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Seifsa calls on govt to protect local manufacturers from cheap imports

By: Anine Kilian     14th August 2017  Steel and Engineering Industries Federation of Southern Africa (Seifsa) CEO Kaizer Nyatsumba says government should consider additional measures to protect local metals and engineering manufacturers from subsidised imports.   The influx of cheaper imports, he noted in a statement on Monday, had... 

Merafe cuts net debt by 50% in H1

By: Natasha Odendaal     7th August 2017 JSE-listed Merafe Resources has ended the first six months of this year on a stronger financial basis after reducing its net debt by 49% to R207.8-million, from R409.3-million in the six months to December 2016. During the six months under review, Merafe continued to repay the bulk of its head... 

PMI, weaker rand does not bode well for manufacturing – Seifsa

By: Natasha Odendaal     2nd August 2017 The poor performance of Absa’s July Purchasing Managers’ Index (PMI) and the weakening of the rand will place continued pressure on the manufacturing sector, the Steel and Engineering Industries Federation of Southern Africa (Seifsa) said on Wednesday. The seasonally adjusted Absa PMI declined by... 

Absa PMI falls further to 42.9 in July

     1st August 2017 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined by a further 3.8 points to 42.9 in July, with all five of the major subindices having declined in July. The seasonally adjusted business activity index was under the most pressure, declining by 6.1 index points to a 39.3. The... 

Public Protector’s Absa report ‘reckless’ – Reserve Bank Governor 

By: African News Agency      14th July 2017 A report by Public Protector Busisiwe Mkhwebane into a government loan to Absa shows her lack of competency and understanding of both the Constitution and economy, Reserve Bank governor Lesetja Kganyago charges in an affidavit filed in the high court in Pretoria, made public on Friday. In the... 

Reserve Bank independence must be protected, says banking association

By: African News Agency      7th July 2017 The Banking Association South Africa (Basa) said on Friday that it had noted statements made during the  African National Congress (ANC) National Policy Conference about the South African Reserve Bank (SARB). This comes after the chairperson of the ANC’s economic transformation commission, Enoch... 

South African economy ‘too weak’ to support manufacturing sector – Seifsa

By: Anine Kilian     4th July 2017 The decline in the Absa Purchasing Managers’ Index (PMI) for June is confirmation that the fundamentals of the South African economy are too weak to support the manufacturing sector, the Steel and Engineering Industries Federation of Southern Africa (Seifsa) said on Tuesday. The PMI dropped to... 

Absa PMI slumps to 46.7 in June

By: Natasha Odendaal     3rd July 2017 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined to 46.7 index points in June from 51.5 in May. The deterioration was broad based with four of the five main subcomponents moving lower compared with May, exacerbated by continued uncertainty about the outlook for the domestic... 

Public Protector's 'foolish behaviour' threatens Constitution and economy – Phosa

By: News24Wire      21st June 2017 African National Congress (ANC) stalwart and presidential hopeful Mathews Phosa has accused Public Protector Busisiwe Mkhwebane of constitutional overreach and threatening South Africa's economy. He joins those who have voiced their disapproval of Mkhwebane since she released her findings of an... 

Public Protector’s suggestions around SARB open Pandora’s box – Parsons

By: Megan van Wyngaardt     20th June 2017 Public Protector Busisiwe Mkhwebane’s proposal that the mandate of the South African Reserve Bank (SARB) be changed to be more transformation-led threatens to open a “Pandora's box” of additional risks for markets and rating agencies about the country, North West University School of Business and... 

Gupta-owned Oakbay Resources loses JSE sponsor over associated risk

By: African News Agency      5th June 2017 Oakbay Resources and Energy, which is owned by the controversial Gupta family, on Monday lost its JSE sponsor, River Group, after being given notice of the termination of their appointment as sponsor. River Group is a JSE sponsor, designated adviser and international corporate finance boutique... 

April PMI slumps to well below neutral 50 mark

By: Natasha Odendaal     2nd May 2017 After a solid first-quarter performance, the seasonally adjusted Absa Purchasing Managers' Index (PMI) slumped in April 2017. The Bureau for Economic Research (BER) index fell to 44.7 index points from an average of 51.9 during the first quarter. 

Absa PMI dips slightly to 52.2 in March

By: Anine Kilian     3rd April 2017 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) managed to hold on to recent gains in March, despite dipping slightly lower to 52.2 from 52.5 in February, thereby remaining above the neutral 50-point mark for a third straight month. This was supported by all five major subcomponents... 

Zuma court move in Gupta matter fails

By: News24Wire      28th March 2017 President Jacob Zuma’s legal representatives declined to join proceedings in the matter between Finance Minister Pravin Gordhan and Gupta-owned Oakbay Investments. On Monday Zuma entered the case, which involves 14 companies owned by the Guptas, National Treasury, the Reserve Bank governor, the... 

Absa PMI rises to 52.5 in Feb, suggests improvement in domestic manufacturing

By: Megan van Wyngaardt     1st March 2017 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose by a further 1.6 points to 52.5 in February, following a 4.2-point rise in January – lifting the PMI to its highest level since June 2016. “This corresponds with the improvements observed in a number of South Africa’s key trading... 

Commission asks tribunal to fine banks over alleged collusion

By: Megan van Wyngaardt     15th February 2017 The Competition Commission on Wednesday referred a case of collusion against a number of international banks for alleged price fixing to the Competition Tribunal for prosecution. This follows an investigation into a case of price fixing and market allocation in the trading of foreign currency... 

Stillwater deal advances as Sibanye grasps $2.6bn bridge finance nettle

By: Martin Creamer     13th February 2017 Precious metals mining company Sibanye on Monday announced that it had successfully closed the syndication of the bridge facilities to support its acquisition of Stillwater Mining Company of the US. Sibanye said in a Johannesburg Stock Exchange news service announcement that the syndication... 

Barclays PMI off to strong start in 2017, moves above neutral 50-point level

By: Anine Kilian     1st February 2017 The seasonally adjusted Barclays Purchasing Managers’ Index (PMI) rose to 50.9 in January, up from 46.7 in December. “This was the first time since July 2016 that the index edged above the neutral 50-point mark, suggesting that the manufacturing sector started the year on a relatively solid... 

Guptas respond to Gordhan’s affidavit

By: African News Agency      31st January 2017 Finance Minister Pravin Gordhan on Monday, denied the claim by the Gupta family’s Oakbay Investments that he had colluded with banks to harm the company, saying the banks acted because of the company’s ties with “politically exposed” figures. Gordhan, in his replying affidavit to papers submitted... 

Absa campaign ‘led by Gupta-sponsored groups,’ – EFF

By: African News Agency      23rd January 2017 A campaign to get Barclays-owned Absa to pay back apartheid debt is led by “State Security” and the controversial Gupta family, Economic Freedom Fighters (EFF) leader Julius Malema said on Monday. The EFF has been attacked in recent times for being complacent after announcing that it would occupy... 

MTN again tops the list of South Africa’s most valuable brands

By: Megan van Wyngaardt     15th September 2016 Despite losing 32% of its brand value owing to reputational challenges, communications giant MTN, which is worth R37-billion, has remained the most valuable brand in the country, according to Brand South Africa and strategy consultancy Brand Finance’s yearly survey. Retailer Woolworths, ranked at... 

Industrial symbiosis key to growth in recycling and manufacturing sectors

By: Simon Sonnekus     30th August 2016 The Industrial Symbiosis (IS) Programme delivered by the National Cleaner Production Centre of South Africa (NCPC-SA) at the Council for Scientific and Industrial Research (CSIR) campus has proven to be important in the creation of several synergies that are providing effective recycling... 

PPC outlines plan for immediate liquidity squeeze as it works on rights issue 

By: Terence Creamer     14th June 2016 Embattled cement producer PPC is finalising a R3-billion to R4-billion capital raising plan in parallel with urgent efforts to bed down a R2-billion bridging guarantee facility to settle outstanding obligations to bondholders that come due on June 23. The JSE-listed group is facing serious... 

Bankmed chooses Melrose Arch for its new headquarters

     3rd June 2016 Melrose Arch, South Africa’s most sought-after business address, has welcomed leading, closed medical scheme, Bankmed to its high-profile precinct. Joining DuPont, Bidvest Group, Lonmin, Mastercard, Royal Bafokeng Holdings, Stanlib and Worley Parsons, Bankmed adds to the long list of corporate... 

Ministers did meet with banks over Guptas, concedes Oliphant

By: News24Wire      11th May 2016 Labour Minister Mildred Oliphant conceded on Tuesday that a meeting between cabinet ministers and South Africa’s four banks had taken place. However, she didn’t want to provide further details, as the ministers were still to report back to cabinet on what had transpired. Oliphant responded to a... 

Home Affairs aspires to expand e-services, online document applications

By: Mia Breytenbach     22nd April 2016 While the new service of applying online for SmartID cards and passports through the eHome Affairs portal and at major banks in Gauteng will initially cater for people aged between 30 and 35, the Department of Home Affairs (DHA) hopes to extend the system to other age categories and more centres... 

Thousands apply for IDs and passports online – Home Affairs

By: African News Agency      14th April 2016 Thousands of people have applied for smart ID cards and passports online, following the inception of the eHomeAffairs portal in conjunction with major banks, Home Affairs director-general Mkuseli Apleni said on Wednesday. “Since the inception of eHomeAffairs last week, 4,088 citizens have... 

Sentula interim CEO assumes role permanently

By: Samantha Herbst     8th April 2016 JSE-listed mining services provider Sentula Mining announced on Friday that its interim CEO, Jacques Badenhorst, would now assume the position permanently, retroactive from March 1. Previously a nonexecutive director at Sentula, Badenhorst took the CEO reins from Robin Berry in October as acting... 

SA govt launches online service for SmartID, passport application 

By: Mia Breytenbach     7th April 2016 The South African government, in collaboration with the South African banking sector, on Thursday launched the Department of Home Affairs- (DHA-) facilitated eChannel pilot project, enabling South African citizens to apply for passports or SmartID cards online. The collaboration was facilitated... 

Construction Industry Will Have To Look Hard For Work This Year

     24th February 2016 The construction industry is facing an extremely challenging year, Master Builders Association North has been warned by a leading economist. Speaking at MBA North’s 112th annual general meeting in Midrand recently, ABSA economist, Miyelani Maluleke, said with government spending on infrastructure... 

Barclays possibly seeking suitor for Absa in wake of Finance Minister shuffle

By: African News Agency      17th December 2015 It was being reported on Thursday that Barclays, the British bank, was actively looking for a suitor for its South African unit, Absa, after the recent merry-go-round at the country’s foreign ministry. The Financial Times of London ran an article on Wednesday under the headline, ‘Barclays... 

Manuel adds major muscle to Old Mutual board

By: News24Wire      3rd December 2015 Old Mutual South Africa has scored a massive boost in its aim to comply with the Twin Peaks supervisory regime with the announcement that former Finance Minister Trevor Manuel will become its chairperson. Manuel will join the board of Old Mutual on January 1, 2015 and is set to become the... 

Banks offer up R12bn in Transnet deal as parastatal eyes R500bn spend over coming decade  

By: Natalie Greve     23rd November 2015 Boosting the coffers earmarked for its ambitious locomotive fleet acquisition programme, State-owned logistics group Transnet has announced the successful conclusion of a R12-billion club loan with five of the country’s major financial institutions, ratifying what the parastatal described as... 

Partnerships build sustainable programmes

     2nd September 2015 Since the World Summit on Sustainable Development was held in Johannesburg in 2002, cross-sector partnerships have become increasingly prevalent. They have been adopted by many governments, businesses, civil society groups and international agencies as a mechanism for dealing with environmental,... 

Buildmax restructures Diesel Power’s debt facility

By: Natasha Odendaal     31st July 2015 Opencast mining contractor and construction materials supplier Buildmax has successfully restructured the debt-funding model of its subsidiary Diesel Power. Major lenders Absa, Nedbank and Standard Bank have agreed to reschedule the company’s asset-based funding commitments and restructure its... 

Bank CEO compensation questioned in Unisa Graduate School of Business Leadership (SBL) study Interview with Professor Jan Kruger,..

     23rd July 2015 Unisa Graduate School of Business Leadership. Politicians, the media and unions have criticised the current Chief Executive Officer  pay levels at firms listed on the Johannesburg Stock Exchange, particularly when compared with average employee salaries. The Gini coefficient index consistently... 

Gauteng aims for 60% of tenders to be awarded using public system by end-2016

By: Natalie Greve     3rd July 2015 After becoming the first provincial government to adjudicate its central banking services tender selection process in public on Friday, the Gauteng provincial Government (GPG) now plans to roll-out the “transparent” tender award process across the province to ensuring that, by the end of next... 

Bank economist issues rand, inflation warning

By: Irma Venter     22nd May 2015 Banking group Absa’s forecast is for the rand to end the year at around R13 against the dollar, weakening further to R13.50 by 2016, says Absa sectoral analyst Jacques du Toit. He warns that possible interest rate hikes in the US may see capital being pulled from emerging markets, increasing the... 

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