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Hawks investigate cases related to Gupta-loot worth more than R40bn

By: News24Wire      16th August 2018 The Hawks are investigating cases related to the Guptas' state capture project that involves more than R40 billion which has been plundered from state coffers. Lieutenant General Godfrey Lebeya presented the Hawks' progress in several cases of state capture to the Portfolio Committee on Police on... 

Ramaphosa proposes new sovereign wealth fund – party officials

By: Reuters     14th August 2018 President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party officials said on Tuesday. Ramaphosa, who replaced scandal-plagued Jacob Zuma as ANC leader late last year, is... 

Redefining philanthropy

By: Martin Zhuwakinyu     3rd August 2018 Aliko Dangote, Africa’s richest man – with a net worth of $12.4-billion – is redefining philanthropy in his native Nigeria. But the 61-year-old is doing this in a way that will make his bank account even fatter. Dangote Group, the 30 000-employee multinational industrial conglomerate he founded... 

State capture inquiry to start on August 20

By: News24Wire      27th July 2018 Deputy Chief Justice Raymond Zondo has announced that the judicial commission of inquiry into allegations of State Capture will officially begin on August 20. Zondo made the announcement at a media briefing in Johannesburg on Friday. Earlier this week, Zondo welcomed a decision by the North... 

Thales seeks permanent stay of prosecution in Zuma graft case

By: African News Agency      27th July 2018 The legal team for Thales South Africa, indicted alongside former President Jacob Zuma for fraud and corruption related to the decades old multimillion-rand arms deal, will seek to have a permanent stay of prosecution. The French arms company also believes attempts by the National Director of... 

South Africa authorities clear SA Express to resume limited flights

By: Reuters     27th July 2018 South Africa's Civil Aviation Authority (SACAA) has cleared state-run airline SA Express to resume flights again, with two of its planes permitted to fly for now, the regulator said on Thursday. Citing safety concerns, SACAA in May grounded all 21 aircraft operated by SA Express, which has lost... 

South Africa opens door to future Russian nuclear power deal

By: Reuters     26th July 2018 South Africa cannot afford large-scale expansion of its nuclear power fleet but would still be open to future nuclear deals with Russia, the ruling party's Treasurer General said on Thursday shortly before President Vladimir Putin arrived for the Brics summit. The nuclear project was prioritised... 

Ramaphoria index falling 

By: Aubrey Matshiqi     20th July 2018 This month we are celebrating the centenary of the birth of Nelson Mandela. I suspect that the country will celebrate more the older Mandela than the young hothead of a militant who became a commander in the armed struggle against white minority rule. To me, the commemoration of the centenary of... 

Manufacturing output tempers recession fears

By: Reuters     12th July 2018 South Africa's manufacturing output rose again in May after a disappointing first quarter as production of motor vehicles and durable consumer goods increased, offering hope the economy will avoid slipping into recession. The continent's most industrialised economy suffered its worst quarterly... 

Ramaphosa embarks on Eskom overhaul

By: Reuters     12th July 2018 A month after Cyril Ramaphosa took the helm of South Africa's ruling African National Congress (ANC) in December, he called an urgent meeting with then-President Jacob Zuma and senior ministers to save state power firm Eskom. Ramaphosa understood sweeping changes were needed at the struggling... 

McKinsey overhauls South African office after graft scandal 

By: Reuters     9th July 2018 McKinsey has made sweeping changes to its South Africa business to try to rebuild its reputation following an ill-fated deal with friends of scandal-plagued former President Jacob Zuma. Kevin Sneader, who started as McKinsey's global managing partner last week, announced on Monday that the firm... 

South Africa funding to suffer from weak rand, high yields – Moody's

By: Reuters     3rd July 2018 South Africa will find it harder to raise funds and service its foreign debt after a worsening of external financing conditions in recent months due to a fall in the rand and rising bond yields, Moody's said on Tuesday. Moody's was the last of the top three major rating agencies to rate South... 

Rogue unit allegations hogwash, former Sars enforcement head tells inquiry

By: News24Wire      28th June 2018 The former head of South African Revenue Service (Sars) enforcement Gene Ravele told the commission of inquiry into affairs at the tax agency that allegations over the so-called ‘rogue unit’ are nothing but hogwash. During an interview after his testimony, Ravele stated that the unit was... 

Govt eyes staff cuts, hiring caps after wage deal

By: Reuters     22nd June 2018 Government is considering layoffs and early retirement packages for staff in the public sector to avoid breaking its pledge to cut spending after unions clinched above-inflation wage increases, the Treasury said on Friday. Under a deal reached in May, the government will raise salaries of public... 

Nontechnical issues present the main obstacles to nuclear’s role in future energy mix

By: Rebecca Campbell     22nd June 2018 Key issues regarding the future of nuclear power in South Africa were raised at the National Nuclear Regulator’s recent 2nd Nuclear Regulatory Information Conference, held in northern Johannesburg. The conference took place over three days.  

Nontechnical issues present the main obstacles to nuclear’s role in future energy mix

By: Rebecca Campbell     22nd June 2018 Key issues regarding the future of nuclear power in South Africa were raised at the National Nuclear Regulator’s recent 2nd Nuclear Regulatory Information Conference, held in northern Johannesburg. The conference took place over three days.  

Current account deficit widens in Q1 as exports slump

By: Reuters     21st June 2018 South Africa's current account deficit widened more than expected in the first quarter to register its largest shortfall in two years as the trade balance swung to a deficit after a steep decline in exports, the central bank said on Thursday. Investor sentiment in South Africa picked up after... 

Labour unions picket Eskom office in wage dispute

By: Reuters     14th June 2018 Hundreds of union members picketed outside the headquarters of Eskom on Thursday because of a wage dispute which has hurt the cash-strapped South African power utility's ability to deliver electricity to Africa's most industrialised economy. Labour unions, angered by Eskom's failure to raise... 

Opportunities for Manufacturers in Africa

7th June 2018 Fundamental factors including increased political stability, growing investment prospects, Industry 4.0 as well as the enforcement of game-changing policies present plentiful opportunities for African manufacturers Despite its abundant natural and human resources, the African continent has long... 

Seriti Resources interested in Optimum Coal as it looks to export

By: Reuters     6th June 2018 South African miner Seriti Resources wants to move into exporting coal and would be interested in buying the assets and quotas of the Gupta family's Optimum Coal, its CEO said. Bidding for Optimum Coal would pit Seriti, which has ambitions to become a black-owned mining champion, with bigger... 

Plan for mining community development levy scrapped

By: Bloomberg     6th June 2018 South Africa’s government has scrapped plans to compel mining companies to contribute 1% of their annual turnover to a new community development agency because it feared the funds could be abused, the nation’s mining minister said. The levy was proposed in a draft of the nation’s new Mining... 

South Africa's business confidence index eases again in May

By: Reuters     6th June 2018 South Africa's business confidence fell for a fourth month in a row in May, mainly due to a slide in trade activity and higher consumer inflation following a hike in Value Added Tax. The South African Chamber of Commerce and Industry's (Sacci) monthly business confidence index (BCI) fell to 94.0... 

KPMG to lay off 400 employees in South Africa after graft scandal

By: Reuters     4th June 2018 Global auditor KPMG said on Monday it will lay off up to 400 people in South Africa, in its latest shake-up following a corruption scandal that saw it lose several major clients. The auditor has taken a number of steps since last September to help restore its reputation, including changes to... 

Probe into influence peddling to start hearings in August

By: Reuters     24th May 2018 An inquiry into allegations of influence peddling revolving around former president Jacob Zuma and businessman friends of his will begin formal public hearings in August and could take two years or more, the head of the commission said on Thursday. The allegations around Zuma, forced from office... 

Eskom business-model review aimed at lowering utility’s risk to fiscus

By: Terence Creamer     24th May 2018 Public Enterprises Minister Pravin Gordhan has confirmed that the business model of power utility Eskom is up for discussion as government seeks to reduce the fiscal risk currently posed by utility and to reposition the State-owned enterprise (SoE) for future sustainability. On his eighty-sixth... 

Half of Ramaphosa’s SoE council to be made up of people from outside of government

By: Terence Creamer     23rd May 2018 President Cyril Ramaphosa has announced that the composition of the Presidential State-owned Enterprise (SoE) Council, whose establishment has been approved by Cabinet, will be split between Ministers, as well as business people, experts and stakeholders. Speaking in Parliament during the debate... 

South Africa to cut 'Gupta Clause' in Mining Charter, Minister says

By: Bloomberg     23rd May 2018 South Africa will remove a clause from its Mining Charter that includes naturalized citizens in the group of people who should benefit from attempts to more evenly redistribute the country’s mineral wealth. Mineral Resources Minister Gwede Mantashe is in talks with companies, unions and mining... 

Feasibility study on moving Parliament to Pretoria to start this month – Speaker 

By: African News Agency      22nd May 2018 Parliament has appointed a service provider to conduct a feasibility study on moving the national legislature to Pretoria, Speaker Baleka Mbete told members of Parliament (MPs) on Tuesday. "With respect to the proposal of relocating parliament from Cape Town to Pretoria, an external service... 

Land reform unlikely to mean constitutional change – analysts

By: Reuters     22nd May 2018 South Africa looks likely to implement land redistribution under existing laws rather than by changing the constitution following a ruling party summit, in an approach more palatable to investors, analysts said on Tuesday. President Cyril Ramaphosa, who came to power in February when former... 

Zuma's presidency was a total disaster – Trevor Manuel

By: News24Wire      17th May 2018 The presidency of Jacob Zuma was a total disaster for South Africa, former finance minister Trevor Manuel said on Wednesday night. "I make no apologies for sharing my view that the presidency of Jacob Zuma was a total disaster for South Africa," said Manuel. Manuel delivered the keynote address... 

Nuclear industry urged to address business case

By: Rebecca Campbell     16th May 2018 Decisions on the future energy mix for South Africa need to be forward looking, not backward looking. So affirmed EE Publishers MD Chris Yelland in his keynote address to the National Nuclear Regulator's second Nuclear Regulatory Information Conference on Wednesday. "Nuclear power in South Africa... 

Ramaphosa appoints Mabuza as Russia envoy

By: News24Wire      14th May 2018 President Cyril Ramaphosa has appointed Deputy President David Mabuza as his special envoy to Russia, according to a statement from the Presidency. The move appears to set a point of departure on South Africa’s role in the BRICS group of emerging economies which include Brazil, Russia, India and... 

Ramaphosa to meet labour ministry after minimum wage protests

By: Reuters     26th April 2018 South African President Cyril Ramaphosa will on Thursday meet officials from the labour ministry to discuss the planned introduction of a national minimum wage, a day after nationwide protests over the policy which he has championed. Several thousand union members marched in Johannesburg, Cape... 

Government unlocks billions more for free higher education 

By: News24Wire      24th April 2018 The government has made billions available for tertiary education, but students have to fulfil strict criteria to get the money. Satisfactory academic performance will be among the expectations university students will have to meet in order to qualify for government's funding scheme, said Higher... 

Resistance persists despite declaration of new renewables dawn 

By: Terence Creamer     20th April 2018 The world did not stop to allow South Africa to get off. While ‘sunny South Africa’ spent more than two years delaying the introduction of new renewable-energy plants, including 12 solar photovoltaic (PV) projects and a concentrated solar power (CSP) plant, the rest of the world continued... 

Resistance persists despite declaration of new renewables dawn

By: Terence Creamer     20th April 2018 The world did not stop to allow South Africa to get off. While ‘sunny South Africa’ spent more than two years delaying the introduction of new renewable-energy plants, including 12 solar photovoltaic (PV) projects and a concentrated solar power (CSP) plant, the rest of the world continued... 

AfriForum to privately prosecute Julius Malema

By: News24Wire      19th April 2018 Lobby group AfriForum announced on Thursday that it intended to privately prosecute Economic Freedom Fighters (EFF) leader Julius Malema on charges of fraud and corruption. The announcement was made in Centurion on Thursday morning by AfriForum's private prosecution head, the so-called "Pit Bull"... 

Ramaphosa's plan to attract R1.2tr in investment marks potential new dawn 

By: News24Wire      18th April 2018 President Cyril Ramaphosa’s plan to raise over R1-trillion in new foreign investment has been hailed by economists as the beginning of a “new dawn” for South Africa after years of low growth and policy uncertainty. On Monday, Ramaphosa announced that South Africa will later this year host a major... 

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