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BLSA, Basa warn of negative consequences surrounding Hawks' action against Gordhan

By: Natasha Odendaal     24th August 2016 The confidence of investors in South Africa, which has been steadily recovering on the back of joint action by government, business and labour in recent months, is now in jeopardy, says Business Leadership South Africa (BLSA). This follows media reports that the South African priority crimes... 

South African assets sink after police summon Finance Minister

By: Reuters     24th August 2016 South African assets slumped on Wednesday a day after an elite police unit summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue unit of the tax service, fuelling speculation that there was a plot to oust him. Gordhan and other former officials at the South African... 

Govt sheds light on Zuma's role as head of SOCs

By: News24Wire      24th August 2016 The government clarified President Jacob Zuma’s role in the leadership of state owned companies (SOCs) on Tuesday, amid allegations of state capture where the Guptas use their friendship with Zuma as a way of winning contracts in the critical sector. The Guptas have been central figures in the... 

Sugar tax ‘unfair and regressive’ – BevSA 

By: Anine Kilian     23rd August 2016 The Beverages Association of South Africa (BevSA) believes that the proposed 20% tax on sugar sweetened beverages (SSBs) could trigger between 62 000 and 72 000 job losses, hurting the South African economy and exacerbating the broader fiscal and societal costs associated with unemployment.... 

Presidency denies Zuma rift with National Treasury over SAA board

By: African News Agency      22nd August 2016 The presidency on Sunday denied a rift between President Jacob Zuma and Finance Minister Pravin Gordhan over the South African Airways (SAA) board chaired by Zuma’s personal friend Dudu Myeni. “The presidency has noted media reports alleging a rift between the presidency and the National Treasury... 

Govt’s ETI shows R6bn employment incentives distributed

By: Natasha Odendaal     19th August 2016 Preliminary data shows claims totalling over R6-billion under the Employment Tax Incentive (ETI), introduced by the Employment Tax Incentive Act 26 of 2013, between its implementation on January 1, 2014, and March 31, Finance Minister Pravin Gordhan said. Responding to Parliamentary questions by... 

Coke bottler to rethink South Africa spending plans due to sugar tax

By: Reuters     18th August 2016 Africa's biggest Coke bottler, Coca-Cola Beverages Africa, will rethink its spending plans in South Africa if Pretoria's proposed tax on sugary drinks gets the green light, a spokeswoman said on Thursday. In a bid to fight a growing obesity rate in the continent's most lucrative market for... 

Call for SAA business rescue amid funding woes 

By: News24Wire      11th August 2016 The recent High Court judgment ordering South African Airways (SAA) to pay Nationwide Airlines more than R104.6-million in damages for uncompetitive practices means the national carrier now has no wriggling room left, Alf Lees, the DA's deputy shadow minister of finance, said on Thursday. He... 

Joemat-Pettersson backs renewables; promises coal, expedited renewable-energy IPP decision soon

By: Natasha Odendaal     29th July 2016 With government preparing to announce its long-awaited decision on the expedited round of  the Renewable-Energy Independent Power Producer Procurement Programme (REIPPPP) and the Coal Baseload Independent Power Producer Procurement  Programme (CBIPPPP), Energy Minister Tina Joemat-Pettersson has... 

Gordhan says domestic, global growth outlook bleak

By: Reuters     29th July 2016 South African Finance Minister Pravin Gordhan said on Friday that the domestic and global growth outlooks remained bleak and sounded a warning about the financial health of state-owned companies, which include power utility Eskom "As a country we are operating in a global environment that is not... 

SAA requires a whole new board – Gordhan

By: News24Wire      26th July 2016 Finance Minister Pravin Gordhan said South African Airways (SAA) requires a whole new board on Tuesday. Speaking at the EY and Johannesburg Chamber of Commerce and Industry (JCCI) business breakfast in Sandton on Tuesday, Gordhan said SAA needs an an experienced management team. 

South Africa needs to rethink austerity – Gordhan 

By: Reuters     26th July 2016 South Africa cannot rely on austerity measures to reduce public debt and boost economic growth, as previously thought, Finance Minister Pravin Gordhan said on Tuesday. Gordhan has been trying to find a balance between reining in spending to contain South Africa's budget deficit and avoid credit... 

Chamber disputes veracity of Unctad underinvoicing claim 

By: Martin Creamer     25th July 2016 The Chamber of Mines of South Africa (CoM) on Monday noted with concern the report published by the United Nations Conference on Trade and Development (Unctad) in which it was asserted that South Africa’s commodity exports were being underinvoiced. Prominent international news media have carried... 

Opposition calls for legal opinion on further extension for SAA financials

By: African News Agency      25th July 2016 The Democratic Alliance on Monday urged Parliament’s standing committee on finance to seek legal advice on whether it is allowed to grant National Treasury a third extension in tabling South African Airways’s financial results. "It is in our contention that there is no provision made in the... 

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. 

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... 

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