http://www.engineeringnews.co.za
R/€ = 15.77 Change: 0.04
R/$ = 13.37 Change: -0.12
Au 1302.30 $/oz Change: -7.44
Pt 932.00 $/oz Change: -9.00
 

Macro and Micro News

Gordhan: KPMG SA was a 'willing partner in State capture'

By: News24Wire      Updated 41 minutes ago Auditing firm KPMG SA was a “willing participant in State capture” and its leadership hasn't fully grasped the magnitude of what they were involved in, according to former finance minister Pravin Gordhan. He was in conversation with radio host Eusebius McKaiser on CapeTalk on Tuesday morning. 

Gigaba calls for criminal probe into KPMG

By: Reuters     22nd September 2017 South African law enforcement agencies should investigate KPMG after the global auditor sacked its top management over work done for business friends of President Jacob Zuma, Finance Minister Malusi Gigaba said on Friday. KPMG dismissed its South African division's top management last week... 

Lower ARV price to benefit S Africa, increase recipient numbers

By: Sashnee Moodley     22nd September 2017 A new antiretroviral (ARV) pricing agreement reached by the South African government, international organisations and agencies will ensure that more people will have access to treatment, while saving South Africa nearly R12-billion over the next six years. A statement released by the Department... 

Lower ARV price to benefit S Africa, increase recipient numbers

KPMG booted off Business Leadership SA

By: News24Wire      22nd September 2017 The Board of Business Leadership South Africa (BLSA) has decided to suspend the membership of KPMG SA pending the outcome of an independent investigation into the organisation’s involvement in conduct related to “state capture” in South Africa. This follows a process of engagement with KPMG,... 

KPMG booted off Business Leadership SA

Gordhan, Jonas meet KPMG International on State capture

By: African News Agency      22nd September 2017 Former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas met with a delegation from auditing firm KPMG International on Thursday. The meeting was attended by KPMG International chairperson, John Veihmeyer, as well as newly appointed CEO for KPMG South Africa, Nhlamu Dlomu. 

Big room for improvement in payment of suppliers by government

By: Mia Breytenbach     22nd September 2017 While Minister in the Presidency for Planning, Performance, Monitoring, Evaluation and Administration Jeff Radebe’s commented last month that the time taken by government to pay suppliers is improving, small business representative organisation AHI has identified areas where there is room for... 

Big room for improvement in payment of suppliers by government
Photo by Bloomberg
ROOM FOR IMPROVEMENT There still remain outstanding and unpaid invoices of up to R5.3-billion

Legal framework offers model for enhancing transboundary infrastructure investment

By: Mia Breytenbach     22nd September 2017 The United Nations Economic Commission for Africa (Uneca) has unveiled the Model Law that provides a framework for the harmonisation of cross-border rules, regulations, laws and policies governing transboundary infrastructure projects in Africa. The Model Law was unveiled at the yearly Nigerian... 

Legal framework offers model for enhancing  transboundary infrastructure investment
Photo by Duane Daws
PAVING THE WAY The Model Law may aid in additional efficiency, transparency and accountability with regard to public and private sector engagement in transboundary infrastructure

SARB keeps key rate at 6.75%, against expectations

By: Reuters     21st September 2017 The South African Reserve Bank (SARB) kept its benchmark repo rate at 6.75% on Thursday, defying market expectations that had predicted a loosening of policy due to easing inflation pressures. Seventeen of 26 economists polled by Reuters had predicted a 25 basis point cut. One had forecast a 50... 

Outa moves to freeze Gupta mines’ rehabilitation trust fund accounts

By: Creamer Media Reporter      21st September 2017 The Organisation Undoing Tax Abuse (Outa) plans to bring about an urgent interdict against the Bank of Baroda to freeze the R1.75-billion held in the Gupta-owned Optimum and Koornfontein coal mines’ rehabilitation trust fund accounts. The group on Thursday said in a statement that the interdict... 

Ramaphosa leads SA delegation to London to bid for 2023 Rugby World Cup

By: Sashnee Moodley     21st September 2017 As part of South Africa’s bid to host the Rugby World Cup 2023 tournament, Deputy President Cyril Ramaphosa and a high-level delegation will make their way to London on Sunday to make a presentation to the World Rugby Council.   The delegation will consist of Sport and Recreation Minister Thulas... 

Ramaphosa leads SA delegation to London to bid for 2023 Rugby World Cup
Deputy President Cyril Ramaphosa

Two more firms fire KPMG as corporate South Africa weighs links with auditor

By: Reuters     19th September 2017 A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial companies... 

Imbalance in South African society driven by spatial inequality  

By: Anine Kilian     19th September 2017 South Africa is fast approaching a perfect inequality rating on the Gini coefficient, University of the Witwatersrand School of Governance head Professor David Everatt said at the ninth Chartered Secretaries Southern Africa Corporate Governance conference, in Johannesburg, on Tuesday. The Gini... 

Corruption rampant in South Africa – Corruption Watch

By: Anine Kilian     19th September 2017 There is a multiplicity of factors that drive corruption in both public and private institutions throughout South Africa, nongovernmental organisation Corruption Watch chairperson Mavuso Msimang said on Tuesday. Addressing delegates at the ninth Chartered Secretaries Southern Africa Corporate... 

Building prospects in doldrums despite slight confidence uptick

By: News24Wire      19th September 2017 Sixty percent of respondents in a recent survey indicated that they are not happy with current business conditions. After declining by 11 points in the second quarter of 2017, the FNB/BER Building Confidence Index improved by 3 index points to 35 in the third quarter of the year. The uptick was... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance 

By: Terence Creamer     19th September 2017 The World Bank’s tenth and latest South Africa Economic Update points to serious weaknesses in the area of domestic innovation, which it says lies at the heart of a worrying divergence in the country’s productivity performance when compared with both advanced economies and the country’s Brics... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance
Photo by Duane Daws
World Bank program leader Sebastien Dessus

Compliance programmes, officers key to upholding organisational strategy

By: Anine Kilian     19th September 2017 A company’s compliance programme should be tailored to the organisation’s strategy, says Sasol chief compliance and ethics officer Dr Yondela Ndema. Discussing compliance strategy and corporate culture at the ninth Chartered Secretaries Southern Africa Corporate Governance conference, in... 

South Africa leads AU trade ministers in discussions on WTO issues

By: African News Agency      19th September 2017 South Africa’s Minister of Trade and Industry Dr Rob Davies and Deputy Minister Bulelani Magwanishe have returned from Ethiopia where they attended the Informal Meeting of African Union Ministers of Trade on World Trade Organisation (WTO). The meeting took place at the African Union Headquarters... 

Good corporate governance key to fighting corruption

By: Anine Kilian     18th September 2017 Poor corporate governance at State-owned enterprises (SoEs) has become endemic, Chartered Secretaries Southern Africa (CSSA) CEO Stephen Sadie said on Monday. He told delegates at the ninth CSSA Premier Corporate Governance conference, in Johannesburg, that good governance at public sector... 

Good corporate governance key to fighting corruption
Chartered Secretaries Southern Africa CEO Stephen Sadie

Sars will fight KPMG on numerous fronts – Moyane 

By: African News Agency      18th September 2017 South African Revenue Service (Sars) Commissioner Tom Moyane on Monday announced a set of actions it is considering against KPMG, after the auditing firm withdrew its “rogue spy unit” report. “Sars has been completely taken aback by KPMG’s aberrant and unethical conduct. KPMG unilaterally... 

Sars will fight KPMG on numerous fronts – Moyane
Photo by Duane Daws
Sars Commissioner Tom Moyane

South Africa tax agency wants parliament to probe KPMG

By: Reuters     18th September 2017 South Africa's revenue service will ask Parliament to investigate global auditor KPMG for its "immoral conduct" in releasing details of a confidential report it produced for the tax agency, commissioner Tom Moyane said on Monday. KPMG cleared out its South African leadership en masse on Friday... 

International auditing body also probing KPMG over Sars report

By: African News Agency      18th September 2017 The Independent Regulatory Board for Auditors (IRBA) said on Monday that it had noted that KPMG had taken steps to enforce accountability relating to its controversial South African Revenue Service (Sars) report, but added that it would continue with its own independent investigation. Last week... 

Despite NDP ambitions, South Africa weighed down by corruption, State capture

By: Natasha Odendaal     15th September 2017 It has been five years since the adoption of the National Development Plan (NDP), with a second commission having been appointed to drive its implementation, aimed at guiding South Africa’s economic and developmental future. However, the two goals most core to the NDP’s ambitions – reducing... 

A new, more internally focused approach should be taken to revive investment status

By: Natasha Odendaal     15th September 2017 With South Africa’s recent ratings downgrades sparking a short-term action plan to claw back its investment grade, it would be more prudent for the country to focus on establishing a stable, healthy, societal base able to leverage regained ratings levels, according to Makhaya Advisory South... 

KPMG South Africa shakes out top management over Gupta scandal

By: Reuters     15th September 2017 Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for the Guptas, businessmen friends of President Jacob Zuma accused of improperly influencing government contracts. KPMG's investigation did not identify any... 

New study points to 90% renewables mix being least cost by 2050 

By: Terence Creamer     15th September 2017 New analysis conducted using updated cost assumptions for solar photovoltaic (PV), onshore wind and batteries shows that the share of renewable energy in an electricity mix that would also be the least cost for South Africa could grow to above 90% by 2050. Such a portfolio, the study indicates,... 

New study points to 90% renewables mix being least cost by 2050
Photo by Duane Daws
Enertrag corporate business development head Dr Tobias Bischof-Niemz

Artisan training to benefit welders

By: Nica Schreuder     15th September 2017 By developing local skills and paying attention to quality and on-time delivery, Secunda-based fabrication company Hydra-Arc says it is possible to be successful and competitive in this challenging industry. "The demand for skills development is massive in South Africa, therefore, fully fledged... 

Artisan training  to benefit welders
IN ACTION Hydra-Arc’s Mshiniwami artisan academy is training 400 welders and 300 boilermakers this year

New retail development to open in Walvis Bay

By: Mia Breytenbach     15th September 2017 The new R500-million Dunes Mall in Walvis Bay, Namibia, is in the final stages of completion, with its doors set to open next month. The mall is developed by South African property developer and investor Atterbury, in partnership with local developers Tradehold. 

New retail development  to open in Walvis Bay
SIZING UP The new 27 500 m2 Dunes Mall in Walvis Bay, will be the largest in the area and the second largest in Namibia

Unctad report calls for ‘new New Deal’ policy to address inequalities

By: Ilan Solomons     14th September 2017 The global economy remains unbalanced in ways that are not only exclusionary, but also destabilising, posing substantial dangers for global peace and stability, according to the United Nations Conference on Trade and Development’s (Unctad’s) 2017 Trade and Development report titled ‘Beyond... 

Unctad report calls for ‘new New Deal’ policy to address inequalities
Photo by Duane Daws
Unctad senior economist Dr Diana Barrowclough

Treasury denies report it plans to sack head of $150bn State pension fund

By: Reuters     14th September 2017 The National Treasury on Thursday denied a newspaper report that it was about to fire the head of the State-owned Public Investment Corporation and said the report was baseless. Citing unnamed sources, The Star said the chief executive of Africa's biggest pension fund, Dan Matjila, would be... 

Complexities of CFTA leave completion date undecided, but much progress has been made

By: Natasha Odendaal     14th September 2017 The sheer scale and complexities involved in negotiating a single rule book for the trade of goods and services on a continent that is home to 54 countries at different levels of development and expertise leaves much uncertainty as to whether the singular agreement will be concluded and signed by... 

Improving manufacturing value-add key to a more equal society

By: Natasha Odendaal     14th September 2017 The revival and expansion of the manufacturing sector could play a critical role in South Africa’s challenging battle against deepening levels of inequality. High levels of manufacturing value add (MVA) can unlock opportunities for employment and greater equality in a country that suffers high... 

Improving manufacturing value-add key to a more equal society
Photo by Duane Daws
Dr Martyn Davies

Capitalworks launches $300m sub-Saharan Africa investment company

     14th September 2017 Independent alternative asset manager Capitalworks Group has launched Africa Capitalworks, an investment company that will deploy permanent equity capital in midmarket companies in strategically selected sectors across sub-Saharan Africa, but excluding South Africa. Africa Capitalworks aims to... 

Q2 current account deficit widens to 2.4% of GDP

By: Reuters     14th September 2017 South Africa's current account deficit widened to 2.4% of GDP in the second quarter, despite an improved trade surplus, as a larger shortfall on the services, income and current transfer payments weighed, the central bank said on Thursday. The overall first quarter deficit was 2% and economists... 

Zuma, DA to battle in SCA over spy tapes saga

By: News24Wire      14th September 2017 President Jacob Zuma will on Thursday face yet another legal hurdle in the Supreme Court of Appeal (SCA) as he seeks leave to appeal the decision by the North Gauteng High Court in Pretoria on the spy tapes saga. In 2016, a full bench of judges overturned the National Prosecuting Authority's... 

DTI shifts focus to localisation 

     13th September 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the Department of Trade and Industry's lack of resources to further expand its incentive programmes and its decision to shift its focus to other instruments, such as localisation. 

DTI shifts focus to localisation
DTI shifts focus to localisation

South Africa misses tax revenue forecast in Q1 – Gigaba

By: Reuters     13th September 2017 South Africa's revenue service collected R13.1-billion ($999-million) less tax than forecast in the first quarter of the financial year, Finance Minister Malusi Gigaba told lawmakers on Wednesday. "We are currently assessing the implications of this for the fiscal framework," Gigaba said. The... 

70% of SA execs unhappy with business conditions – index

By: News24Wire      13th September 2017 Business confidence has made a marginal recovery, having dropped 11 points in the second quarter from 40 to 29, it is up six points to 35 for the third quarter of the year. According to the RMB/BER Business Confidence Index released on Wednesday, confidence levels are still low at 35. More than 1... 

First
Prev
1
2 3 4 5 6 7 8 9 Next Last

Latest News

more

Latest Videos

more

Projects

more

Topics In These Articles

RSS Feed

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now
Register Close