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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... 

Govt renegotiating software contracts to cut costs

By: Megan van Wyngaardt     12th December 2016 The National Treasury, the State Information Technology Agency (SITA) and Microsoft are renegotiating the existing contract between the parties, which will effect significant savings to the national fiscus on the government-wide software licences and services contract. In addition, it is... 

Gauteng aims to hard-wire open tendering after pilot yields positive results 

By: Natasha Odendaal     9th December 2016 What began as a tentative pilot project to test the ‘open tendering’ concept in the South African public sector is now likely to become a permanent fixture, as the Gauteng provincial government (GPG) considers tabling legislation making the Open Tender System a necessary condition for procuring... 

Gauteng aims to hard-wire open tendering after pilot yields positive results

By: Natasha Odendaal     9th December 2016 What began as a tentative pilot project to test the “open tendering” concept in the South African public sector is now likely to become a permanent fixture, as the Gauteng provincial government (GPG) considers tabling legislation, making the Open Tender System a necessary condition for procuring... 

UK seeks to strengthen ties with S Africa amid Brexit

By: Megan van Wyngaardt     7th December 2016 To deepen the already strong economic ties with one of its key trade partners, UK Chancellor of the Exchequer Philip Hammond has committed up to £35-million for an ambitious new prosperity programme over the next four years, which will support inclusive economic development in South Africa, by... 

CEOs expect rand volatility in 2017

By: Anine Kilian     7th December 2016 The Merchantec CEO Confidence Index suffered a setback in the fourth quarter following its gradual recovery in the second and third quarters of this year, declining 2.1% to 47.9 points – below the neutral 50-point level. Surveyed CEOs indicated that recent rand gains, after the National... 

No conclusive data on feasibility of nuclear, National Treasury says

By: African News Agency      2nd December 2016 National Treasury has said there are no conclusive figures to date on the financial affordability and social impact on procuring new nuclear plants for South Africa. In a response to a parliamentary question released on Friday, Finance Minister Pravin Gordhan said studies released by the... 

Govt appoints consultants to help decide future course for airlines

By: Keith Campbell     2nd December 2016 A notice (NT008-2016) on the website of National Treasury has confirmed that a joint venture between Bain and Company South Africa and Abacus Advisory has been appointed the “professional service provider(s) for developing the optimal group corporate structure for the realignment of the... 

Gordhan climbs into Sars top management

By: News24Wire      1st December 2016 Finance Minister Pravin Gordhan admitted in a parliamentary response that there is a lack of accountability and co-operation from the top management at the South African Revenue Service (Sars). The Democratic Alliance’s David Maynier posed a question to Gordhan, asking him whether he was aware of... 

Govt, business and labour to up partnership game in 2017 

By: Natasha Odendaal     29th November 2016 The partnership between civil society, labour, business and government that recently averted a near-downgrade of South Africa’s investment rating will “lift its game” next year to ensure that citizens start to experience change, according to Finance Minister Pravin Gordhan. Speaking at a World... 

Fitch holds SA's investment-grade rating, but cuts outlook to negative

By: Reuters     25th November 2016 Ratings agency Fitch affirmed South Africa's investment-grade credit rating at one notch above 'junk' on Friday but changed its outlook to negative from stable, warning that political risks could hurt growth. With the economy expected to grow by only half a percent this year, South Africa has... 

Agribusiness to face several challenges in the new year – Agbiz

By: Anine Kilian     25th November 2016 The South African agribusiness environment will be faced with various challenges in 2017, especially in terms of engaging with key land reform legislation, according to Agricultural Business Chamber (Agbiz) CEO Dr John Purchase, who delivered an agricultural industry forecast for 2017 on Friday.... 

Treasury supports minimum wage report

By: Sashnee Moodley     24th November 2016 Finance Minister Pravin Gordhan said on Wednesday that National Treasury supported the recently released National Minimum Wage report, which “represented a balanced, thoughtful and constructive approach to addressing the challenge of inequality and unemployment”. The report was an important... 

Treasury to seek clarity from Sars regarding rogue unit

By: African News Agency      22nd November 2016 National Treasury on Tuesday said it would be seeking clarity about a reports of a rogue unit at the South African Revenue Service (SARS), similar to the so-called rogue unit that pitted Finance Minister Pravin Gordhan against the Directorate for Priority Crime investigation (Hawks) earlier this... 

Consultants appointed to help government decide future course for SAA, SA Express 

By: Keith Campbell     22nd November 2016 A notice (NT008-2016) on the website of National Treasury has confirmed that a joint venture between Bain and Company South Africa and Abacus Advisory has been appointed the “professional service provider(s) for developing the optimal group corporate structure for the realignment of the... 

National Treasury makes further strides in bringing down supplier costs

By: Natasha Odendaal     21st November 2016 In an effort to bring down supplier costs, National Treasury’s Office of the Chief Procurement Officer (OCPO) has successfully renegotiated an existing contract with Telkom-owned Business Connexion (BCX). It is expected that the renegotiated fixed-line telecommunication services contract will... 

Protecting Gordhan's job could deter ratings downgrade – economist

By: News24Wire      21st November 2016 Ratings agencies will in all likelihood hold off on a sovereign ratings downgrade, as such a move could justify the removal of Finance Minister Pravin Gordhan. This is the view of Gina Schoeman, South Africa economist of global bank Citi, who said in a company note issued on Monday that ratings... 

Tide beginning to turn against Jacob Zuma

By: Aubrey Matshiqi     18th November 2016 What a week! In the same week, the National Prosecuting Authority dropped charges of fraud against Finance Minister Pravin Gordhan, a judge ordered that the report on the investigation into allegations of State capture be released and disparate groups – including the Economic Freedom Fighters... 

Stainless steel industry participants more optimistic about business conditions

By: Megan van Wyngaardt     17th November 2016 Thirty-eight per cent of the 89 Sassda members who participated in the Southern African Stainless Steel Development Association’s (Sassda’s) Short Track survey for October indicated a positive response to the current order situation. Although a slight deterioration on last month’s 40%, Sassda... 

NPA mum on suspension letter

By: News24Wire      16th November 2016 The National Prosecuting Authority (NPA) said it would not comment on President Jacob Zuma’s letter in which Zuma requests reasons why National Director of Public Prosecutions Shaun Abrahams and others should not be suspended. “The presidency will communicate on that matter. We are not... 

Jonas recommits to fiscal consolidation as Treasury meets with ratings agency

By: African News Agency      15th November 2016 South Africa Deputy Finance Minister Mcebisi Jonas reiterated on Tuesday that government was committed to fiscal consolidation, as National Treasury met with Fitch Ratings agency. “We are in the process of ratings agencies reviewing South Africa’s [credit] rating at the moment. Today we had a... 

Labour market index improves, but no cause for celebration – Solidarity

By: Megan van Wyngaardt     14th November 2016 While the Solidarity-ETM Labour Market Index (LMI) improved to 42.5 index points in the third quarter, up from the downwardly revised 41.9 in the second quarter, the trade union cautioned against premature talk of “green shoots” of recovery in the South African economy. The trade union said the... 

Gordhan: We're working hard to avert downgrade

By: News24Wire      14th November 2016 Government, business and labour have done “phenomenal” work in trying to prevent a credit ratings downgrade, says finance minister Pravin Gordhan. Gordhan, who was speaking at the Discovery Leadership Summit 2016 in Sandton on Monday, was asked about whether he would be the fall guy if South... 

BEHIND CLOSED DOORS

By: Creamer Media Reporter      11th November 2016 Controversial South African Airways chairperson Dudu Myeni pictured here peering out of the sixth-floor boardroom at Airways Park, alongside OR Tambo International Airport. The media were allowed in for a glimpse of Myeni and Finance Minister Pravin Gordhan seemingly working together on the... 

Rediscovering democracy

By: Terence Creamer     11th November 2016 Since the shocking events of the 9/12 last year when President Jacob Zuma made the fatal error of removing – seemingly with the prior knowledge of his friends outside of government – Finance Minister Nhlanhla Nene in a brazen attempt at “capturing” the National Treasury, there has been something... 

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