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Sacci BCI rises in October

By: Reuters     7th November 2018 South Africa's business confidence rose for a second consecutive month in October, bolstered by higher import volumes, vehicle sales and retail sales, a survey showed on Wednesday. The South African Chamber of Commerce and Industry's (Sacci) monthly business confidence index rose to 95.8 in... 

'I was there when Cabinet approved nuclear programme' – Ramaphosa 

By: News24Wire      30th October 2018 President Cyril Ramaphosa has said he was in the Cabinet meeting where the decision was taken to issue a request for proposals for the nuclear build programme in 2015. This is according to a written reply from the president in response to a question from Democratic Alliance MP David Maynier – who... 

Ramaphosa seeks new investment pledges as economy struggles

By: Reuters     26th October 2018 President Cyril Ramaphosa will seek billions of dollars of new spending pledges from foreign investors and local firms at an investment summit on Friday, as he seeks to haul the economy out of recession before next year's election. The former union leader wants $100-billion of new investments... 

Infrastructure at heart of reprioritised, stimulus-aligned expenditure plan 

By: Terence Creamer     24th October 2018 Finance Minister Tito Mboweni has confirmed that expenditure worth R32.4-billion will be reprioritised over the coming three years in line with government’s recently released Economic Stimulus and Recovery Plan. The figure appeared to fall short of the R50-billion reprioritisation target outlined... 

Nhlanhla Nene resigns as MP 

By: News24Wire      19th October 2018 After falling on his sword as minister of finance, Nhlanhla Nene has also resigned as an MP, the African National Congress (ANC) confirmed on Friday. ANC chief whip Jackson Mthembu's office received Nene's resignation letter on Friday. This follows Nene's testimony before the commission of... 

South Africa renews bid to accelerate digital migration process 

By: African News Agency      19th October 2018 The South African government on Friday announced steps to join fellow African nations which have migrated to broadcast digital terrestrial television, despite missing the June 2015 target. "The mere fact that 11 years since Cabinet has approved this project, and we are still this far behind... 

Breytenbach welcomes greater certainty for renewable energy projects 

By: Kim Cloete     19th October 2018 Participants in the renewable energy sector say they are encouraged by the dedicated infrastructure team that will be set up in the Presidency, as it will give investors more certainty and confidence to back projects. “We’ve seen what the last two years of delays in the signing of renewable... 

State capture – again 

By: Aubrey Matshiqi     19th October 2018 In my last interview with polity.org, I argued that there is an Askari element in the African National Congress (ANC). This Askari element consists of members and leaders of the ANC who, since the days of the liberation struggle, have been part of the project to destroy the ANC and, thereby,... 

Seifsa elects ‘most transformed’ board to date

By: Simone Liedtke     15th October 2018 Arabela Holdings executive chairperson Elias Monage has been elected president of the Steel and Engineering Industries Federation of Southern Africa (Seifsa) and chairperson of its board of directors, with effect from October 12. Monage was elected president during Seifsa’s seventy-sixth annual... 

Seifsa president points to ‘signs of green shoots' for metals sector

12th October 2018 In an address at the Steel and Engineering Industries Federation of Southern Africa’s (Seifsa’s) Presidential Breakfast on Friday, outgoing interim president Alph Ngapo expressed optimism that the political transition, which saw President Jacob Zuma replaced by President Cyril Ramaphosa earlier... 

New evidence shows arms deal commission 'ignored critical evidence of wrongdoing'

By: News24Wire      11th October 2018 New evidence to be filed as part of a court case taking the arms deal commission of inquiry’s findings on review purports to show that the commission ignored critical evidence, ignored the advice and documents provided by local and international investigators, and ultimately, through wilful... 

Nene rollercoaster takes Nomura from major rand bear to bull

By: Bloomberg     11th October 2018 Nhlanhla Nene has been dropped from South Africa’s cabinet twice in three years – and his misfortunes have been the catalyst that turned one of the biggest rand bears into one of the biggest bulls. As the currency declined this week amid speculation that Nene would resign as finance minister,... 

Ramaphosa treads 'softly-softly' in South Africa power play 

By: Bloomberg     11th October 2018 President Cyril Ramaphosa is caught in an intricate game of political chess as he seeks to stamp his authority on the government while maintaining a semblance of party unity before elections next year. While his finance minister and political ally, Nhlanhla Nene, resigned Tuesday after lying... 

ANC, opposition parties welcome Mboweni, praise Nene

By: News24Wire      9th October 2018 Former South African Reserve Bank governor and newly appointed Finance Minister Tito Mboweni is highly accomplished and should be able to hit the ground running. This was the sentiment from the ANC and opposition parties after the news broke that Mboweni would replace former minister, Nhlanhla... 

Ramaphosa to make statement on Nene

By: Reuters     9th October 2018 President Cyril Ramaphosa will make a statement on the fate of Finance Minister Nhlanhla Nene on Tuesday at 16:30, his office said, sending the rand firmer. Nene is facing calls to resign after he admitted to visiting the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma who... 

Jonas is said to decline South African Finance Minister post

By: Bloomberg     9th October 2018 Mcebisi Jonas declined an offer to replace Nhlanhla Nene as South Africa’s finance minister, spurring President Cyril Ramaphosa to consider central bank Governor Lesetja Kganyago and one of his predecessors, Tito Mboweni, for the job, according to three people familiar with the matter. Jonas, a... 

Denel proposes severance packages, salary cuts – union

By: Reuters     9th October 2018 South African State arms firm Denel is holding talks with unions over voluntary severance packages, reduced working hours and salary cuts for some staff as it struggles to emerge from a financial crisis, a union official said. The discussions underscore the extent of the financial difficulties... 

Nene's IMF trip eases fears over his future

By: Reuters     9th October 2018 Finance minister Nhlanhla Nene is traveling to Indonesia for an International Monetary Fund (IMF) meeting, the Treasury said on Tuesday, a statement that may soothe markets a day after a media report that he had asked the president to sack him. The rand fell more than one percent on Monday when... 

Dladla steps down as CEO of Eskom Rotek Industries

By: Creamer Media Reporter      9th October 2018 Eskom Rotek Industries CEO Johnny Dladla, who served a short stint as the group's CEO in 2017, has resigned and will leave Eskom at the end of October to "pursue private business interests".   The State-owned utility said in a statement that Dladla's successor would be announced in due course.... 

Nene fears worsening 'jittery' markets – Basa  

By: News24Wire      8th October 2018 Uncertainty over the future of Finance Minister Nhlanhla Nene is leaving markets jittery, in a development the Banking Association of South Africa (Basa) has described as "unfortunate". Basa Chairperson Mike Brown said on Monday that the markets would be watching closely if there were any change... 

President's office says 'not aware' of Nene request to be sacked

By: Reuters     8th October 2018 President Cyril Ramaphosa's spokesperson said on Monday his office was not aware of Finance Minister Nhlanhla Nene's request to be relieved of his duties after he admitted to visiting the Gupta brothers. The rand fell more than one percent when Business Day newspaper reported Nene had asked... 

Recovery is the key word

By: Terence Creamer     5th October 2018 “It’s still in the morning, it’s not a midnight special,” President Cyril Ramaphosa jested ahead of his speech at the Union Building last month to unveil the contents of government’s economic stimulus and recovery plan. While obviously light-hearted, the quirky introduction is important for two... 

No forced public service retrenchments as government readies for Jobs Summit

By: News24Wire      4th October 2018 Government will use the Jobs Summit starting on Thursday to promise that there will be no forced retrenchments in the 1.3-million-strong public service, says Madoda Vilakazi, executive director of Nedlac, which is running the presidential jobs extravaganza. Nedlac is the National Economic... 

Goldman forecasts South African economic rebound in 2019

By: Reuters     3rd October 2018 Goldman Sachs expects South Africa's economy to grow almost 3% next year, helped by President Cyril Ramaphosa's reforms and strong global growth, the bank's sub-Saharan Africa head told Reuters. Colin Coleman's prediction is more optimistic than the view held by economists polled by Reuters last... 

I will testify to Zondo if I'm called – Ramaphosa

By: News24Wire      3rd October 2018 President Cyril Ramaphosa has said that he is prepared to appear before Deputy Chief Justice Raymond Zondo's judicial inquiry in to State Capture should he be asked to do so. Ramaphosa was replying to a question in Parliament. 

Zuma sacked me for rejecting Gupta deals – Nene

By: Reuters     3rd October 2018 Finance Minister Nhlanhla Nene said on Wednesday he was fired by former president Jacob Zuma for refusing to approve contracts that would financially benefit the Gupta family, friends of Zuma accused of corruption. Nene, who was giving testimony at a judicial inquiry into influence-peddling, said... 

Nene met Guptas, refused Russia nuke deal

By: Bloomberg     3rd October 2018 Finance Minister Nhlanhla Nene said he met repeatedly with members of the Gupta family, who have been implicated in a corruption scandal related to former President Jacob Zuma and separately was twice pressured to sign a multi-billion Russian nuclear-power deal by former Energy Minister Tina... 

KPMG South Africa to replace CEO after corruption scandal

By: Reuters     3rd October 2018 KPMG South Africa said on Wednesday that Chief Executive Nhlamulo Dlomu will step down to allow a new leader to restore the auditor's reputation after a corruption scandal that saw the company lose several major clients. The new CEO will be recruited externally, it said. 

On the mend?

By: Terence Creamer     28th September 2018 Business confidence is at debilitating low levels and trust between government and business remains fragile after the abusive Zuma years. Nevertheless, there are some encouraging signs that the relationship is on the mend, albeit at such a high level that it will take time to filter through to... 

Half of South Africa's stimulus plan to come from spending shift – Nene

By: Reuters     27th September 2018 South Africa's shifting budget priorities will provide roughly half of the R50-billion ($3.5-billion) in stimulus spending it plans to make by the end of its fiscal year in March, Finance Minister Nhlanhla Nene told Reuters. The rest of the fund would come from internal development finance... 

Facilitators of State capture in SA 

By: Aubrey Matshiqi     21st September 2018 The State capture commission of inquiry is under way. The picture that is beginning to emerge is that of a South Africa where, by the time former President Jacob Zuma left the stage, corruption was no longer endemic because it had become systemic. In other words, by the time Zuma was forced to... 

Promise amid the gloom

By: Terence Creamer     21st September 2018 Analogies between the state of South Africa and Bafana Bafana were easy to make after the team’s disappointing draw with Libya in Durban earlier this month. As with the national team, the atmosphere surrounding the country is far from supportive, despite a decidedly improved global economic... 

Cabinet’s approval of new Mining Charter a ‘positive’ step – law firm

By: Marleny Arnoldi     20th September 2018 Multinational law firm Herbert Smith Freehills on Thursday welcomed Cabinet’s approval of the new Mining Charter, as well as of the withdrawal of the Mineral and Petroleum Resources Development Act (MPRDA) Amendment Bill, as proposed by Mineral Resources Minister Gwede Mantashe earlier this... 

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... 

South Africa may miss tax take target, says finance minister

By: Reuters     10th September 2018 South Africa's tax take could well be lower than forecast this year, with a downturn in the economy exacerbating problems at the tax revenue service, Finance Minister Nhlanhla Nene said on Monday. The country entered recession in the second quarter for the first time since 2009. 

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