published draft new preferential procurement regulations, which propose far-reaching changes to the way tenders are adjudicated. The revisions, which are open for public comment, are reportedly designed to assist in ensuring... 

Procurement rules overhaul aims to assist small firms – National Treasury

National Assembly approves Presidency budget 

By: News24Wire      18th May 2016 The National Assembly on Wednesday voted to approve the Presidency budget. The budget was presented by President Jacob Zuma in Parliament on May 4. 

National Assembly approves Presidency budget
President Jacob Zuma

SA debt not unsustainable – Gordhan 

By: African News Agency      18th May 2016 South Africa’s debt had not reached unsustainable levels and the deficit was being managed well, Finance Minister Pravin Gordhan said on Wednesday. “We kept our promise that we will consolidate our fiscus ever further and above all we said we would make sure that our debt is sustainable. 

SA debt not unsustainable – Gordhan
Finance Minister Pravin Gordhan

DA proposes R9.52bn amendment to Gordhan's budget

By: News24Wire      16th May 2016 The Democratic Alliance (DA) has announced that it will propose a R9.52-billion adjustment to Finance Minister Pravin Gordhan's 2016/17 budget on Tuesday. In a statement on Monday, the DA said it would propose 399 amendments to fund six proposals, aimed at improving the lives of people in South... 

DA proposes R9.52bn amendment to Gordhan's budget
Photo by Reuters
Finance Minister Pravin Gordhan

New nuclear project financing discussed at conference in France

By: Keith Campbell     13th May 2016 Organisation for Economic Cooperation and Development (OECD) secretary-general Angel Gurría has called for a level playing field for all low-carbon electricity generating technologies in energy markets. He was delivering the opening address at an international conference in Paris on Wednesday, on... 

Business incubation can play key role in stimulating and sustaining small firms

By: Mia Breytenbach     29th April 2016 One of the key messages to emerge ahead of the review of South Africa’s sovereign credit rating is that the country needs to outline the practical actions it will take to reignite growth, which has more or less petered out in recent years, with few expecting the economy to expand by better than... 

Business incubation can play key role in stimulating and sustaining small firms

Ekurhuleni budget maintains ‘pro-poor' stance

By: Samantha Herbst     28th April 2016 In an attempt to maintain a pro-poor stance on public spending aimed at improving social development, the City of Ekurhuleni will inject R3.5-billion of its 2016 budget for into its community empowerment package, Mintirho Ya Vula Vula. Tabling the budget vote for the city on Thursday, mayoral... 

Ekurhuleni budget maintains ‘pro-poor' stance

Municipal project bankability critical to attracting finance

By: Dylan Slater     22nd April 2016 Financial lending to the public sector, namely municipalities, for investment in infrastructure projects requires lenders to investigate and determine the future bankability of such projects and calculate risk in terms of municipalities being able to repay the loans.  

Brazilian side of joint A-Darter missile programme hit by serious budget cuts

By: Keith Campbell     15th April 2016 The Brazilian side of the joint South African/Brazilian A-Darter missile development programme has been significantly affected by severe emergency budget cuts that have taken place in the South American country. The A-Darter is a fifth-generation infrared (IR) homing air-to-air missile (AAM).... 

Money for crucial govt programmes lying idle – Treasury

By: News24Wire      13th April 2016 At least six government departments were red-flagged for underspending or slow spending of money allocated for key programmes like substance abuse and policing by December, a Treasury official said at Parliament on Tuesday. "This is an indictment on us," said Deputy Director General of the Public... 

Money for crucial govt programmes lying idle – Treasury

Growth, fiscal stresses at heart of S&P’s downgrade review, but political tensions a worry

By: Terence Creamer     6th April 2016 South Africa’s weak growth outlook as well as the country’s fiscal risks – including the possibility that government might need to step in to support State-owned Companies (SoCs) with weak balance sheets – would be the key “pressure points” in Standard & Poor's (S&P’s) assessment of whether or... 

Growth, fiscal stresses at heart of S&P’s downgrade review, but political tensions a worry

WC to create 300 000 new jobs in the next five years

By: Samantha Herbst     30th March 2016 Leveraging the Western Cape’s reputation as the “digital gateway to Africa” and a growing platform for new entrepreneurs, provincial Economic Opportunities Minister Alan Winde on Wednesday recommitted his department to further promoting job creation in an effort to add over 300 000 jobs to the... 

WC to create 300 000 new jobs in the next five years
Alan Winde

Seifsa bemoans lack of ‘concrete plans’ to tackle slow pace of economic growth  

By: David Oliveira     18th March 2016 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has welcomed government’s announced efforts to reduce its expenditure; however, the organisation remained concerned about the lack of concrete plans to address the country’s slow economic growth. Speaking a day after... 

Seifsa bemoans lack of ‘concrete plans’ to tackle slow pace of  economic growth
Seifsa chief economist Henk Langenhoven discusses the impacts of the 2016 Budget Speech on the steel and engineering sectors. Camerawork: Nicholas Boyd. Editing: Lionel da Silva.
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