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KPMG ‘rogue unit’ report grossly unfair to former finance minister Gordhan – Ramaphosa

By: African News Agency      20th October 2017 Deputy President Cyril Ramaphosa on Thursday said a report compiled by auditing firm KPMG for the South African Revenue Service into the existence of a “rogue spy unit” was “grossly unfair” to former finance minister Pravin Gordhan. The KPMG report , which insinuated that Gordhan knew of a... 

Dangote Cement still interested in South Africa's PPC – CEO

By: Reuters     20th October 2017 Dangote Cement is still interested in acquiring South African rival PPC and would do a deal at the right price, its outgoing chief executive officer Onne van der Weijde said on Thursday. Weijde said PPC was a "good fit" for Dangote Cement, which is majority owned by Africa's richest man, Aliko... 

If Zuma removes me, I’ll accept it – Ramaphosa

By: African News Agency      19th October 2017 I serve at the pleasure of the President, and If I’m fired, it will be at the pleasure of the President, South Africa’s deputy president said on Thursday. Cyril Ramaphosa was asked by opposition party members in the National Assembly to confirm or deny speculation that he was next in line to be... 

South Africa should avoid rating cuts in Nov – Kganyago

By: Reuters     19th October 2017 A narrowing current account deficit, improving economy and stable inflation should help South Africa avoid credit rating cuts in November, central bank governor Lesetja Kganyago said in an interview, playing down concerns over the most recent cabinet reshuffle. Growth in Africa's most... 

FBI opens investigation into South Africa's Guptas – FT

By: Reuters     19th October 2017 The FBI has opened an investigation into US links to South Africa's Guptas, escalating a scandal over the family's alleged use of a friendship with President Jacob Zuma to control state businesses, the Financial Times said on Thursday. Separately, Britain's banking regulator, the Financial... 

South Africa's poor tax revenues to delay fiscal consolidation

By: Reuters     19th October 2017 South Africa's finance minister is expected to address concerns over dwindling tax revenues in his mid-term budget on Wednesday to reassure credit agencies of his commitment to a tighter purse, a Reuters poll found. Malusi Gigaba is due to give his first review on finances on Oct. 25 and... 

Cabinet replaces Zuma ally as head of national airline

By: Reuters     19th October 2017 South Africa's government has named Johannes Bhekumuzi Magwaza as chairperson of loss-making State-owned airline South African Airways (SAA), replacing Dudu Myeni, who was an ally of President Jacob Zuma, the finance minister said on Thursday. In all six board members were replaced, Finance... 

Cabinet reshuffle about consolidating Zuma’s power – Vavi

By: African News Agency      17th October 2017 President Jacob Zuma’s latest Cabinet reshuffle was a self-serving bid to consolidate power with a view to the ruling party’s elective conference, with no consideration for the good of the country, trade union leader Zwelinzima Vavi said on Tuesday. “It is about Jacob Zuma first and the country... 

Van market retreats as economy takes toll on small businesses, households

By: Irma Venter     17th October 2017 The total South African new van market currently ranges between 19 000 and 20 000 units a year, estimates Mercedes-Benz Vans Southern Africa VP Nadia Trimmel. “Historically, the market used to be between 22 000 and 23 000 units, but this year we do not expect it to break 20 000. The general... 

It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia

By: News24Wire      16th October 2017 The motives behind government’s failure to act in the national interest should be questioned as it undermines trust and service delivery in South Africa, Cas Coovadia, managing director of the Banking Association of South Africa (BASA), said on Monday. Coovadia in a statement called on Finance... 

Court declares contract between City of Tshwane, two service providers invalid

By: African News Agency      13th October 2017 The North Gauteng High Court on Friday declared a contract between the City of Tshwane and two service providers PEU Capital Partners and it’s subsidiary TUMS invalid. The court ordered that the R950-million, placed in a special trust account set up for the purchase of PEU’s infrastructure, to be... 

Macroeconomy putting brakes on new-vehicle market

By: Irma Venter     13th October 2017 The poor macro-economic environment must be acknowledged as the most fundamental roadblock to the development of the local new vehicle market, and as a handbrake to manufacturing investment, says Audi South Africa head Trevor Hill. While the South African automotive market can expect to see... 

Sanral overhauls procurement strategy in bid to facilitate transformation

By: Irma Venter     13th October 2017 The South African National Roads Agency Limited (Sanral) has launched a draft transformation policy that seeks to have a “snowball effect” on the larger South African construction industry, says CEO Skhumbuzo Macozoma. “This policy is going to trigger a review of our supply chain management... 

Insurance plays vital role in construction project success

By: Simone Liedtke     13th October 2017 Owing to insurance playing a vital role in the ultimate success of a construction project, insurance provider Risk Benefit Solutions (RBS) says contractors and engineers need to ensure that a contract includes the contractor all risk policy, which includes cover against damage and any liabilities... 

When Cyril wins, he must send Zuma to live in Nkandla – Gordhan 

By: News24Wire      12th October 2017 When Deputy President Cyril Ramaphosa wins December's African National Congress (ANC) elective conference, he must send President Jacob Zuma to live in Nkandla, former finance minister Pravin Gordhan said on Thursday. Gordhan told a conference in Cape Town that his preferred candidate to become... 

Even Stats SA could fall to State capture – Gordhan, Jonas 

By: News24Wire      12th October 2017 Statistics South Africa is not immune to the State capture project, former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas said on Thursday. The warning comes as Statistician-General Pali Lehohla is set to step down in October, after 17 years in charge of Stats SA. 

South Africa to woo investors at IMF meetings

By: Reuters     12th October 2017 South Africa's Finance Minister Malusi Gigaba and central bank governor Lesetja Kganyago head to Washington this weekend to meet ratings agencies and international investors in a bid to boost growth in an economy that is emerging from recession. The Treasury said in a statement on Thursday that... 

MPs dismayed as chief procurement officer silent on Eskom contracts

By: African News Agency      11th October 2017 Acting chief procurement officer Willie Mathebula apologised to Parliament’s standing committee on finance on Wednesday for giving a “sub-standard presentation” after members expressed dismay that he claimed no direct knowledge of the withdrawal of a damning report on Eskom’s coal contracts with... 

New Century secures $45m to reopen Qld zinc mine

By: Esmarie Swanepoel     11th October 2017 Base metals developer New Century Resources has secured a $45-million debt facility to fund the restart of its Century zinc mine, in Queensland. The debt facility, secured from global resources fund Sprott Resource Lending, will have a 10% a year interest on a three-year fixed term. 

South Africa's economic woes domestic, downgrade risks high – deputy SARB governor

By: Reuters     11th October 2017 South African deputy central bank governor Kuben Naidoo said on Tuesday domestic factors are the main cause of a frail economy and the risk of further credit downgrades is "quite significant". Painting a bleak picture during a monetary policy forum in Cape Town, Naidoo said a downgrade to South... 

IMF cuts South Africa growth forecasts as politics takes it toll

By: Reuters     10th October 2017 The International Monetary Fund cut its South African economic growth forecast for this year on Tuesday, saying rising political uncertainty has dented consumer and business confidence. The IMF said it expected South Africa's economy to grow by 0.7% this year, down from an earlier projection of... 

A FIRST for renewable energy funding

     6th October 2017 Rand Merchant Bank (RMB) together with KfW Development Bank (KfW) recently closed FIRST (the Facility for Investment in Renewable Small Transactions), a fund originally structured to enable the funding of small renewable energy projects. The fund’s mandate has now been broadened following... 

Unique financing needed for the township economy

By: Sydney Majoko     6th October 2017 One of the township economy's most crippling challenges is the lack of access to easily obtainable finance that is available at short notice. It is generally accepted that financial institutions will do proper due diligence investigations before giving their clients funds for their business... 

Supply chain management key to industry success

By: Robyn Wilkinson     6th October 2017 The effective management of financial and physical supply chains is a key differentiator for South African automotive companies wanting to survive in an uncertain market, with access to technologies that can assist in streamlining these functions critical to success, says import and working... 

Local innovation key for growing automotive industry

By: Robyn Wilkinson     6th October 2017 Key to realising the growth potential of South Africa’s automotive sector is local innovation, albeit with due consideration to conditions and operating environments, as local companies are not always able to use international innovations and technologies, says enterprise resource planning (ERP)... 

Automotive industry to phase out environmentally-unsafe refrigerants

     5th October 2017 In line with the latest legislation in Europe, which came into effect at the beginning of the year, the automotive industry is required to phase out current environment-damaging refrigerants being used, and replace these with green alternatives. Automotive air-conditioning systems currently run... 

Political and policy uncertainty weigh on South Africa's economy – SARB

By: Reuters     5th October 2017 South Africa's economy is growing much less than it should be and is unlikely to reach 2% annual expansion in the short term because of political and policy uncertainty, the central bank said on Wednesday. The Reserve Bank, which in June faced pressure to switch its focus to economic growth from... 

Mt Thirsty proves up for JV partners

By: Esmarie Swanepoel     5th October 2017 A scoping study into the Mt Thirsty joint venture (JV) cobalt project, in Western Australia, has estimated that the project could produce up to 1 280 t/y of cobalt and up to 1 660 t/y of nickel over a mine life of 21 years. ASX-listed Barra Resources and fellow-listed Conico on Thursday reported... 

Brown has received report from Eskom on Trillian

By: African News Agency      4th October 2017 Public Enterprises Minister Lynne Brown on Wednesday told MPs she had received a report from Eskom about its dealings with Trillian and McKinsey which she demanded after it emerged that the power utility had lied to Parliament, but made plain that she will not act against the leadership of... 

2nd Manufacturing Indaba Eastern Cape planned for the Province

     4th October 2017 Manufacturing Indaba Eastern Cape (MIEC) a yearly provincial event, and part of the national Manufacturing Indaba will be hosted on the 20th October 2017 at The Boardwalk Convention Centre in Port Elizabeth. Nwabisa Makunga, the deputy Editor of both the Herald and the Weekend Post will be... 

Parliament looks into legality of bailout to SAA

By: African News Agency      4th October 2017 Parliament’s standing committee on finance on Tuesday asked for advice on the legality of National Treasury’s R3 billion bailout to South African Airways (SAA) after the opposition submitted a letter claiming it was in breach of public finance rules. Alf Lees, the deputy finance spokesman for the... 

Govt bailouts won’t help SAA, says former finance minister Trevor Manuel 

By: African News Agency      3rd October 2017 Former South African finance minister, Trevor Manuel, said on Tuesday that government bailouts would not help the country’s state-owned airline to escape its troubles, insisting that South African Airlines (SAA) needed to get serious about its corporate governance. This comes after the South... 

Sanral releases draft empowerment policy it hopes will have snowball effect

By: Irma Venter     29th September 2017 The South African National Roads Agency Limited (Sanral) on Friday launched a draft transformation policy that seeks to have a “snowball effect” on the larger South African construction industry, says CEO Skhumbuzo Macozoma. “This policy is going to trigger a review of our supply chain management... 

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.  

Freeport can seek extension for Grasberg permit talks – minister

By: Reuters     28th September 2017 Indonesia's mining minister said on Thursday that Freeport McMoRan could request an extension of six months to renegotiate rights to Grasberg, the world's second-biggest copper mine, which is due to end next month. Freeport and the government announced a framework agreement for a new permit late... 

South Africa sheds 34 000 jobs so far in 2017 – StatsSA

By: African News Agency      28th September 2017 A decline of 34 000 jobs was recorded in the second quarter of 2017 in South Africa’s formal non-agricultural sector, the Quarterly Employment Survey, released by StatsSA on Thursday, revealed. “That decrease is in manufacturing, construction, community services, transport … only mining and... 

BLSA suspends 'corrupt' Eskom and Transnet

By: News24Wire      28th September 2017 Business Leadership South Africa on Thursday booted out State-owned entities Eskom and Transnet for their involvement in corruption and State capture with immediate effect. The announcement comes as BLSA launched its #BusinessBelieves campaign in Cape Town, where it signed a “contract” with South... 

Botswana to name developer of $4bn plant by December

By: Bloomberg     27th September 2017 Botswana Oil will choose by December a company to build and operate a $4-billion coal-to-liquids (CTL) plant, a facility it said may meet as much as 80% of the Southern African country’s fuel demand. The state-owned oil firm received 11 bids by its August deadline and is subjecting them to... 

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