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cyril 2014

Coordination of Infrustructure In SA Has Paid Dividends- Ramaphosa

 May 11  2016  21:50 l   

Cape Town - Deputy President Cyril Ramaphosa has mooted investments in the infrastructure and ICT sectors in South Africa and Africa.

Ramaphosa was wooing potential investors at the World Economic Forum on Africa (WEF Africa) in Kigali in Rwanda.

In a session on how innovative partnerships can bridge financing gaps for economic and social infrastructure, Ramaphosa said that “infrastructure has been a key economic driver in South Africa and in the region”.

He said in South Africa, the coordination of infrastructure development through the Presidential Infrastructure Coordinating Commission had “paid great dividends”.  

“Investment in infrastructure has stimulated economic activity; therefore there are returns to be made for investors in infrastructure in South Africa and Africa," said Ramaphosa.

"Infrastructure is better done when approached at a regional level, because our countries are inter-linked through the movement of people and trade.”

Ramaphosa added that South Africa had found innovative ways of partnering with the private sector, especially in energy, and that this had opened new opportunities for private sector investment.

He also encouraged investment in connectivity through technology and digital solutions and said this should be a priority for African economies.



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vodacom 2014

Vodacom To Stop Offering  M-Pesa Mobile Banking

 May 09  2016  10:50 l   

Johannesburg - Vodafone Group’s South African unit Vodacom Group will stop offering its mobile-banking product M-Pesa in the country as the strength of the banking system means fewer customers are taking up the service than in other sub-Saharan African markets.

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VW To Give New Black Suppiers Business Opportunity

 May 05  2016  20:50 l   

Cape Town - Volkswagen Group South Africa (VWSA) wants to work with new black- and women-owned manufacturing suppliers to help South Africa reach its economic transformation goals, it said in a statement on Thursday.


This after the group hosted its first ever Black-Owned Suppliers' Day in Uitenhage where 45 companies were approved to profile themselves to the local automotive industry.

A total of 430 companies that applied to be part of the event, which was attended by the Minister of Trade and Industry, Rob Davies, and MEC for Economic Development, Environmental Affairs and Tourism in the Eastern Cape, Sakhumzi Somyo. Other guests attending the day included the chief executives of Toyota, Ford and Mercedes in South Africa.

 Full Story

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africa at night 2014

The African Continent Is Losing More Than R1.16 trillion Through Illicit Outflow

 April 22  2016  22:30 l   

Johannesburg - The African continent was losing more than $80bn (R1.16trn) a year through illicit outflows, former president Thabo Mbeki said on Monday.

The figure originally given was $50bn, which was derived from statistics from the International Monetary Fund (IMF), but after looking more thoroughly into it, the number had increased to an estimate of between $80bn and $90bn, he told reporters in Johannesburg.

The former president chaired the African Union panel on illicit outflows from Africa

Full Story

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africa at night 2014

There Are Ways SA Can Avoid Junk Status - Lesiba Mothata

 April 22  2016  22:30 l   

Cape Town - There are ways SA could avoid a ratings downgrade to junk status and turn the tide on the decline, according to Lesiba Mothata, chief economist at Investment Solutions.

He pointed out that about $1.1trn left emerging markets (EMs) between the fourth quarter of 2014 and the third quarter of 2015, according to the IMF.

In Mothatawho's view, the authorities should concede that tax hikes are not the solution to SA’s problem.

"If SA becomes a Colombia and hike taxes in the midst of a downgrade crisis, it will take a long time to turn it around (12 years). But if SA is prepared to make tough decisions like South Korea did, then it will not take as long to turn around," he said. South Korea accepted that some conglomerates could go bankrupt. It had no bailouts and had labour flexibility. It turned around from non-investment grade within a year. Romania, for example, took six years to turn itself around from non-investment status.

Full Story

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eskom 2014

Consumers To Pay 7.64% More For Electricity From July 1st

 April 19  2016 17:30 l   

Cape Town – Consumers who receive their power from municipalities will see electricity prices jump by about 7.64% on July 1, after energy regulator Nersa approved the increase for municipalities this week.

This follows Nersa’s 9.4% increase of Eskom’s regulatory clearing account application for the first year (2013/14) of the multi year price determination 3 control period.

Following this, “Eskom’s Retail Tariff Structural Adjustment application was approved on 7 March, leading to a bulk increase of 7.857% for municipalities,” Nersa explained in a statement.

Full Story

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money 2014

SA Post Office Fails To Pay Leased Cars

 April 14  2016 15:50 l   

Pretoria - The beleaguered South African Post Office stands to lose a fleet of 4 000 cars after failing to pay the leasing company.


Zeda Car Leasing, trading as Avis Fleet, turned to the high court in Pretoria to have more than 4 000 vehicles returned, as the Post Office had not paid its bill in accordance with the contract between the two parties. Avis Fleet is also claiming more than R50 million.

Avis asked that in the event of the Post Office refusing to hand over the vehicles, the sheriff of the court, with the assistance of the police if necessary, be ordered to collect the vehicles and to hand them over to the company.

Avis said it would in turn keep the vehicles in safe custody, pending the finalisation of court action to recover the outstanding costs for the vehicles.

Full Story

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mandela 2013 11

South Africans Can Now Apply For Smart ID Cards At Local Banks

 April 11  2016 18:50 l   

Cape Town - South Africans can finally apply for their smart ID cards at local banks following the launch of the eChannel programme.

President Jacob Zuma launched the eChannel portal on Thursday last week in Midrand, in partnership with Absa, First National Bank, Nedbank and Standard Bank.

The new ID cards were announced in September 2015 with national roll-out in the banks planned from May this year.

The smart ID online application process is currently limited to people aged between 30 and 35 years old. However, the department of home affairs (DoH) said that it will be expanded to all South Africans shortly

Full Story

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absa 2013

SA Investors Plan To Make Offer For 10% Of Barclays Africa Group

 April 08  2016 16:50 l   

Johannesburg - A group of South African investors plan to make an offer for 10% of the shares in Barclays Africa Group, a person familiar with the matter said.

The consortium, which includes the Public Investment Corp, Africa’s biggest money manager, is set to meet Barclays next week, said the person, who asked not to be identified because the talks are private.

The investors will push for a discount on Barclays Africa’s current share price as the divestment coincides with a deterioration in South Africa’s economy, the person said.

Full Story

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money 2014

SA Trade Deficit Decreased To R1.07bn In February 2016

 March 31  2016 18:15 l   

Cape Town – South Africa’s trade deficit decreased to R1.07bn in February, falling significantly from its revised January deficit of R17.96bn, the SA Revenue Service (Sars) announced on Thursday.

Exports increased by 27% (R19.29bn) to R90.68bn, while imports rose by 2.7% (R2.4bn) to R91.75bn month-on-month (m/m).

This amounted to an 85.8% decrease in the annual deficit (R7.53bn in 2015), due to a 16.5% year-on-year increase in exports and 7.5% increase in imports.

The cumulative deficit for 2016 of R19.03bn is 38.5% less than the deficit of R30.96bn for the comparable period in 2015.

Full Story

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Sanral Accused Of Blaming E-Toll Opponents For Its Financial Woes

 March 29  2016 14:40 l   

Cape Town – E-toll owner Sanral was on Monday accused of blaming its financial woes and credit rating pressures on opponents of the controversial Gauteng road payment system.

Full Story

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Cell C In A Legal Battle With BEE Partner

 March 24  2016 19:40 l   

A LARGE empowerment shareholder at debt-laden cellular services group Cell C is looking to disrupt a much-needed recapitalisation exercise initiated by JSE-listed Blue Label Telecoms.

Full Story

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Gauteng Tolling Equipment Is Unreliable -Outa

 March 22  2016 11:40 l   

Cape Town – Anti e-toll group Outa said on Monday that it has “plenty of evidence” indicating the Gauteng tolling equipment is unreliable.  Full Story

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Chicken War Is Over, US Delivers First Shipment

 March 03  2016 08:50 l   

Cape Town - The arrival of the first shipment of US chicken in South Africa on Monday marked the resolution of a long-standing stalemate between South Africa and the US over poultry imports.   Full Story

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Trevor Manuel Commends Pravin Gordhan For Budget Presentation

 February 25  2016 20:10 l   

Cape Town – Former finance minister Trevor Manuel praised Pravin Gordhan for taking up the challenge and delivering a budget two months after his reappointment. Full Story

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Tax Law Amendment On Retirement Postponed to 2018

 February 18  2016 11:10 l   

Cape Town - For the second year in a row President Jacob Zuma’s government has been forced to backpedal on provisions in the Tax Amendment Act that compel South Africans to put two-thirds of their provident fund savings in a retirement annuity. Full Story

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ANC Courting Business Leaders To Help Rescue SA Economy 

 February 16  2016 11:10 l   

Johannesburg - The ANC has jilted its long-standing labour union allies and is courting business leaders to help it rescue South Africa's economy, which is teetering on the brink of a recession and a downgrade of the nation's credit rating to junk. Full Story

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Gradual Rising House Price Growth In Some Segments 

 February 05  2016 16:00 l   
Cape Town - Nominal year-on-year growth in the average value of middle-segment homes in the South African residential property market remained in single digits in January 2016, according to Jacques du Toit, property analyst at Absa Home Loans.  Full Story 

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The Risk Of A Recession Mounting In SA 

 January 28  2016 11:50 l   
Johannesburg - The risk of a recession in South Africa this year is mounting, making policy decisions more difficult for a central bank battling to balance the need to contain inflation and support a stuttering economy. Full Story

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Portfolio Committee Corrects Its Statement About Outa And E-Toll 

 January 27  2016 12:30 l   
Cape Town - The Portfolio Committee on Transport said on Wednesday that it erroneously stated that the Opposition to Urban Tolling Alliance (Outa) is not opposed to e-tolling. Full Story

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Chinese Tourists Picking Up In SA 

 January 18  2016 19:10 l  
Cape Town - The number of Chinese tourists who visited South Africa in October 2015 increased by 85.6% to 7 902 compared to October 2014, Statistics SA said on Monday.

Full Story

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Regulating OTTs Could Harm The Industry And Consumers - Cell C

 January 14  2016 18:40 l   
Johannesburg - South Africa’s third largest mobile network Cell C says that possible local regulation of over-the-top (OTT) services like WhatsApp could harm the industry and consumers.
OTT services - which range from WhatsApp to Skype and Google Full Story

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Shockwaves As Finance Minister Is Removed    

December 10  2015 19:10 l   

Cape Town - The Association for Savings and Investment South Africa (ASISA) has warned that the shock removal of Nhlanhla Nene as finance minister is worrying. Full Story

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SA Rating Close To Junk Status    

December 07  2015 13:30 l   
Johannesburg - If investors needed reminding about the quandary facing the Reserve Bank, they just got it from two credit-rating companies.  While statements on Friday from Full Story



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