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Glencore shoots lights out, mulls divi top-up, SA investment nod firms

By: Martin Creamer     Updated 27 minutes ago Diversified mining and agricultural marketing company Glencore shot the lights out on a superlative 2017 earnings achievement, which resulted in a leaping share price in Johannesburg on a potential dividend "top up" outlook plus a reinforcement of South Africa as a positive investment... 

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

By: Terence Creamer     Updated 1 hour 2 minutes ago 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... 

Govt to fast-track finalisation of outstanding mining policy

By: Megan van Wyngaardt     Updated 1 hour 2 minutes ago To take advantage of the cyclical upturn in the mining sector and improved investor sentiment to boost economic growth, government needs to finalise outstanding policy and administrative reforms. The proposed implementation of the revised Mining Charter, contested by industry and the Chamber of... 

Ramaphosa lauds South African defence forces for 'peace we enjoy'

By: African News Agency      Updated 3 hours ago President Cyril Ramaphosa on Wednesday lauded the South African National Defence Force (SANDF) during the Armed Forces Day parade in Kimberley in the Northern Cape, "for the peace we enjoy". "We dare not fail to appreciate how the peace we enjoy lives alongside the constant vigilance and... 

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

By: Sane Dhlamini     Updated 5 hours ago 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... 

AfriForum challenges Zuma rule on influence-peddling inquiry

By: Reuters     Updated 5 hours ago Civil rights group AfriForum wants South Africa's highest court to quash a rule signed by former president Jacob Zuma that says evidence produced at a judicial inquiry into allegations of influence-peddling cannot be used in a criminal case. The clause is part of a list of regulations signed into... 

Ramaphosa's plan for SOEs

By: News24Wire      20th February 2018 President Cyril Ramaphosa has revealed more details of how he plans to fix State-owned enterprises (SOEs), and he will be considering proposals by Members of Parliament (MPs). He was addressing the National Assembly on Tuesday, in a reply to the debate on the State of the Nation Address (Sona). 

Lifestyle audits on government politicians, public servants set to start - Ramaphosa

By: African News Agency      20th February 2018 Tests on whether the lifestyles of politicians and public officials in South Africa match their incomes are set to become the norm, President Cyril Ramaphosa said on Tuesday, starting with himself and members of his cabinet. "If there ever has been anything that many South Africans would like to... 

Imperial Holdings delves into unbundling plans, reports solid H1 results

By: Megan van Wyngaardt     20th February 2018 Imperial Holdings' plans for unbundling its Imperial Logistics and Motus entities, and listing them separately, are still in the works but are dependent on a number of internal and external factors, CEO Mark Lamberti said on Tuesday. The company last year said work was in progress to determine... 

Ramaphosa calls for new social compact

By: African News Agency      20th February 2018 President Cyril Ramaphosa on Tuesday called for national unity and a new social compact to revive the economy and ease the plight of South Africa's poor majority. "One thing that we will unite on is advancing the interests of our people," Ramaphosa said in his reply to the debate on his maiden... 

Gordhan, Jonas said to be part of Ramaphosa's new Cabinet plan

By: News24Wire      20th February 2018 Former ministers banished to the political wilderness under Jacob Zuma’s presidency are set to make a comeback as President Cyril Ramaphosa prepares to revive the stagnant economy. The African National Congress’s (ANC's) top-six officials, including President Cyril Ramaphosa, will meet on Friday... 

Ramaphosa should shift to green energy – Greenpeace

By: News24Wire      20th February 2018 Environmental organisation Greenpeace is demanding newly-elected President Cyril Ramaphosa takes urgent action on energy policy in South Africa. Ramaphosa delivered his maiden State of the Nation Address (SoNA) on Friday, when he highlighted economic growth and combating corruption. 

Investors watching closely as Ramaphosa considers Cabinet line-up

By: Reuters     20th February 2018 President Cyril Ramaphosa said on Tuesday his early morning walks gave him time to think about his cabinet amid growing speculation about its composition and the future of the finance minister. In his state of nation address on Friday, Ramaphosa strongly hinted at a cabinet shake-up when he said... 

Fiscal consolidation the buzzword for Gigaba's maiden Budget 2018?

By: African News Agency      20th February 2018 South African economists have set their sights on fiscal consolidation and avoiding a credit ratings downgrade as Finance Minister Malusi Gigaba scrambles to close the R50-billion deficit when he delivers his maiden Budget Speech on Wednesday. In his 2017 Medium Term Budget Policy Statement... 

Mining communities celebrate as High Court orders their involvement

By: African News Agency      19th February 2018 There were celebrations at the High Court in Pretoria on Monday after a ruling compelled the South African government and the Chamber of Mines -- which represents producers in the mining sector -- to involve communities living in mining areas, in the ongoing discussions over the controversial... 

No Brics leader among those who first phoned President Ramaphosa, on Sunday

By: Rebecca Campbell     19th February 2018 Not one of the five world and regional leaders who formed the first group to phone new South African President Cyril Ramaphosa on Sunday to hold preliminary discussions with, and to congratulate, him came from a Brics (Brazil, Russia, India, China and South Africa) group country. Two of the... 

Sars welcomes tax administration inquiry

By: African News Agency      19th February 2018 The South African Revenue Service (Sars) on Monday welcomed President Cyril Ramaphosa's pledge to launch a Commission of Inquiry into tax administration and governance at Sars. During his maiden State of the Nation Address (Sona) on Friday, Ramaphosa said he would shortly appoint a Commission of... 

West Wits aims for higher gold production in South Africa

By: Simone Liedtke     19th February 2018 ASX-listed exploration and development company West Wits Mining is in the process of applying for two mining permits, which should enable the company to significantly increase gold production from its Witwatersrand Basin project (WBP) in the fourth-quarter of the calendar year. The company... 

Court postponement signals ‘welcome change’ in govt, industry relations – Leon

By: Dylan Slater     19th February 2018 Law firm Herbert Smith Freehills Africa practice cochairperson and partner Peter Leon says the postponement of Monday’s scheduled High Court case over the hotly contested Mining Charter 3, signals a welcome change in relations between government and the South African mining industry.  

Banking Association 'ready to respond' to Ramaphosa’s SoNA call

By: News24Wire      19th February 2018 The Banking Association of South Africa have said they are ready to respond to President Cyril Ramaphosa’s call in the State of the Nation Address, to work with other stakeholders towards the recovery of the economy and country. Managing Director of BASA, Cas Coovadia, said the association joined... 

SANDF allowed peaceful 'change of leadership' – Ramaphosa

By: News24Wire      19th February 2018 The South African National Defence Force (SANDF) has proven its role as a protector of the country’s constitutional order by allowing a peaceful handover of leadership in the ANC, President Cyril Ramaphosa said in Kimberley on Sunday. "Our nation celebrates the change of leadership in the... 

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... 

Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

By: News24Wire      16th February 2018 Rand gains on the election of a new South African president have run their course, say analysts, as markets await a possible Cabinet reshuffle this weekend. The rand, which opened at R11.62 to the dollar on Friday, strengthened to R11.56/$ during the course of the morning. However, analysts... 

Ramaphosa carries weight of economic expectations on shoulders

By: African News Agency      16th February 2018 South Africa’s brand new President Cyril Ramaphosa is riding on a wave of goodwill across the political divide as the country looks to him to steer the recovery of an ailing economy widely attributed to his predecessor Jacob Zuma. But failure by Ramaphosa to quickly get the economy back on track... 

Leon expects mining industry to have a future under Ramaphosa’s Presidency

By: Nadine James     16th February 2018 Herbert Smith Freehills partner and Africa co-chairperson Peter Leon is cautiously optimistic that the changes signalled by newly elected President Cyril Ramaphosa will benefit South Africa’s economic recovery. In a speech to the British Chamber of Business in South Africa on Thursday evening, he... 

Ramaphosa set to outline priorities in key speech

By: Reuters     16th February 2018 President Cyril Ramaphosa is expected to give more details about how he plans to tackle corruption and boost economic growth on Friday, when he delivers his first state of the nation address. Ramaphosa was sworn in as head of state on Thursday after his scandal-plagued predecessor, Jacob Zuma,... 

'All systems go' for Sona, MPs hear

By: News24Wire      16th February 2018 Preparations for a State of the Nation Address (Sona), to be given by incoming president Cyril Ramaphosa, is on track for Friday evening. Ramaphosa was elected President at a sitting in the National Assembly on Thursday. 

Ramaphosanomics

By: Martin Zhuwakinyu     16th February 2018 It is said that many a truth is spoken in jest. I contend that restricting the adage to ‘spoken’ might well be dated. A few years ago, I co-authored a chapter in the book Zumanomics. With a change of guard at the Presidency anticipated, I consulted my favourite search engine for references to... 

'Off to the races' for South African assets as Ramaphosa steps in

By: Bloomberg     15th February 2018 Stocks surged the most since December 2014, the rand rallied to a three-year high and bond yields fell to a level last seen more than two years ago as market favorite Cyril Ramaphosa took the helm of Africa’s most industrialized economy. “This is the Cyril bonus,” said Wayne McCurrie, the head of... 

Ramaphosa says he faces a humbling task

By: African News Agency      15th February 2018 South African President Cyril Ramaphosa on Thursday told Parliament he felt humbled by being chosen to lead the country and would seek to work with all political parties. He said he planned to meet with the opposition, "so that we can try and find a way to work together and I am heartened by some... 

Business organisations hope for greater policy certainty after Zuma’s resignation

By: Anine Kilian     15th February 2018 Industry bodies throughout South Africa have welcomed Jacob Zuma’s decision to step down as President. The South African Chamber of Commerce and Industry (Sacci) on Thursday said it applauded Zuma’s remarks where he reaffirmed and pledged his commitment to the Constitution and the rule of law,... 

Ramaphosa formally elected as President

     15th February 2018 Cyril Ramaphosa was elected as South Africa's new president by the National Assembly on Thursday, a day after the deeply unpopular Jacob Zuma was forced to resign by the ruling party. Ramaphosa, 65, was the sole candidate put forward by the National Assembly and takes up the top post two decades... 

What can business expect from a Cyril Ramaphosa Presidency 

     15th February 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about what business expects from the post-Zuma era and how Cyril Ramaphosa’s Presidency may meet those expectations. 

Rand hovers near 2-1/2 year highs after Zuma steps down

By: African News Agency      15th February 2018 South Africa's rand hovered near two-and-half year highs against the US dollar early on Thursday, boosted by President Jacob Zuma's late night resignation after his ruling ANC party recalled him from his post this week. Many South Africans are cheering the exit of Zuma who has been dogged by... 

ANC welcomes Zuma's resignation

By: News24Wire      15th February 2018 The African National Congress (ANC) on Thursday night accepted President Jacob Zuma's resignation as head of state. Speaking shortly after the resignation, deputy secretary general Jessie Duarte said Zuma's decision to resign was consistent with his organisation. 

The choices Ramaphosa has to make 

By: Aubrey Matshiqi     15th February 2018 As I sit to write this month’s missive, it seems the Zuma moment will be behind us soon. As I write, I am listening to a news bulletin in which it is being reported that African National Congress (ANC) reasurer-general Paul Mashatile told a group of businesspeople at the Mining Indaba, in Cape... 

Zuma quits as President of South Africa

By: Reuters     14th February 2018 Jacob Zuma resigned as President of South Africa on Wednesday, heeding orders by the ruling African National Congress (ANC) to bring an end to his nine scandal-plagued years in power. In a 30-minute farewell address to the nation, 75-year-old Zuma nonetheless said he disagreed with the way the... 

Union, business organisations welcome Zuma recall

By: Anine Kilian     13th February 2018 Business Leadership South Africa (BLSA), the South African Chamber of Commerce and Industry (Sacci) and the South African Federation of Trade Unions (Saftu) have welcomed the decision by the African National Congress’s (ANC’s) national executive committee to recall President Jacob Zuma after his... 

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