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Budget News

Gauteng budget boosted by prior year rollovers, but medium-term spend remains tight  

By: Marleny Arnoldi     26th November 2019 The Gauteng Provincial Government (GPG) has revised its expenditure for the 2019/20 financial year ending March 31, 2020, upwards by R443-million, increasing the yearly provincial budget to R132-billion. This is owing to unspent or reallocated rollover funds from 2018/19, Gauteng Finance MEC... 

Remediation announced following LCCP review

22nd November 2019 With the capital cost of the Lake Charles Chemicals Project (LCCP) in May forecasted as $12.9-billion, as opposed to the initial $12.6-billion forecast in February, Petrochemical producer Sasol’s board of directors commissioned an independent review to track the reasons behind the change in costs. 

WHAT A VIEW
In May, Sasol re-evaluated and set out the principal factors that had resulted in an increase in the Lake Charles Chemical Project capital cost guidance
WHAT A VIEW In May, Sasol re-evaluated and set out the principal factors that had resulted in an increase in the Lake Charles Chemical Project capital cost guidance

Raising taxes won't help the fiscus, parliament hears   

By: News24Wire      5th November 2019 Further tax hikes will not be helpful in raising revenue, as intended, the Financial Fiscal Commission warned. The commission, which is a constitutional body that advises all organs of state on economic, financial and fiscal matters, on Tuesday briefed Parliament's committees in finance and... 

Finance Minister Tito Mboweni
Finance Minister Tito Mboweni

R110m for refurbishments to MPs' houses and R540m for improvements at Parliament 

By: News24Wire      31st October 2019 After spending almost three-quarters of a billion rand on the three parliamentary villages, its upkeep and transport the past 10 years, the Department of Public Works is planning another project, worth R110-million, to refurbish houses for MPs. The department is also planning to demolish and... 

R110m for refurbishments to MPs' houses and R540m for improvements at Parliament

SA’s fiscal risks rise 

30th October 2019 Creamer Media’s Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the deterioration in South Africa’s public finances, what Tito Mboweni said in his Medium-Term Budget Policy Statement (MTBPS) about Eskom and whether the MTBPS is enough to prevent South Africa’s rating from... 

SA’s fiscal risks rise

Saville stresses importance of this year’s MTBPS

By: Marleny Arnoldi     28th October 2019 Cannon Asset Managers founder and CEO Dr Adrian Saville believes the upcoming Medium-Term Budget Policy Statement (MTBPS) might be the most important one for South Africa yet. With a resurgence of load-shedding, crisis-level unemployment rates and economic growth teetering between 0% and 1%,... 

Gauteng budget spend reaches 97% average

By: Natasha Odendaal     4th October 2019 The Gauteng departments of Health, Education and Infrastructure Development have driven the Gauteng Provincial Government’s collective 97% spend of its total adjusted budget for the 2018/19 financial year. Aggregately, the province spent R119.5-billion of its R122-billion budget for the year,... 

Mboweni postpones mini budget by a week 

By: News24Wire      19th September 2019 Minister of Finance Tito Mboweni will this year present his Medium-Term Budget Policy Statement on October 30, about a week later than is the norm.  National Treasury and the chairperson of the Parliament's standing committee on finance, Joseph Maswanganyi, confirmed the date to Fin24 on... 

Finance Minister Tito Mboweni
Photo by Reuters
Finance Minister Tito Mboweni

Group Five business rescue plan published

By: Simone Liedtke     2nd September 2019 The business rescue practitioners (BRPs) for embattled construction company Group Five Construction (G5 Construction), Dave Lake and Peter van den Steen, have released the business rescue plans for the company and for Group Five Limited. Voting on the business rescue plans for both entities will... 

Crucial policy missteps have taken place – Ramaphosa   

By: Sane Dhlamini     23rd July 2019 President Cyril Ramaphosa said on Tuesday that, while South Africa has come a long way 25 years into democracy, there have been crucial policy missteps, and he admitted that government has, at times, failed to implement coherent policy or delayed doing so. He was addressing delegates at the 25... 

President Cyril Ramaphosa
President Cyril Ramaphosa address the 25 Years of Democracy Conference. (Camera & editing: Nicholas Boyd)

Repo rate cut welcomed

By: Sane Dhlamini     18th July 2019 Black Business Council (BBC) CEO Kganki Matabane on Thursday welcomed the South African Reserve Bank (SARB) Monetary Policy Committee’s decision to cut the repo rate by 25 basis points to 6.5% from 6.75%. Matabane said the committee’s decision to decrease the repo rate will bring much needed... 

Repo rate cut welcomed

BBC welcomes financial support for Black Industrialists Programme 

By: Nadine James     16th July 2019 The Black Business Council (BBC) has welcomed the announcement that R40-billion in financial support will be made available for the Black Industrialists Programme over five years. “To enhance the growth of black industrialists, we will combine the efforts of the Department of Trade, Industry and... 

Climate change takes priority in Creecy’s budget vote debate  

By: Nadine James     12th July 2019 Newly appointed Environment, Forestry and Fisheries Minister Barbara Creecy delivered her R7.5-billion budget vote statement in the National Assembly on Thursday, emphasising the socioeconomic threat of climate change, as more than two-million South Africans are directly dependent on the... 

Mozambique’s GDP growth to fall to below 3% following Idai

By: Marleny Arnoldi     17th May 2019 The Mozambican government has estimated its emergency assistance needs and reconstruction costs following cyclone Idai, in March, will reach $1.5-billion, or about 10% of the country’s gross domestic product. The International Monetary Fund (IMF), in a report, compiled information around the... 

Mozambique’s GDP growth to fall to below 3% following Idai

Political parties agree on need for business, government collaboration  

By: Marleny Arnoldi     12th April 2019 One cannot develop South Africa with a blanket approach, without consultation and discussion and these interactions should not be confined to the election season only, Inkatha Freedom Party MP Mhuleko Hlengwa asserted during a Steel and Engineering Industries Federation of Southern Africa... 

Political parties agree on need for business, government collaboration

SA entering a very scary socioeconomic corner 

By: Rebecca Campbell     29th March 2019 Despite the concerns of Finance Minister Tito Mboweni, South Africa’s 2019 budget saw a real-terms increase in Government spending. Gross national debt will increase to about 60% in the financial year (FY) 2023/2024 – a proportion that, apparently, excludes debt guarantees and other “contingent... 

Financial markets driven by politics, rather than economic fundamentals – Peregrine

By: Marleny Arnoldi     19th March 2019 The world is in an era of populism and nationalism, marked by the rapid rise of politicians echoing the message of a “selfish” State, effectively making the geopolitical landscape a treacherous one, says Peregrine Treasury Solutions. Corporate treasury manager Bianca Botes noted in a release... 

SA will run out of money by 2042 – economist

By: News24Wire      27th February 2019 If the fiscus continues on its current trajectory, South Africa will run out of money by 2042, members of Parliament have heard. The Standing Committee on Finance held public hearings on the Budget on Wednesday. Among those making submissions was Professor Jannie Rossouw of the Fiscal Cliff Study... 

SA will run out of money by 2042 – economist

Cova disappointed about lack of incentives announced in 2019 Budget

By: Tasneem Bulbulia     22nd February 2019 Cova Advisory on Friday said the 2019 Budget, presented by Finance Minister Tito Mboweni on Wednesday, was “disappointing” with regard to support for manufacturing, with the manufacturing incentives budget of the Department of Trade and Industry (DTI) expected to be reduced over the next three... 

Labour broking not a dying breed

By: Halima Frost     22nd February 2019 Although the temporary employment sector has been under pressure over some years it has now reached a level they are regarded as legitimate for sectors in an open economy.  The industry continues to play a significant role in sectors of the economy including the Constructional Engineering... 

LABOUR LINEUP
Labour broking is still a viable option for many short-term projects
LABOUR LINEUP Labour broking is still a viable option for many short-term projects

Promising growth in construction sector brings hope for 2019

By: Halima Frost     22nd February 2019 Despite the contribution of the construction sector to local economic activity being inconsistent, and having decreased significantly over the years, Constructional Engineering Association (CEA) executive director Anthony Boy is hopeful that there will be an upturn in investments in the sector... 

PAST, PRESENT AND FUTURE
Anthony Boy and Louis Breckenridge speak of their hopes for the future
PAST, PRESENT AND FUTURE Anthony Boy and Louis Breckenridge speak of their hopes for the future

AfriSam expects ‘tough 2019’ amid continuing political, policy uncertainty  

By: Simone Liedtke     21st February 2019 Construction materials company AfriSam CEO Rob Wessels expects “a tough 2019”, especially amid ongoing political and policy uncertainty. Wessels was, on Thursday, joined by political analyst Aubrey Matshiqi and AfriSam sales and marketing executive Richard Tomes at a briefing post Finance... 

AfriSam expects ‘tough 2019’ amid continuing political, policy uncertainty
AfriSam sales and marketing executive Richard Tomes discusses AfriSam and its expectations for 2019. Video: Perfect Directions. Editing: Creamer Media's Christo Greyling

There is no 'endless supply of cash' Mboweni tells Parliament

By: News24Wire      21st February 2019 Finance Minister Tito Mboweni told MPs on Thursday there is "no endless supply of cash" in government, and the state has no printing press to magic new funds.  Following on from his maiden Budget speech on Wednesday, Mboweni told a joint sitting of various oversight committees that the biggest... 

Finance Minister Tito Mboweni
Photo by Reuters
Finance Minister Tito Mboweni

Business Unity SA says Mboweni's budget is not bold enough

By: African News Agency      21st February 2019 Business Unity South Africa (Busa) said on Wednesday that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth. Busa president Sipho Pityana, in a statement, said finance minister Tito... 

Busa President Sipho Pityana
Busa President Sipho Pityana

Eskom bailout a dominant theme in 2019 Budget 

20th February 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Finance Minister Tito Mboweni’s announcement of a R69-billion bailout for Eskom over three years, how this has impacted on the country’s fiscal framework and how it is likely to affect South Africa’s credit... 

Eskom bailout a dominant theme in 2019 Budget
Eskom bailout a dominant theme in 2019 Budget. Camerawork and Editing: Creamer Media's Nicholas Boyd.

Cesa optimistic after president’s address

By: Halima Frost     15th February 2019 The 2019 presidential address of industry body Consulting Engineers South Africa (Cesa) president Neresh Pather, which he delivered with cautious optimism, calling for a transparent drive for the betterment of the sector, sent out a strong message about the future of the civil engineering and... 

NERESH PATHER 
Procurement policies need to be formulated to embrace the long-term needs of projects
NERESH PATHER Procurement policies need to be formulated to embrace the long-term needs of projects

2019 Budget will present South Africa with ‘a path of hope’ – PwC 

By: Simone Liedtke     13th February 2019 With Finance Minister Tito Mboweni scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20, expectations are high as the country waits to hear how he plans to balance competing expenditure priorities to stimulate economic growth, in spite of fiscal consolidation measures. In the... 

Finance Minister Tito Mboweni is scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20
Finance Minister Tito Mboweni is scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20

SAIIA, Brookings launch Foresight Africa report   

By: Sane Dhlamini     28th January 2019 The South African Institute of International Affairs (SAIIA) and the Brookings Institution’s Africa Growth Initiative (AGI) launched the Foresight Africa report on Monday, in Johannesburg, highlighting the top priorities for the continent in 2019.  AGI senior fellow and director Brahima Coulibaly... 

AGI senior fellow and director Brahima  Coulibaly
AGI senior fellow and director Brahima Coulibaly & ISS senior research consultant Liesl Louw-Vaudran on the Foresight Africa report (Camera: Nicholas Boyd. Editing: Christo Greyling)

Finance Minister invites public comment ahead of 2019 Budget

By: Marleny Arnoldi     24th January 2019 Finance Minister Tito Mboweni is inviting South Africans to share their views about economic conditions and other issues that they would like government to highlight in the Budget, which the Minister will deliver on February 20. Mboweni specified that he would appreciate suggestions on how... 

Finance Minister Tito Mboweni invites public to give suggestions for Budget 2019
Photo by Marleny Arnoldi
Finance Minister Tito Mboweni invites public to give suggestions for Budget 2019

Tito Mboweni wants to hear your plans to grow the economy 

By: News24Wire      24th January 2019 Finance Minister Tito Mboweni, who will deliver the 2019 Budget on February 20 in Cape Town, has called on South Africans to send him and his team ideas on how South Africa can boost its economic growth. The economy is expected to grow by only 0.7% in 2018, according to the latest estimates of... 

Finance Minister Tito Mboweni
Finance Minister Tito Mboweni

Bloodhound supersonic car project halted

By: Tasneem Bulbulia     10th December 2018 Project Bloodhound, the initiative to break the land-speed world record, has been halted, owing to a lack of funds, BBC News and other media reported at the weekend. Engineering News in October reported that Bloodhound Programme, the UK company behind the project, had entered into administration,... 

Trade wars costly to long-term construction projects

By: Simone Liedtke     23rd November 2018 Owing to the global trade war in steel prices, local manufacturers, such as local steel fabricator Fabcon, are finding it difficult to quote for long-term construction projects. “The stockholding of any steel company is dramatically reduced, as companies are unwilling to hold stock for a longer... 

ANDREW VAN GOOL
Companies are unwilling to hold stock for a longer period of time
ANDREW VAN GOOL Companies are unwilling to hold stock for a longer period of time

Signs of positive change in steel sector

By: Simone Liedtke     23rd November 2018 The drive to import certain quantities of steel has gained impetus during 2018, as a result of some doubts in the steel manufacturing industry about the ability of local mills to produce the required level of quality of certain products they require, steel processor and supplier Allied Steelrode... 

WARNE RIPPON
There has also more recently been a concerted effort made by the primary steel producer to improve its product quality
WARNE RIPPON There has also more recently been a concerted effort made by the primary steel producer to improve its product quality

PwC unpacks possible outcomes of final 2018 MPC meeting

By: Marleny Arnoldi     21st November 2018 The South African Reserve Bank’s (SARB’s) last Monetary Policy Committee (MPC) meeting for this year is under way, with SARB governor Lesetja Kganyago expected to announce the outcome on Thursday. Policymakers are considering the possibility of a rate hike in November, against the backdrop of... 

Industry body supports economic recovery plan

By: Jessica Oosthuizen     16th November 2018 Industry body Consulting Engineers South Africa (Cesa) welcomes government’s focus on infrastructure development in support of economic recovery and job creation, as illustrated in Finance Minister Tito Mboweni’s Medium-Term Budget Policy Statement (MTBPS) last month, says Cesa CEO Chris... 

CHRIS CAMPBELL
We are in a position, as the private sector, to partner with government to develop and build infrastructure to a level that supports good service delivery
CHRIS CAMPBELL We are in a position, as the private sector, to partner with government to develop and build infrastructure to a level that supports good service delivery

Rand not taking the bait on Mboweni's budget

By: African News Agency      25th October 2018 The medium-term budget seems to have done little to allay business and consumer fears as the rand was not convinced on Thursday by reforms announced by government. Finance minister Tito Mboweni on Wednesday delivered the medium-term budget policy statement (MTBPS) outlining that government was... 

Finance Minister Tito Mboweni
Finance Minister Tito Mboweni

Mind the debt trap, Mboweni warns 

By: African News Agency      25th October 2018 Finance Minister Tito Mboweni on Thursday warned that reprioritising spending was the only way for South Africa to avoid falling into a debt trap and losing autonomy over its finances. Mboweni told a joint sitting of Parliament's standing and select committees on finance and appropriations the... 

Finance Minister Tito Mboweni
Finance Minister Tito Mboweni
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