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Budget News

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... 

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... 

Rand not taking the bait on Mboweni's budget
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... 

 Mind the debt trap, Mboweni warns
Finance Minister Tito Mboweni

KZN MEC unveils 25 planned projects to attract R200bn investment

By: Marleny Arnoldi     12th October 2018 KwaZulu-Natal Economic Development, Tourism and Environmental Affairs MEC Sihle Zikalala on Friday unveiled his portfolio of investment opportunities, which will result in R200-billion being pumped into the province’s economy over the next few years. Addressing captains of industry during an... 

KZN MEC unveils 25 planned projects to attract R200bn investment
KZN Economic Development, Tourism and Environmental Affairs MEC Sihle Zikalala

Sub-Saharan Africa’s economy growing, but better revenue mobilisation needed – IMF 

By: Marleny Arnoldi     12th October 2018 The macroenonomic outlook for sub-Saharan Africa continues to strengthen, with growth expected to increase from 2.7% in 2017 to 3.1% this year, the latest ‘Regional Economic Outlook’ report published by the International Monetary Fund (IMF) shows. The higher growth reflects domestic policy... 

BER counts cost to the South African economy of ‘lost years’ from 2010 to 2017

By: Marleny Arnoldi     10th October 2018 In marking the tenth anniversary of the largest financial crisis since the Great Depression, the Bureau for Economic Research (BER) has looked back at the performance of the South African economy between 2010 and 2017. Since the financial crisis, domestic real gross domestic product (GDP)... 

IMF appoints Gita Gopinath economic counsellor, research dept director

By: Marleny Arnoldi     1st October 2018 The International Monetary Fund (IMF) has appointed Gita Gopinath economic counsellor and IMF research department director. Gopinath succeeds Maurice Obstfeld, who is retiring at the end of the year.  

Montalto to expand Intellidex’s depth of research

By: Marleny Arnoldi     1st October 2018 Research and consulting firm Intellidex has appointed Peter Attard Montalto head of capital markets research, to expand its depth of research and widen its client base among global investors. Montalto will lead Intellidex’s coverage of economics, politics and fixed income markets in South... 

Ramaphosa aims to crowd in private resources for infrastructure fund

By: Terence Creamer     21st September 2018 President Cyril Ramaphosa has placed the creation of a public-private infrastructure fund at the heart of an economic stimulus and recovery plan, otherwise constrained by South Africa’s serious fiscal constraints. In unveiling the plan during a briefing at the Union Buildings in Pretoria on... 

Ramaphosa aims to crowd in private resources for infrastructure fund
Photo by GCIS
President Cyril Ramaphosa

A ‘sovereign innovation fund’ proposed in draft technology policy

By: Rebecca Campbell     21st September 2018 The Department of Science and Technology (DST) has, in its recently released draft White Paper on Science, Technology and Innovation (STI), stated that a “sovereign innovation fund” is to be created. “There is a need for increased commercialisation funding,” said section 6.2 of the draft White... 

Kingon’s contract as Sars acting commissioner extended by 3 months

By: Marleny Arnoldi     17th September 2018 Finance Minister Nhlanhla Nene has extended Mark Kingon’s contract as acting commissioner of the South African Revenue Service (Sars) for a further 90 days, effective September 14. The power to appoint a permanent commissioner vests with the President.  

South Africa to set up a 'sovereign innovation fund'

By: Rebecca Campbell     11th September 2018 The Department of Science and Technology (DST), in its recently released draft White Paper on Science, Technology and Innovation (STI), stated that a “sovereign innovation fund” is to be created. “There is a need for increased commercialisation funding,” said section 6.2 of the draft White Paper.... 

South Africa’s rating under threat as economy enters recession

By: Marleny Arnoldi     5th September 2018 South Africa’s slide into a technical recession in the second quarter is a timely warning and reminder for the country to get its economy in order, failing which it will lose its only investment grade rating, says Business Unity South Africa CEO Tanya Cohen. Moody’s Investors Service said in... 

South Africa’s rating under threat as economy enters recession

Uncertainty over land expropriation to deter investment – IHS Markit

By: Marleny Arnoldi     24th August 2018 The threat of land expropriation without compensation (EWC) is likely to deter investment up until the 2019 elections and a while afterwards, says global information provider IHS Markit. “Uncertainty over property rights is likely to deter fixed investment, limit government revenue and lower... 

Biofuels unviable alternative in South Africa – expert

By: Paige Müller     17th August 2018 Owing to biofuels being too expensive to manufacture, University of the Witwatersrand (Wits) Business School Energy Leadership Centre director Dr Rod Crompton says this makes them a commercially unviable energy source. He tells Engineering News that, despite the fact that global renewable-energy... 

Biofuels unviable alternative  in South Africa – expert
Photo by Creamer Media
ENERGY LEADERSHIP CENTRE The University of the Witwatersrand launched the Energy Leadership Centre to equip Africa’s energy industry for future technological advancements

Increasing nontaxed items could damage tax base, warns Parsons

By: Marleny Arnoldi     13th August 2018 North-West University Business School economist Professor Raymond Parsons says the independent panel’s recent recommendations for the zero-rating of several additional food and nonfood commodities under value-added tax (VAT) poses a wider challenge to the existing fiscal framework. Finance... 

SARB’s reduced economic growth forecast ‘troubling’ – Parsons

By: Marleny Arnoldi     20th July 2018 The announcement by the South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MCP) that it has reduced its forecast for South Africa’s gross domestic product growth for this year sends a troubling message, says North-West University business school economist Professor Raymond Parsons.... 

US-based Opic CEO visits S Africa, African countries to advance development

By: Marleny Arnoldi     19th July 2018 US Overseas Private Investment Corporation (Opic) president and CEO Ray Washburne this week visited South Africa and met with local banks to discuss investment opportunities in advancing development in the country and highlight Opic-supported projects. It is Washburne’s third stop on a... 

SARB launches commemorative Mandela notes, R5 coin for circulation

By: Marleny Arnoldi     13th July 2018 The South African Reserve Bank (SARB) on Friday hosted a commemorative occasion at Freedom Park, in Pretoria, to introduce a series of banknotes and a R5 circulation coin, in honour of what would have been former President Nelson Mandela’s one-hundredth birthday this year.  

SARB launches commemorative Mandela notes, R5 coin for circulation
Photo by Marleny Arnoldi
SARB commemorative notes to be circulated in July

South African M&A activity declines in H1

By: Marleny Arnoldi     12th July 2018 Merger and acquisition (M&A) transactions in South Africa declined in terms of both volume and value of domestic and cross-border deals, according to analysis by law firm Baker McKenzie.  

CIPC launches Extensible Business Reporting Language to relieve regulatory burden

By: Marleny Arnoldi     13th June 2018 The ease of doing business and particularly reducing the regulatory burden for businesses received a boost with the launch of the Companies and Intellectual Property Commission’s (CIPC’s) Extensible Business Reporting Language (XBRL) this week.  

CIPC launches Extensible Business Reporting Language to relieve regulatory burden
Trade & Industry Minister Dr Rob Davies at the XBRL launch, JSE

As Eskom grapples with corporate plan, calls being made for radical restructuring

By: Dylan Slater     1st June 2018 In a concerted effort to save and stabilise State-owned power utility Eskom as well as other deteriorating State-owned entities (SoEs), Public Enterprises Minister Pravin Gordhan announced in his Budget vote in May plans in the next 12 months that include the appointment of capable executive... 

As Eskom grapples with corporate plan, calls being made for radical restructuring

Infrastructure development key to meeting consumer demand in megacities – economist

By: Marleny Arnoldi     31st May 2018 There are rapidly growing megacities, including Accra, Cairo, Lagos, Johannesburg, Nairobi and Kinshasa, in Africa, and it is important to ensure infrastructure development grows at a pace that will meet the increasing consumer demand that will come out of these megacities, said Imara Africa... 

Infrastructure development key to meeting consumer demand in megacities – economist
Imara Africa Consulting managing partner Barbara Barungi speaking at the Rics Summit Africa 2018

Private equity outperforms

By: Marleny Arnoldi     28th May 2018 Private equity has outperformed the FTSE/JSE all share total return index and the FTSE/JSE shareholder weighted total return index over the three-year and five-year reporting periods analysed in the fourth quarter of 2017, says private equity industry body Southern African Venture Capital and... 

Govt, business welcome S&P’s ratings decision

By: Marleny Arnoldi     28th May 2018 Government and business leaders have expressed relief at ratings agency Standard & Poor’s (S&P’s) decision on Friday night to not further downgrade South Africa’s investment grade rating, but rather affirm long-term foreign and local currency debt ratings at ‘BB’ and ‘BB+’ respectively. According... 

Govt, business welcome S&P’s ratings decision

African economies urged to take advantage of current global economic upturn

By: Marleny Arnoldi     22nd May 2018 PricewaterhouseCoopers chief economist Lullu Krugel says South Africa and African countries have a three-year window to “move and shape” and take advantage of economic growth opportunities during a global economic upturn.  

Economist predicts growth for African countries

By: Marleny Arnoldi     4th May 2018 The tide has turned for many African countries in terms of growth, says Citibank Africa economist David Cowan.  

Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target

By: Anine Kilian     3rd April 2018 The South African Revenue Service (Sars) collected R1.216-trillion for the 2017/18 financial year, representing growth of R72.4-billion, or 6.3%, year-on-year. This was, however, lower than the R1.217-trillion target set by the National Treasury during the 2018 Budget speech. 

Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target
Photo by Creamer Media
Finance Minister Nhlanhla Nene

Treasury implements Twin Peaks model of financial sector regulation

By: Marleny Arnoldi     29th March 2018 South Africa’s financial regulatory system will fundamentally change as from April 1, when two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), the National Treasury said on Thursday.  

City of Cape Town's planned hikes for water, sanitation, electricity and rates  

By: News24Wire      28th March 2018 The introduction of fixed charges for water and electricity and a hefty increase in water and sanitation tariffs are some of the proposals for the next year in the City of Cape Town's draft budget, tabled on Wednesday. The total proposed budget for the new financial year that starts in June is... 

City of Cape Town's planned hikes for water, sanitation, electricity and rates

Land expropriation rhetoric unlikely to upset FDI ‘too much’, says economist

By: Irma Venter     23rd March 2018 While land expropriation without compensation “will be a challenge”, with a “lot of work remaining to be done” before it can become a reality, there is hope that “the rethoric around land will not upset foreign investment too much”, says Econometrix chief economist and director Dr Azar Jammine.... 

Land expropriation talk countered by lure of better returns in SA

By: Irma Venter     9th March 2018 While land expropriation without compensation “will be a challenge”, with a “lot of work remaining to be done” before it can become a reality, there is hope that “the rethoric around land will not upset foreign investment too much”, says Econometrix chief economist and director Dr Azar Jammine.... 

Land expropriation talk countered by lure of better returns in SA
Dr Azar Jammine

SA revenue service special voluntary disclosure programme reaches R3.3bn mark

By: African News Agency      8th March 2018 The South African Revenue Service (Sars) said on Thursday it had entered into payment agreements through its Special Voluntary Disclosure Programme with non-compliant taxpayers who owe it over R3.3-billion in tax liabilities through unauthorised foreign assets and income. Sars said such taxpayers... 

 SA revenue service special voluntary disclosure programme reaches R3.3bn mark

Wine industry continuously focuses on transformation, social development, says Vinpro 

By: Marleny Arnoldi     7th March 2018 With every R1-million invested into the South African wine industry, almost five jobs are created, says wine industry representative Vinpro.  

Wine industry continuously focuses on transformation, social development, says Vinpro
Vinpro transformation and development manager Phil Bowes

AfDB secures $52.5m to fund renewable energy projects in Zambia

By: Marleny Arnoldi     7th March 2018 The board of the Green Climate Fund (GCF) has approved the first funding proposal of the African Development Bank (AfDB) for Zambia’s renewable energy financing framework, providing a $50-million loan and a $2.5-million grant.  

AfDB secures $52.5m to fund renewable energy projects in Zambia
100 MW of renewable energy projects will be financed in Zambia

Government to finalise designation of Atlantis and Nkomazi SEZs

By: Marleny Arnoldi     6th March 2018 The Department of Trade and Industry (DTI) will finalise the designation of the Atlantis and the Nkomazi special economic zones (SEZs), located in the Western Cape and Mpumalanga, respectively, in the next financial year.  

Government to finalise designation of Atlantis and Nkomazi SEZs
Photo by Creamer Media
Trade and Industry Minister Dr Rob Davies

UK dept earmarks £21.4bn for African infrastructure development

By: Marleny Arnoldi     6th March 2018 The UK’s Department of International Trade (DIT) is pledging funding for infrastructure development in Africa, including £4-billion in South Africa, £1-billion in Kenya and £750-million in Nigeria, through export credit agency, UK Export Finance (Ukef).  

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