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Gordhan’s IPP renegotiation proposal triggers ‘breach of contract’ warnings 

By: Terence Creamer     15th February 2019 A report indicating that the South African government may seek to renegotiate power purchase agreements (PPAs) concluded with independent power producers (IPPs) in 2011 and 2012 is raising alarm bells within the industry, which is still recovering from a protracted period of uncertainty created... 

Banks urge Ramaphosa to put politics aside in fixing State firms  

By: Bloomberg     15th February 2019 A lobby group representing South African banks urged President Cyril Ramaphosa to prioritise the country’s wider interests rather than securing votes for the ruling African National Congress if he is to boost confidence in the economy before May elections. Ramaphosa’s plan to split its troubled... 

Hostile construction environment to persist until infrastructure spend recovers 

By: Nadine James     15th February 2019 Construction is a depressing place to be at the moment, says Hogan Lovells partner and construction head Clive Rumsey, citing the lack of large infrastructure projects, deriving from lacklustre economic growth and a backlog in tender adjudication, as some of the reasons why the sector is... 

Hostile construction environment to persist until infrastructure spend recovers

By: Nadine James     15th February 2019 Construction is a depressing place to be at the moment, says Hogan Lovells partner and construction head Clive Rumsey, citing the lack of large infrastructure projects, deriving from lacklustre economic growth and a backlog in tender adjudication, as some of the reasons why the sector is... 

Death toll rises to six at South Africa coal mine gas explosion

By: News24Wire      7th February 2019 The number of people killed by a gas explosion in an unused coal mine in South Africa's eastern province of Mpumalanga has risen to six, and several others remain trapped, an official at the mine said on Thursday. The representative of the creditor protection team at the mine, Michael Elliot,... 

Business confidence index ‘virtually unchanged’ from December 

By: Simone Liedtke     6th February 2019 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) remained “virtually unchanged” at 95.1 index points in January, compared with the 95.2 points recorded for December 2018. The BCI was, however, 4.6 index points lower than the 99.7 recorded in January... 

Energy megaprojects on South Africa's radar as utility falters

By: Bloomberg     5th February 2019 South Africa is looking to spend-billions of rand to secure energy from megaprojects on the continent at a time when state power utility Eskom is broke and struggling to supply enough electricity. The government has signaled a willingness to buy 5 000 MW of power from a planned $18-billion... 

Zondo asks South African agencies to probe prison-food tenders

By: Bloomberg     1st February 2019 The head of a judicial panel probing corruption in South Africa directed the authorities to investigate allegations that almost R1-billion was paid to services company Bosasa to provide catering in the nation’s prisons without it doing the requisite work. “There was no labor from Bosasa, it was... 

How deep does the rabbit hole of South Africa's corruption go?

By: Bloomberg     1st February 2019 The name Gupta has become synonymous with state corruption in South Africa, as the family allegedly used its friendship with Jacob Zuma when he was president to win contracts and pick Cabinet members. But recent evidence splashed across newspaper front-pages and televised hearings about bribes... 

Project Halo stakes claim to buy Guptas' Optimum coal mines

By: Bloomberg     1st February 2019 Project Halo, a South African group that bid R3.05-billion for Tegeta Exploration & Resources' coal assets after it was placed under administration, said it expects the deal to go ahead and it’s unaware other offers will be entertained. “As things stand today we are the preferred bidder,” Project... 

Ramaphosa identifies growth as the 'one goal' of his Presidency 

By: Terence Creamer     29th January 2019 South African President Cyril Ramaphosa has identified higher economic growth as the overarching goal of his Presidency and has urged business leaders to partner with government to put in place the building blocks required for achieving growth rates of higher than 5%. South Africa dipped into a... 

Dudu Myeni 'was powerful', State capture inquiry hears 

By: African News Agency      28th January 2019 Former South African Airways (SAA) board chairperson and head of the Jacob Zuma Foundation (JZF), Dudu Myeni, was paid R300 000 monthly by Bosasa as she was powerful and ''very close'' to former president Jacob Zuma, Bosasa's former COO Angelo Agrizzi testified on Monday. Agrizzi said a designer... 

Ramaphosa gets a global Madiba moment, while SA ponders Denel's next step

By: News24Wire      28th January 2019 President Cyril Ramaphosa has finished off his first official state visit to India on a good note, celebrating and inviting "real, ethically driven" Indian businesses to invest more in South Africa. A visibly fatigued Ramaphosa, following Team South Africa's stop at the World Economic Forum in... 

South African Internet searches had strong domestic flavour in 2018

By: Natasha Odendaal     25th January 2019 Google’s 2018 year in search review shows South Africans are increasingly becoming more interested in local major events, current affairs and sports. The ‘Year in South African Search’ list, pulling trending topics from January 1 to December 5, examine what people, places, news and things were... 

Eskom should be split, experts to tell president – sources 

By: Reuters     24th January 2019 South Africa's Eskom could be split into three separate firms under proposals from experts President Cyril Ramaphosa has hired to help revive the ailing state power company, two sources familiar with the matter told Reuters. Reforming Eskom is vital to get Africa's most industrialised economy... 

Ramaphosa's 'nine lost years' speech impresses Old Mutual CEO at Davos

By: News24Wire      24th January 2019 When President Cyril Ramaphosa spoke out about South Africa’s "nine lost years" at a dinner in Davos this week, Old Mutual CEO Peter Moyo said the cost of the period crystallised for him.   "The President spoke about nine wasted years and it was the first time I heard that phrase. It made me... 

World Bank says confidence not enough to lift South Africa’s growth prospects  

By: Terence Creamer     22nd January 2019 The World Bank expects South Africa's growth to pick up modestly in 2019 to 1.3% on the back of several “promising” policy announcements made by President Cyril Ramaphosa’s administration in 2018. It expects the economy to expand by 1.7% in 2020. Nevertheless, the bank believes that the country’s... 

Mokonyane not aware of any allegations against her at state capture commission

By: News24Wire      21st January 2019 Environmental Affairs Minister Nomvula Mokonyane's office says it knows nothing about claims implicating her in testimony before the state capture commission of inquiry and says it will be "impolitic" to engage reports claiming otherwise. Weekend newspapers reported that Mokonyane would be among... 

ANC puts jobs, growth at heart of 2019 election campaign

By: Reuters     13th January 2019 President Cyril Ramaphosa vowed to create more jobs, boost economic growth and address racial inequalities at a rally on Saturday to launch the ruling party's parliamentary election campaign. The vote, expected in May, will be a test of whether Ramaphosa has been able to reverse a decline in... 

ANC says central bank should broaden economic focus

By: Reuters     13th January 2019 South Africa's ruling party said on Saturday the central bank should broaden its focus to include boosting employment and economic growth, a move that will worry investors already concerned about the direction of economic policy. The African National Congress (ANC), which has governed South... 

State asset manager buys up struggling Denel's bonds

By: Reuters     20th December 2018 South Africa's state asset manager has quietly bought up almost 90% of cash-strapped arms manufacturer Denel's bonds in the past 12 months, data from the country's main securities depositary showed. The previously undisclosed funding by the Public Investment Corporation (PIC), which manages... 

Denel's accounts littered with flaws – Auditor General

By: Reuters     14th December 2018 Shoddy and incomplete accounting at South Africa's troubled state-run arms firm Denel left the country's Auditor General unable to make a judgement on the soundness of its most recent financial statements, according to the firm's annual report. In the report the Auditor General listed more than... 

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... 

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