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Budget News

Public Procurement aligned to more stringent regulations as Bill goes to Cabinet

By: Megan van Wyngaardt     21st February 2018 The Public Procurement Bill, which will be presented to Cabinet next month for gazetting for public comments, will be slightly delayed owing to the recent changes in government, an Office of the Chief Procurement Officer representative told Engineering News Online on Wednesday. The Bill was aimed... 

Treasury allocates R6bn for drought relief measures

By: Megan van Wyngaardt     21st February 2018 Citizens of towns in the Western Cape, particularly Cape Town, on Wednesday could give a sigh of relief as Finance Minister Malusi Gigaba outlined that a provisional allocation of R6-billion has been set aside in 2018/19 for drought relief measures and to augment public infrastructure investment.... 

Treasury allocates R6bn for drought relief measures

National Treasury makes budget cuts to assure more frugal spending

By: Megan van Wyngaardt     21st February 2018 Departmental budgets have been reduced by R85.7-billion over the medium term, the National Treasury said on Wednesday, noting that cuts at the provincial level would affect conditional infrastructure grants.  The announcement of the expenditure cuts had been highlighted as a priority prior to the... 

National Treasury makes budget cuts to assure more frugal spending

Treasury allocates R57bn to fund fee-free higher education

By: Megan van Wyngaardt     21st February 2018 Finance Minister Malusi Gigaba said R57-billion would be allocated over the coming three years to fund the fee-free higher education and training policy announced to by former President Jacob Zuma in December 2017 and reaffirmed by President Cyril Ramaphosa in February. Noting that this was the... 

Treasury allocates R57bn to fund fee-free higher education
Rhodes University

Spatial transformation key to unlocking infrastructure, industrialisation – Gigaba

By: Megan van Wyngaardt     21st February 2018 South African township businesses needed to work “imaginatively” and think beyond car washes and spaza shops to foster productive, high-value economic activity in townships, Finance Minister Malusi Gigaba said on Wednesday. In his Budget speech, he noted that factories, workshops, tech hubs and... 

Spatial transformation key to unlocking infrastructure, industrialisation – Gigaba

VAT rate rise ‘not desirable’, but ‘unavoidable’ to rebuild public finance integrity

By: Terence Creamer     21st February 2018 Finance Minister Malusi Gigaba confirmed the much-anticipated increase in the value-added tax (VAT) rate from 14% to 15% in his maiden Budget speech to Parliament on Wednesday, describing the increase as “unavoidable if we are to maintain the integrity of our public finances”. The hike was... 

VAT rate rise ‘not desirable’, but ‘unavoidable’ to rebuild public finance integrity
Photo by Reuters
Finance Minister Malusi Gigaba

Land and asset sales on cards as government seeks revenue-neutral support for State firms

By: Terence Creamer     21st February 2018 Finance Minister Malusi Gigaba used his maiden Budget to reinforce President Cyril Ramaphosa’s recent announcement that stakes in cash-strapped State-owned companies (SoCs) could be sold to reduce their reliance on bail-outs and debt. Ramaphosa made the announcement in his response to the debate... 

Land and asset sales on cards as government seeks revenue-neutral support for State firms

Social grants set to increase faster than inflation as taxes rise 

By: Megan van Wyngaardt     21st February 2018 The South African government has committed R259.4-billion towards social development in the 2018 Budget, with social grant payments set to increase faster than inflation to offset the effect of higher taxes on poor households. During the tabling of the Budget on Wednesday, Finance Minister Malusi... 

Social grants set to increase faster than inflation as taxes rise

Civil society calls on Gigaba to deliver a pro-poor budget

By: Sane Dhlamini     21st February 2018 South African civil society organisations have called for a pro-poor policy agenda ahead of Finance Minister Malusi Gigaba’s maiden Budget Speech on Wednesday, which some analysts expect will also be his last. Gigaba’s position is not certain amid talks of an imminent Cabinet reshuffle, which... 

Civil society calls on Gigaba to deliver a pro-poor budget
Photo by Bloomberg
Finance Minister Malusi Gigaba

Eyes on Gigaba amid talk of Cabinet reshuffle before budget

By: Reuters     16th February 2018 South Africa's Treasury is set to present its 2018 budget to parliament on Wednesday but market focus is on whether new President Cyril Ramaphosa will reshuffle the cabinet before then and replace Finance Minister Malusi Gigaba. Ramaphosa was sworn in as head of state on Thursday after his... 

Eyes on Gigaba amid talk of Cabinet reshuffle before budget
Photo by Bloomberg
Finance Minister Malusi Gigaba

PwC forecasts 'pain' for the public amid prospects of tax hikes

By: Megan van Wyngaardt     14th February 2018 The nature of fiscal revenues and expenditure in the 2018/19 fiscal year so far indicate that the fiscal deficit will likely expand to R250-billion, unless prudent spending cuts are implemented, financial services firm PwC warned on Wednesday. As such, South Africans can potentially expect the... 

PwC forecasts 'pain' for the public amid prospects of tax hikes

Trade conditions remain strong – Sacci

By: Dylan Slater     13th February 2018 With general business confidence at its highest level in two-and-a-half years, trade expectations have maintained an improved level going into this year, the South Africa Chamber of Commerce and Industry (Sacci) said on Tuesday.  

Budget is watershed moment for South Africa's economy - economist

By: Megan van Wyngaardt     9th February 2018 While there are early signs of a recovery in the local economy, with expected business conditions improving, government now needs to show - through its Budget later this month - that it has the credibility to take the country forward and build business and consumer confidence. Speaking at a... 

Budget is watershed moment for South Africa's economy - economist

Treasury asks South Africans to submit their tips for 2018 Budget

By: Simone Liedtke     5th February 2018 The National Treasury on Monday encouraged South Africans to share their views about the country's economy and other issues they would like government to highlight when Finance Minister Malusi Gigaba delivers his 2018 Budget Speech, in Parliament, on February 21. South Africans are invited to... 

Treasury asks South Africans to submit their tips for 2018 Budget
Photo by Bloomberg
Finance Minster Malusi Gigaba

Investments accumulated to catalyse off-grid energy development

By: Dylan Slater     26th January 2018 Multilateral development bank African Development Bank’s (AfDB’s) board approved a $30-million investment in the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF) last month.  

Industry confident Eskom board changes will help save utility

By: Megan van Wyngaardt     22nd January 2018 The appointment of a new Eskom board with “credibility, business acumen and experience” has given South African businesses hope that the embattled State-owned entity (SOE) can be salvaged, with a number of organisations lauding Deputy President Cyril Ramaphosa for taking a step in the right... 

Industry confident Eskom board changes will help save utility

Ramaphosa to lead South African delegates at World Economic Forum

By: Dylan Slater     10th January 2018 Deputy President Cyril Ramaphosa, who is also the recently elected president of the incumbent African National Congress, will lead a South African delegation to the forty-eighth edition of the World Economic Forum’s yearly meeting, which will be held in Davos-Klosters, in Switzerland, from... 

Ramaphosa to lead South African delegates at World Economic Forum
Photo by Duane Daws
Deputy President Cyril Ramaphosa

Cyril Ramaphosa wins ANC leadership vote

By: News24Wire      19th December 2017 Cyril Ramaphosa has been elected the new leader of the ruling African National Congress (ANC), defeating Nkosazana Dlamini-Zuma, after a series of tense sessions at the party's conference. The ANC announced on Monday that Ramaphosa had defeated President Jacob Zuma’s preferred candidate... 

Cyril Ramaphosa wins ANC leadership vote
Cyril Ramaphosa

National Treasury appoints new acting Budget Office DDG

By: Megan van Wyngaardt     29th November 2017 Following Michael Sachs’ request to be transferred to other areas of public service earlier this month, the National Treasury Budget Office has appointed Ian Stuart to succeed Sachs as deputy director-general. Stuart is currently the chief director for fiscal policy in the Budget Office within... 

National Treasury appoints new acting Budget Office DDG

Steel Awards 2017 confirms LSFB growth

24th November 2017 This year’s annual Steel Awards, hosted by the Southern African Institute of Steel Construction, showed excellent growth for the South African light steel frame building (LSFB) industry, with more than 25 000 m2 represented in category entries. The awards, which took place on September 13, saw 19... 

Steel Awards 2017  confirms LSFB growth
SUMMIT PLACE The Assupol Building, the 11-storey winning office block in the Summit Place development

Tax, spend, squander provide toxic backdrop for nuclear plans

By: Keith Campbell     24th November 2017 On November 7, France ran out of money. Or, rather, France ran out of its own money; that is, it ran out of all the money the French State had gathered in taxes and other imposts. Between November 7 and December 31, the French State is running on borrowed money. This fascinating calculation was... 

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.  

Industry suffers when large companies close down
CHRIS CAMPBELL CESA encourages its consulting engineering member firms to be more involved in business groups that lobby for more political certainty

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

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

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