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SA won't end up like Venezuela – Gordhan

By: News24Wire      Updated 2 hours 16 minutes ago 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... 

Next phase of auto policy to focus on black companies – Zuma

By: Irma Venter     24th May 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 on Tuesday as he opened Toyota South Africa Motors’ (TSAM’s) new Fortuner and Hilux production lines in Durban. The Department of... 

Toyota SA opens R6.1bn Fortuner, Hilux assembly lines

By: Irma Venter     24th May 2016 President Jacob Zuma on Tuesday officially opened Toyota South Africa Motors’ (TSAM’s) new Fortuner and Hilux production lines. The Japanese manufacturer invested R6.1-billion to facilitate production of the two new models at its Prospecton plant, in Durban. 

Zuma signs law to appease provident fund members 

By: News24Wire      24th May 2016 President Jacob Zuma has signed the Revenue Laws Amendment Act into law to postpone annuitisation for provident funds, the National Treasury said on Tuesday. The new act affects provident fund members only, by delaying both the requirement for them to purchase an annuity at retirement and the... 

South Africa's rand retreats as lower commodity price, US rate hike weighs

By: Reuters     24th May 2016 South Africa's rand weakened against the dollar early on Tuesday as a bout of risk aversion triggered by lower commodity prices and renewed expectations of a rate hike in the United Sates cooled investor appetite for emerging market assets. By 0645 GMT the rand had slipped 0.54% to 15.8050 per... 

S&P's downgrade will tip South Africa into job-shedding recession, bank economist warns 

By: Terence Creamer     23rd May 2016 A downgrade of South Africa’s credit rating to junk was currently only partially priced in, a leading bank economist warned on Monday, arguing that a negative assessment by Standard & Poor’s (S&P’s) on June 3 would most probably trigger a recession and precipitate the shedding on around 200 000... 

Zuma to officially launch new Toyota lineup in Durban

By: Natasha Odendaal     20th May 2016 While production of the all-new Toyota Hilux and Fortuner models ramps up, President Jacob Zuma will officially unveil the new plant additions at Toyota South Africa’s Prospecton manufacturing facility, in Durban. The Tuesday launch of the new lines, which had been operating since February, was... 

Rosatom seeks cooperation agreements for African nuclear expansion

By: Reuters     19th May 2016 Russia's State nuclear agency Rosatom plans to sign cooperation agreements with Kenya, Uganda and Zambia to lay the groundwork for an expanded presence in sub-Saharan Africa beyond its planned bid to build nuclear power plants in South Africa. Rosatom has voiced confidence in its ability to see... 

Call for snap debate on attack against Gordhan

By: News24Wire      19th May 2016 The Democratic Alliance (DA) on Thursday called for a snap debate on what it called the political assault against Finance Minister Pravin Gordhan and the National Treasury. DA shadow minister of finance David Maynier said in a statement that he has sent a request to Speaker of the National... 

National Assembly approves Presidency budget 

By: News24Wire      18th May 2016 The National Assembly on Wednesday voted to approve the Presidency budget. The budget was presented by President Jacob Zuma in Parliament on May 4. 

Gordhan does not know if Gupta family under investigation

By: Reuters     18th May 2016 South Africa's Finance Minister Pravin Gordhan said on Wednesday he did not know whether a wealthy family with close ties to President Jacob Zuma was under investigation on allegations of illegally moving money out of the country. The main opposition Democratic Alliance says it has written to the... 

DoE launches appliance label to encourage energy savings

By: Kim Cloete     18th May 2016 The Department of Energy (DoE) has unveiled an energy efficient label for domestic appliances in a bid to promote energy savings in South Africa.   The South African Energy Efficiency Label would be attached to all appliances that meet the minimum energy performance standards (MEPS) so that... 

Closure of Oakbay will result in increased unemployment numbers – BBC

By: Ilan Solomons     17th May 2016 The Black Business Council (BBC) has urged all industry stakeholders to ensure that the jobs of employees working for Gupta-linked investment holding company Oakbay Resources are saved. The BBC’s national council stated during a media briefing in Johannesburg on Tuesday that the significant... 

Zuma says high unemployment is part of apartheid legacy 

By: African News Agency      17th May 2016 South African President Jacob Zuma on Tuesday told Parliament that rampant unemployment had its roots in apartheid because the white regime denied black people education. In response to a question from Democratic Alliance (DA) finance spokesperson David Maynier, Zuma replied that joblessness was... 

Council calls for stringent oversight of R1.5bn SME fund

By: Ilan Solomons     17th May 2016 The Black Business Council (BBC) has called for the R1.5-billion fund recently established by the private sector to help small and medium-sized enterprises (SMEs) get through the current challenging economic period to be managed by the National Empowerment Fund with participation from business,... 

Gupta’s Oakbay Resources gets new CEO

By: African News Agency      17th May 2016 Oakbay Resources on Tuesday announced a new CEO following the abrupt resignation of Varun Gupta from the position last month. “Oakbay Resources is pleased to announce that, following a Nominations Committee process, the Board has appointed Mr Jacques Roux as the CEO of the Company with immediate... 

DWS advances water policies 

By: Shirley le Guern     17th May 2016 The recent drought – the worst in 23 years – not only revealed that South Africa did not have a national water plan but also sparked a review of various policies and infrastructure projects, Water and Sanitation Deputy Minister Pamela Tshwete said at the opening of the Water Institute of Southern... 

Presidency slams Gordhan arrest rumours

By: African News Agency      16th May 2016 The Presidency on Sunday slammed media reports on the “imminent arrest” of Finance Minister Pravin Gordhan. “The presidency has noted the story in the Sunday Times alleging an imminent arrest of the minister of finance,” President Jacob Zuma’s spokesperson Bongani Ngqulunga said in a statement. 

Ramatlhodi's office received ex-DGs letter on State capture

By: News24Wire      16th May 2016 Public Service and Administration Minister Ngoako Ramatlhodi's office has confirmed that it received a letter purporting to be drafted by former directors general calling for an inquiry into the allegations of state capture by the politically connected Gupta family. Ramatlhodi's special advisor... 

There’s more to elections than attendance at manifesto launch rallies

By: Aubrey Matshiqi     13th May 2016 An old Prog – a former member of the liberal Progressive Party, one of the precursors of the Democratic Alliance (DA) – told me a story about the 1961 general election, which was held on October 18, 13 months before I was born. 

Aurora directors lose appeal at Supreme Court of Appeal

By: African News Agency      12th May 2016 Attempts by five directors of mining company Aurora Empowerment systems to appeal a decision denying them leave to appeal a high court judgement that they be held personally liable for damages of R1.5-billion, was dismissed in the Supreme Court of Appeal (SCA) in Bloemfontein, union Solidarity... 

Black business left out for generations, says Zulu

By: News24Wire      12th May 2016 Small businesses are beginning to take their place as the engine of the economy but are catching up from generations of being left out in the cold, Minister of Small Business Development Lindiwe Zulu said on Wednesday. Last year at least 18 000 small businesses submitted their tax returns for the... 

Cwele: SOE cost-cutting plan under way

By: News24Wire      10th May 2016 The department of telecommunications and postal services has started to accelerate the rationalisation of state-owned entities (SOEs) to save money. Minster Siyabonga Cwele on Tuesday said that the programme to rationalise SOEs was under way to limit the duplication of work among various... 

PIC lost over R100bn when Zuma fired Nene – CEO 

By: News24Wire      10th May 2016 The funds that invest money with the Public Investment Corporation (PIC) lost more than R100-billion when President Jacob Zuma fired former finance minister Nhlanhla Nene on 9 December 2015, said Daniel Matjila, CEO of the organisation. The PIC appeared before the standing committee on finance on... 

We will reduce policy uncertainty – Zuma

By: News24Wire      10th May 2016 President Jacob Zuma says government will reduce policy uncertainty in order to boost economic growth. “To further respond to the challenges we face, we have decided on some short-term interventions, in addition to implementing the nine point plan. One of these is to reduce policy uncertainty and... 

Collaboration between govt, labour, business paying off – Zuma

By: News24Wire      10th May 2016 The collaboration between government, labour and the business sector to rescue the country from possible downgrade and to stabilize the economy is starting to bear fruit, President Jacob Zuma said on Monday night. "In February... I convened a meeting of chief executive officers of major companies... 

R1.5bn to boost SMEs 

By: News24Wire      10th May 2016 The private sector has set aside R1.5-billion to help small and medium enterprises survive the tough economic climate. The announcement was made by CEO of Discovery Adrian Gore during a briefing at the Union Buildings where government, labour and business shared the progress made by the work... 

Students to save South Africa R7bn in water leaks – Mokonyane

By: News24Wire      9th May 2016 More than 15 000 students are expected to benefit from a R3-billion investment to train artisans like plumbers who, it is hoped, will stop millions of litres of water being wasted every year. "What is important is that we want to stop the loss the R7-billion a year water loss that we are... 

South Africa says bringing finances under control after Moody's affirms rating

By: Reuters     9th May 2016 South Africa's Treasury said on Saturday it was bringing public finances under control despite recent "adverse political development" after Moody's affirmed the country's investment-grade credit rating but kept its negative outlook. In a statement, the Treasury said President Jacob Zuma's... 

Zuma: We will never have load-shedding again 

By: News24Wire      6th May 2016 Load shedding is now a thing of the past according to President Jacob Zuma, who was addressing staff at Eskom’s Megawatt Park in Johannesburg on Friday. Zuma was flanked by a large contingent of bodyguards and tactical police during a visit to the power utility's head office. He is expected to... 

Unreliable energy supply prompts alternative supply growth

By: Robyn Wilkinson     6th May 2016 Load-shedding and the ongoing tariff hikes from State-owned power utility Eskom have cemented the need for alternative energy sources that do not depend on the national grid, says energy consultancy firm EON Consulting MD Bertha Dlamini. 

Gordhan gets tough on government procurement 

By: News24Wire      4th May 2016 The way the government buys its goods and services is getting a shake-up aimed at saving billions, Finance Minister Pravin Gordhan said on Wednesday. This includes saving a targeted R1.4-billion by reviewing the government's top 100 contracts, saving a possible R1.8-billion by having a closer... 

South Africa rating downgrades could lead to capital outflows – SARB

By: Reuters     4th May 2016 Any further ratings downgrade of South Africa could lead to increased capital outflows, the South African Reserve Bank said on Tuesday. Ratings agencies have warned of possible ratings cuts should Pretoria show a lack of commitment to reining in its budget deficit. 

Cabinet approves latest Ipap iteration

By: Anine Kilian     29th April 2016 Cabinet has approved the Industrial Policy Action Plan (Ipap) 2016/17 to 2018/19, which seeks to achieve a higher-impact industrial policy in difficult economic circumstances, including the difficulties faced by the domestic steel industry and the drought which has impacted on the agriculture... 

Rand hits five-month high against dollar after ruling against Zuma

By: Reuters     29th April 2016 South Africa's rand extended its gains against dollar on Friday to hit a five-month high after a court ruled that a 2009 decision to drop 783 corruption charges against President Jacob Zuma was irrational and should be reviewed. The rand hit a high of 14.1650 per dollar at 1003 GMT, its firmest... 

South African court calls for review of decision to drop Zuma corruption charges

By: Reuters     29th April 2016 South Africa's High Court on Friday ruled that a 2009 decision to drop 783 corruption charges against President Jacob Zuma should be reviewed, another setback for the scandal-ridden leader, who faces calls for his resignation. The decision to set aside the charges seven years ago allowed Zuma to... 

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