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CEO Initiative to support government’s investor outreach at October summit

By: Terence Creamer     18th September 2018 The CEO Initiative is putting its weight behind President Cyril Ramaphosa’s plans for increasing levels of investment and stimulating growth in the recession-afflicted South African economy. The CEO Initiative draws in business leaders from various sectors and rose to prominence during Pravin... 

Nene to deliver mini budget on October 24 in tough economic environment

By: News24Wire      12th September 2018 Finance Minister Nhlanhla Nene will present 2018's mini budget on October 24, Parliament announced on Wednesday.  The medium-term budget policy statement, delivered in late October about four months before the main Budget the following February - includes adjusted estimates of how much government... 

State capture inquiry postponed 'until further notice'

By: News24Wire      11th September 2018 The judicial commission of inquiry into state capture has been postponed until further notice, it announced on Tuesday. The hearings were expected to resume on Wednesday with the testimony of former minister of public enterprises Barbara Hogan. The commission's chair, Deputy Chief Justice Raymond... 

South African business confidence slips in Q3 – survey

By: Reuters     11th September 2018 South African business confidence fell marginally in the third quarter, a survey showed on Tuesday, after the economy slipped into recession and hopes faded for a revival under President Cyril Ramaphosa. The Rand Merchant Bank (RMB) business confidence index compiled by the Bureau for Economic... 

Fearmongering over recession won't do any good – Madonsela

By: News24Wire      7th September 2018 Choose hope over fear and leadership over victimhood, former Public Protector Thuli Madonsela urged South Africans on Friday.  Fearmongering over the recession would not do the country any good, she added.  

SA launches new probe into Water Ministry contract with Germany's SAP

By: Reuters     6th September 2018 South African President Cyril Ramaphosa authorised a new investigation into a water ministry contract with German software firm SAP on Thursday, citing allegations that public money was spent unlawfully. The investigation by South Africa's Special Investigating Unit (SIU) comes after the... 

Ramaphosa says South Africa to recover from recession soon

By: Reuters     6th September 2018 South Africa will soon recover from recession, President Cyril Ramaphosa said on Thursday in his first reaction to news that undermines his effort to revive the economy and attract investment after a decade of stagnation. Ramaphosa staked his reputation on economic revival when he took over in... 

Exclusion of new nuclear power capacity not deliberate – Radebe

By: African News Agency      4th September 2018 The decision to shelve plans to build new nuclear power plants was not based on principle but price and reduced electricity demand, Energy Minister Jeff Radebe said on Tuesday.  "We have not deliberately left nuclear out but it is not in the plan due to lower demand and lower cost of other... 

Gupta revealed 'top secret' Denel matter – Mentor

By: African News Agency      28th August 2018 Ajay Gupta revealed top secret information regarding state-owned arms manufacturer Denel during a meeting at the family's Saxonwold compound, former African National Congress (ANC) parliamentarian Vytjie Mentor testified at the state capture commission of inquiry on Tuesday. This was a meeting... 

Mcebisi Jonas to take stand in State capture inquiry

By: News24Wire      24th August 2018 Former deputy finance minister Mcebisi Jonas is expected to address the commission of inquiry into State capture on Friday. Jonas claimed that the Gupta family offered him an initial R600 000 cash, and then R600-million to be given later, if he accepted the job of finance minister. He was... 

One in three chance of South Africa recession this year

By: Reuters     23rd August 2018 South Africa's economy probably struggled to gain traction in the second quarter after shrinking at the start of 2018, according to a Reuters poll of economists who said there was a one in three chance of recession this year. Around 30 economists polled expect Africa's second-largest economy to... 

Set up special tribunal for officials abusing tender system – State capture inquiry witness 

By: News24Wire      21st August 2018 The government's procurement system is intentionally not followed in at least 50% of all tenders, chief procurement officer Willie Mathebula told the commission of inquiry into allegations of State capture on Tuesday. Mathebula has proposed a special tribunal to deal with those who transgress and... 

Finance ministers fired by Zuma to testify at State capture inquiry

By: News24Wire      20th August 2018 Two of the finance ministers who Jacob Zuma fired during his time as South Africa's president are expected to testify at the State capture commission of inquiry. Head of legal services, Paul Pretorius SC, told the commission that current Public Enterprises Minister Pravin Gordhan and current... 

Zondo appeals to South Africans to bring evidence on State capture

By: African News Agency      20th August 2018 The chairperson of the commission of inquiry probing allegations of corruption and State capture, Deputy Chief Justice Raymond Zondo on Monday appealed to South Africans to come forward with any information and evidence they think might help the commission in its investigation. Zondo opened the... 

State capture inquiry gets underway in Johannesburg

By: African News Agency      20th August 2018 The judicial commission of inquiry into alleged capture of the South African State and its entities, referred to as ''State capture'', is set to begin on Monday in Johannesburg. At the centre of the hearings are the fugitive Gupta family, who have since left the country as allegations of... 

Hawks investigate cases related to Gupta-loot worth more than R40bn

By: News24Wire      16th August 2018 The Hawks are investigating cases related to the Guptas' state capture project that involves more than R40 billion which has been plundered from state coffers. Lieutenant General Godfrey Lebeya presented the Hawks' progress in several cases of state capture to the Portfolio Committee on Police on... 

Ramaphosa proposes new sovereign wealth fund – party officials

By: Reuters     14th August 2018 President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party officials said on Tuesday. Ramaphosa, who replaced scandal-plagued Jacob Zuma as ANC leader late last year, is... 

Redefining philanthropy

By: Martin Zhuwakinyu     3rd August 2018 Aliko Dangote, Africa’s richest man – with a net worth of $12.4-billion – is redefining philanthropy in his native Nigeria. But the 61-year-old is doing this in a way that will make his bank account even fatter. Dangote Group, the 30 000-employee multinational industrial conglomerate he founded... 

State capture inquiry to start on August 20

By: News24Wire      27th July 2018 Deputy Chief Justice Raymond Zondo has announced that the judicial commission of inquiry into allegations of State Capture will officially begin on August 20. Zondo made the announcement at a media briefing in Johannesburg on Friday. Earlier this week, Zondo welcomed a decision by the North... 

Thales seeks permanent stay of prosecution in Zuma graft case

By: African News Agency      27th July 2018 The legal team for Thales South Africa, indicted alongside former President Jacob Zuma for fraud and corruption related to the decades old multimillion-rand arms deal, will seek to have a permanent stay of prosecution. The French arms company also believes attempts by the National Director of... 

South Africa authorities clear SA Express to resume limited flights

By: Reuters     27th July 2018 South Africa's Civil Aviation Authority (SACAA) has cleared state-run airline SA Express to resume flights again, with two of its planes permitted to fly for now, the regulator said on Thursday. Citing safety concerns, SACAA in May grounded all 21 aircraft operated by SA Express, which has lost... 

South Africa opens door to future Russian nuclear power deal

By: Reuters     26th July 2018 South Africa cannot afford large-scale expansion of its nuclear power fleet but would still be open to future nuclear deals with Russia, the ruling party's Treasurer General said on Thursday shortly before President Vladimir Putin arrived for the Brics summit. The nuclear project was prioritised... 

Ramaphoria index falling 

By: Aubrey Matshiqi     20th July 2018 This month we are celebrating the centenary of the birth of Nelson Mandela. I suspect that the country will celebrate more the older Mandela than the young hothead of a militant who became a commander in the armed struggle against white minority rule. To me, the commemoration of the centenary of... 

Manufacturing output tempers recession fears

By: Reuters     12th July 2018 South Africa's manufacturing output rose again in May after a disappointing first quarter as production of motor vehicles and durable consumer goods increased, offering hope the economy will avoid slipping into recession. The continent's most industrialised economy suffered its worst quarterly... 

Ramaphosa embarks on Eskom overhaul

By: Reuters     12th July 2018 A month after Cyril Ramaphosa took the helm of South Africa's ruling African National Congress (ANC) in December, he called an urgent meeting with then-President Jacob Zuma and senior ministers to save state power firm Eskom. Ramaphosa understood sweeping changes were needed at the struggling... 

McKinsey overhauls South African office after graft scandal 

By: Reuters     9th July 2018 McKinsey has made sweeping changes to its South Africa business to try to rebuild its reputation following an ill-fated deal with friends of scandal-plagued former President Jacob Zuma. Kevin Sneader, who started as McKinsey's global managing partner last week, announced on Monday that the firm... 

South Africa funding to suffer from weak rand, high yields – Moody's

By: Reuters     3rd July 2018 South Africa will find it harder to raise funds and service its foreign debt after a worsening of external financing conditions in recent months due to a fall in the rand and rising bond yields, Moody's said on Tuesday. Moody's was the last of the top three major rating agencies to rate South... 

Rogue unit allegations hogwash, former Sars enforcement head tells inquiry

By: News24Wire      28th June 2018 The former head of South African Revenue Service (Sars) enforcement Gene Ravele told the commission of inquiry into affairs at the tax agency that allegations over the so-called ‘rogue unit’ are nothing but hogwash. During an interview after his testimony, Ravele stated that the unit was... 

Govt eyes staff cuts, hiring caps after wage deal

By: Reuters     22nd June 2018 Government is considering layoffs and early retirement packages for staff in the public sector to avoid breaking its pledge to cut spending after unions clinched above-inflation wage increases, the Treasury said on Friday. Under a deal reached in May, the government will raise salaries of public... 

Nontechnical issues present the main obstacles to nuclear’s role in future energy mix

By: Rebecca Campbell     22nd June 2018 Key issues regarding the future of nuclear power in South Africa were raised at the National Nuclear Regulator’s recent 2nd Nuclear Regulatory Information Conference, held in northern Johannesburg. The conference took place over three days.  

Nontechnical issues present the main obstacles to nuclear’s role in future energy mix

By: Rebecca Campbell     22nd June 2018 Key issues regarding the future of nuclear power in South Africa were raised at the National Nuclear Regulator’s recent 2nd Nuclear Regulatory Information Conference, held in northern Johannesburg. The conference took place over three days.  

Current account deficit widens in Q1 as exports slump

By: Reuters     21st June 2018 South Africa's current account deficit widened more than expected in the first quarter to register its largest shortfall in two years as the trade balance swung to a deficit after a steep decline in exports, the central bank said on Thursday. Investor sentiment in South Africa picked up after... 

Labour unions picket Eskom office in wage dispute

By: Reuters     14th June 2018 Hundreds of union members picketed outside the headquarters of Eskom on Thursday because of a wage dispute which has hurt the cash-strapped South African power utility's ability to deliver electricity to Africa's most industrialised economy. Labour unions, angered by Eskom's failure to raise... 

Opportunities for Manufacturers in Africa

7th June 2018 Fundamental factors including increased political stability, growing investment prospects, Industry 4.0 as well as the enforcement of game-changing policies present plentiful opportunities for African manufacturers Despite its abundant natural and human resources, the African continent has long... 

Seriti Resources interested in Optimum Coal as it looks to export

By: Reuters     6th June 2018 South African miner Seriti Resources wants to move into exporting coal and would be interested in buying the assets and quotas of the Gupta family's Optimum Coal, its CEO said. Bidding for Optimum Coal would pit Seriti, which has ambitions to become a black-owned mining champion, with bigger... 

Plan for mining community development levy scrapped

By: Bloomberg     6th June 2018 South Africa’s government has scrapped plans to compel mining companies to contribute 1% of their annual turnover to a new community development agency because it feared the funds could be abused, the nation’s mining minister said. The levy was proposed in a draft of the nation’s new Mining... 

South Africa's business confidence index eases again in May

By: Reuters     6th June 2018 South Africa's business confidence fell for a fourth month in a row in May, mainly due to a slide in trade activity and higher consumer inflation following a hike in Value Added Tax. The South African Chamber of Commerce and Industry's (Sacci) monthly business confidence index (BCI) fell to 94.0... 

KPMG to lay off 400 employees in South Africa after graft scandal

By: Reuters     4th June 2018 Global auditor KPMG said on Monday it will lay off up to 400 people in South Africa, in its latest shake-up following a corruption scandal that saw it lose several major clients. The auditor has taken a number of steps since last September to help restore its reputation, including changes to... 

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