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Workers at South Africa's Illovo sugar farms to strike over pay

By: Reuters     26th June 2017 Around 1 000 workers at sugar producer Illovo are set to go on strike over wages and other benefits after talks with employers broke down, the trade union representing the staff said on Sunday. "The Food and Allied Workers Union and employers from eight Illovo farms in Kwa-Zulu Natal province... 

S&P's warns South Africa over meddling with central bank independence

By: Reuters     20th June 2017 Credit rating firm S&P Global warned South Africa on Tuesday that its rating could be cut deeper into junk territory if the government meddles with the "critical" independence of the country's central bank. A row over the South African Reserve Bank has escalated this week after the head of the... 

Moody's downgrades South Africa's credit rating but maintains investment grade

By: Reuters     10th June 2017 Ratings agency Moody's downgraded South Africa's credit rating on Friday but kept it at investment grade with a negative outlook, citing a recent abrupt cabinet reshuffle and reduced growth prospects for an economy mired in recession. South Africa's National Treasury said after the announcement... 

Rand steadies, focus on Moody's rating decision

By: Reuters     9th June 2017 South Africa's rand steadied against the dollar early on Friday as the market awaited a credit rating decision from Moody's expected late in the day. At 0649 GMT, the rand traded at 12.9425 per dollar, from its overnight close of 12.9200 on Thursday. 

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. 

Dondo Mogajane confirmed as treasury's director general

By: Reuters     8th June 2017 South Africa's Cabinet has confirmed Dondo Mogajane as permanent director general at National Treasury, it said on Thursday. Lungisa Fuzile resigned as the department's highest official shortly after his political head, Pravin Gordhan, was removed as finance minister. 

South Africa's private-sector activity little changed in May, Standard Bank PMI shows

By: Reuters     5th June 2017 Private-sector activity in South Africa was little changed in May from April, remaining in positive territory, as new orders and output failed to register significant gains. The Standard Bank Purchasing Managers' Index (PMI), compiled by Markit, was at 50.2 in May compared with 50.3 in April,... 

South Africa says spending, growth in focus after Fitch decision

By: Reuters     1st June 2017 South Africa's National Treasury said on Thursday it remains focused on fiscal consolidation and improving economic growth after Fitch ratings agency affirmed its subinvestment grade rating. Ratings agency Fitch kept South Africa's sub-investment grade rating on Thursday with a stable outlook,... 

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. 

Moyane lent tacit approval to the Rogue unit storyline - former spokesperson

By: News24Wire      7th April 2017 Denying that the alleged Rogue Unit existed was not the message Sars management wanted to convey to the public. Former Sars spokesperson Adrian Lackay said during cross examination on Thursday that this was the message given by managers at Sars during a GCIS meeting held in December 2014. 

Mcebisi Jonas resigns as MP

By: News24Wire      6th April 2017 Former deputy finance minister Mcebisi Jonas has resigned from Parliament. "The Office of the ANC [African National Congress] Chief Whip confirms the resignation of former Deputy Finance Minister and ANC MP Cde Mcebisi Jonas as a member of parliament effective 31 March 2017," ANC chief whip media... 

South Africa’s institutions need to be protected, strengthened – Jonas  

By: Megan van Wyngaardt     5th April 2017 South Africa’s institutions have either been forsaken or deliberately weakened for political expedience, with State transformation becoming so politicised that economics is almost just about political power, former Deputy Finance Minister Mcebisi Jonas said on Wednesday. Speaking a week after... 

Fuzile confirms his 'imminent departure' from Treasury

By: Creamer Media Reporter      5th April 2017 Highly respected National Treasury director-general Lungisa Fuzile has confirmed his imminent departure from the department. Fuzile’s contract was due to end in May 2018. However, prior to the axing of former Finance Minister Pravin Gordhan on March 31, the director-general requested a... 

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