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Zuma spokesperson dismisses reports Ramaphosa may be sacked

By: Reuters     20th October 2017 President Jacob Zuma's spokesperson said on Friday there was no basis for reports that he would axe his deputy Cyril Ramaphosa, speculation about which has weighed on the currency and bonds. The ruling African National Congress (ANC) party, of which Zuma is leader and Ramaphosa deputy, has been... 

Rand extends losses as speculation Ramaphosa may be fired weighs

By: Reuters     20th October 2017 South Africa's rand weakened on Friday, pressured by a firmer dollar and underperforming emerging market peers as speculation that President Jacob Zuma may axe his deputy Cyril Ramaphosa weighed on sentiment. At 0830 GMT the rand was 1.15% weaker at 13.6725 per dollar, extending losses and... 

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... 

Zuma unveils OR Tambo statue in commemoration

By: Sane Dhlamini     19th October 2017 The life of former African National Congress (ANC) president Oliver Reginald Tambo was commemorated on Thursday with the unveiling of a new statue of the former anti-apartheid struggle stalwart at international arrivals at the OR Tambo International Airport in Johannesburg. President Jacob Zuma... 

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... 

RBPlat drops Gupta-linked contractor

By: Reuters     19th October 2017 South African platinum producer Royal Bafokeng Platinum said on Thursday it was dropping the services of contractor JIC Mining Services, majority owned by Oakbay Investments, the main company operated by the Gupta family. RBPlat, a black-owned midtier producer of the precious metal, is the latest... 

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... 

Opinion: No guarantee Zuma’s new ‘fission expedition’ will succeed

By: Terence Creamer     18th October 2017 We know for certain what President Jacob Zuma’s latest Cabinet reshuffle was not. It was not about South Africa, or about good governance. It was not about doing what is necessary to place the economy back on a growth trajectory. It was not about dealing with the triple scourge of poverty,... 

Brian Dames: Gigaba adviser lured me to meet Guptas

By: News24Wire      18th October 2017 Former Eskom CEO Brian Dames said he was asked to meet “some people” who turned out to be the Guptas by Finance Minister Malusi Gigaba’s adviser Siyabonga Mahlangu. “It was somewhere in Midrand and there was one other individual: I assume it was one of the brothers,” he said. “I was very angry... 

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... 

Malmström raises EU’s concern over South Africa's stance towards renewables IPPs

By: Terence Creamer     17th October 2017 European Commissioner for Trade Cecilia Malmström confirmed on Tuesday that she had communicated the European Union’s (EU’s) unhappiness over Eskom’s refusal to enter into contracts with renewable-energy independent power producers (IPPs), some of which are European, directly with the South... 

Rand drops on Zuma's suprise 'pro-nuclear' Cabinet reshuffle

By: News24Wire      17th October 2017 The rand lost more than 0.5% within minutes of President Jacob Zuma's announcement of yet another surprise Cabinet reshuffle. The biggest move is that of energy - Mmamoloko Kubayi has been moved from the energy portfolio to communications, with David Mahlobo now occupying the position of Minister... 

Nzimande axed in another Cabinet reshuffle

By: Anine Kilian     17th October 2017 President Jacob Zuma has again made changes to his Cabinet. The Presidency said in a statement on Tuesday that Professor Hlengiwe Mkhize has been appointed Higher Education and Training Minister, Ayanda Dlodlo as Home Affairs Minister, Mmamaloko Kubayi as Communications Minister, David Mahlobo as... 

McKinsey 'embarrassed' by failings in South Africa scandal

By: Reuters     17th October 2017 McKinsey said on Tuesday it was embarrassed by errors it made while working with South African utility Eskom on a R1.6-billion contract that is being investigated by Parliament and police over allegations of fraud. Privately-held McKinsey, the world's largest management consultancy, said it had... 

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... 

Supreme court dismisses Zuma’s ‘spy tapes’ appeal

By: African News Agency      13th October 2017 The Supreme Court of Appeal (SCA) on Friday dismissed with costs the appeal by President Jacob Zuma and the National Prosecuting Authority (NPA) in the spy tapes saga. SCA Justice Eric Leach upheld the High Court’s view that the decision to withdraw 783 charges of corruption and fraud against... 

Political change could spark a surge in investment, says Goldman Sachs

By: Kim Cloete     12th October 2017 South Africa has the potential to achieve a 3% economic growth rate, and 5% in the medium term, if the constitutionalists in the African National Congress (ANC) are elected to lead the country, says Goldman Sachs Southern Africa MD Colin Coleman. “With the right leaders in the right... 

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... 

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... 

Testimony in Parly probe into Eskom / Gupta links to start next week

By: African News Agency      11th October 2017 The list of names of witnesses to be called to testify at a parliamentary inquiry into state capture at South Africa’s sole power utility, Eskom, has been finalised and the probe officially kicks off on October 17, a statement from the national legislature said on Wednesday. “The Portfolio... 

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... 

South African nuclear deal to boost debt – Safcei 

By: African News Agency      11th October 2017 The Southern African Faith Communities’ Environment Institute (Safcei) told South African President Jacob Zuma and the Minister of Energy on Tuesday that it was worried about the country’s planned nuclear deal triggering a surge in debt. The faith-based NGO said it had delivered a letter to the... 

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... 

Improving miners’ lives best way of honouring Marikana victims – Zuma

By: African News Agency      9th October 2017 President Jacob Zuma has said he would not declare a commemorative day to mark the killing of miners at Marikana five years ago, as the most effective way of honouring the victims was to take practical steps to improve the lives of mining communities. Zuma was responding to a written... 

Protests test tribal authority on South Africa's platinum belt 

By: Reuters     9th October 2017 A new power struggle is unfolding in South Africa's old homelands between global mining giants, traditional leaders and an impoverished rural populace. Parts of an industry long used to labour unrest are now contending with community protests that have cut production of the country's largest... 

Eskom asks McKinsey, Trillian to return R1.6bn

By: Reuters     6th October 2017 South Africa's Eskom has asked consultancy firms McKinsey and Trillian to pay it back R1.6-billion ($117-million), saying that an internal inquiry had found that the State power utility's decisions to make the payments were unlawful. "The interim findings from Eskom investigations into the... 

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... 

S Africa's auditor-general says Eskom's wasteful spending balloons

By: Reuters     4th October 2017 Wasteful spending at South Africa's state power utility Eskom soared to 547 million rand ($40.24 million) in 2016/17 from 93 million rand in 2015/16, the Auditor General's office told parliament on Tuesday. Eskom is at the heart of allegations of illegal contracts and undue influence in awarding... 

McKinsey told Eskom of transparency risk at Trillian Capital

By: Bloomberg     3rd October 2017 Eskom Holdings continued to pay Trillian Capital Partners even after McKinsey & Co warned the South African State power company that it had concerns over transparency at the project development partner. Letters written in March 2016 by McKinsey to Eric Wood, the chief executive officer of... 

Opinion: Minister Kubayi’s Renewable Energy Plan: Does it signify progress or regression?

     29th September 2017 In this opinion piece, Sener regional MD Siyabonga Mbanjwa expresses the hope that both the current moratorium on new renewable-energy projects and the proposed 77c/kWh tariff cap will be reconsidered during industry consultations.  

High Court rules against DA in State capture inquiry case

By: News24Wire      29th September 2017 The High Court in Pretoria has granted President Jacob Zuma a stay in immediately implementing a judicial commission of inquiry as recommended in the Public Protector's State of Capture report. This is until his application for a review of that remedial action recommended by the report is heard... 

Political certainty needed for economic reform in South Africa – Kganyago

By: Reuters     29th September 2017 South Africa must sort out its political problems in order to kickstart structural reform and unlock economic growth, central bank governor Lesetja Kganyago told Reuters on Thursday. Speaking on the sidelines of a conference organised in London by the Bank of England, Kganyago also said financial... 

Radical? Really?

By: Keith Campbell     29th September 2017 Roughly in the middle of this month (September), speaking on the sidelines of the Annual General Meeting of his luxury goods businesses holding company, Switzerland-based Compagnie Financière Richemont, in Geneva, businessman Johann Rupert, generally regarded as South Africa’s richest man, said... 

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... 

CoM supports trade union’s nationwide march against corruption

By: African News Agency      27th September 2017 The Chamber of Mines of South Africa (CoM) said on Wednesday that it would join Business Unity South Africa and Business Leadership South Africa in support of the Congress of South African Trade Unions (Cosatu) stance against State capture and corruption. Thousands of workers and civil society... 

Fedusa calls for return of railway police

By: African News Agency      25th September 2017 The Federation of Unions of South Africa (Fedusa) on Monday called for urgent action to stop criminality on trains, including the reintroduction of the Railway Police. In a statement, Fedusa said decisive action was particularly needed in the Cape Town area which has borne the brunt of violent... 

Myeni approached PIC for R6bn for SAA – reports

By: African News Agency      25th September 2017 Controversial South African Airways (SAA) board chairwoman Dudu Myeni appears to be involved in the “planned raid on pensioners’ money” to prop up SAA and other bankrupt state-owned enterprises (SoEs), the Democratic Alliance said on Sunday. The DA had noted the media report that Dudu Myeni had... 

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