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Politics to blame as SA hurtles towards downgrade  

By: Aubrey Matshiqi     29th September 2016 South Africa is inching closer and closer towards a downgrade to subinvestment grade. To blame, of course, is the increasingly fractious politics of the ruling African National Congress (ANC). If former US President Bill Clinton had been South African, he would have said: “It’s politics, stupid!”... 

PPPFA to be repealed

By: Anine Kilian     28th September 2016 The Preferential Procurement Policy Framework Act (PPPFA) will be repealed in favour of a Public Procurement Act owing to various shortcomings in the existing Act, President Jacob Zuma has said. Speaking at the Black Business Council Awards in Johannesburg, this week, he said that in the past... 

Land expropriation important for South Africa’s transformation – Cronin  

By: Anine Kilian     27th September 2016 Property ownership in South Africa is hugely skewed and there is major asset inequality in the country, Public Works Deputy Minister Jeremy Cronin stated at the Rode-REIM Property Conference 2016 on Tuesday. Making the case for the implementation of the Expropriation Bill, which sets out the... 

Investors eye nuclear vs political power in South Africa

By: News24Wire      27th September 2016 Political power and nuclear power in South Africa are currently key topics of interest to investors, emerging markets economist Peter Attard Montalto of Nomura said on Monday. "We reiterate our existing views on political power not having shifted, though some risk of erosion of ‘foundations’ is... 

NUM backs Ramaphosa to succeed Zuma as ANC leader

By: Reuters     26th September 2016 A powerful South Africa mining union on Monday backed Deputy President Cyril Ramaphosa to succeed President Jacob Zuma as the next leader of the ruling African National Congress (ANC). Zuma is expected to stand down as ANC president at a party conference late next year, ahead of national... 

SA government to lease, then buy, VIP aircraft

By: Keith Campbell     23rd September 2016 The South African Air Force (SAAF) will acquire a VIP aircraft for Presidential travel, Defence and Military Veterans Minister Nosiviwe Mapisa-Nqakula affirmed last week, reported specialist news website Defenceweb. While this acquisition process is under way, an aircraft will be leased to... 

BLSA outlines three urgent interventions for restoring confidence

By: Terence Creamer     22nd September 2016 Business Leadership South Africa (BLSA), which is an association of the biggest domestic and multinational businesses in the country, urged government on Thursday to take three urgent steps to demonstrate its commitment to delivering on its promise to support the economy and restore investor... 

South Africans must focus on positive impacts of political turmoil – Malala

By: Anine Kilian     22nd September 2016 While it is easy for South Africans to maintain a negative outlook about the volatile challenges South African society faces, political analyst Justice Malala feels that it is important to look at the positive impacts that arise from these situations. Addressing an audience at the eighth... 

South African rating cut a serious risk, De Beers CEO says

By: Bloomberg     22nd September 2016 South Africa is in deep danger of losing its investment-grade credit rating and needs to reassure investors of its commitment to regulatory certainty and fiscal stability, said Bruce Cleaver, the chief executive officer of De Beers, the world’s largest  diamond producer. “South Africa is in a... 

Zuma warns illicit financial outflows hinder Africa’s development 

By: African News Agency      21st September 2016 President Jacob Zuma has warned that illicit financial flows out of Africa of about $50-billion a year were depriving the continent of much needed resources for development. In a statement on Wednesday, the Presidency quoted Zuma as saying: “Illicit financial flows deprive developing countries of... 

Employed NSFAS beneficiaries pay back the money, urges Treasury 

By: African News Agency      20th September 2016 National Treasury on Tuesday urged employed beneficiaries of the National Student Financial Aid Scheme (NSFAS) to start repaying their loans in a bid to finance the shortfall for tertiary education created by next year’s zero-fee increment. This comes after Higher Education and Training Minister... 

Froneman says Zuma must quit

By: Bloomberg     20th September 2016 South African President Jacob Zuma “has to go,” with poor governance deterring prospective investors, according to the head of Sibanye Gold, the biggest producer of bullion in the country. “Any solid investor, any solid company is founded on good governance and what we have in South Africa at the... 

DoE insists 'compliant' nuclear management system contract part of procurement preparations 

By: Terence Creamer     19th September 2016 South Africa’s Department of Energy (DoE) has listed the names of several expert advisers whose services it has used over the past five years in relation to the country’s controversial nuclear procurement programme. However, the value of the various contracts was not immediately provided. The... 

Corruption watchdog interviews finance ministers in Zuma, Gupta inquiry – paper

By: Reuters     19th September 2016 South Africa's anticorruption watchdog has interviewed Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas as part of an investigation into whether President Jacob Zuma was influenced by the wealthy Gupta family in making government appointments, the Sunday Times newspaper reported. The... 

New revelations in South African nuclear deal

By: News24Wire      16th September 2016 The department of energy was tight-lipped on Friday over the awarding of a tender for the controversial nuclear build programme to the son of a close friend of President Jacob Zuma. When approached for comment, departmental spokesperson Thandiwe Maimane said by email: "For now the department of... 

Zuma, Gordhan appear together to ease infighting talk

By: Reuters     16th September 2016 South African President Jacob Zuma and Finance Minister Pravin Gordhan sat side-by-side on Friday in a show of scripted solidarity following weeks of speculation that the pair are locked in a bitter power struggle. Zuma and Gordhan have been at odds over spending at state-owned companies, plans... 

Vitol said to reach deal over South Africa coal-terminal rights

By: Bloomberg     16th September 2016 Vitol SA has reached an agreement with a company in which a stake is held by the Gupta family, who are friends of South Africa’s President Jacob Zuma, for the right to export coal from South Africa’s Richards Bay Coal Terminal, according to a person familiar with the transaction. The deal between... 

Zuma, business leaders appeal for calm, positivity for economy’s sake

By: African News Agency      16th September 2016 The current stand-off between Finance Minister Pravin Gordhan and the Directorate for Priority Crime Investigation (Hawks) was not on the agenda and was not discussed when President Jacob Zuma held a high-level meeting with chief executive officers of major corporates in South Africa,... 

New SAA board cautiously welcomed, but Myeni reappointment draws fire 

By: Keith Campbell     16th September 2016 South Africa’s official opposition party, the Democratic Alliance (DA), has announced that it is to legally challenge the re-appointment of Ms Dudu Myeni as Chairperson of the South African Airways (SAA) Board. “The DA is of the strong opinion that there is a prima facie case to be made that Ms... 

South Africa nuclear tender open to all, Rosatom not frontrunner

By: Reuters     15th September 2016 A massive nuclear tender in South Africa is open to all bidders prepared to manufacture locally and share technology, and Russia is not the frontrunner, the head of the country's nuclear agency said. After meetings between Russian President Vladimir Putin and South African President Jacob Zuma,... 

3.3% growth is what happens when SA works together – Cabinet

By: News24Wire      15th September 2016 The fact that South Africa’s Gross Domestic Product (GDP) managed to expand 3.3% demonstrates what can be achieved when government, business and labour work together, said Jeff Radebe, minister in the presidency responsible for monitoring and planning on Thursday. Briefing journalists on... 

Cabinet caught unawares by Zwane’s announcement on banks

By: News24Wire      15th September 2016 Fellow Cabinet members were not forewarned of Mineral Resources Minister Mosebenzi Zwane’s announcement of a judicial inquiry into banks and read about it in the media, Cabinet spokesperson and Presidency Minister Jeff Radebe said on Thursday. “No, I also like all of you read it in the... 

Moody's may downgrade five South African State-owned firms

By: Reuters     15th September 2016 Moody's may cut the ratings of five South African State-owned firms, including utility Eskom, it said on Wednesday, citing funding risks after some local institutional investors said they had stopped lending to some parastatals. Asset manager Futuregrowth, which manages client assets of about... 

Gupta report to be ready before Madonsela says final goodbye 

By: News24Wire      15th September 2016 A report on the Gupta family will be ready before outgoing Public Protector Thuli Madonsela finishes her term, she said on Wednesday. Speaking at the Rhema Bible Church's Truth Be Told conference, Madonsela told journalists that while she could not guarantee a comprehensive one she would have... 

Zuma prefers to use SAAF, not chartered planes – Presidency

By: News24Wire      14th September 2016 The Presidency has denied claims that President Jacob Zuma prefers to use chartered aircrafts instead of the South African Air Force (SAAF) fleets. "The Presidency reiterates that it prefers the use of aircraft within the South African Air Force fleet to transport the President and Deputy... 

Will nuclear tender ‘lock in’ bid price, energy expert asks 

By: Terence Creamer     14th September 2016 A leading energy academic, who is opposed to the imminent issuance of a nuclear tender in the absence of an updated generation plan, says he will be paying close attention to whether the request for proposals (RFP) is a “genuine competitive tender for a fixed-price contract”, or simply a process... 

RBCT in due process on proposed Vitol deal

By: Bloomberg     14th September 2016 Africa’s biggest coal export facility, Richards Bay Coal Terminal (RBCT), said a proposed purchase by Vitol Group of a stake of export rights from a company controlled by South Africa’s Gupta family, who are friends of President Jacob Zuma, is subject to standard procedure, according to the... 

Gordhan confirms SAA losses as MPs demand Myeni’s head

By: African News Agency      14th September 2016 Finance Minister Pravin Gordhan on Tuesday confirmed that South African Airways (SAA) suffered losses of R4.7-billion in 2014/2015 and a further R1.8-billion in the past financial year. Gordhan did so when he closed a bitter debate in the National Assembly on SAA that was dominated by demands... 

Zuma says South Africa's nuclear expansion plan on despite tight funds

By: Reuters     13th September 2016 President Jacob Zuma said on Tuesday that a process by the government to expand nuclear power generation was continuing despite the Treasury saying funds for the project were not immediately available. Africa's most industrialised country has said it intends to build new nuclear power stations to... 

Cabinet has confidence in new State airline board – Zuma 

By: Reuters     13th September 2016 President Jacob Zuma said on Tuesday his cabinet has confidence in a newly reconstituted board of the struggling State airline. Zuma, who was responding to questions in parliament, also said State-run companies were "not at war" with each other, a reference to public disputes between firms such... 

New VIP jet for South Africa will be bought, says Defence Minister 

By: Keith Campbell     13th September 2016 The South African Air Force (SAAF) will acquire a new VIP aircraft for presidential travel, Defence and Military Veterans Minister Nosiviwe Mapisa-Nqakula affirmed on Tuesday, reported specialist news website Defenceweb. While this acquisition process is under way, an aircraft will be leased to... 

South African economy destabilised by Gordhan row – Jonas

By: Reuters     13th September 2016 A police investigation into South African Finance Minister Pravin Gordhan is destabilising the government and creating uncertainty across Africa's most industrialised economy, deputy finance minister Mcebisi Jonas said on Tuesday. Gordhan declined last month to obey a police summons linked to the... 

Proposed VIP jet lease costs released and denounced

By: Keith Campbell     12th September 2016 In a written reply to a Parliamentary question, South African Defence and Military Veterans Minister Nosiviwe Mapisa-Nqakula has revealed that the government has budgeted R100-million to lease a VIP jet during the 2016/17 financial year. She further confirmed that a Request for Offer had been... 

Vitol plan to buy Gupta coal terminal stake may be thwarted

By: Bloomberg     12th September 2016 Vitol Group’s plans to buy a stake in Africa’s biggest coal terminal from a company controlled by South Africa’s Gupta family, who are friends of President Jacob Zuma, could be thwarted by the preemptive rights held by existing shareholders in the export facility, people familiar with the matter... 

Gordhan approves 'going concern' guarantee for national airline

By: Reuters     12th September 2016 Finance Minister Pravin Gordhan has conditionally approved an application from the cash-strapped national airline for a guarantee as a going concern, the ministry said on Friday. South African Airways (SAA) has been surviving on state-guaranteed loans and has failed to submit financial statements... 

800-plus exhibitors to showcase their products, services at Electra Mining 2016

By: Ilan Solomons     9th September 2016 It has become increasingly important for mining equipment and service providers to attend trade shows to benefit from increased marketing opportunities amid the difficult operating conditions in the global mining industry, says Electra Mining Africa 2016 show organiser Specialised Exhibitions... 

Ingula pumped-storage scheme project, South Africa

By: Sheila Barradas     9th September 2016 Unit 1 of Eskom’s Ingula pumped-storage scheme entered into commercial operation on August 30. 

Zuma pressed to fire errant South African mining minister

By: Bloomberg     8th September 2016 South African President Jacob Zuma is facing growing pressure from within the ruling party to fire Mineral Resources Minister Mosebenzi Zwane after his false statement about a cabinet decision to set up a judicial investigation into banking oversight bodies. Zwane’s actions embarrassed the... 

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