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Location a key discussion point as Saudi Aramco mulls South African refinery investment

By: Terence Creamer     18th January 2019 “Location, location, location,” South Africa’s Minister Jeff Radebe quipped on Friday after a meeting with his Saudi counterpart, Khalid Al-Falih, where it was agreed that Saudi Aramco and the Central Energy Fund (CEF) would jointly study a plan for a new oil refinery and petrochemical investment... 

President signs into law three 2018 tax Bills

By: Tasneem Bulbulia     18th January 2019 President Cyril Ramaphosa has signed into law three 2018 tax Bills that give legislative effect to the tax proposals announced by former Finance Minister Malusi Gigaba in his yearly National Budget Speech on February 21, 2018, the National Treasury announced in a statement on Friday. These are... 

The real challenge facing the Eskom task team

By: Terence Creamer     18th January 2019 The most recent financial and operational crises at Eskom have brought to the fore the serious economic risks associated with relying on an entity that is simply too big to fail. Its governance problems, meanwhile, have highlighted the social, political and reputational risks of allowing such an... 

Team SA to demonstrate country’s ‘stronger footing’ at this year’s WEF  

By: Tasneem Bulbulia     16th January 2019 Team South Africa will be taking a unified approach to this year’s edition of the World Economic Forum (WEF) and will convey the message that the country is on a stronger footing than it was last year, President Cyril Ramaphosa said during a pre-WEF breakfast, in Rosebank, on Wednesday. The... 

Trade conditions to remain subdued, warns Sacci 

By: Marleny Arnoldi     16th January 2019 The South African Chamber of Commerce and Industry’s (Sacci’s) trade conditions survey for December showed that activity had improved slightly on November, if adjusted for seasonal factors, while six-month prospects remained subdued. The seasonally adjusted Trade Activity Index (TAI) was at 47,... 

ANC puts jobs, growth at heart of 2019 election campaign

By: Reuters     13th January 2019 President Cyril Ramaphosa vowed to create more jobs, boost economic growth and address racial inequalities at a rally on Saturday to launch the ruling party's parliamentary election campaign. The vote, expected in May, will be a test of whether Ramaphosa has been able to reverse a decline in... 

ANC says central bank should broaden economic focus

By: Reuters     13th January 2019 South Africa's ruling party said on Saturday the central bank should broaden its focus to include boosting employment and economic growth, a move that will worry investors already concerned about the direction of economic policy. The African National Congress (ANC), which has governed South... 

Hydrogen leap needed to aid platinum’s future 

By: Martin Creamer     11th January 2019 A South African decision to step firmly into the hydrogen age, like so many other countries are doing, has great potential benefit for the country. Because South Africa has better combined solar and wind resources than just about any other country, it is well positioned to generate hydrogen using... 

Ramaphosa calls on private sector to assist with fighting corruption  

By: News24Wire      11th January 2019 Corruption has become a big issue that has to be addressed by the whole nation, President Cyril Ramaphosa said on Thursday. Ramaphosa told business leaders at a meeting in the Pietermaritzburg City Hall, that a number of issues, especially corruption, were hampering economic development in the... 

Mashaba seeks Treasury's intervention in R180m housing funding dispute with province  

By: African News Agency      10th January 2019 Joburg Mayor Herman Mashaba said on Thursday said that the City manager will be writing to the director-general of National Treasury, Dondo Mogajane, to seek their urgent intervention in the R180-million housing funding dispute with the Gauteng province. This comes after Mashaba and Meshack van... 

SACCI business confidence dips in December

By: News24Wire      10th January 2019 The SA Chamber of Commerce and Industry’s (SACCI's) Business Confidence Index (BCI) fell marginally in December 2018, signalling "little real progress in economic performance”. The BCI index came in at 95.2 index points for December 2018, a decrease of 0.9 index points month-on-month. 

Second member resigns from Ramaphosa's Eskom task team 

By: News24Wire      10th January 2019 A second member of President Cyril Ramaphosa's task team on Eskom has stepped down, the Presidency spokesperson Khusela Diko confirmed to Fin24. Diko told Fin24 on Thursday via Whatsapp that Sy Gourrah of Actom had asked to leave the task team in December. 

Work experience should not be a requirement for youth employment, says Ramaphosa

By: African News Agency      10th January 2019 President Cyril Ramaphosa told a crowd of African National Congress Youth League (ANCYL) members on Wednesday that work experience should not be a requirement for young people when applying for employment. “Experience must not be a requirement that is used for young people to get jobs. I use the... 

Nkomazi SEZ posited to bolster Mpumalanga’s industrialisation

By: Tasneem Bulbulia     8th January 2019 The recent designation of the Nkomazi Special Economic Zone (SEZ), in Mpumalanga, is expected to contribute considerably to the economic and industrial development of the Nkomazi region and the province at large. This is according to Trade and Industry Minister Dr Rob Davies, who designated the... 

Nkomazi special economic zone to boost industrialisation in Mpumalanga

By: African News Agency      8th January 2019 South Africa's 10th special economic zone (SEZ), recently designated at Nkomazi in Mpumalanga, is expected to boost the industrial development of the province, the department of trade and industry (dti) said on Tuesday. The Nkomazi Special Economic Zone will be developed as an agro-processing... 

Eskom is said to extend job cuts beyond top management tier  

By: Bloomberg     7th January 2019 Eskom Holdings will extend its strategy of trimming top executive positions to include lower ranking managers and finally the general workforce as South Africa’s cash-strapped power utility looks to cut costs, according to a person familiar with the plans. The state-owned company last month... 

South Africa considers setting up council of economic advisers

By: Bloomberg     21st December 2018 Finance Minister Tito Mboweni said President Cyril Ramaphosa has asked him to consider a process to set up a council of economic advisers. “The President has spoken to me about consolidating a process about thinking through his idea around a council of economic advisers,” Mboweni told reporters... 

Mantashe publishes Mining Charter implementation guidelines

By: Mariaan Webb     20th December 2018 Mineral Resources Minister Gwede Mantashe has published a 54-page document detailing the processes, procedures, forms and templates that the mining industry has to follow to comply with the requirements of Mining Charter III. The document, dated December 19 and published in the Government... 

State asset manager buys up struggling Denel's bonds

By: Reuters     20th December 2018 South Africa's state asset manager has quietly bought up almost 90% of cash-strapped arms manufacturer Denel's bonds in the past 12 months, data from the country's main securities depositary showed. The previously undisclosed funding by the Public Investment Corporation (PIC), which manages... 

Eskom evaluating bids for mortgage business

By: Reuters     15th December 2018 Cash-strapped power utility Eskom is evaluating bids for its finance company that specialises in mortgage lending to employees, its spokesman said on Friday. State-run Eskom is scrambling to keep the lights on in Africa's most advanced economy and has been implementing frequent controlled power... 

Ramaphosa appoints high-level Eskom sustainability task team to resolve problems 

By: African News Agency      14th December 2018 President Cyril Ramaphosa has appointed a high-level task team to come up with solutions to the many challenges that Eskom faces, the Presidency said in a statement on Friday. And as a signal of the urgency of its task, the President has asked the Eskom sustainability task team to submit initial... 

Transfer of Eskom's debt to South African government credit neutral – Moody's

By: Reuters     14th December 2018  Power utility Eskom's request for government to take up R100-billion of its debt could cause the country's overall debt ratio to jump two%age points from the current 55.8%, ratings agency Moody's said on Friday. Moody's, the last of the top three ratings firms to still rate Pretoria's debt at... 

Denel's accounts littered with flaws – Auditor General

By: Reuters     14th December 2018 Shoddy and incomplete accounting at South Africa's troubled state-run arms firm Denel left the country's Auditor General unable to make a judgement on the soundness of its most recent financial statements, according to the firm's annual report. In the report the Auditor General listed more than... 

South Africa faces more power cuts, raising Ramaphosa reform risk

By: Reuters     3rd December 2018 South Africa faces more power cuts, electricity utility Eskom warned on Monday as it sought to prevent the collapse of its power grid in a test for President Cyril Ramaphosa's reforms. Eskom implemented a fifth day of controlled power cuts on Monday, putting more strain on an economy already... 

Treasury announces progress on national health insurance bill  

By: African News Agency      16th November 2018 The South African National Treasury on Friday announced it made “substantial” progress on the national health insurance (NHI) Bill consultation in key areas and have reached agreement on most of the major issues. “We have made substantial progress on key areas and have reached agreement on most... 

SAA welcomes government’s support

By: Marleny Arnoldi     12th November 2018 South African Airways (SAA) has assured its stakeholders, customers and suppliers of its business continuity after government confirmed that the airline will not be shut down or sold. Public Enterprises Minister Pravin Gordhan last week clarified government’s position that, while the airline... 

Radebe hints at possible Saudi investment to boost South Africa's oil refining capacity

By: Kim Cloete     7th November 2018 Energy Minister Jeff Radebe has called for a collaborative approach to attract investment in oil refining hubs throughout the continent and has hinted that Saudi Arabian investment in refining capacity in South Africa may soon become a reality. “In South Africa we believe the time has come for an... 

Sacci BCI rises in October

By: Reuters     7th November 2018 South Africa's business confidence rose for a second consecutive month in October, bolstered by higher import volumes, vehicle sales and retail sales, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci) monthly business confidence index rose to 95.8 in... 

Ramaphosa fires Moyane as Sars boss

By: African News Agency      2nd November 2018 President Cyril Ramaphosa on Thursday, terminated, with immediate effect, the appointment of Tom Moyane as Commissioner of the South African Revenue Service (Sars). The Presidency said that Ramaphosa's decision followed the recommendation made by the Sars Commission chaired by Judge Robert Nugent... 

Denel ripe for joint venture partnerships - Ramaphosa

By: Reuters     1st November 2018 South Africa's struggling state-owned arms firm Denel is "ripe" for joint venture partnerships, President Cyril Ramaphosa said on Thursday, but added Pretoria would want to retain control if any deal went ahead. Ramaphosa said he hadn't yet applied his mind to a bid for Denel by Saudi, or any of... 

TBCSA welcomes R294 billion investment into SA economy

30th October 2018 The Tourism Business Council of South Africa (TBCSA) welcomes the announcement of investment commitments totalling R294 billion at the recently-concluded inaugural Investment Conference hosted by President Cyril Ramaphosa in Sandton. TBCSA believes that the commitments, once converted into live... 

BBBEE ICT sector council appoints new chairperson, deputy

By: Creamer Media Reporter      30th October 2018 The Broad-Based Black Economic Empowerment (BBBEE) Information and Communication Technology (ICT) Sector Council has elected Councillor Andile Tlhoaele and Councillor Pheladi Gwangwa as chairperson and deputy chairperson, respectively. This followed the resignation of Councillor Nokuzola Ehrens... 

'I was there when Cabinet approved nuclear programme' – Ramaphosa 

By: News24Wire      30th October 2018 President Cyril Ramaphosa has said he was in the Cabinet meeting where the decision was taken to issue a request for proposals for the nuclear build programme in 2015. This is according to a written reply from the president in response to a question from Democratic Alliance MP David Maynier – who... 

Merkel looks to Africa to cement a legacy shaped by migration 

By: Reuters     30th October 2018 German Chancellor Angela Merkel hosted African leaders on Tuesday, pledging a new development fund to tackle underdevelopment on the continent that has helped to spur mass migration, shaping the later years of her long premiership. Merkel announced on Monday she would retire from politics by... 

S&P's says concerned about South Africa's fiscal consolidation, land reform

By: Reuters     30th October 2018 South Africa's sovereign rating risked being downgraded due to concerns about the postponement of fiscal consolidation and lack of clarity around land expropriation, a senior S&P's Global Ratings analyst said on Tuesday. Recession-hit South Africa last week unveiled a bleak budget that saw wider... 

Ramaphosa to woo investment at G20

By: African News Agency      30th October 2018 President Cyril Ramaphosa will on Tuesday engage with heads of State and government and leaders of the global private sector as part of his participation in the G20 Compact with Africa Conference and the G20 Investment Summit, the Presidency said. "This follows President Ramaphosa’s successful... 

South Africa spends too much time on populism, Kganyago says

By: Bloomberg     30th October 2018 South Africa spends too much time debating populist issues such as the proposed nationalisation of the central bank, instead of focusing on steps to boost the economy, Reserve Bank Governor Lesetja Kganyago said. “We have spent too much of the year indulging in populism instead of making... 

Ramaphosa declares end to 'investment strike' and unveils R290bn in commitments  

By: Terence Creamer     26th October 2018 President Cyril Ramaphosa declared an end to South Africa's proverbial 'investment strike', when he unveiled firm investment commitments of R290-billion across a diverse range of sectors, from mining and energy to infrastructure and manufacturing, at a well attended and vibrant investment... 

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