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Changing course

By: Terence Creamer     22nd July 2016 During a recent interaction with business chambers, Finance Minister Pravin Gordhan agreed that South Africa should seek to create up to ten-million new businesses to properly tackle its serious unemployment problem – one that lies at the very root of the country’s poverty and inequality crisis.... 

Brics looks back at first year of NDB

By: Megan van Wyngaardt     21st July 2016 A South African delegation, led by Finance Minister Pravin Gordhan, was party to discussions on the New Development Bank’s (NDB) five-year strategy at its first annual meeting in Shanghai, China last week. The Brazil, Russia, India, China and South Africa-, or Brics-, led institution used the... 

SAA must be put under business rescue – DA

By: News24Wire      20th July 2016 The stalemate between Finance Minister Pravin Gordhan and South African Airways (SAA) chairperson Dudu Myeni is rapidly driving the national carrier to total collapse and this cannot be allowed to happen, said the Democratic Alliance (DA) on Tuesday. The DA believes there should be an application... 

Durban leads the charge towards a national spatial revolution

     18th July 2016 Hosted by the KZN branch of the South African Institute of Architects, a conference held at Durban’s historic city hall on 8 July had as its objective to put the radical transformation of South African cities, towns and villages at the top of the national agenda. In his keynote address, Minister... 

Gordhan requests extension for SAA’s financial statement 

By: Creamer Media Reporter      14th July 2016 Finance Minister Pravin Gordhan has requested Parliament grant an extension until September 15 to table South African Airways’ (SAA’s) annual financial statement (AFS), the National Treasury said on Thursday. The national airliner’s AFS could not be finalised until a decision had been made on its... 

Corruption costing Africa R50bn a year, tougher action needed – Gordhan 

By: Ilan Solomons     14th July 2016 Tax crimes, money laundering and illicit financial flows are part of a complex set of phenomena that are undermining good governance and ethical political, governmental and civil society programmes that are intended to encourage inclusive growth, reduce inequality and improve the living standard... 

Zuma endorses SA efforts to attract investment

By: News24Wire      14th July 2016 The Department of Trade and Industry will in the next few months launch a national one-stop-shop that will be responsible for issuing permits, licences and registering new businesses, President Jacob Zuma said in a written reply to a parliamentary question. Cope MP Deirdre Carter asked Zuma... 

Gordhan warns of ‘tougher’ Budget calls to sustain fiscal credibility

By: Terence Creamer     12th July 2016 For the sake of “credibility” and to sustain credit rating “breathing space” South Africa could not deviate from its fiscal-consolidation path, Finance Minister Pravin Gordhan stressed on Tuesday, while warning of even “tougher” Budgetary decisions in light of the country’s weak economic and... 

What SAA paid departing CEOs and CFOs 

By: News24Wire      12th July 2016 In the past 11 years, South African Airways (SAA) has paid close to R23-million in separation packages to chief executives and chief financial officers who did not complete their contracts, according to a response to a parliamentary question. Pieter Groenewald from the Freedom Front Plus asked... 

Govt subsidies for development programmes unsustainable – Gordhan 

By: Shirley le Guern     8th July 2016 The level of government subsidies for development programmes was not sustainable and alternative sources of funding needed to be found, Finance Minister Pravin Gordhan told a KwaZulu-Natal Institute for Architecture conference in Durban on Friday. Addressing the conference theme – ‘Calling for a... 

Unitrans’s Megabus procures first Scania Euro 6, CNG buses, Tetra 4 to supply local gas 

     30th June 2016 Unitrans’s subsidiary Megabus has procured ten Scania, 280 horsepower, 100% compressed natural gas buses. Megabus will trial these buses for the next five years at its Free State operations. Mia Breytenbach tells us more. 

South Africa's slowing growth to be hit by Brexit – Reserve Bank governor

By: Reuters     29th June 2016 The governor of the South African Reserve Bank said on Tuesday that although the decision by Britain to exit the European Union would not cause a recession, already slowing economic growth would be hit. Speaking to Bloomberg TV in Portugal Lesetja Kganyago said: "We would not venture into a... 

Huge Brexit bonanzas for AngloGold, Gold Fields – Moody’s

By: Martin Creamer     27th June 2016 As a result of Britain deciding to exit the European Union, two South African gold mining companies are heading for huge free cash bonanzas, ratings agency Moody’s said on Monday. AngloGold Ashanti is set to generate an additional $120-million in free cash flow in the second half of 2016 and Gold... 

Businesses are experiencing uncertainty – Gordhan

By: News24Wire      27th June 2016 Finance Minister Pravin Gordhan said following the result of the Brexit referendum, in which 52% of Britons voted to leave the European Union, developing countries, including South Africa, were experiencing volatility in business. In an interview with Power FM on Sunday, Gordhan said the jumping... 

Will Brexit break up the African Union? 

By: News24Wire      27th June 2016 African Union Commission chairperson Nkosazana Dlamini-Zuma’s Twitter timeline was quiet on Friday morning, even as #Brexit was trending. The African Union, too, did not immediately issue a statement. 

Brexit deals 'resilient' South Africa a new complication  

By: Natasha Odendaal     24th June 2016 As the UK’s decision to withdraw from the European Union (EU) this week sent ripples of uncertainty and volatility across an already unsteady global economy, South Africa’s Finance Minister Pravin Gordhan has moved to assure the public of the country’s strong trade ties and resilience. However,... 

Slow economic growth challenges local engineering industry

By: Sebastian Whyle     24th June 2016 Infrastructure projects, consulting and project management services provider Aecom Africa CEO Carlos Poñe tells Engineering News that low economic growth in South Africa is a major challenge for the consulting engineering industry.  

We all stand together

By: Riaan de Lange     24th June 2016 "Win or lose, sink or swim; One thing is certain – we'll never give in; Side by side, hand in hand; We all stand together." The above are the opening lyrics of Beatle Paul McCarthy’s 1983 song, aptly titled We All Stand Together. Even though it was considered a "relative success" it has been... 

Bank of England, offshore centres holding SA gold worth R75bn 

By: Martin Creamer     23rd June 2016 The Bank of England and other official sector institutions at offshore bullion centres are holding a large percentage of South Africa’s gold. At last count, these holdings totalled four-million ounces of South Africa’s gold, worth nearly $5-billion. 

Gupta-owned Oakbay responds to claims it's buying a bank

By: News24Wire      23rd June 2016 Gupta-owned Oakbay Investments on Thursday slammed media reports about an approach to buy UBank as "speculation", with "several significant untruths and misunderstandings". Oakbay Investments CEO Nazeem Howa told Fin24 in an emailed response that the company did express an early interest in UBank... 

Zuma urges labour to work with government

By: News24Wire      21st June 2016 President Jacob Zuma has praised organised labour and business for working with the government to avert a recent ratings downgrade, and said the cooperation should continue. Speaking at the opening of a meeting of the presidential labour working group in Pretoria on Tuesday, he thanked trade... 

Sage supports government’s call to grow South African entrepreneurship

     20th June 2016 Sage, the global market leader for integrated accounting, payroll, and payment systems, has welcomed the call for South African government to support entrepreneurs and grow a sustainable Small & Medium Business sector in the country.   Finance Minister Pravin Gordhan told delegates at a recent... 

Meeting of the presidential labour working group convened

By: News24Wire      20th June 2016 The presidential labour working group is meeting this week to discuss the economy and other related matters, the Presidency said on Sunday. The group comprises the president, deputy president, economic cluster ministers and the leadership of trade union organisations Cosatu, Fedusa and Nactu. 

Positive Shocks?

By: Terence Creamer     17th June 2016 Various interesting points are made in the commentary associated with S&P Global Ratings’ June decision to affirm South Africa’s investment-grade rating, while sustaining its negative outlook. The country’s political situation is highlighted as being of particular concern, arguably displacing the... 

Sugar tax ‘may do more harm than good’

By: African News Agency      15th June 2016 Not only have so-called sugar taxes been proved ineffective elsewhere, but the new tax, which is due to come into effect in South Africa in 2017, could have a detrimental affect on society, particularly poorer people, KPMG warned on Wednesday. The multinational professional services firm said... 

South Africa must reignite economic activity – Gordhan  

By: Anine Kilian     8th June 2016 South Africa needs to re-engineer its economy and focus on its institutions and other strengths, Finance Minister Pravin Gordhan said at the Gauteng Economic Indaba, in Johannesburg, on Tuesday. Reflecting on the state of South Africa’s economy, which contracted by 1.2% in the first quarter of... 

Building a nation through education

     1st June 2016 Compared with the other sectors in South Africa, education boasts the largest financial commitment and support from the government. With around 7% of the country’s GDP going towards education and with well over R600-billion that will go to basic education alone over the next three years, it is... 

Adapting to Change – Building a Capable State

     1st June 2016 South Africa has traditionally been considered an attractive destination for investment and business, especially within the Southern African Development Community (SADC). World economics however, are currently in a slump, with dropping commodity prices and a shift in demand. Companies wishing to... 

Health…a cornerstone to building a stronger SA

     1st June 2016 Provision and access to quality health is a key part of the National Development Plan. Health has been identified as an important aspect that will help drive growth in the South African economy due to the social effects it will have on the lives of South Africans.  Currently, the public health... 

Agriculture: The Key to SA’s Growth

     1st June 2016 Agriculture and rural development are cornerstones of the National Development Plan, they have been identified as key areas that will help drive economic and social growth for the South African economy. With agriculture being a big contributor to employment and GDP, the past year has seen... 

SA won't end up like Venezuela – Gordhan

By: News24Wire      27th May 2016 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. 

Ministers stall on banks intervention over Gupta blacklisting

By: News24Wire      26th May 2016 The ministers tasked with intervening in the ongoing stand-off between South Africa’s big four banks and the Gupta-owned Oakbay Investments have missed their deadline. Minister in the Presidency Jeff Radebe told Parliament via a written reply to the Democratic Alliance on Wednesday that the... 

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... 

Finance Minister Gordhan 'not the criminal type' – ANC chief whip 

By: African News Agency      20th May 2016 African National Congress (ANC) chief whip in Parliament Jackson Mthembu on Thursday backed Finance Minister Pravin Gordhan, saying he was not the criminal type and called on those who were “peddling lies” about him to be caught. Addressing journalists in Parliament, Mthembu condemned weekend... 

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... 

Gordhan spy charges could be unconstitutional – law expert

By: News24Wire      19th May 2016 The 1982 Protection of Information Act, which would reportedly be used to charge Finance Minister Pravin Gordhan with espionage, could be unconstitutional. According to criminal law expert James Grant, Sections 3 and 4, which prohibit obtaining and disclosing certain information, deal with... 

SA debt not unsustainable – Gordhan 

By: African News Agency      18th May 2016 South Africa’s debt had not reached unsustainable levels and the deficit was being managed well, Finance Minister Pravin Gordhan said on Wednesday. “We kept our promise that we will consolidate our fiscus ever further and above all we said we would make sure that our debt is sustainable. 

Gordhan speaks out on arrest reports

By: News24Wire      18th May 2016 Finance Minister Pravin Gordhan says reports of his imminent arrest have been extremely distressing for him and his family. He said in a statement on Tuesday that he was not aware of any charges or further investigations until the reports surfaced over the weekend. 

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