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Budget News

Finance Minister invites public input ahead of Budget speech

By: Sane Dhlamini 6th February 2017 Finance Minister Pravin Gordhan has urged South Africans to share their views on economic conditions and to highlight issues they would like government to focus on in the National Budget Speech on February 22. The National Budget Speech will be presented against the backdrop of sluggish economic... →

Smarter portfolio choices and lower costs could drive higher returns in 2017

3rd February 2017 The resource exploration industry has a good chance of achieving double-digit returns in 2017, as smarter portfolio choices and lower costs are already paying off, says analytics business Wood Mackenzie exploration VP Dr Andrew Latham. →

EMERGING EXPLORATION THEMES
Some of the emerging exploration themes in 2017 include exploration for pipe gas opportunities near undersupplied markets

Photo by Bloomberg
EMERGING EXPLORATION THEMES Some of the emerging exploration themes in 2017 include exploration for pipe gas opportunities near undersupplied markets

Gordhan in for tough Budget speech despite public support

By: Natasha Odendaal 31st January 2017 All eyes will be on Finance Minister Pravin Gordhan on February 22 as he tables what will likely be a difficult 2017/18 Budget, in which measures will need to be adopted to generate sufficient taxes without stifling growth and widening inequality. With South Africa in a “near perfect storm” of... →

Photo by Duane Daws
Finance Minister Pravin Gordhan

Consulting engineers ready to help with irregular expenditure fight

By: Donna Slater 9th December 2016 Firms that are members of nonprofit organisation Consulting Engineers South Africa (Cesa) made known at the yearly Cesa Infrastructure Indaba, that they are ready to partner with government to reduce irregular expenditure. →

Ansys profits soar to R51m

By: Megan van Wyngaardt 29th November 2016 Engineering solutions provider Ansys’s profit before interest and tax in the half-year ended September 30, increased by 645.9% to R51.1-million from R6.8-million in the comparative period. The company attributed this significant increase to its continued investment in its operations, as well as... →

South African govt generates R1.2tr in FY14/15 income

By: Natasha Odendaal 24th November 2016 The South African government’s income for the year ended March 31, 2015, increased by R107.1-billion, Statistics South Africa (Stats SA) reported on Thursday. This increase in the consolidated general government accruement of R1.2-trillion from operating activities in the 2014/15 financial year... →

Creecy unveils R250bn Gauteng budget, warns on risk late invoice payments pose

By: Megan van Wyngaardt 22nd November 2016 Departmental accruals, where invoices from one financial year are forwarded for payment in the following financial year, pose a threat to the overall financial health of the Gauteng provincial government (GPG) and its R250-billion Medium Term Budget, Finance MEC Barbara Creecy said on Tuesday.... →

National Treasury makes further strides in bringing down supplier costs

By: Natasha Odendaal 21st November 2016 In an effort to bring down supplier costs, National Treasury’s Office of the Chief Procurement Officer (OCPO) has successfully renegotiated an existing contract with Telkom-owned Business Connexion (BCX). It is expected that the renegotiated fixed-line telecommunication services contract will... →

Guptas considered Treasury a 'stumbling block'

By: News24Wire 3rd November 2016 The Treasury was a "stumbling block" to the Guptas' business ambitions and the family asked Deputy Finance Minister Mcebisi Jonas to sack its director general, according to former Public Protector Thuli Madonsela’s "state capture" report. He would have had to do this if he had accepted the... →

Photo by Duane Daws
Deputy Finance Minister Mcebisi Jonas

R100-billion infrastructure investment enhances safety and mobility

By: Nadine James 28th October 2016 As part of the City of Johannesburg’s ten-year R100-billion investment in infrastructure, the city’s road infrastructure authority the Johannesburg Roads Agency (JRA) investigated the state and quality of the 814 bridges in Johannesburg, and set out to construct and rehabilitate bridges in the... →

NALEDI-PROTEA NORTH BRIDGE Construction on the bridge that now links the two Soweto suburbs started in 2014

Funding, procurement for road infrastructure projects problematic

By: Nadine James 28th October 2016 The methods of acquiring funding, as well as the public procurement process for road infrastructure projects need to be re-examined, as current models are problematic, says civil engineering consultancy WSP | Parsons Brinckerhoff Africa. WSP | Parsons transport and infrastructure divisional... →

CAUTION CURVES AHEAD Challenges pertaining to the country's economy, government funding and public procurement has made it increasingly more difficult to develop road infrastructure

Highlights from the minibudget

26th October 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the key themes of this year’s minibudget, including funding for higher education and developments in the electricity sector. →

Highlights from the minibudget

Government, society need joint solution for Fees Must Fall challenge

By: Anine Kilian 26th October 2016 Government has acknowledged concerns raised by various parts of the post-school community regarding free tertiary education, noted Finance Minister Pravin Gordhan in his Medium-Term Budget Policy Statement address on Wednesday. The Fees Must Fall movement, comprising university students demanding... →

Concerns over timing of Gordhan summons

By: Sane Dhlamini 11th October 2016 Business leaders expressed concern on Tuesday following the issuing of fraud charges against Finance Minister Pravin Gordhan by the National Prosecutions Authority head Shaun Abrahams. Gordhan was ordered to appear in court on November 2 on a charge of fraud related to the pay-out made by South... →

Photo by Duane Daws
Finance Minister Pravin Gordhan

Global defence aviation market predicted to expand, but competition to rise too

By: Keith Campbell 5th August 2016 European aerospace and defence company Airbus Defence and Space (Airbus DS) expects the global defence market to grow at an annual average rate of 2.4% between now and 2020. Currently, total global defence expenditure is estimated at about €400-billion. In terms of regions, defence spending in... →

Fitch aligns South Africa’s local currency rating to its foreign currency rating

By: Megan van Wyngaardt 26th July 2016 International ratings agency Fitch Ratings has aligned South Africa’s long-term local currency rating to the long-term foreign currency rating at ‘BBB-’ with a stable outlook. This followed a recent update to Fitch’s Sovereign Rating Criteria, which is the methodology it uses to rate all... →

Gordhan requests extension for SAA’s financial statement

By: Creamer Media Reporter 14th July 2016 Finance Minister Pravin Gordhan has requested Parliament grant an extension until September 15 to table South African Airways’ (SAA’s) annual financial statement (AFS), the National Treasury said on Thursday. The national airliner’s AFS could not be finalised until a decision had been made on its... →

Photo by Duane Daws
Finance Minister Pravin Gordhan

Procurement rules overhaul aims to assist small firms – National Treasury

By: Terence Creamer 15th June 2016 The Office of the Chief Procurement Officer in the National Treasury has published draft new preferential procurement regulations, which propose far-reaching changes to the way tenders are adjudicated. The revisions, which are open for public comment, are reportedly designed to assist in ensuring... →

National Assembly approves Presidency budget

By: News24Wire 18th May 2016 The National Assembly on Wednesday voted to approve the Presidency budget. The budget was presented by President Jacob Zuma in Parliament on May 4. →

President Jacob Zuma

SA debt not unsustainable – Gordhan

By: African News Agency 18th May 2016 South Africa’s debt had not reached unsustainable levels and the deficit was being managed well, Finance Minister Pravin Gordhan said on Wednesday. “We kept our promise that we will consolidate our fiscus ever further and above all we said we would make sure that our debt is sustainable. →

Finance Minister Pravin Gordhan

DA proposes R9.52bn amendment to Gordhan's budget

By: News24Wire 16th May 2016 The Democratic Alliance (DA) has announced that it will propose a R9.52-billion adjustment to Finance Minister Pravin Gordhan's 2016/17 budget on Tuesday. In a statement on Monday, the DA said it would propose 399 amendments to fund six proposals, aimed at improving the lives of people in South... →

Photo by Reuters
Finance Minister Pravin Gordhan

New nuclear project financing discussed at conference in France

By: Keith Campbell 13th May 2016 Organisation for Economic Cooperation and Development (OECD) secretary-general Angel Gurría has called for a level playing field for all low-carbon electricity generating technologies in energy markets. He was delivering the opening address at an international conference in Paris on Wednesday, on... →

Business incubation can play key role in stimulating and sustaining small firms

By: Mia Breytenbach 29th April 2016 One of the key messages to emerge ahead of the review of South Africa’s sovereign credit rating is that the country needs to outline the practical actions it will take to reignite growth, which has more or less petered out in recent years, with few expecting the economy to expand by better than... →

Ekurhuleni budget maintains ‘pro-poor' stance

By: Samantha Herbst 28th April 2016 In an attempt to maintain a pro-poor stance on public spending aimed at improving social development, the City of Ekurhuleni will inject R3.5-billion of its 2016 budget for into its community empowerment package, Mintirho Ya Vula Vula. Tabling the budget vote for the city on Thursday, mayoral... →

Municipal project bankability critical to attracting finance

By: Donna Slater 22nd April 2016 Financial lending to the public sector, namely municipalities, for investment in infrastructure projects requires lenders to investigate and determine the future bankability of such projects and calculate risk in terms of municipalities being able to repay the loans. →

Brazilian side of joint A-Darter missile programme hit by serious budget cuts

By: Keith Campbell 15th April 2016 The Brazilian side of the joint South African/Brazilian A-Darter missile development programme has been significantly affected by severe emergency budget cuts that have taken place in the South American country. The A-Darter is a fifth-generation infrared (IR) homing air-to-air missile (AAM).... →

Money for crucial govt programmes lying idle – Treasury

By: News24Wire 13th April 2016 At least six government departments were red-flagged for underspending or slow spending of money allocated for key programmes like substance abuse and policing by December, a Treasury official said at Parliament on Tuesday. "This is an indictment on us," said Deputy Director General of the Public... →

Growth, fiscal stresses at heart of S&P’s downgrade review, but political tensions a worry

By: Terence Creamer 6th April 2016 South Africa’s weak growth outlook as well as the country’s fiscal risks – including the possibility that government might need to step in to support State-owned Companies (SoCs) with weak balance sheets – would be the key “pressure points” in Standard & Poor's (S&P’s) assessment of whether or... →

WC to create 300 000 new jobs in the next five years

By: Samantha Herbst 30th March 2016 Leveraging the Western Cape’s reputation as the “digital gateway to Africa” and a growing platform for new entrepreneurs, provincial Economic Opportunities Minister Alan Winde on Wednesday recommitted his department to further promoting job creation in an effort to add over 300 000 jobs to the... →

Alan Winde

Seifsa bemoans lack of ‘concrete plans’ to tackle slow pace of economic growth

By: David Oliveira 18th March 2016 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) has welcomed government’s announced efforts to reduce its expenditure; however, the organisation remained concerned about the lack of concrete plans to address the country’s slow economic growth. Speaking a day after... →

Seifsa chief economist Henk Langenhoven discusses the impacts of the 2016 Budget Speech on the steel and engineering sectors. Camerawork: Nicholas Boyd. Editing: Lionel da Silva.

Members of Gupta family offered me Finance Minister position, Jonas confirms

By: Creamer Media Reporter 16th March 2016 Deputy Finance Minister Mcebesi Jonas has confirmed that he was approached by nongovernmental individuals in respect of the position of Minister of Finance. "Members of the Gupta family offered me the position of Minister of Finance to replace then-Minister Nene. I rejected this out of hand,"... →

Photo by Duane Daws
Deputy Finance Minister Mcebesi Jonas

Govt not working together to avoid junk status – DA

By: News24Wire 15th March 2016 Despite Finance Minister Pravin Gordhan attempts to reassure South Africans that the government is doing all it can to avoid a credit downgrade to junk status, the real problem is that government itself is not working together towards this objective, according to Democratic Alliance (DA) shadow... →

Photo by Duane Daws
Pravin Gordhan

ANC in KZN welcomes R109bn provincial budget

By: News24Wire 11th March 2016 The African National Congress (ANC) in KwaZulu-Natal has welcomed Finance MEC Belinda Scott’s R109-billion provincial budget tabled in the KwaZulu-Natal legislature in Pietermaritzburg on Thursday. "The ANC notes the R200-million drought relief provided for in the budget," said ANC provincial... →

Photo by GCIS
Belinda Scott

Possible 'break in the clouds' for S African economy

By: Natasha Odendaal 10th March 2016 With Moody’s Investors Service considering a possible downgrade for South Africa, consulting economist Cees Bruggemans on Thursday said the demotion to junk status probably could not be averted as it was “already in the system”; however, there seemed to be a break in the clouds that could... →

Photo by Duane Daws
Consulting economist Cees Bruggemans

Treasury to showcase action taken as Moody’s reviews possible downgrade

By: Natasha Odendaal 9th March 2016 With Moody’s Investors Service heading to South Africa’s shores for its yearly review, the National Treasury on Wednesday said it would highlight the key actions taken to avert a possible downgrade. The ratings agency this week placed South Africa’s respective long- and short-term ratings of Baa2... →

Budget debate will go ahead without Gordhan

By: News24Wire 9th March 2016 A debate about Finance Minister Pravin Gordhan’s budget speech will take place in the National Assembly this afternoon, but in the finance minister’s absence. Gordhan and the CEOs of top companies arrived in the United Kingdom (UK) on Tuesday and will travel to the US later this week with the aim... →

Pravin Gordhan

Gauteng’s R103bn budget seeks to promote inclusive economic growth

By: Anine Kilian 8th March 2016 Finance MEC Barbara Creecy on Tuesday tabled a R103.4-billion provincial budget for Gauteng, outlining key interventions to achieve inclusive economic growth and expand service provision. Of the overall budget, R41.6-billion was allocated to infrastructure, which included the construction of... →

FINANCE MEC BARBARA CREECY

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