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Treasury says Zuma should pay R7.8m for upgrades to Nkandla 

By: Reuters     27th June 2016 National Treasury has found that President Jacob Zuma should pay R7.8 million for non-security upgrades to his private Nkandla home, a local talk radio station eported on Monday. The top court in Africa's most industrialised country in March ordered Zuma to pay back some of the R246-million of... 

Substantive mineral law issues still far from resolved – Herbert Smith Freehills 

By: Martin Creamer     27th June 2016 The content and the implications of the Minerals and Petroleum Resources Development Act (MPRDA) Amendment Bill are extraordinarily complicated. Three issues, which embody the most significant negative implications for the mining industry and South Africa, have been delaying the finalisation of... 

South Africa has lost respect in Africa – Mbeki

By: News24Wire      27th June 2016 Former President Thabo Mbeki said South Africa has lost the respect of countries, both in Africa and globally,  which had invested in its success. Speaking in Johannesburg on Friday night at the launch of The Thabo Mbeki I Know , a book written by various contributors about him, Mbeki said it... 

South African financial institutions can withstand Brexit shock – Zuma 

By: Reuters     24th June 2016 South African banks and financial institutions can withstand shocks after Britons voted in favour of quitting the European Union, President Jacob Zuma said on Friday. Zuma said the Treasury and the central bank were in talks with financial institutions on the possible implications of the Brexit... 

Rand to remain highly volatile on Brexit victory – analysts

By: News24Wire      24th June 2016 Analysts were shocked on Friday to see the rand dive more than the day President Jacob Zuma fired former finance minister Nhlanhla Nene as the UK voted to leave the European Union. Rand Merchant Bank analyst John Cairns was alarmed that the currency’s losses against the dollar had swung between... 

Zuma proud of megahousing project in KZN 

By: News24Wire      24th June 2016 President Jacob Zuma on Thursday gave a "mega" housing project in Pietermaritzburg his stamp of approval. Zuma visited the Vulindlela rural area to celebrate the project that has built 12 300 houses since 2012. The project aims to deliver a total of 25 000 homes by completion in 2018. 

Mining Charter should be policy not law – Leon 

By: Martin Creamer     21st June 2016 The Mining Charter should be a policy type document rather than a legislative instrument. “We need to go back to what it was intended to be,” Herbert Smith Freehills partner and Africa practice co-chair Peter Leon said on Tuesday. (Also watch attached Creamer Media video). 

Zuma urges labour to work with government

By: News24Wire      21st June 2016 President Jacob Zuma has praised organised labour and business for working with the government to avert a recent ratings downgrade, and said the cooperation should continue. Speaking at the opening of a meeting of the presidential labour working group in Pretoria on Tuesday, he thanked trade... 

Presidency reports on progress with 9-point plan

By: News24Wire      21st June 2016 The South African Government is making steady progress in the implementation of its Nine Point Plan to reignite growth and create jobs, the Presidency said on Monday. The plan, which forms part of of the implementation of the National Development Plan (NDP), was announced by President Jacob Zuma... 

Meeting of the presidential labour working group convened

By: News24Wire      20th June 2016 The presidential labour working group is meeting this week to discuss the economy and other related matters, the Presidency said on Sunday. The group comprises the president, deputy president, economic cluster ministers and the leadership of trade union organisations Cosatu, Fedusa and Nactu. 

Govt working hard to promote confidence in the economy – Zuma 

By: News24Wire      17th June 2016 As the country continued to battle high levels of youth unemployment, government was working on programmes to promote confidence in the economy to attract investors, President Jacob Zuma said on Thursday. “We need the economy to grow so that jobs can be created, especially for our youth. Towards... 

Positive Shocks?

By: Terence Creamer     17th June 2016 Various interesting points are made in the commentary associated with S&P Global Ratings’ June decision to affirm South Africa’s investment-grade rating, while sustaining its negative outlook. The country’s political situation is highlighted as being of particular concern, arguably displacing the... 

Gupta-owned company shares dive 91% as websites downed by hackers 

By: News24Wire      15th June 2016 Gupta-owned Oakbay Resources and Energy’s share price plummeted by over 90% on the JSE on Wednesday, the same day that hackers attacked the company’s websites and shut them down. The JSE-listed company was trading R20.86 lower at R2.14, with only 30 shares trading. The company, with a market cap... 

DA submits PAIA application for presidential jet maintenance records 

By: News24Wire      13th June 2016 The Democratic Alliance has submitted a Promotion of Access to Information Act (PAIA) application for the presidential jet's maintenance records. DA leader Mmusi Maimane on Monday said, since the defence department was set on buying a new presidential jet, the decision needed to be scrutinised. 

Eskom refutes allegations of ‘blindsiding’ Exxaro in the Arnot coal contract 

By: African News Agency      13th June 2016 Eskom on Sunday dismissed reports that it had “blindsided” Exxaro Resources in respect of the Arnot power station coal supply contract and threatened to take the matter to the Press Ombudsman. “Despite a sensationalist headline titled ‘How Eskom bailed out the Guptas’ the City Press newspaper... 

Eskom outlines its position on coal contract to Gupta-linked firm 

By: Creamer Media Reporter      12th June 2016 In a seeming effort to preempt a City Press report raising questions about the award, by State-owned electricity utility Eskom, of a multimullion-rand coal contract to the Gupta-family-linked Tegata Exploration and Resources, in which President Jacob Zuma’s son, Duduzane, is a shareholder, Eskom... 

Moloto Road upgrades get Zuma’s nod

By: African News Agency      10th June 2016 President Jacob Zuma on Friday reassured Mpumalanga residents that government would deliver to them necessary services and infrastructure to improve their livelihoods. He said the delivery of these services would begin with the upgrading of the deadly Moloto road and the building of water... 

Five firms get R550m in funding under Black Industrialist programme

By: David Oliveira     10th June 2016 The Department of Trade and Industry (DTI) has provided R550-million in finance to five companies that have been approved for participation in the department’s Black Industrialists (BI) programme, Trade and Industry Minister Dr Rob Davies revealed. Speaking at a media briefing following the... 

Nuclear ‘spring’?

By: Terence Creamer     10th June 2016 During a recent visit to South Africa, French President Francois Hollande’s special envoy for the French-South Africa nuclear partnership expressed optimism that South Africa’s nuclear request for proposals (RFP) would be issued before the end of the year – probably during South Africa’s... 

South Africa making progress on NDP implementation – Radebe 

By: Natasha Odendaal     9th June 2016 The recent affirmations by global credit ratings agencies were indicators that some improvements were starting to emerge as South Africa implements its National Development Plan (NDP), Minister in the Presidency for Planning, Monitoring and Evaluation Jeff Radebe said on Thursday. Shortly after... 

Saudi power firm ACWA eyes S African projects despite currency concerns

By: Reuters     9th June 2016 Saudi-based ACWA Power expects to win further business in South Africa this year as the power plant developer rides out concerns about the country's currency to tap into its need for more electricity, the firm's chief executive told Reuters. South Africa's economy has been hit hard by a... 

Zuma, Gordhan meet to discuss State-owned firms before Fitch review

By: Reuters     8th June 2016 South Africa's President Jacob Zuma and Finance Minister Pravin Gordhan met on Tuesday to discuss measures to turn around the economy and struggling State owned firms a day before a ratings review by Fitch. State-owned companies, which Treasury has said have R467-billion ($31-billion) in State... 

South Africa watchdog wants resources to probe family with Zuma links 

By: Reuters     7th June 2016 South African Public Protector Thuli Madonsela said on Tuesday she wanted additional resources to investigate the wealthy Gupta family and its relationship with President Jacob Zuma, which opposition parties and other critics allege is corrupt. Speaking to journalists, Madonsela said she was... 

Fitch may keep South Africa rating but cut outlook, analysts say

By: Reuters     6th June 2016 Ratings agency Fitch is likely to affirm South Africa's investment grade credit rating this week but may lower its outlook to negative, analysts said, as Africa's most industrialised economy grapples with slow growth. South Africa has dodged downgrades from S&P Global Ratings and Moody's, taking... 

South African economy not headed for a recession – S&P's

By: Reuters     6th June 2016 Ratings firm Standard & Poors (S&P's) Global Ratings said on Monday it does not see South Africa's economy slipping into a recession soon but warned that economic reforms had to be implemented to avoid a downgrade in December. S&P's affirmed the investment grade rating of Africa's most... 

Infrastructure Africa Summit to tackle issues that will awaken sleeping African giant

     6th June 2016 31st May, Johannesburg – Last week’s Africa Day was commemorated across the continent, marking the birth of the Organisation of African Unity (OAU) in 1963. The celebrations were met with renewed calls for Africa to make its own way, to work on the low rate of inter-regional trade and to build... 

South Africa to decide on future of State-owned firms by year end – Treasury DG

By: Reuters     6th June 2016 South Africa will decide by the end of this year which State-owned companies would be privatised or closed as the government cuts spending amid slow economic growth, a senior Treasury official said on Friday. Many of South Africa's 300-odd State entities are a drain on the government's purse and... 

South Africa still pursuing banks on Oakbay accounts closures – mines minister

By: Reuters     3rd June 2016 The South African government will continue its efforts to resolve a stand-off between commercial banks and Oakbay Investments, the mines minister said on Friday. Several companies, including all four major banks in South Africa, severed links with Oakbay Investments following allegations that its... 

ANC in apparent Mining Charter reversal

By: Martin Creamer     3rd June 2016 The African National Congress (ANC) appears to have reversed its stance on the Mining Charter being enforceable under the Mineral and Petroleum Resources Development Act (MPRDA) of 2002, which is a major point of contention between the mining industry and government, as it confers legislative... 

South Africa may dodge credit rating cut on Friday but risks remain – analysts

By: Reuters     3rd June 2016 Standard & Poor's (S&P's) will probably not cut South Africa's credit rating into "junk" territory on Friday, analysts say, but it may warn that any signs of political upheaval undermining economic policy could trigger a downgrade later in the year. S&P's, which rates the sovereign debt of... 

APDP successor to have strong focus on creating black-owned suppliers

By: Irma Venter     3rd June 2016 The next phase of automotive policy development would have a strong focus on creating black-owned suppliers in the automotive value chain, said President Jacob Zuma as he opened Toyota South Africa Motors’ (TSAM’s) new Fortuner and Hilux production lines in Durban, in May. The Department of Trade... 

DoE launches ‘Save Energy’ campaign

     3rd June 2016 Last month, the Department of Energy (DoE) in collaboration with the Department of Public Works (DPW), the Department of Trade and Industry, and local and international partners unveiled the ‘Save Energy’ energy efficiency programme intervention, which is in support of the energy saving campaign... 

True economic cost must be considered when Zuma pays back the money

By: Riaan de Lange     3rd June 2016 It is 27.1 oC on Sunday, May 8, which happens to be the hottest day in May for four years, as I stare down the Greenwich Park embankment, just below the Royal Observatory – one of the eight Royal Parks in London – while under the cover of a large Oak tree. It is not the infamous Queen Elizabeth’s... 

French nuclear envoy expects ‘spring’ release of South Africa’s much-debated RFP

By: Terence Creamer     1st June 2016 The French remain optimistic that South Africa’s nuclear request for proposals (RFP), which was initially expected for release before the end of March, will be issued before the end of the year, probably during South Africa’s “spring”, or France’s “fall”. Special envoy of the French President for... 

Infrastructure Africa Summit To Tackle Issues That Will Awaken Sleeping African Giant

     1st June 2016 Last week’s Africa Day was commemorated across the continent, marking the birth of the Organisation of African Unity (OAU) in 1963. The celebrations were met with renewed calls for Africa to make its own way, to work on the low rate of inter-regional trade and to build the infrastructure that... 

SA won't end up like Venezuela – Gordhan

By: News24Wire      27th May 2016 South Africa will not turn into “another Venezuela”, Finance Minister Pravin Gordhan said in Parliament on Thursday. “We are miles away from Venezuela. We are a well-managed fiscus,” Gordhan said at the end of a long debate on South Africa's economy. 

No way to avoid buying Zuma a new jet – Minister 

By: News24Wire      26th May 2016 Getting a new presidential jet seems to be unavoidable, Defence Minister Nosiviwe Mapisa-Nqakula said in Parliament on Wednesday. "It seems to me, honourable members, this is a matter we have to talk about and agree on and close it,'' she said in Parliament. 

DA urges IDC to give Guptas 'a wide berth'

By: News24Wire      25th May 2016 The Industrial Development Corporation (IDC) should “follow the lead of the commercial banks and give the president’s pals (the Guptas) a wide berth in future”, the Democratic Alliance (DA) said on Wednesday. DA MP Michael Cardo was officially responding to Economic Development Minister Ebrahim... 

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