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Solidarity alleges mismanagement of funds at Denel

By: Simone Liedtke     Updated 3 hours ago Trade union Solidarity on Thursday alleged in a report titled ‘Denel Dossier’ that State-owned aerospace and defence group Denel’s top management received increases of up to 60% in their salaries, as well as 100% performance bonuses last year, while there were insufficient funds to pay employees... 

CMH achieves 17.2% y/y increase in FY18 headline earnings despite challenges

By: Marleny Arnoldi     17th April 2018 Investment holding company Combined Motor Holdings (CMH) on Tuesday reported a good set of results for the financial year ended February 28, despite ongoing challenges including a difficult economic, trading and political environment.  

Ramaphosa team to seek $100bn investment for South Africa

By: Reuters     17th April 2018 South African President Cyril Ramaphosa appointed a team of business and finance experts on Monday to hunt the globe for $100-billion in investment to boost the ailing economy. The team of economic envoys includes two former finance ministers – Trevor Manuel and Pravin Gordhan, who now holds the... 

Trade union to seek to put SAA into business rescue

By: Rebecca Campbell     9th April 2018 Trade union Solidarity announced on Sunday that it was to start court proceedings to place State-owned and financially very troubled national carrier South African Airways (SAA) under business rescue. In an open letter to President Cyril Ramaphosa, Finance Minister Nhlanhla Nene and Public... 

Now is the time to reform, stabilise and revitalise State-Owned Entities

     28th March 2018 Our vision is that by 2030 state institutions are well-run and effectively coordinated, managed by professionals committed to the public good and capable of delivering consistently high-quality services, and working for economic growth and reduced poverty and inequality. In June 2015 Topco Media... 

Youth Employment Service to benefit 1m young people  

By: Marleny Arnoldi     27th March 2018 President Cyril Ramaphosa on Tuesday launched the Youth Employment Service (Yes) initiative – a business-led partnership with government, labour and society, that aims to empower one-million young South Africans between the ages of 18 and 34 through paid work experiences over the next three years.  

Roadblocks ahead for South Africa's Ramaphosa after Moody's win

By: Reuters     27th March 2018 South Africa's new President Cyril Ramaphosa will need to call on all his dealmaking skills to overhaul ailing State-owned firms and tackle land reform if he wants to capitalise on Moody's decision not to downgrade the country's debt to junk. Moody's said its decision to keep South Africa's... 

South Africa mulling privatisation in Ramaphosa reform drive – Treasury chief

By: Reuters     26th March 2018 South Africa will consider partially privatising struggling State-owned companies as part of wide-ranging reforms set in motion by President Cyril Ramaphosa since he came to power last month, the head of the National Treasury said on Saturday. Dondo Mogajane said South Africa was at the end of a... 

There are no investigations into Gordhan – Hawks

By: News24Wire      20th March 2018 The Hawks have denied allegations that they are targeting Public Enterprises Minister Pravin Gordhan for supposedly taking part in illegal interceptions and spying during his time as South African Revenue Service (Sars) commissioner. In a statement, Hawks spokesperson Brigadier Hangwani Mulaudzi... 

Radebe’s inbox

By: Terence Creamer     9th March 2018 Having initially exercised some restraint in his retention of Dipuo Peters as Energy Minister from May 2009 to July 2013, former President Jacob Zuma grew increasingly agitated by the lack of nuclear progress and made several changes in relatively quick succession. Ben Martins, Tina... 

SA revenue service special voluntary disclosure programme reaches R3.3bn mark

By: African News Agency      8th March 2018 The South African Revenue Service (Sars) said on Thursday it had entered into payment agreements through its Special Voluntary Disclosure Programme with non-compliant taxpayers who owe it over R3.3-billion in tax liabilities through unauthorised foreign assets and income. Sars said such taxpayers... 

Gordhan calls for visible govt action to restore trust in SA Inc 

By: News24Wire      7th March 2018 Since December the future of South Africa has been more certain and optimistic, Minister of Public Enterprises Pravin Gordhan said on Wednesday, adding that the government needs to be seen taking visible action to restore trust in SA Inc. He was the opening speaker at a seminar on the theme “The... 

DoE says renewable energy receiving ‘urgent attention’, Minister to brief the media on REIPPPP on Thursday 

By: Kim Cloete     7th March 2018 The Department of Energy (DoE) has promised that the signing of the outstanding power purchase agreements with renewable energy independent power producers (IPP) is receiving “very urgent attention” and would happen soon. Director General of the DoE Thabane Zulu on Tuesday told Parliament’s... 

Undoing State capture in South Africa will face stiff resistance, sabotage – Gordhan 

By: African News Agency      6th March 2018 Public Enterprises Minister Pravin Gordhan on Tuesday said the new political dispensation in South Africa and the reversal of the “bad things” which led to the capture of key state institutions by private interests will be regularly opposed by the beneficiaries of the corruption. “I think we all... 

Gigaba gears to tackle corruption as he rejoins home affairs 

By: African News Agency      2nd March 2018 Home Affairs Ministers Malusi Gigaba on Friday said reviewing the current systems for issuing South African documents to foreign nationals was one of his top priorities as he rejoined the department, bearing in mind the “prominent cases” where procedures were said to have been flouted. “We need... 

BLSA welcomes Cabinet reshuffle

By: African News Agency      27th February 2018 Business Leadership South Africa (BLSA) on Tuesday welcomed the changes to the national executive announced on Monday night by newly appointed President Cyril Ramaphosa, but urged him to speedily review the size of his Cabinet as promised. BLSA applauded the return of Nhlanhla Nene as Finance... 

Ramaphosa announces sweeping Cabinet changes

     26th February 2018 President Cyril Ramaphosa’s statement outlining changes to the National Executive. 

South Africa retains dubious corruption rating

By: News24Wire      22nd February 2018 Corruption Watch has expressed concern over South Africa dropping down the rankings of the latest Corruption Perceptions Index (CPI) released by Transparency International. Corruption Watch's Phemelo Khaas said South Africa's score dropped from 45 in 2017 to 43 this year, and although it seems "a... 

VAT rate rise ‘not desirable’, but ‘unavoidable’ to rebuild public finance integrity

By: Terence Creamer     21st February 2018 Finance Minister Malusi Gigaba confirmed the much-anticipated increase in the value-added tax (VAT) rate from 14% to 15% in his maiden Budget speech to Parliament on Wednesday, describing the increase as “unavoidable if we are to maintain the integrity of our public finances”. The hike was... 

Gordhan, Jonas said to be part of Ramaphosa's new Cabinet plan

By: News24Wire      20th February 2018 Former ministers banished to the political wilderness under Jacob Zuma’s presidency are set to make a comeback as President Cyril Ramaphosa prepares to revive the stagnant economy. The African National Congress’s (ANC's) top-six officials, including President Cyril Ramaphosa, will meet on Friday... 

Eyes on Gigaba amid talk of Cabinet reshuffle before budget

By: Reuters     16th February 2018 South Africa's Treasury is set to present its 2018 budget to parliament on Wednesday but market focus is on whether new President Cyril Ramaphosa will reshuffle the cabinet before then and replace Finance Minister Malusi Gigaba. Ramaphosa was sworn in as head of state on Thursday after his... 

Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

By: News24Wire      16th February 2018 Rand gains on the election of a new South African president have run their course, say analysts, as markets await a possible Cabinet reshuffle this weekend. The rand, which opened at R11.62 to the dollar on Friday, strengthened to R11.56/$ during the course of the morning. However, analysts... 

Gordhan lashes out at Denel as it begs for R3bn lifeline

By: African News Agency      6th February 2018 State arms manufacturer Denel on Tuesday pleaded for an equity injection as it briefed MPs on its results for the past year, but former finance minister Pravin Gordhan flatly countered that the company's dire financials were linked to its dealings with the Gupta family believed to have corrupted... 

Former Eskom CFO Singh accused of lying and stonewalling at inquiry

By: African News Agency      24th January 2018 Former Eskom chief financial officer Anoj Singh was accused of lying about who paid for his travels to Dubai and ducking questions about suspect transactions he approved in his testimony before the parliamentary inquiry into the power utility on Tuesday. After more than four hours of questions... 

Deputy Chief Justice Zondo to hold briefing on State capture inquiry

By: News24Wire      23rd January 2018 Deputy Chief Justice Raymond Zondo is expected to reveal further details of the commission of inquiry into allegations of State capture at a briefing in Midrand on Tuesday as the State takes steps against some of the people implicated in the claims. On January 9 this year President Jacob Zuma... 

Auditors body nears completion of investigation into KPMG scandal

By: African News Agency      12th January 2018 The Independent Regulatory Board for Auditors (IRBA) said on Friday that one of the lines of investigation into embattled audit firm KPMG was nearing completion and would be tabled at the upcoming investigating committee, while others are progressing satisfactorily. The IRBA is investigating KPMG... 

Standard Bank SA appoints ex-Treasury DG Lungisa Fuzile as CEO

By: News24Wire      14th December 2017 Standard Bank South Africa on Thursday announced the appointment of Lungisa Fuzile as its new CEO with effect from January 15, 2018. The former director general of the National Treasury will replace Sim Tshabalala, who as recently as September 2017 took over as sole CEO at the bank. Before this,... 

Uncanny similarities

By: Martin Zhuwakinyu     1st December 2017 What is the common denominator between South African President Jacob Zuma and Faure Gnassingbe, his opposite number in the West African nation of Togo? Both have had a torrid year, with angry citizens baying for their political demise. In South Africa, tens of thousands took to the streets early... 

Lynne Brown says she will not resign

By: African News Agency      30th November 2017 Public Enterprises Minister Lynne Brown on Thursday dismissed calls for her resignation, saying that South African State-owned companies were in a better position since she took over in 2014. Brown, who twice missed a session to answer questions in the National Assembly - once because she was... 

Gordhan joins Wits School of Governance

By: Sane Dhlamini     30th November 2017 The University of the Witswatersrand (Wits) announced on Thursday that it had appointed former Minister of Finance Pravin Gordhan as a visiting professor at the Wits School of Governance, as from Friday. “He has played an integral role in South Africa’s history and we believe that his strong... 

Support Ramaphosa and we will not see a downgrade – Gordhan

By: News24Wire      24th November 2017 Former Finance Minister Pravin Gordhan on Thursday endorsed Deputy President Cyril Ramaphosa, saying he should be given a chance to implement his "New Deal" proposal. "If we support Ramaphosa I can guarantee you we will not see a downgrade," said Gordhan. 

The sooner Guptas leave SA, the better – Gordhan

By: News24Wire      20th November 2017 Former finance minister Pravin Gordhan has said the sooner the Guptas get out of South Africa, the better for the country. He was speaking at the Congress of Business and Economics dinner on Saturday, where they were paying tribute to heroes who have created a legacy that will benefit South Africa. 

McKinsey not sure who to refund for Eskom fiasco, partner tells parliamentary probe

By: African News Agency      15th November 2017 Global consultancy firm McKinsey stood ready to repay the money it earned from a flawed Eskom deal but did not know where to direct the R1-billion refund, senior partner Dave Fine told the parliamentary inquiry into allegations of state capture at the power utility. “McKinsey does not want... 

Why has no-one been punished yet for State capture, asks Gordhan

By: News24Wire      9th November 2017 One of the questions to be asked about the exposure of State capture in South Africa – on the political as well as business front - is why no one has been punished yet, former finance minister Pravin Gordhan said on Thursday. “Lots of names have been exposed and I think Jacques Pauw’s book [The... 

Gordhan says new South African Revenue Service probe may be case of obfuscation

By: African News Agency      8th November 2017 Former finance minister Pravin Gordhan on Tuesday said the inquiry into tax collection and governance at the South African Revenue Service (Sars) announced by his successor Malusi Gigaba risked obfuscating rather than resolving problems at the entity. “It could be a case of delaying dealing with... 

Various State assets being identified for disposal as Gigaba drops deficit and debt bombshells 

By: Terence Creamer     25th October 2017 Finance Minister Malusi Gigaba confirmed the worst in his maiden Medium-Term Budget Policy Statement (MTBPS), revealing serious fiscal slippages amid bail-outs of State-owned companies (SOCs), a worryingly sharp deterioration in revenue collections, a material downward revision to the country’s... 

KPMG ‘rogue unit’ report grossly unfair to former finance minister Gordhan – Ramaphosa

By: African News Agency      20th October 2017 Deputy President Cyril Ramaphosa on Thursday said a report compiled by auditing firm KPMG for the South African Revenue Service into the existence of a “rogue spy unit” was “grossly unfair” to former finance minister Pravin Gordhan. The KPMG report , which insinuated that Gordhan knew of a... 

Businesses must take action to drive inclusive growth in Africa

By: Robyn Wilkinson     20th October 2017 There is a need for a new social narrative that balances generating profits with building social capital to drive inclusive economic growth in Africa, says management consultant IQbusiness CEO Adam Craker.  

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