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Budget News

Industry suffers when large companies close down

By: Marleny Arnoldi     17th November 2017 From a global consulting engineers’ perspective, construction industries globally suffer the consequences when large construction companies close down.  

SA lacking global competitiveness

By: Marleny Arnoldi     17th November 2017 Local legislation, including stringent policy frameworks, continues to prove cumbersome for the South African construction sector, particularly owing to the necessity to conduct socioeconomic- and environmental-impact assessments, as well as obtain approval from the respective government... 

SA lacking global competitiveness
SOCIOECONOMIC BENEFITS Authorities would do well to accelerate the pace of affordable housing delivery, such as Reconstruction and Development Programme housing

Gauteng Dept of Health secures large adjustment in medium-term provincial budget

By: Natasha Odendaal     16th November 2017 The Gauteng Department of Health on Thursday secured the bulk of the adjustments delivered in the Medium-Term Budget Policy Statement and the Adjustment Budget. The total budget of the provincial government increased from R108-billion to R112-billion, with the Department of Health among the... 

Gauteng Dept of Health secures large adjustment in medium-term provincial budget

Business expresses concern over Michael Sachs’ resignation

By: Thabi Madiba     14th November 2017 Business Leadership South Africa (BLSA) on Tuesday said it was concerned with the resignation of head of the National Treasury's Budget Office Michael Sachs. Treasury said on Monday that Sachs would not be leaving the department immediately to ensure a proper handover to another senior official... 

Business expresses concern over Michael Sachs’ resignation
Photo by Duane
BLSA CEO Bonang Mohale

Treasury confirms Budget Office head resignation

By: Thabi Madiba     13th November 2017 National Treasury on Monday confirmed the resignation of the Budget Office head deputy director-general Michael Sachs. According to a National Treasury statement released on Monday, Sachs has expressed his interest to serve the public sector in a different capacity. 

Treasury confirms Budget Office head resignation
Photo by Bloomberg
Finance Minister Malusi Gigaba

South Africa to unveil stimulus package before ANC conference - Gigaba 

By: Reuters     27th October 2017 South Africa will unveil a stimulus package focusing on tourism and manufacturing to turn around the economy, Finance Minister Malusi Gigaba said on Friday, following a budget speech this week that raised the risk of credit downgrades. In a speech to investors, Gigaba said Treasury would not wait... 

South Africa to unveil stimulus package before ANC conference - Gigaba
Photo by Reuters
Finance Minister Malusi Gigaba

Continued volatility impacts on energy and chemicals company

     27th October 2017 Continued volatility in the macroeconomic environment, particularly the stronger rand and low oil price, has adversely impacted energy and chemicals company Sasol’s financial performance, says Sasol CFO Paul Victor. 

Continued volatility  impacts on energy and  chemicals company
Photo by Bloomberg
RECORD PRODUCTION Sasol showed great resilience and character through delivering record production volumes at Secunda Synfuels

Sasol mitigates material matters issues in 2017

     27th October 2017 To mitigate material matters that could substantially affect its ability to create value in the short, medium or long term, as a result of not being able to execute its strategy and the impact thereof on its ability to stay competitive, petrochemicals giant Sasol has outlined a five-step process... 

Sasol mitigates material matters issues in 2017
MANAGING MATTERS Sasol reviews and monitors material matters through stakeholder inclusiveness always keeping a sustainability context in mind

UCT’s business school to participate in UN programme research council

By: Mia Breytenbach     27th October 2017 The University of Cape Town’s (UCT’s) Graduate School of Business (GSB) has been named as one of nine leading universities to be part of a partnership with the United Nations Development Programme (UNDP) to develop a research agenda that will better leverage private investment to finance the... 

We are facing tough times, says Gigaba

By: African News Agency      26th October 2017 South African Finance Minister Malusi Gigaba conceded on Thursday that the country was facing tougher times ahead as its economic growth outlook was bleak. Briefing Parliament’s standing committees on finance and appropriations following his maiden medium-term budget policy statement, Gigaba... 

We are facing tough times, says Gigaba
Photo by Reuters
Finance Minister Malusi Gigaba

Highlights from the Medium-Term Budget Policy Statement 

     26th October 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the fiscal and economic challenges set out by Finance Minister Malusi Gigaba in his maiden Medium-Term Budget Policy address. 

Highlights from the Medium-Term Budget Policy Statement
Highlights from the Medium-Term Budget Policy Statement

Fin Min’s mid-term budget speech boosts investor confidence – Govt

By: African News Agency      26th October 2017 A leading United States investor has announced plans to invest over $1-billion (R14.1-billion) in South Africa over the next few months. This follows after Finance Minister Malusi Gigaba tabled what was according to a statement, a difficult medium-term budget in Parliament on Wednesday. According... 

Fin Min’s mid-term budget speech boosts investor confidence – Govt
Photo by Bloomberg
Finance Minister Malusi Gigaba

Gigaba’s maiden MTBPS receives mixed reviews

By: Sane Dhlamini     26th October 2017 Finance Minister Malusi Gigaba’s maiden Medium-Term Budget Policy Statement (MTBPS) has received mixed reactions, with many organisations calling out its lack of attention to detail. Gigaba MTBPS was delayed by Economic Freedom Fighters MPs who objected to him delivering the budget on the basis... 

Gigaba’s maiden MTBPS receives mixed reviews
Photo by Reuters
Finance Minister Malusi Gigaba

COMMENT: Eskom is indeed an ‘enormous risk’ 

By: Terence Creamer     26th October 2017 While there are very few positives to draw from Finance Minister Malusi Gigaba’s maiden Medium-Term Budget Policy Statement (MTBPS), his acknowledgement that Eskom poses an “enormous risk” to the entire economy is one. “Eskom exposes government to an enormous risk because of the size of its... 

COMMENT: Eskom is indeed an ‘enormous risk’

Economist warns of consequences of low growth, potential tax hikes

By: Ilan Solomons     18th October 2017 It is well known that the South African economy is having serious growth challenges, which is unlikely to improve over the next three years, with best estimates that the country’s gross domestic product (GDP) will grow by just 2% during this period. This is according to financial services company... 

Economist warns of consequences of low growth, potential tax hikes
Photo by Duane Daws
Citibank South Africa chief economist Gina Schoeman

South Africa vulnerable to any sharp rise in global rates, World Bank warns

By: Terence Creamer     11th October 2017 A quicker and sharper-than-expected normalisation in interest rates in the US could trigger a reversal in capital flows to South Africa, the World Bank’s latest ‘Africa’s Pulse’ warns, adding that any sharp increase in global interest rates could also complicate debt dynamics for sub-Saharan... 

South Africa vulnerable to any sharp rise in global rates, World Bank warns
In September, Fed chairperson Janet Yellen said she was 'wary of moving too gradually' on normalisation

SEZ receives recognition, contributes to SMME participation

By: Marleny Arnoldi     29th September 2017 Special economic zone (SEZ) developer and operator Coega Development Corporation (CDC) has been recognised by export assistance company Exporters Club for its dedication to job creation initiatives and excellent services to export orientated investors.  

SEZ receives recognition,  contributes to SMME participation
Photo by Duane Daws
JOBS SWEET SPOT The Coega Development Corporation created more than 7 243 operational jobs within its special economic zone at the end of the financial year 2016/17

Aluminium company achieves positive results

     29th September 2017 Aluminium supplier and exporter Hulamin delivered a strong manufacturing performance and improved financial results for the half-year ended June 30, despite difficult market conditions and the rand being 14% stronger compared with the corresponding period in 2016, says Hulamin CEO Richard Jacob.... 

Aluminium company achieves positive results
Photo by Bloomberg
STRONG RESULTS Aluminium supplier and exporter Hulamin’s unaudited interim results for the half-year indicated noteworthy headline earnings a share up 17% to 56c a share

Procurement standard set to stop use of ‘cheap’ professional services

By: Marleny Arnoldi     18th August 2017 The National Treasury’s (NT’s) standard for infrastructure procurement and delivery management aimed at addressing government’s use of “cheap” professional service providers in public infrastructure projects officially became applicable to municipalities last month.  

Procurement standard set to stop use of ‘cheap’ professional services
Photo by Duane Daws
INCLUSIVE DECISION-MAKING Government bodies in their respective procurement departments, should make more of a crossfunctional team effort regarding procurement

South Africa’s defence industry faces serious challenges but also sees future opportunities

By: Keith Campbell     14th July 2017 South Africa’s defence and aerospace industry forms a major part of the country’s high-technology manufacturing and services sector. Moreover, the high-level skills it has developed and is maintaining are benefitting other sectors of the economy as well. According to the South African Aerospace,... 

South Africa’s defence industry faces serious challenges but also sees future opportunities

Gigaba tables economy action plan, reopens mining charter engagement 

By: Natasha Odendaal     13th July 2017 Finance Minister Malusi Gigaba on Thursday unveiled a series of aggressive planned interventions and action steps to stimulate economic recovery after South Africa’s fall into recession in the first quarter. His address revealed two main desired outcomes – dodge another downgrade and reignite... 

Gigaba tables economy action plan, reopens mining charter engagement
Finance Minister Malusi Gigaba

South Africa’s policy uncertainty pushed further into negative territory

By: Natasha Odendaal     11th July 2017 The heightened policy uncertainty, revealed by the North West University (NWU) School of Business and Governance’s latest quarterly Policy Uncertainty Index (PUI), shows an urgent need for South Africa to “get the politics right in order to get the economics right” to promote the policy certainty... 

Treasury must remain independent, says Pandor

By: News24Wire      11th July 2017 Treasury in a democratic country must remain independent, African National Congress (ANC) National Executive Congress (NEC) member Naledi Pandor said on Monday. She appeared to disagree with a proposal made at the ANC’s national policy conference last week, that the budget and resource allocation... 

Treasury must remain independent, says Pandor
Photo by Duane Daws
ANC NEC member Naledi Pandor

Short- and long-term options for ailing supply

By: Tasneem Bulbulia     30th June 2017 Although South Africa’s current dam infrastructure setup is reliable, sustainable consulting in the built and natural environment provider WSP Africa Structures senior engineer Peter Townshend says there are a number of short- and long-term solutions that South Africa can pursue to augment water... 

Short- and long-term options for ailing supply
Photo by Duane Daws
DAMNING STATE Dams in South Africa are under pressure to meet a growing water demand

Business holds small-business funding line, despite serious postreshuffle trust deficit

By: Mia Breytenbach     30th June 2017 It is now well documented how President Jacob Zuma’s March 31 Cabinet reshuffle, which saw South Africa’s highly-regarded Pravin Gordhan removed as Finance Minister, seriously undermined trust between government and its social partners, including business. The controversial move also placed the... 

Business holds small-business funding line, despite serious postreshuffle trust deficit

Gauteng housing department remains committed to megaprojects 

By: Anine Kilian     29th June 2017 The Gauteng Department of Human Settlements is committed to the implementation of 31 megaprojects that are expected to yield more than 300 000 houses when completed. Unpacking the 2017/18 financial year’s budget vote for the department, MEC Paul Mashatile on Thursday said the department would... 

Creecy vows to use ICT to improve service delivery in Gauteng

By: Anine Kilian     29th June 2017 Gauteng Finance MEC Barbara Creecy says the Gauteng Provincial Treasury (GPT) will use its R712.6-million budget this financial year to promote clean governance and protect public funds to ensure the funds are used to deliver services to citizens and not siphoned off. Presenting the 2017/18... 

Creecy vows to use ICT to improve service delivery in Gauteng
Photo by Duane Daws
Barbara Creecy

‘Stifling legislation’ preventing SA drones industry from gaining altitude 

By: Dylan Slater     23rd June 2017 The drones industry in South Africa has the potential to benefit numerous industries, potentially contributing just under R7-billion this year alone, according to economist Dr Roeloef Botha.  

‘Stifling legislation’ preventing SA drones industry from gaining altitude

Maile’s 2017 budget to focus on jobs

By: Natasha Odendaal     22nd June 2017 Gauteng will continue its focus on intervening decisively to resolve the bottlenecks facing various industry sectors to save and create jobs at a time when the unemployment rate in the province remains high. Economic Development and Agriculture and Rural Development MEC Lebogang Maile on Thursday... 

SAA to implement turnaround plan 

By: Megan van Wyngaardt     20th June 2017 Cash-strapped South African Airways (SAA) has compiled a five-year business turnaround plan, aimed at improving its financial stability, it said on Tuesday. The national carrier is currently plagued by a weak balance sheet, with projected losses of R3.5-billion for 2016/17– a R 2-billion increase... 

SAA to implement turnaround plan
Photo by Duane Daws
South African Airways acting CEO Musa Zwane

Country’s science and technology budget remains stable

By: Keith Campbell     26th May 2017 The annual budget of the Department of Science and Technology (DST) remains stable, in real terms. “It’s in line with inflation,” DST Director General Dr Phil Mjwara told Engineering News Online at a recent press briefing. “It’s not declining, it’s not growing.” However, exchange rate volatility... 

GEPF assures its funds are not used to bail out troubled SAA

By: Natasha Odendaal     25th May 2017 The Government Employees Pension Fund (GEPF) on Thursday assured that it was not funding the recapitalisation of ailing national airliner South African Airways (SAA), nor had it been approached to contribute. Speculation emerged last week that the GEPF’s assets will be used, through its fund... 

Reform of South African public enterprises would help reassure investors – IMF 

By: Terence Creamer     19th May 2017 The International Monetary Fund (IMF) says "structural reforms" in product, service and labour markets should be South Africa’s immediate policy priority for stimulating growth and job creation, particularly in light of the limited room to galvanise growth through macroeconomic policies. It also... 

Reform of South African public enterprises would help reassure investors – IMF

Gigaba appoints acting DG as Fuzile departs

By: Terence Creamer     15th May 2017 Finance Minister Malusi Gigaba on Monday appointed Dondo Mogajane as acting director-general, effective May 16, after Lungisa Fuzile completed his notice period. Mogajane would act in the position “until the process of appointing a new director-general is completed”. 

New audit service to support concrete product manufacturers

By: Tasneem Bulbulia     12th May 2017 Cement and construction materials supplier AfriSam is providing additional support for its Concrete Product Manufacturers (CPMs) customers through its new Efficiency Audit service offering. AfriSam national sales manager Amit Dawneerangen says there has been a downturn in infrastructure projects... 

New audit service to  support concrete  product manufacturers
CENTRE OF EXCELLENCE AfriSam’s Centre of Product Excellence offers customers an additional Efficiency Audit service

‘Budget Priorities’ paper for 2018 Budget to be compiled by end May – Radebe

By: Terence Creamer     9th May 2017 Minister in The Presidency Jeff Radebe confirmed that the Department of Performance Monitoring and Evaluation (DPME) would finalise a ‘Budget Priorities’ paper by the end of May in a bid to improve alignment between the 2018 Budget and the National Development Plan (NDP). The paper, which will be... 

‘Budget Priorities’ paper for 2018 Budget to be compiled by end May – Radebe
Photo by Duane Daws
Minister Jeff Radebe

Johannesburg to restore dignity to residents through job creation – Mashaba

By: Megan van Wyngaardt     3rd May 2017 The City of Johannesburg cannot continue accepting its projected 1.6% economic growth rate, as it will not be able to reverse the high rates of unemployment, Johannesburg Mayor Herman Mashaba said on Wednesday, adding that the city needed to achieve a minimum of 5% economic growth by 2021. During... 

Johannesburg to restore dignity to residents through job creation – Mashaba
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