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South Africa's Zuma reassures investors after dodging credit downgrade

By: Reuters     Updated 7 hours ago President Jacob Zuma moved to reassure foreign investors on Saturday after all three major rating agencies kept South Africa's investment-grade status, granting the scandal-prone leader a reprieve after prolonged political turmoil. S&P Global Ratings downgraded the local debt of Africa's most... 

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... 

Gordhan orders inquiry into tax agency

By: Reuters     2nd December 2016 South African Finance Minister Pravin Gordhan has ordered an investigation into the tax collection authority, officials told parliament on Thursday, underlining rising tensions between the Treasury and the revenue agency. Gordhan has expressed concerns at the leadership of the South African... 

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... 

Gupta family asks court to force release of details over closure of accounts 

By: Reuters     29th November 2016 South Africa's wealthy Gupta family, accused in a government corruption probe of allegedly holding undue influence over President Jacob Zuma, said on Tuesday it had asked a court to force a financial regulator to give the family details concerning the closure of its business accounts. The... 

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.... 

South African political tug-of-war could turn debt into junk

By: Reuters     24th November 2016 South Africa says it has done enough to show credit rating agencies it can boost economic growth, but an ongoing power struggle within the ruling African National Congress could push it into junk status next week. The country needs to borrow about R165-billion rand ($12-billion) this fiscal year... 

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... 

Panel to give minimum wage recommendation on Sunday

By: Reuters     18th November 2016 A government advisory panel will give its recommendation for a national minimum wage on Sunday, Deputy President Cyril Ramaphosa said on Friday. Wages and salaries are politically sensitive in South Africa, where the official unemployment rate is close to 25 percent and inequality remains glaring... 

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... 

BCI rises to 93 in October

By: Reuters     9th November 2016 Business confidence in South Africa recovered in October after slumping to its lowest in three decades in the previous month, boosted by a jump in export volumes and a firmer currency, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci) monthly business... 

Gordhan: South Africa must tackle graft, weak growth to avoid junk ratings

By: Reuters     9th November 2016 South Africa's Finance Minister Pravin Gordhan said on Tuesday that the country must tackle corruption and weak economic growth or face the risk of a credit rating downgrade to "junk" status. Credit ratings agencies are due to visit South Africa next week ahead of reviews of its credit ratings,... 

A credit downgrade will hit everyone in South Africa – Jonas 

By: News24Wire      8th November 2016 Preserving the investment grade credit rating is not just important for “white capitalists” but it is equally important for the poor and middle class, said Deputy Finance Minister Mcebisi Jonas. Jonas was speaking at the Association of Black Securities and Investment Professionals (Absip)... 

Gordhan, Madonsela honoured at prestigious Mahatma Gandhi awards

By: News24Wire      8th November 2016 Finance Minister Pravin Gordhan and former Public Protector Thuli Madonsela received special honours at the 2016 Mahatma Gandhi Awards held at the Durban City Hall on Monday. Gordhan, who could not attend due to ill health, received the Mahatma Gandhi Satyagraha Award for his contribution to... 

Presidency denies receiving letter requesting inquiry into NPA boss

By: News24Wire      8th November 2016 The Presidency on Monday said that it had not received a letter from the Helen Suzman Foundation and Freedom Under Law requesting an inquiry into the fitness of the National Director of Public Prosecutions (NDPP) to hold office. The civil organisations reportedly gave President Jacob Zuma an... 

Business finds voice, but holds back from calling for Zuma’s head

By: Terence Creamer     2nd November 2016 In an action that is unprecedented since the advent of democracy in South Africa, organised business has united with religious and civil society groups behind a campaign, known as Save South Africa, which is deeply critical of the current state of government. Business, nevertheless, refrained... 

Abrahams summoned to Parliament over Gordhan charges 

By: News24Wire      2nd November 2016 National Prosecuting Authority (NPA) head Shaun Abrahams has been called to brief Parliament on the dropping of charges against Finance Minister Pravin Gordhan. This after Abrahams on Monday announced that fraud charges against Gordhan and two former South African Revenue Service (Sars) senior... 

Business leaders back ‘historic’ Nov 2 protest despite withdrawal of Gordhan charges 

By: Terence Creamer     31st October 2016 Organised business formations indicated on Monday that they would still participate in a November 2 civil-society protest rally in support of the Constitution, despite the announcement by National Director of Public Prosecutions Shaun Abrahams that he was withdrawing dubious fraud charges against... 

SAA to continue to post losses until 2021 despite new turnaround promise 

By: Terence Creamer     28th October 2016 Embattled national carrier South African Airways (SAA) has indicated that it is likely to remain lossmaking until 2021, but that the scale of its losses should continue to decline. The State-owned group reported a loss of R1.5-billion in 2015/16, following a loss of R5.6-billion in the previous... 

Investors rattled by recent political developments; Western Cape manufacturing sector fairly stable

By: Kim Cloete     28th October 2016 Recent political developments in South Africa have made investors very jittery and the outlook for the economy is still fragile, according to an Absa/Bureau for Economic Research (BER) presentation, delivered in Cape Town, on Friday. “Our businesspeople in South Africa are clearly very concerned... 

South African IPP pioneer laments the ‘dampening effect’ of Eskom’s refusal to sign PPAs 

By: Terence Creamer     28th October 2016 A South African developer of medium-sized hydropower projects is increasingly turning its attention to regional opportunities, largely because of the hydrological potential to the north of the border, but also because of the prevailing uncertainty domestically about the future of the country’s... 

Avoid junk status at all costs, says South African Chief Justice

By: African News Agency      28th October 2016 South Africa was facing trying times and needed its citizens to unite and work together to avoid the country being downgraded to junk status by rating agencies, Chief Justice Mogoeng Mogoeng said as he delivered the annual Oliver Tambo Memorial Lecture in Johannesburg. “The economy of South... 

‘Get out of Jail Free’ card

By: Riaan de Lange     28th October 2016 The nonalcoholic equivalent of igniting tens fights to a bottle in most South African family environment of years gone by was, without doubt, a board game. What would a scarred childhood be without a single memory of a board game that escalated to a battle of wills, culminating in a full-blown... 

NPA still collecting evidence against Gordhan

By: News24Wire      27th October 2016 Nine days after announcing that Finance Minister Pravin Gordhan would be charged with fraud, the National Prosecuting Authority (NPA) issued a subpoena to the CEO of the Government Pensions Administration Agency to provide documents that explain the approval of requests for early retirement. This... 

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