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It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia

By: News24Wire      16th October 2017 The motives behind government’s failure to act in the national interest should be questioned as it undermines trust and service delivery in South Africa, Cas Coovadia, managing director of the Banking Association of South Africa (BASA), said on Monday. Coovadia in a statement called on Finance... 

Supreme court dismisses Zuma’s ‘spy tapes’ appeal

By: African News Agency      13th October 2017 The Supreme Court of Appeal (SCA) on Friday dismissed with costs the appeal by President Jacob Zuma and the National Prosecuting Authority (NPA) in the spy tapes saga. SCA Justice Eric Leach upheld the High Court’s view that the decision to withdraw 783 charges of corruption and fraud against... 

Political change could spark a surge in investment, says Goldman Sachs

By: Kim Cloete     12th October 2017 South Africa has the potential to achieve a 3% economic growth rate, and 5% in the medium term, if the constitutionalists in the African National Congress (ANC) are elected to lead the country, says Goldman Sachs Southern Africa MD Colin Coleman. “With the right leaders in the right... 

When Cyril wins, he must send Zuma to live in Nkandla – Gordhan 

By: News24Wire      12th October 2017 When Deputy President Cyril Ramaphosa wins December's African National Congress (ANC) elective conference, he must send President Jacob Zuma to live in Nkandla, former finance minister Pravin Gordhan said on Thursday. Gordhan told a conference in Cape Town that his preferred candidate to become... 

South Africa to woo investors at IMF meetings

By: Reuters     12th October 2017 South Africa's Finance Minister Malusi Gigaba and central bank governor Lesetja Kganyago head to Washington this weekend to meet ratings agencies and international investors in a bid to boost growth in an economy that is emerging from recession. The Treasury said in a statement on Thursday that... 

Testimony in Parly probe into Eskom / Gupta links to start next week

By: African News Agency      11th October 2017 The list of names of witnesses to be called to testify at a parliamentary inquiry into state capture at South Africa’s sole power utility, Eskom, has been finalised and the probe officially kicks off on October 17, a statement from the national legislature said on Wednesday. “The Portfolio... 

South Africa's economic woes domestic, downgrade risks high – deputy SARB governor

By: Reuters     11th October 2017 South African deputy central bank governor Kuben Naidoo said on Tuesday domestic factors are the main cause of a frail economy and the risk of further credit downgrades is "quite significant". Painting a bleak picture during a monetary policy forum in Cape Town, Naidoo said a downgrade to South... 

South African nuclear deal to boost debt – Safcei 

By: African News Agency      11th October 2017 The Southern African Faith Communities’ Environment Institute (Safcei) told South African President Jacob Zuma and the Minister of Energy on Tuesday that it was worried about the country’s planned nuclear deal triggering a surge in debt. The faith-based NGO said it had delivered a letter to the... 

IMF cuts South Africa growth forecasts as politics takes it toll

By: Reuters     10th October 2017 The International Monetary Fund cut its South African economic growth forecast for this year on Tuesday, saying rising political uncertainty has dented consumer and business confidence. The IMF said it expected South Africa's economy to grow by 0.7% this year, down from an earlier projection of... 

Improving miners’ lives best way of honouring Marikana victims – Zuma

By: African News Agency      9th October 2017 President Jacob Zuma has said he would not declare a commemorative day to mark the killing of miners at Marikana five years ago, as the most effective way of honouring the victims was to take practical steps to improve the lives of mining communities. Zuma was responding to a written... 

Protests test tribal authority on South Africa's platinum belt 

By: Reuters     9th October 2017 A new power struggle is unfolding in South Africa's old homelands between global mining giants, traditional leaders and an impoverished rural populace. Parts of an industry long used to labour unrest are now contending with community protests that have cut production of the country's largest... 

Eskom asks McKinsey, Trillian to return R1.6bn

By: Reuters     6th October 2017 South Africa's Eskom has asked consultancy firms McKinsey and Trillian to pay it back R1.6-billion ($117-million), saying that an internal inquiry had found that the State power utility's decisions to make the payments were unlawful. "The interim findings from Eskom investigations into the... 

Political and policy uncertainty weigh on South Africa's economy – SARB

By: Reuters     5th October 2017 South Africa's economy is growing much less than it should be and is unlikely to reach 2% annual expansion in the short term because of political and policy uncertainty, the central bank said on Wednesday. The Reserve Bank, which in June faced pressure to switch its focus to economic growth from... 

S Africa's auditor-general says Eskom's wasteful spending balloons

By: Reuters     4th October 2017 Wasteful spending at South Africa's state power utility Eskom soared to 547 million rand ($40.24 million) in 2016/17 from 93 million rand in 2015/16, the Auditor General's office told parliament on Tuesday. Eskom is at the heart of allegations of illegal contracts and undue influence in awarding... 

McKinsey told Eskom of transparency risk at Trillian Capital

By: Bloomberg     3rd October 2017 Eskom Holdings continued to pay Trillian Capital Partners even after McKinsey & Co warned the South African State power company that it had concerns over transparency at the project development partner. Letters written in March 2016 by McKinsey to Eric Wood, the chief executive officer of... 

Opinion: Minister Kubayi’s Renewable Energy Plan: Does it signify progress or regression?

     29th September 2017 In this opinion piece, Sener regional MD Siyabonga Mbanjwa expresses the hope that both the current moratorium on new renewable-energy projects and the proposed 77c/kWh tariff cap will be reconsidered during industry consultations.  

High Court rules against DA in State capture inquiry case

By: News24Wire      29th September 2017 The High Court in Pretoria has granted President Jacob Zuma a stay in immediately implementing a judicial commission of inquiry as recommended in the Public Protector's State of Capture report. This is until his application for a review of that remedial action recommended by the report is heard... 

Political certainty needed for economic reform in South Africa – Kganyago

By: Reuters     29th September 2017 South Africa must sort out its political problems in order to kickstart structural reform and unlock economic growth, central bank governor Lesetja Kganyago told Reuters on Thursday. Speaking on the sidelines of a conference organised in London by the Bank of England, Kganyago also said financial... 

Radical? Really?

By: Keith Campbell     29th September 2017 Roughly in the middle of this month (September), speaking on the sidelines of the Annual General Meeting of his luxury goods businesses holding company, Switzerland-based Compagnie Financière Richemont, in Geneva, businessman Johann Rupert, generally regarded as South Africa’s richest man, said... 

BLSA suspends 'corrupt' Eskom and Transnet

By: News24Wire      28th September 2017 Business Leadership South Africa on Thursday booted out State-owned entities Eskom and Transnet for their involvement in corruption and State capture with immediate effect. The announcement comes as BLSA launched its #BusinessBelieves campaign in Cape Town, where it signed a “contract” with South... 

CoM supports trade union’s nationwide march against corruption

By: African News Agency      27th September 2017 The Chamber of Mines of South Africa (CoM) said on Wednesday that it would join Business Unity South Africa and Business Leadership South Africa in support of the Congress of South African Trade Unions (Cosatu) stance against State capture and corruption. Thousands of workers and civil society... 

Fedusa calls for return of railway police

By: African News Agency      25th September 2017 The Federation of Unions of South Africa (Fedusa) on Monday called for urgent action to stop criminality on trains, including the reintroduction of the Railway Police. In a statement, Fedusa said decisive action was particularly needed in the Cape Town area which has borne the brunt of violent... 

Myeni approached PIC for R6bn for SAA – reports

By: African News Agency      25th September 2017 Controversial South African Airways (SAA) board chairwoman Dudu Myeni appears to be involved in the “planned raid on pensioners’ money” to prop up SAA and other bankrupt state-owned enterprises (SoEs), the Democratic Alliance said on Sunday. The DA had noted the media report that Dudu Myeni had... 

Gigaba calls for criminal probe into KPMG

By: Reuters     22nd September 2017 South African law enforcement agencies should investigate KPMG after the global auditor sacked its top management over work done for business friends of President Jacob Zuma, Finance Minister Malusi Gigaba said on Friday. KPMG dismissed its South African division's top management last week... 

Gold Fields says KPMG still external auditors

By: Reuters     22nd September 2017 South African gold mining company Gold Fields said on Friday that KPMG remains its external auditor but it will continue to monitor future developments. "The Gold Fields board of directors has considered the matter and will be closely following future developments in this area. KPMG remain the... 

NDZ not Zuma’s candidate in ANC leadership race 

By: Aubrey Matshiqi     22nd September 2017 Let me start by quoting from the book Dictator, by Robert Harris – a book about Rome and the last 15 years of Cicero: “You have the soldiers but no legitimacy, we have the legitimacy but no soldiers. What we do both have, however, is a common enemy.” Another bit from the same book: “Your speeches... 

Zuma schools Trump on climate at UN

By: News24Wire      21st September 2017 President Jacob Zuma on Wednesday declared in his address at the UN that climate change was real. Speaking at the General Debate of the seventy-second Session of the UN General Assembly, Zuma expressed support for victims of hurricanes, arguing that climate change was "real". 

Two more firms fire KPMG as corporate South Africa weighs links with auditor

By: Reuters     19th September 2017 A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial companies... 

Climate change is a global challenge – Zuma

By: African News Agency      19th September 2017 Climate change is a global challenge and developing countries should be provided with adequate support for their mitigation and adaptation actions, President Jacob Zuma said on Monday. “Climate change is a global challenge that requires no one to be left behind. The whole world affirmed this in... 

South Africa tax agency wants parliament to probe KPMG

By: Reuters     18th September 2017 South Africa's revenue service will ask Parliament to investigate global auditor KPMG for its "immoral conduct" in releasing details of a confidential report it produced for the tax agency, commissioner Tom Moyane said on Monday. KPMG cleared out its South African leadership en masse on Friday... 

KPMG South Africa shakes out top management over Gupta scandal

By: Reuters     15th September 2017 Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for the Guptas, businessmen friends of President Jacob Zuma accused of improperly influencing government contracts. KPMG's investigation did not identify any... 

McKinsey, KPMG targeted as South Africa graft scandal widens

By: Bloomberg     15th September 2017 After helping topple one of Britain’s best known public-relations companies, South African anti-corruption groups are now targeting US consultancy McKinsey & Co. and auditing firm KPMG for doing work for businesses tied to the Gupta family and President Jacob Zuma’s son. The Guptas, originally... 

The six major economies reaffirm their commitment to free trade

By: Keith Campbell     15th September 2017 Leaders of six of the world’s ten biggest economies have reaffirmed their support for free trade, at two high level meetings held in Asia recently. The countries concerned are Brazil, China, India, Japan, Russia and the UK. In terms of gross domestic product (GDP) measured in purchasing power... 

Zuma, DA to battle in SCA over spy tapes saga

By: News24Wire      14th September 2017 President Jacob Zuma will on Thursday face yet another legal hurdle in the Supreme Court of Appeal (SCA) as he seeks leave to appeal the decision by the North Gauteng High Court in Pretoria on the spy tapes saga. In 2016, a full bench of judges overturned the National Prosecuting Authority's... 

Zuma talks up NDP's 'achievements' at anniversary bash

By: News24Wire      13th September 2017 President Jacob Zuma talked up the adoption of the National Development Plan (NDP) at a five-year anniversary bash, and did not mention radical economic transformation once. Zuma and Cabinet colleagues celebrated the adoption of the plan in Cape Town on Tuesday, labelling it the "roadmap to... 

Judgment reserved in State capture application

By: News24Wire      13th September 2017 The crux of President Jacob Zuma's argument against implementing the remedial action of the Public Protector's State of Capture report is that it would be unconstitutional to do so. On Tuesday Advocate Ishmael Semenya SC, for Zuma said in the High Court in Pretoria that the Public Protector "does... 

Zuma launches first provincial InvestSA One Stop Shop

By: African News Agency      8th September 2017 President Jacob Zuma officiated over the official opening of the first provincial InvestSA One Stop Shop in the Western Cape on Friday. Speaking in Cape Town, Zuma described the launch as historic following the launch of the national One Stop Shop in Pretoria in March this year. 

Point of no return

By: Terence Creamer     8th September 2017 Hardly a day goes by when there isn’t a new and disturbing headline about governance, or the lack thereof, at one of South Africa’s State-owned companies (SOCs). To be sure, when historians reflect on the President Jacob Zuma-era, the ‘capture for looting’ of the country’s SOCs will be a major... 

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