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Shares in Guptas' Oakbay Resources recover after 10% dive

By: News24Wire      Updated 4 hours ago Shares in Oakbay Resources & Energy fell more than 10% on Monday after the Gupta family, which controls the firm's holding company, said at the weekend they will sell their South African businesses. Oakbay Resources was down 10.02% at R18.85 before recovering to R20.95 by 14:16.The scandal-hit... 

Treasury, Eskom in war of words over cooperation in coal-contract review

By: Terence Creamer     Updated 5 hours ago The National Treasury has strongly disputed Eskom’s contention that it has been cooperating with its review of coal contracts involving the Gupta-family-linked Tegeta Exploration and Resources, indicating rather that its “efforts have met resistance” from the utility. It also disputed Eskom’s... 

Maimane presses Madonsela on Gupta probe

By: African News Agency      Updated 7 hours ago The Democratic Alliance (DA) has demanded a progress report from Public Protector Thuli Madonsela on her investigation into the allegations of State capture by the Gupta family, party leader Mmusi Maimane said on Monday. “I have today written to the Public Protector, Thuli Madonsela, requesting a... 

SA to cease membership of SADC Troika on Politics, Defence and Security Cooperation

By: African News Agency      29th August 2016 South Africa is to end its membership of the Southern African Development Community (SADC) troika on politics, defence and security, the Presidency has revealed. “South Africa will cease to be a Member of the Organ Troika on Politics, Defence and Security Cooperation on 30 August 2016 when the... 

Gordhan may be charged for graft – City Press

By: Reuters     29th August 2016 South African Finance Minister Pravin Gordhan may be charged this week for graft, the City Press newspaper reported on Sunday, citing senior sources in the police, the National Prosecuting Authority (NPA), and the tax service. Thirty witnesses had been lined up to testify against Gordhan and... 

South Africa's credit rating to be cut to junk this year – poll

By: Reuters     26th August 2016 South Africa's credit rating is set to be cut to junk status this year, according to a Reuters poll taken just days after police summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue unit of the tax service. A police unit known as the Hawks is probing a... 

New tug fleet will enable South African ports to handle larger vessels

By: David Oliveira     26th August 2016 As part of parastatal Transnet’s Market Demand Strategy (MDS), Transnet National Port Authority (TNPA) will spend about R56-billion by 2019 to improve efficiencies of South Africa’s ports, including a R1.4-billion tugboat replacement project. The contract, which was awarded to local shipbuilding... 

Ingula pumped-storage scheme project, South Africa

By: Sheila Barradas     26th August 2016 The second unit at State-owned electricity provider Eskom’s Ingula pumped-storage scheme entered into commercial operation on August 23. 

New tug fleet will enable SA ports to handle larger vessels

By: David Oliveira     26th August 2016 As part of parastatal Transnet’s Market Demand Strategy (MDS), Transnet National Port Authority (TNPA) will spend about R56-billion by 2019 to improve efficiencies of South Africa’s ports, including a R1.4-billion tugboat replacement project. The contract, which was awarded to local shipbuilding... 

Industry backlash continues against Hawks’ action against Gordhan

By: Anine Kilian     25th August 2016 The market received a wake-up call on Wednesday with news that Finance Minister Pravin Gordhan had been summoned by the Hawks to receive draft charges around the issue of the so-called rogue spy unit at the South African Revenue Service (Sars) when he was Commissioner, global research group... 

Ex-Sars duo mum on Hawks experience

By: African News Agency      25th August 2016 After spending more than four hours in Pretoria central offices of the Directorate for Priority Crime Investigation (DPCI), better known as the Hawks, former SA Revenue Services officials Ivan Pillay and Johann van Loggerenberg evaded a barrage of questions from throngs of media waiting outside.... 

South African presidency defends new team to oversee SOEs

By: Reuters     25th August 2016 South Africa's presidency on Thursday defended plans to give President Jacob Zuma supervision over State-owned companies after allies of under-fire Finance Minister Pravin Gordhan said it was a tool to limit his control. Cabinet announced on Monday that a new committee on state-owned enterprises... 

I can't stop Gordhan probe – Zuma

By: News24Wire      25th August 2016 President Jacob Zuma has "full confidence" in Finance Minister Pravin Gordhan, the Presidency said in a statement on Thursday. But he does not have the power to stop any investigations into any individuals, he added. 

South African opposition calls for debate on Gordhan 'witch-hunt'

By: Reuters     25th August 2016 South Africa's main opposition party called on Thursday for a parliamentary debate into what it called a "witch-hunt" against Finance Minister Pravin Gordhan, who is under police investigation over a suspected spy unit at the tax service. Gordhan said on Wednesday he had no legal obligation to... 

Implications of this year’s local government elections 

By: Aubrey Matshiqi     24th August 2016 In electoral terms, South Africa is a new country. The South Africa of the day before the local government elections, in relation to the South Africa of the day after the elections, is a country that is foreign to the African National Congress (ANC). As former treasurer-general of the ANC Mathews... 

Denel Asia confirmed as Denel Group looks to the East for markets

By: Keith Campbell     24th August 2016 Denel acting CFO Odwa Mhlwana has confirmed that the creation of Denel Asia, a joint venture with South African private-sector company VR Laser, has been approved by the relevant governmental authorities. Furthermore, they have agreed that nothing wrong was done in setting up the company, which... 

South African assets sink after police summon Finance Minister

By: Reuters     24th August 2016 South African assets slumped on Wednesday a day after an elite police unit summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue unit of the tax service, fuelling speculation that there was a plot to oust him. Gordhan and other former officials at the South African... 

Govt sheds light on Zuma's role as head of SOCs

By: News24Wire      24th August 2016 The government clarified President Jacob Zuma’s role in the leadership of state owned companies (SOCs) on Tuesday, amid allegations of state capture where the Guptas use their friendship with Zuma as a way of winning contracts in the critical sector. The Guptas have been central figures in the... 

Ingula’s second unit in operation 

By: Megan van Wyngaardt     23rd August 2016 The second unit at State-owned electricity provider Eskom’s Ingula pumped storage scheme has entered into commercial operation. The second unit has been contributing 333 MW to the national power grid since May, while in a testing phase. 

Eskom under fire as Ingula costs said to balloon to R36bn 

By: News24Wire      22nd August 2016 Eskom’s board is facing calls to appear before Parliament with documents relating to the Ingula pumped storage scheme, which has allegedly seen costs spiral from R8.9-billion to R36-billion. On July 27, President Jacob Zuma unveiled the first of four turbines at Ingula, which is on the border of... 

Presidency denies Zuma rift with National Treasury over SAA board

By: African News Agency      22nd August 2016 The presidency on Sunday denied a rift between President Jacob Zuma and Finance Minister Pravin Gordhan over the South African Airways (SAA) board chaired by Zuma’s personal friend Dudu Myeni. “The presidency has noted media reports alleging a rift between the presidency and the National Treasury... 

BAIC to build CKD auto plant in Coega industrial zone 

By: Terence Creamer     19th August 2016 The Coega Development Corporation (CDC) reports that it has signed a deal with the Beijing Automobile International Corporation (BAIC) for a new automotive investment worth R11-billion into the Eastern Cape industrial development zone (IDZ). The Chinese State-owned company plans to build a... 

Key South African economic hubs set for minority rule

By: Reuters     17th August 2016 South Africa's biggest parties have failed to form coalition governments in major economic hubs following elections this month, they said on Wednesday, raising the prospect of less stable minority administrations. Since the African National Congress (ANC) lost its majority in major municipalities... 

South Africa's uncoordinated border management vulnerable – Home Affairs

By: News24Wire      17th August 2016 Five uncoordinated organs of state are currently involved in managing the country's borders, resulting in a large influx of undocumented foreigners and contraband goods, Parliament's home affairs committee heard on Tuesday. Just under 9 000 employees were involved in border management and the... 

Mineworkers must be valued – Mathunjwa

By: African News Agency      16th August 2016 Mineworkers must be valued, the Association of Mineworkes and Construction Union (AMCU) president Joseph Mathunjwa said on Tuesday. “Our miners need to be valued. Mining underground is the hardest job within the market,” he said at the commemoration of the Marikana massacre in Marikana, in the... 

Cabinet to look at aligning NDP with national budget – Radebe 

By: News24Wire      16th August 2016 The four-day Cabinet Lekgotla currently underway in Pretoria will look at how best to align the National Development Plan (NDP) to the country’s budget, so as to ensure targets are met, Minister in the Presidency Jeff Radebe said on Tuesday. "One of the agenda items I will be presenting is the... 

Ramaphosa appoints panel on minimum wage 

By: News24Wire      15th August 2016 Deputy President Cyril Ramaphosa has appointed a seven-person panel to advise on an appropriate level at which the national minimum wage could be set. Ramaphosa did this in his capacity as chair of the Committee of Principals of the National Economic Development Council (Nedlac). The committee... 

Corruption Watch invites public comment on Public Protector candidates

By: Megan van Wyngaardt     12th August 2016 Corruption Watch has launched an online voting tool on its website allowing members of the public to vote for their preferred candidate for the position of Public Protector. The results of this voting poll, designed to inform the Parliamentary ad hoc committee about the public’s opinion on the... 

Call for SAA business rescue amid funding woes 

By: News24Wire      11th August 2016 The recent High Court judgment ordering South African Airways (SAA) to pay Nationwide Airlines more than R104.6-million in damages for uncompetitive practices means the national carrier now has no wriggling room left, Alf Lees, the DA's deputy shadow minister of finance, said on Thursday. He... 

Public Protector interviews start this week

By: Megan van Wyngaardt     8th August 2016 Interviews for the 14 shortlisted candidates vying for the Public Protector position will be held this Thursday in Parliament’s Old Assembly building, in Cape Town. Dr Makhosi Khoza, chairperson of an ad hoc committee established to nominate a person asf Public Protector, said the committee... 

Plummeting economy catalyst preceded Nenegate – economist

By: Anine Kilian     4th August 2016 While many blame December’s sudden depreciation of the rand, which plummeted from R13.92 to the dollar to almost R17 to the dollar, on President Jacob Zuma’s sudden firing of then Finance Minister Nhlanhla Nene, and on US Federal Reserve chairperson Janet Yellen’s decision to increase US interest... 

The danger of an underdog becoming a top dog

By: Riaan de Lange     29th July 2016 Nestled on the southern part of the Iberian Peninsula, but not quite at its tip, is a country – a British overseas territory or self-governing territory; well, not according to the United Nations, but that is a story for another day. Some call it an island, which it was not so long ago, but the... 

Denel wins Gupta capture court challenge

By: African News Agency      28th July 2016 Denel on Wednesday said it felt vindicated from allegations of being co-opted by the Gupta family after the North Gauteng High Court in Pretoria dismissed an urgent business rescue application made by LMT Holdings against the state-owned defence conglomerate. The application for business rescue... 

Eskom hints at earlier Ingula completion as it marks start-up of first unit 

By: Terence Creamer     27th July 2016 With the first 333 MW unit, Unit 4, of Eskom’s Ingula pumped-storage scheme officially in commercial operation, the State-owned utility has expressed optimism that the full 1 332 MW, four-unit peaking plant will be completed ahead of its official timeline of July next year. Unit 4 was officially... 

SAA requires a whole new board – Gordhan

By: News24Wire      26th July 2016 Finance Minister Pravin Gordhan said South African Airways (SAA) requires a whole new board on Tuesday. Speaking at the EY and Johannesburg Chamber of Commerce and Industry (JCCI) business breakfast in Sandton on Tuesday, Gordhan said SAA needs an an experienced management team. 

Opposition calls for legal opinion on further extension for SAA financials

By: African News Agency      25th July 2016 The Democratic Alliance on Monday urged Parliament’s standing committee on finance to seek legal advice on whether it is allowed to grant National Treasury a third extension in tabling South African Airways’s financial results. "It is in our contention that there is no provision made in the... 

ANC should lose August elections – but will it? 

By: Aubrey Matshiqi     22nd July 2016 The local government elections are upon us. And if things go according to the predictions of political commentators such as yours truly, as well as the number of violent protests we have seen around the country over the past few months, the African National congress (ANC) is in deep trouble. It... 

Terry Crawford-Browne to challenge arms deal commission findings in ConCourt  

By: News24Wire      19th July 2016 Arms deal critic Terry Crawford-Browne has filed an application at the Constitutional Court, asking it to set aside the Seriti Commission's report. In a statement released on Tuesday, Crawford-Browne said he had requested the court to set aside the commission’s report, and to "instruct the... 

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