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Sacci outlines Budget expectations

By: Creamer Media Reporter      21st February 2017 With Finance Minister Pravin Gordhan preparing to deliver his 2017 National Budget speech on Wednesday, the South African Chamber of Commerce and Industry (Sacci) weighed in on its expectations at a time when South Africa is experiencing subdued economic growth. Amid the Reserve Bank having... 

Gordhan sees difficult political year for ruling ANC

By: Reuters     21st February 2017 South African Finance Minister Pravin Gordhan said on Monday he sees a "difficult political year" for the ruling African National Congress (ANC) but that he saw "green shoots" of growth in an economy that is barely growing. The ANC has a major policy conference at the end of June and late this... 

Fiscal consolidation, tax increases, SoE cost containment critical for pro-poor Budget - Busa

By: Natasha Odendaal     20th February 2017 Fiscal consolidation, considered and careful tax increases and parastatal cost containment will be critical elements for a pro-poor, pro-inclusive-growth Budget for South Africa for the year ahead. While there is a limit to what can be achieved through an effective Budget, Business Unity South... 

Certainty on Carbon Tax needed from this year’s Budget – Cova

By: Creamer Media Reporter      20th February 2017 With expectations of the long-awaited Carbon Tax being implemented in 2018, much more clarity and certainty will be needed from the 2017 Budget, which will be delivered by Finance Minister Pravin Gordhan on Wednesday. Currently, much uncertainty exists, with industry questioning policy certainty,... 

Efforts to salvage wind-tower plant shut in wake of Eskom’s refusal to sign new IPP contracts

By: Terence Creamer     17th February 2017 The Industrial Development Corporation (IDC) is hoping to salvage the domestic manufacturing capability established to produce wind-tower sections in the Eastern Cape that was set up in response to government’s demand for higher levels of local content in the renewable-energy sector. However, it... 

NATURAL PREOCCUPATION

     17th February 2017 French Minister of Finance and Economy Michel Sapin says it is natural for South Africa to be preoccupied with the issue of nuclear affordability; an issue that he confirmed was raised during his February 3 meeting with South Africa’s Finance Minister Pravin Gordhan. He used the meeting to offer... 

KPMG hopeful of bold steps in Budget 2017

By: Natasha Odendaal     15th February 2017 As the 2017 Budget draws near, there is growing anticipation that Finance Minister Pravin Gordhan, who is possibly facing his toughest Budget yet, will take some bold steps to direct the country’s economy along a  sustainable path. Speaking at a pre-Budget roundtable on Tuesday, professional... 

South Africa remains on junk ‘knife-edge’ as ANC succession takes centre stage  

By: Terence Creamer     14th February 2017 South Africa will remain on a downgrade “knife-edge” in 2017, Standard Bank chief economist Goolam Ballim warns, despite the bank’s view that the country’s growth will recover to 1.4% from only 0.4% last year. Both Fitch Ratings and S&P Global currently have South African on ‘negative watch’,... 

Those who cannot do . . . talk

By: Riaan de Lange     10th February 2017 You may well be acquainted with the adage 'He who can, does; he who cannot, teaches' from George Bernard Shaw’s 1903 play, Man and Superman, Maxims for Revolutionists: Education. But it no longer holds true for South Africa for several reasons, the most prominent being that I do not know of... 

IDC hopes to salvage wind-tower plant, but warns liquidation can’t be ruled out 

By: Terence Creamer     8th February 2017 The Industrial Development Corporation (IDC) is hoping to salvage the domestic manufacturing capability established to produce wind-tower sections in the Eastern Cape that was set up in response to government’s demand for higher levels of local content in the renewable-energy sector. However, it... 

PPA stand-off risks future wind energy jobs as new graduates enter saturated market

By: Natasha Odendaal     7th February 2017 South Africa’s fledgling wind turbine service technician training programme will be "training its graduates for unemployment" if construction on the next round of State-commissioned wind farms does not get under way this year, warns South African Renewable Energy Technology Centre (Saretec)... 

The big questions when Ministers meet on renewables standoff

By: Terence Creamer     6th February 2017 When the Ministers responsible for seeking resolution to the current impasse in South Africa’s renewable-energy sector meet this month, they will be expected to weigh the serious legal and policy implications of backtracking from a Ministerial determination – as well as from one of the country’s... 

Finance Minister invites public input ahead of Budget speech

By: Sane Dhlamini     6th February 2017 Finance Minister Pravin Gordhan has urged South Africans to share their views on economic conditions and to highlight issues they would like government to focus on in the National Budget Speech on February 22. The National Budget Speech will be presented against the backdrop of sluggish economic... 

Eskom’s refusal to sign new renewables PPAs costing jobs, investments – DCD 

By: Natasha Odendaal     3rd February 2017 Fears that State-owned Eskom’s protracted delay in concluding power purchase agreements (PPAs) with selected independent power producers (IPPs) could result in job losses and the idling of projects, are emerging, as DCD Wind Towers starts cutting jobs. The R536-million DCD Wind Towers venture,... 

Gordhan in for tough Budget speech despite public support

By: Natasha Odendaal     31st January 2017 All eyes will be on Finance Minister Pravin Gordhan on February 22 as he tables what will likely be a difficult 2017/18 Budget, in which measures will need to be adopted to generate sufficient taxes without stifling growth and widening inequality. With South Africa in a “near perfect storm” of... 

Less policy uncertainty in fourth quarter – index

By: Anine Kilian     31st January 2017 There was less policy uncertainty in South Africa during the fourth quarter of 2016 than in the third quarter, with the North-West University (NWU) School of Business and Governance’s Policy Uncertainty Index (PUI) having improved to 38.8 index points, from 46.5 in the third quarter. The PUI... 

Guptas respond to Gordhan’s affidavit

By: African News Agency      31st January 2017 Finance Minister Pravin Gordhan on Monday, denied the claim by the Gupta family’s Oakbay Investments that he had colluded with banks to harm the company, saying the banks acted because of the company’s ties with “politically exposed” figures. Gordhan, in his replying affidavit to papers submitted... 

Gordhan alleges campaign by Guptas against Treasury

By: Reuters     30th January 2017 Finance Minister Pravin Gordhan said in court documents on Monday that the Gupta brothers were carrying out an "organised campaign" against him and the Treasury. Gordhan also denied in the affidavit that he had a vendetta against the Guptas as claimed in court documents filed by the Gupta family... 

Blue Monday or Brew Monday?

By: Riaan de Lange     27th January 2017 It is Monday, January 16, the third Monday of the month and of 2017. Does this day have any significance, you might ask? Well, it is said to be the most depressing day of this year. So, with this Blue Monday out of the way, the remaining days of 2017 should be much better, and future Blue Mondays... 

SA needs a leader who will be able to cure the country’s ills 

By: Aubrey Matshiqi     27th January 2017 The election of the leader of the African National Congress (ANC) is not only about individual interests; that is, it is not only about the interests of the individuals who want to ascend to the throne. I am certain that it is almost always about either the ascendance of those that are outside... 

Business Leadership SA urges Zuma to sign FICA amendment bill now 

By: African News Agency      24th January 2017 On the eve of public hearings on the Financial Intelligence Centre (FIC) Act amendment bill, Business Leadership South Africa (BLSA) urgent President Jacob Zuma to sign it into law urgently, dismissing objections to it as unfounded. “BLSA believes that none of the objections raised are... 

Revisions to public procurement regulations to further boost economy

By: Megan van Wyngaardt     24th January 2017 The revised Preferential Procurement Regulations, which were gazetted on January 20, have introduced prequalification criteria, which allow the advancement of selected categories of people by limiting competition. The restriction will limit the inclusion of well-established companies, unless they... 

AfriForum to take legal action against defaulting municipalities

By: Megan van Wyngaardt     20th January 2017 Civil rights organisation AfriForum on Friday said it would call on the National Energy Regulator of South Africa (Nersa) to withdraw the licences of municipalities that have defaulted on their payments to power provider Eskom. “[We will be approaching] the courts in terms of the protection of... 

Guptas lambast Gordhan in court papers 

By: African News Agency      20th January 2017 Oakbay Investments, the company owned by the wealthy Gupta family, on Friday lambasted Finance Minister Pravin Gordhan’s court application seeking a court order enforcing his decision not to intervene in the debacle relating to the South African banks that cut links with the controversial family.... 

Gordhan takes a stand for emerging markets at WEF

By: News24Wire      18th January 2017 Although the US as a super economic powerhouse impacts the rest of the world, emerging markets also matter to the global environment. This was the message from Finance Minister Pravin Gordhan on the global stage at the World Economic Forum (WEF) in Davos on Tuesday.Wearing a black suit, white... 

Ramaphosa says South Africa has done well to survive a turbulent 2016

By: African News Agency      17th January 2017 South African Deputy President Cyril Ramaphosa sought to deliver a message of hope as he addressed the country delegation at the World Economic Forum in Davos, Switzerland, on Tuesday. Likening 2016 to the flight over to Switzerland, Ramaphosa said there had been turbulence but South Africa had... 

Fedusa takes aim at SoEs with Section 77 notice  

By: Natasha Odendaal     16th January 2017 The Federation of Unions of South Africa (Fedusa) is taking a stand against government’s alleged failure to appoint “suitably qualified, accountable, responsible and responsive” management at some of South Africa’s vital parastatals. A Section 77 Protest Action Notice has been lodged with the... 

Ramaphosa leads South African delegation to WEF

By: Creamer Media Reporter      13th January 2017 Deputy President Cyril Ramaphosa is preparing to lead a delegation from South Africa to the World Economic Forum (WEF), in Davos-Klosters, Switzerland, next week, the Presidency said on Friday. The WEF, held from January 17 to 20 and themed ‘Responsive and Responsible Leadership’, will host more... 

Astral says Eskom cutting municipal electricity supply would be ‘catastrophic’ for Standerton operations 

By: Megan van Wyngaardt     13th January 2017 Eskom’s plan to cut power to the Lekwa local municipality, in Mpumalanga, will interrupt poultry producer Astral’s feed and poultry operations in Standerton with “catastrophic” results, the company has warned. Astral has received notification that Eskom plans to start interruptions of its bulk... 

Gordhan to act against municipalities which owe Eskom money 

By: News24Wire      12th January 2017 Finance Minister Pravin Gordhan said National Treasury will act against municipalities which have failed to settle their debt to Eskom, Fin24’s sister publication Netwerk24 reported. In a letter to Democratic Alliance MP for the Free State David Ross, Gordhan raised his concern over Eskom’s... 

Guptas fail to sell SA companies by end of 2016 

By: News24Wire      11th January 2017 The Guptas’ intention to dispose of their shares in all their South African businesses by the end of 2016 has not come to fruition, their family spokesperson confirmed this week. "The Gupta family remains committed to disposing of its shareholdings in South Africa as soon as is practically... 

Zuma on Nenegate 'stooges' and never saying surrender 

By: News24Wire      22nd December 2016 President Jacob Zuma relived Nenegate during a speech at the Africa National Congress Youth League (ANCYL) Economic Freedom Lecture at the Olive Convention Centre in Durban on Wednesday, saying the nation wasn't really aware of what was happening at the time. "They called it the Nene disaster.... 

2016: Year of Orwellian manipulation  

By: Aubrey Matshiqi     16th December 2016 We must declare 2016 the year of Orwellian manipulation. For the purposes of this article, Orwellian manipulation is about presenting falsehoods as truths, and truths as falsehoods. The aim is to distort political reality and, thereby, change the political environment to the disadvantage of... 

Absent growth SA’s junk escape may be short-lived

By: Bloomberg     16th December 2016 South Africa’s chances of repeating its escape from a junk credit rating in 2017 are in the balance as focus intensifies on tepid economic growth and simmering political tensions. 

Difficult, but important year

By: Terence Creamer     16th December 2016 Few South Africans are likely to look back on 2016 with much fondness. Nevertheless, it has arguably been an important year for the country and the evolution of democracy. The greater assertiveness of civil society, which made its presence felt in 2015, was consolidated in 2016, warts and all.... 

Treasury says goodbye to long-serving CPO

By: Anine Kilian     13th December 2016 National Treasury will bid farewell to first chief procurement officer (CPO) of the South African government Kenneth Brown on December 31, marking the end of his 19-year tenure at National Treasury and 34 years as a public servant. Brown joined the department in 1998 as a deputy director and... 

Gordhan lashes Eskom in address to Numsa

By: African News Agency      13th December 2016 Finance Minister Pravin Gordhan on Monday criticised State-owned enterprises for obstructing government’s objectives through corruption, as he addressed the tenth conference of the National Union of Metalworkers of SA (Numsa). “Not all boards are working for us…They must work for South Africa... 

Nedbank urged by Minerals Minister to retain Guptas as clients

By: Bloomberg     13th December 2016 Nedbank Group said South African Mineral Resources Minister Mosebenzi Zwane urged the lender to reconsider its decision to sever ties with companies tied to the Gupta family, who are friends of President Jacob Zuma and in business with his son. Nedbank, in a letter to Oakbay Investments dated... 

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