Business In The News South Africa

Denel executives welcome new board

CAPE TOWN, April 10 – Executives at Denel, South Africa’s state-owned arms manufacturer, on Tuesday welcomed the appointment of new board members and pledged support to help steer the cash-strapped organisation in a new direction.   Public Enterprises Minister Pravin Gordhan announced the new board on Monday and tasked them with improving corporate governance and […]

Business In The News South Africa

Gordhan charges Denel interim board to review major contracts, restore sound governance

PRETORIA, April 10 – Public Enterprises Minister Pravin Gordhan on Monday said the new board put in charge of struggling State-owned company (SOC) Denel has been mandated to restore sound corporate governance, review the effectiveness of the management team, among other priorities as government moved in to turn around the fortunes of the entity. “The immediate priorities for […]

Business In The News South Africa

Normal tax rules apply to cryptocurrencies – SARS

JOHANNESBURG, April 10  – The South African Revenue Service (SARS) will continue to apply “normal income tax rules” to cryptocurrencies such as bitcoin and has urged taxpayers to declare cryptocurrency gains or losses as part of their taxable income, Moneyweb reported. “The growing popularity of cryptocurrencies such as bitcoin and ethereum and the rollercoaster ride […]

Business In The News South Africa

PPC appoints Nonkululeko Gobodo as new chair of audit committee

JOHANNESBURG, April 10 –  South African cement maker, PPC, has appointed revered chartered accountant Nonkululeko Gobodo as the new chairman of its audit committee. This comes after the resignation of Tim Ross as chairman of the audit committee, lead independent director and non-executive director of PPC, with immediate effect on Monday. PPC said that the changes were […]

Business In The News South Africa

Tasneem Karriem quits as CEO of Grand Parade Investment

JOHANNESBURG, April 4 – Cape Town-based food and gaming firm, Grand Parade Investment (GPI) said on Wednesday Tasneem Karriem had resigned as its chief executive and executive director with effect from April 2. A qualified chartered accountant and a member of the South African Institute of Chartered Accountants, Karriem, who has extensive corporate finance experience, joined GPI in July […]

Business In The News South Africa

SA revenue service says collected R1.2 trillion revenue in 2017/18

JOHANNESBURG, April 3 – The South African Revenue Service said on Tuesday it had collected R1.2 trillion in the 2017/18 financial year ended March 31, slightly below the estimate announced in the budget in February, but up 6.3 percent from the previous year. “The 2017/18 financial year was characterised by distinct and clearly delineated growth […]