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Gordhan declaratory relief application dismissed

By: News24Wire      18th August 2017 A court has ruled that former finance minister Pravin Gordhan's application seeking declaratory relief from having to intervene with the banks has been dismissed. Judge Aubrey Ledwaba read out the order at the North Gauteng High Court on Friday. 

No-confidence vote signals 'High Noon' for South Africa's Zuma

By: Reuters     8th August 2017 Protesters blocked roads with burning tyres and rocks on Tuesday in a show of opposition to President Jacob Zuma hours before the South African parliament was due to vote on a no-confidence motion which could force him to step down. Newspaper headlines reflected the high stakes at play -- "JZ's... 

Business supports marches planned for next week

By: Sane Dhlamini     3rd August 2017 Business Leadership South Africa (BLSA) has come out in support of the national action and planned marches around Parliament by various groupings, set to take place next Tuesday between 12:00 and 14:00, amid MPs much-anticipated voting in the motion of no confidence bought against President Jacob... 

South Africans can no longer be 'free riders' of democracy – Gordhan

By: News24Wire      1st August 2017 South African citizens can no longer be "free riders" of democracy and need to actively work to secure State institutions, former finance minister Pravin Gordhan said on Monday evening. He urged South Africans to either become whistleblowers or "find different forms of resistance". "In today’s... 

Gigaba says worried about influence of Gupta family 

By: Reuters     28th July 2017 South African Finance Minister Malusi Gigaba said on Friday he was worried about the influence of a wealthy family accused of using its friendship with President Jacob Zuma to secure contracts with state-owned companies. Gigaba's unusually strong comments came the day after power utility Eskom... 

State capture is about ‘stealing State resources’ – Gordhan  

By: Sane Dhlamini     27th July 2017 Former Finance Minister Pravin Gordhan said on Wednesday that State capture was about “stealing State resources” and that it was a no-go area for him and his former deputy Mcebisi Jonas. Gordhan and Jonas both addressed a seminar organised by the University of Johannesburg, on State capture,... 

I will vote with my conscience – Gordhan  

By: Sashnee Moodley     18th July 2017 Former Finance Minister Pravin Gordhan said on Tuesday that he will be voting with his conscience during a vote of no confidence against President Jacob Zuma on August 8. Speaking to media at the Conference for the Future of South Africa, organised by civil society organisations Save South Africa... 

Civil society unites to combat State capture  

By: Sane Dhlamini     18th July 2017 Representatives from over 130 civil society organisations gathered on Tuesday at the Conference for the Future of South Africa, in Johannesburg, to publicly unite South Africa against corruption, State capture and the abuse of power by President Jacob Zuma’s government. The conference, organised... 

Zuma should step aside – Gordhan

By: News24Wire      18th July 2017 President Jacob Zuma should step aside and allow someone to lead the country and reset the course to fulfil the kind of aspirations that Nelson Mandela and his generation had for South Africa, former finance minister Pravin Gordhan said on Tuesday. Gordhan told talk show host Eusebius McKaiser in... 

National Treasury’s action plan may not be enough – economists

By: Natasha Odendaal     14th July 2017 Industry is not viewing Finance Minister Malusi Gigaba’s new 14-point plan as likely to stimulate the growth South Africa desperately needs. Rather, economists are viewing it as a group of administrative measures that will only move to stabilise the battered economy. Released on Thursday,... 

Treasury must remain independent, says Pandor

By: News24Wire      11th July 2017 Treasury in a democratic country must remain independent, African National Congress (ANC) National Executive Congress (NEC) member Naledi Pandor said on Monday. She appeared to disagree with a proposal made at the ANC’s national policy conference last week, that the budget and resource allocation... 

Treasury appoints Dondo Mogajane as DG

By: African News Agency      8th June 2017 National Treasury has announced Dondo Mogajane as its new director-general (DG) after Cabinet confirmed his appointment on Wednesday. This follows the resignation of respected DG Lungile Fuzile last month. 

New-look procurement rules punted as possible transformation game changer 

By: David Oliveira     26th May 2017 Major reform of the Preferential Procurement Policy Framework Act (PPPFA) regulations, which came into effect last month, has been held up as a key tool in driving radical economic transformation in South Africa by providing greater opportunities for small, medium-sized and microenterprises... 

New-look procurement rules punted as possible transformation game changer

By: David Oliveira     26th May 2017 Major reform of the Preferential Procurement Policy Framework Act (PPPFA) regulations, which came into effect last month, is expected to provide the legislative assistance to drive radical economic transformation in South Africa by providing greater opportunities for small, medium-sized and... 

Denel contradicts Gigaba’s reported stance on VR Laser Asia

By: African News Agency      24th May 2017 Denel on Wednesday contradicted reports that Finance Minister Malusi Gigaba had ordered the State-owned arms manufacturer to dissolve its controversial joint venture with VR Laser Asia, a company linked to the Gupta business empire, and withdraw its litigation against National Treasury for... 

Denel set on expanding business in Asia-Pacific region

By: Megan van Wyngaardt     23rd May 2017 State-owned Denel on Tuesday said it was dead set on expanding its business in the Asia-Pacific markets, despite an affidavit, lodged by former Treasury director-general Lungisa Fuzile, stating that its joint venture (JV) partner is a technically insolvent company. The aerospace and defence... 

Gordhan lays into Eskom board over Molefe

By: African News Agency      23rd May 2017 Former Finance Minister Pravin Gordhan on Tuesday called for the Eskom board to be fired and a full investigation into not only Brian Molefe’s return to the power utility, but his actions in his previous job at Transnet. Gordhan told Parliament’s portfolio committee on public enterprises, of... 

Weak economy continued to exact toll on new-vehicle sales in April

By: Irma Venter     19th May 2017 A tough economy and a slew of public holidays, meaning less selling days, both took their toll on domestic new-vehicle sales in April, which, at 34 956 units, were down 5 392 units compared with the same month last year. Sales numbers released by the Department of Trade and Industry show that new... 

Zuma could be called in to get SAA money back from abroad – Deputy Finance Minister

By: African News Agency      18th May 2017 If all else failed, National Treasury might enlist the help of President Jacob Zuma to secure the repatriation of South African Airways funds from fellow African states, Deputy Finance Minister Sifiso Buthelezi told MPs on Wednesday. Buthelezi told Parliament’s standing committee on finance the... 

Denel says it continues talks with National Treasury over Denel Asia JV

By: Megan van Wyngaardt     16th May 2017 State-owned aerospace and defence technology conglomerate Denel on Tuesday said it was in ongoing talks with Finance Minister Malusi Gigaba and Public Enterprises Minister Lynne Brown regarding its multibillion-rand joint venture (JV) deal with VR Laser Asia, which led to the creation of Denel... 

Gigaba appoints acting DG as Fuzile departs

By: Terence Creamer     15th May 2017 Finance Minister Malusi Gigaba on Monday appointed Dondo Mogajane as acting director-general, effective May 16, after Lungisa Fuzile completed his notice period. Mogajane would act in the position “until the process of appointing a new director-general is completed”. 

Wealth taxation in the spotlight

By: Riaan de Lange     12th May 2017 Have you read it yet? All 700-page, that is. Well, if you have not, acquired a copy, for the book is multipurpose. It has, for instance, been described as “a doorstop in punishing, heavy hardcover”. The book in question was an Amazon number one bestseller and also selling out in major bookstores... 

HSF approaches Constitutional Court over reshuffle

By: African News Agency      10th May 2017 The Helen Suzman Foundation (HSF) has lodged an application seeking the Constitutional Court to have President Jacob Zuma’s firing of former Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas be declared invalid and set aside. The organisation said Zuma has established a pattern of... 

Gigaba insists economy must change, but says no nationalisation

By: African News Agency      9th May 2017 Finance Minister Malusi Gigaba on Tuesday insisted that radical economic transformation was inevitable, but said this would not entail nationalisation of banks or mines. Gigaba told Parliament’s standing committee on finance that whether one termed the change he referred to radical economic... 

'I’m not chasing any job' – Gordhan after High Court ruling

By: News24Wire      5th May 2017 Former Finance Minister Pravin Gordhan would not return to his job, even if the courts found that President Jacob Zuma had erred by unceremoniously removing him and his deputy Mcebisi Jonas from their positions. “Let the courts do their job and let’s see what happens. It’s a legitimate legal... 

Downgrade dichotomy

By: Terence Creamer     5th May 2017 The dichotomy between the negative political and economic narrative in South Africa – precipitated by the March 30 Cabinet reshuffle and the subsequent ratings downgrades by S&P Global Ratings and Fitch Ratings– and the relatively sanguine response of currency, bond and equity markets has been... 

New-vehicle sales tumble as economy, politics bite

     2nd May 2017 A tough economy and a slew of public holidays, meaning less selling days, both took their toll on domestic new-vehicle sales in April, which, at 34 956 units, were down 5 392 units compared with the same month last year. Sales numbers released by the Department of Trade and Industry on Tuesday... 

Gordhan praises Ramaphosa, backs State capture inquiry

By: News24Wire      28th April 2017 Former Finance Minister Pravin Gordhan on Thursday told CNN that a judicial commission of inquiry into allegations of state capture would “clear the air”. Deputy President Cyril Ramaphosa recently called for the same thing, supporting a recommendation by former public protector Thuli Madonsela... 

Anti-Zuma campaigners should rather pressure ruling party to eject him 

By: Aubrey Matshiqi     28th April 2017 To defeat former President Thabo Mbeki, the coalition that supported the then deputy president of the African National Congress (ANC), Jacob Zuma, did two things. Firstly, they decided to step outside the disciplinary framework of the ANC and created structures outside the ruling party in support... 

Naamsa suspends new-vehicle sales projections amid political flux

By: Irma Venter     21st April 2017 The National Association of Automobile Manufacturers of South Africa (Naamsa) will, for the time being, suspend all new-vehicle sales projections, in light of recent political events. President Jacob Zuma at the end of March fired Finance Minister Pravin Gordhan, as well as his deputy, Mcebisi... 

Political decisions, downgrades push policy uncertainty into negative territory 

By: Anine Kilian     20th April 2017 The North-West University (NWU) School of Business and Governance’s Policy Uncertainty Index (PUI) increased to 51 in the first quarter of this year, putting it in negative territory. The PUI was at 38.8 in the fourth quarter of 2016. An increase to above 50 reflects heightened policy... 

Recent political shifts in South Africa could impact on continent’s M&A activity – Baker McKenzie index

By: Megan van Wyngaardt     19th April 2017 Political turbulence and economic uncertainty are becoming the new normal for deal makers; however, the impact on global mergers and acquisitions (M&A) activity has not been as steep as many expected, multinational law firm Baker McKenzie's Cross-Border M&A Index has shown. It noted that while... 

Will the South African economy catch a crab?

By: Riaan de Lange     14th April 2017 It is mid-afternoon on Sunday, April 2. I am enjoying glorious weather, reminiscent of South Africa, with soaring temperatures, which is not the usual rainy, gloomy and cold London. I find myself in Putney, where the River Thymes is aligned by an estimated 300 000 people who have made their way... 

Trade expectations hit low point in March and will decline further, warns Sacci

By: Megan van Wyngaardt     12th April 2017 The South African Chamber of Commerce and Industry’s (Sacci’s) seasonally adjusted six-month trade expectations index (TEI) declined from 61 in February to 51 in March – the weakest level since April 2016. The non-seasonally adjusted TEI weakened even more markedly and declined from 63 to 51... 

Downgrade will have major consequences for economy, businesses and citizens, warns AHI

By: Anine Kilian     10th April 2017 Small business representative organisation AHI says ratings agency Fitch’s decision to downgrade South Africa’s credit rating to junk status, will lead to lower economic growth, with some expecting billions of rands in outflows and a doubling of the current account deficit for South Africa. In... 

Peters irrational when she removed PRASA board – court

By: News24Wire      10th April 2017 Former Minister of Transport Dipuo Peters acted irrationally in removing PRASA's board, the North Gauteng High Court in Pretoria ruled on Monday. Judge Peter Mabuse said in a scathing judgment that her decision was unreasonable and disproportionate and he set it aside. 

Pushing ahead with nuclear deal will guarantee SA junk status, says DA 

By: African News Agency      10th April 2017 It is an undeniable fact that South Africa cannot afford, and does not need, government’s planned nuclear energy deal, the Democratic Alliance (DA) said on Sunday. Media reports on Sunday that the nuclear deal was going full-steam ahead were extremely concerning and would essentially guarantee... 

Fitch downgrade – Treasury acknowledges ‘setback’

By: African News Agency      7th April 2017 Fitch Ratings agency on Friday downgraded South Africa to junk status, citing the removal of Pravin Gordhan as finance minister. Fitch said President Jacob Zuma’s decision to fire Gordhan last week, was likely to see a change in economic policy. 

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