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Budget News

Portfolio ensures better efficiency

By: Anna Moross 7th May 2021 Electric variable-speed drives and motors supplier ABB Motion in January released their ACS880LC liquid cooled drives portfolio that can improve overall system efficiency by reducing auxiliary power consumption by up to 10%. →

$100bn bled from emerging markets during onset of Covid-19 in 2020 – Afreximbank

By: Donna Slater 16th April 2021 A survey and subsequent report ‘Survey of Impact of Covid-19 on African Trade Finance’ by the Africa Export-Import bank (Afreximbank), shows that outflows from emerging market economies in the first quarter of 2020 accounted for more than $100-billion. The report was a joint production between... →

Loan Guarantee Scheme to be extended to July 11

By: Donna Slater 12th April 2021 The Loan Guarantee Scheme (LGS), first announced by President Cyril Ramaphosa on April 21, 2020, and which was scheduled to expire on April 11, will remain in operation for a further three months, enabling those who have qualified for a loan to continue to access their funds and for applications... →

BLSA commends steps taken to advance public administration, says more to be done

By: Donna Slater 12th April 2021 Business Leadership South Africa CEO Busi Mavuso cautions that while business owners, leaders and CEOs may criticise government for maladministration, it ought to be remembered that government is a large and complex organisation with over two-million employees and a budget of R1.8-trillion. “That... →

Photo by Donna Slater
Business Leadership South Africa CEO Busi Mavuso

Sars revenue boost a result of good luck and not good policy, says BLSA CEO

By: Donna Slater 6th April 2021 The announcement last week by the South African Revenue Service (Sars) that it had managed to exceed revised budgets for tax collections, with the collection of R38-billion more than had been estimated in the February budget for the 2020/21 year, is “very welcome”, says Business Leadership South... →

Vaccination success key to igniting SA’s infrastructure roll-out

By: Darren Parker 2nd April 2021 Despite the strain that the roll-out of Covid-19 vaccinations is placing on the fiscus, industry body Consulting Engineers South Africa (Cesa) believes that it needs to be prioritised in concert with the fast-tracked implementation of infrastructure projects for the recovery of South Africa’s... →

Compounder adds new plant capacity

By: Darren Parker 12th March 2021 Speciality compound producer Continental Engineering Compounds has invested R25-million in building a new specialised production line at its Westmead factory, in KwaZulu-Natal. The added capacity will help the company to increase supply of locally manufactured compounds used for packaging,... →

EXTRA, EXTRA The capacity expansion will assist in terms of local supply to the industrial and automotive sectors

KwaZulu-Natal to implement Provincial Economic Reconstruction and Recovery Plan

By: Sane Dhlamini 9th March 2021 KwaZulu-Natal Finance MEC Nomusa Dube-Ncube has promised that her department will move with speed to implement, in line with the national plan, the Provincial Economic Reconstruction and Recovery Plan, as articulated by KwaZulu-Natal Premier Sihle Zikalala. Dube-Ncube, on Tuesday, tabled the... →

KZN MEC for Finance Nomusa Dube-Ncube

Sovereign governments set to borrow $12.6tr this year – S&P Global Ratings

By: Donna Slater 3rd March 2021 Sovereign governments worldwide are set to borrow $12.6-trillion from commercial debt sources this year, a report by ratings agency Standard & Poor’s (S&Ps) Global Ratings shows. S&P Global Ratings’ yearly survey of global sovereign debt and borrowing compiles data pertaining to all 135 rated... →

Sars establishes unit to crack down on high wealth tax evaders and offshore accounts

By: Donna Slater 25th February 2021 The South African Revenue Service (Sars) is establishing a separate unit – the High Wealth Individual Taxpayer Segment (HWI) – to focus on individual taxpayers with wealth and complex financial arrangements. The unit will initially be co-located with the Large Business and International Taxpayer... →

Budget highlights

25th February 2021 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Finance Minister Tito Mboweni's 2021 Budget, which included a focus on the importance of the Covid-19 vaccine rollout. Tax changes and better than expected debt and deficit projections also featured. →

Budget highlights

Ramaphosa’s SoNA holds bold promises, but lacks finer details, says BLSA

By: Donna Slater 15th February 2021 In his February 13 State of the Nation Address (SoNA), President Cyril Ramaphosa highlighted factors that will serve to lift the economy, tackle Covid-19 and boost ailing electricity infrastructure, says Business Leadership South Africa (BLSA) CEO Busi Mavuso. Of particular interest, she says,... →

Industry body seeks purposeful rebuilding

By: Darren Parker 12th February 2021 The Consulting Engineers South Africa (Cesa) theme for this year is: Rebuilding with purpose. This is aimed at encouraging the engineering and construction sectors to pursue the rebuilding of the sector and the economy in a more conscious and mindful manner so that all South Africa’s... →

Photo by Creamer Media
SUGEN PILLAY Cesa’s call to purposefully rebuild the economy and infrastructure will aim to foster an enhanced social compact between all industry partners and stakeholders

Strategic forethought hindered by crisis mindset

By: Darren Parker 12th February 2021 With South Africa’s fiscus placed under immense strain as government attempts to combat the effects of the pandemic, South African Institute of Civil Engineering (Saice) CEO Vishaal Lutchman fears that owing to the Covid-19 pandemic, the country’s leadership is in “head down crisis mode”, with... →

VISHAAL LUTCHMAN Government has not prioritised infrastructure development for the past decade and it will likely not prioritise it in 2021 either

SIU recovers R127m worth of dodgy PPE payments so far

By: Marleny Arnoldi 5th February 2021 The Special Investigating Unit's (SIU's) work has resulted in the recovery of R127-million of funds, which had been paid irregularly by the State to service providers of personal protective equipment (PPE) and related services. This was revealed on February 5 as SIU head Advocate Andy Mothibi... →

SIU head Advocate Andy Mothibi discusses the unit's progress on uncovering Covid-19 PPE corruption

Treasury likely to maintain bond auction levels

By: Bloomberg 4th February 2021 South Africa’s National Treasury will probably keep the levels of its bond auctions constant until the end of the fiscal year, even with domestic-debt issuance running ahead of target. The Treasury is unlikely to “adjust its in-year bond auction levels due to the short time period remaining after... →

Finance Minister Tito Mboweni

District Development Model to improve planning, implementation as South Africa embarks on economic recovery

By: Donna Slater 29th January 2021 The Covid-19 pandemic is providing a good socioeconomic testing ground for the newly rolled-out District Development Model (DDM), with its One Plan, One Budget strategy expected to alleviate disjointed planning, budgeting and implementation across the different spheres and entities of... →

WEF yearly summit to be held in Singapore in May

By: Donna Slater 8th December 2020 The World Economic Forum (WEF) will convene its 2021 Special Annual Meeting in Singapore from May 13 to 16; and return to Davos-Klosters, in Switzerland, for the 2022 edition. The change in location reflects the forum’s priority of safeguarding the health and safety of participants and the host... →

Government departments implement initiatives to create more jobs

By: Donna Slater 16th November 2020 Various government departments have commenced with the rollout of President Cyril Ramaphosa’s plan to protect and create jobs as part of his emergency relief package that has been mobilised in the wake of the Covid-19 pandemic and to address the impacts thereof. To date, Public Works and... →

Maintenance saves companies’ bottom line

13th November 2020 With economic uncertainty levels reaching an all-time high, it is necessary to find creative and resilient ways to reduce budgets while boosting the bottom line. Preventive maintenance is often one of the most tempting to trim, however, doing so could end up costing a business significantly more... →

PREVENTION BETTER THAN CURE Companies can minimise the risk of costly reactive maintenance as reactive maintenance only addresses problems as it arises

B4SA proposes alternatives to another hard lockdown in event of a second wave

By: Donna Slater 10th November 2020 To restore and boost investor and consumer confidence in South Africa, Business for South Africa (B4SA) is requesting certainty from government that there will not be another “hard economic lockdown” – such as those of Alert Levels 3 to 5 – in South Africa in the event of a second wave of... →

Next interim candidate appointed as FSCA commissioner

By: Marleny Arnoldi 9th November 2020 National Treasury has appointed Olano Makhubela interim commissioner of the Financial Sector Conduct Authority (FSCA) for a period of three months starting November 6. He is currently the divisional executive for retirement funds supervision at the authority and will continue with these... →

Covid-19 accelerates domestic sustainable finance market – Standard Bank

By: Donna Slater 4th November 2020 The Covid-19 pandemic has heightened the focus on climate change and financial instruments that promote sustainable economic development, Standard Bank group CEO Sim Tshabalala noted in the latest episode of the ClimateBiz podcast series hosted by the International Finance Corporation (IFC). In... →

Economic Reconstruction and Recovery Plan presents opportunity to build a better economy, says Saice

By: Donna Slater 4th November 2020 The Economic Reconstruction and Recovery Plan tabled by President Cyril Ramaphosa in October, provides an opportunity to build a better structured economy, reports South African Institution of Civil Engineering CEO Vishaal Lutchman. Following Ramaphosa’s announcement of the plan, Finance Minister... →

Bank to play pivotal role in recovery plan

By: Cameron Mackay 30th October 2020 State-owned development finance institution Development Bank of Southern Africa (DBSA) is looking to accelerate playing a meaningful role in the economic recovery of the country by assisting in financing and implementing vital infrastructure projects for the transport sector, particularly road... →

THE ROAD TO RECOVERY The DBSA sees roads infrastructure and other transport sector infrastructure as key to stimulating economic growth and social inclusion

Medium-term budget highlights

29th October 2020 Creamer Media's Chanel de Bruyn speaks to Creamer Media Editor Terence Creamer about the new fiscal framework presented by Finance Minister Tito Mboweni during his Medium-Term Budget Policy Statement, on Wednesday; what this could mean for public sector wages and South Africa's credit rating;... →

Medium-term budget highlights

Budget policy critical to economic recovery from Covid-19, says BLSA

By: Donna Slater 26th October 2020 This week is an important one in that South Africa’s Medium-Term Budget Policy Statement (MTBPS) will be presented by Finance Minister Tito Mboweni on October 28, having the potential to support a recovery in business sentiment leading to a recovery in growth and employment, says Business... →

BLSA implores Mboweni to prioritise revenue collection in MTBPS

By: Marleny Arnoldi 23rd October 2020 In an open letter from Business Leadership South Africa (BLSA) addressed to Finance Minister Tito Mboweni, the organisation asks that the Medium Term Budget Policy Statement (MTBPS) "aggressively trim remaining fat" towards efficient revenue collection in the country. On behalf of business,... →

Mboweni requests to move MTBPS to October 28

By: Marleny Arnoldi 14th October 2020 Finance Minister Tito Mboweni has asked for an extended timeframe to table the 2020 Medium Term Budget Policy Statement. The Speaker of the National Assembly acceded to the request for the Minister to table the budget on October 28, instead of October 21, pending approval of the Parliamentary... →

Finance Minister Tito Mboweni

SA Mint pays homage to eye surgery invention in latest crown, tickey series

By: Marleny Arnoldi 7th October 2020 The South African Mint (SA Mint) has again shined a light on the retinal cryoprobe, which is featured on its 2020 crown and tickey coin series. The South African Reserve Bank subsidiary has since 2016 celebrated the national genius of inventors and inventions, which have had global success, on... →

National Treasury launches Covid procurement spend dashboard

By: Marleny Arnoldi 5th October 2020 Further to President Cyril Ramaphosa’s directive to organs of State in August to submit information around their Covid-19 procurement, the National Treasury has published an interactive Covid-19 procurement dashboard to show procurement activity. Treasury was tasked with creating a standard... →

Civil society organisations urge leaders to tackle corruption

By: Donna Slater 1st September 2020 In an open letter addressed to President Cyril Ramaphosa and Finance Minister Tito Mboweni, Corruption Watch executive director David Lewis and Public Affairs Research Institute executive director Dr Mbongiseni Buthelezi urge the leaders to tackle corruption by taking advantage of the current... →

Treasury goes live with info on State Covid-19 procurement contracts

By: Marleny Arnoldi 26th August 2020 The Presidency on August 26 confirmed that all Covid-19-related government expenditure has been published online. The Office of the Chief Procurement Officer has published a full list of all companies who have been awarded contracts by government for the supply of goods and services relating to... →

B4SA disappointed at TERS payment suspension

By: Donna Slater 26th August 2020 Business for South Africa (B4SA) is disappointed that all payments of Unemployment Insurance Fund (UIF) Temporary Employer/Employee Relief Scheme (TERS) benefits have been halted pending investigations by the Auditor-General (AG). It is understood that the AG is investigating system integrity... →

Covid-19 severely impacts business confidence, unemployment

By: Donna Slater 17th August 2020 Strategy and investment consulting firm Singular Group says the Covid-19 pandemic has severely impacted South Africa’s economy, to such an extent that business confidence is at an all-time low, 22% lower than during the 2008 global financial crisis and currently ranking in the 8% range. During... →

More German experts coming to help reactivate South African industry

By: Rebecca Campbell 14th August 2020 The German embassy in South Africa expects further technical experts from that country to arrive in South Africa, subject to the approval of the South African government. The first contingent of these experts, sent to help reactivate and upgrade German-owned factories and service companies in... →

UIF TERS extended July/August applications to open next Monday

By: Donna Slater 13th August 2020 The Unemployment Insurance Fund (UIF) will open and begin processing the July/August Covid-19 Temporary Employee Relief Scheme (TERS) benefits applications from August 17. This follows the signing of the new directive on the extended period of benefits by Employment and Labour Minister Thulas... →

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