Business In The News South Africa

Gigaba says government committed to playing hardball on State Capture

Ayanda Mdluli JOHANNESBURG- Malusi Gigaba, the minister of finance in SA said government has demonstrated its resolve to confront allegations of state capture and corruption through the judicial commission of inquiry and the investigations being conducted by the Hawks, Asset Forfeiture Unit and other agencies. Delivering his budget speech in parliament on Wednesday, Gigaba said government […]

Business Lead South Africa

RET to address inequality and unemployment – Gigaba

Ayanda Mdluli JOHANNESBURG- Malusi Gigaba, the minister of finance delivered his budget speech in Cape Town on Wednesday where he highlighted government would implement Radical Economic Transformation (RET) to address the triple challenges of poverty, inequality and unemployment. “To achieve these goals, we have to implement radical socio-economic transformation. It would be remiss of me not to […]

In The News South Africa

ANC welcomes Ramaphosa’s inaugural SONA

JOHANNESBURG, February 16 – The African National Congress (ANC) has welcomed President Cyril Ramaphosa’s inaugural state-of-the-nation (SONA) delivered in Parliament on Friday evening, saying that it touched on many critical aspects of the work of government. Ramaphosa delivered a comprehensive SONA in which he outlined government programmes such as boosting economic growth, reducing unemployment, dealing […]

In The News South Africa

ANC welcomes appointment of new Eskom CEO and board chair and Koko and Singh’s removal

PRETORIA, January 21 – The African National Congress has welcomed the decisive action taken by government to speedily intervene to address the problems plaguing state energy utility Eskom. Far reaching measures intended to improve governance as well as restore the integrity of the state-owned enterprise (SoE) were announced by Deputy President Cyril Ramaphosa on Saturday. […]

Business In The News South Africa

IRBA to probe Deloitte’s contribution to Steinhoff scandal

JOHANNESBURG, December 15 – The Independent Regulatory Board for Auditors (IRBA) confirmed on Friday that it had initiated an investigation into audit firm, Deloitte South Africa, following the share price collapse of South African-based multinational retail giant, Steinhoff International DV, and allegations of accounting irregularities. The IRBA had a meeting with Finance Minister Malusi Gigaba on Friday to discuss implications […]

Business In The News South Africa

Steinhoff’s Wiese resigns as chairman as accounting scandal roils company

JOHANNESBURG, December 15 – Troubled retail group Steinhoff said on Friday its chairman and major shareholder Christo Wiese had stepped down amid an accounting scandal that has also seen its chief executive quit and its shares plunge. “Dr Christo Wiese, Chairman of the Supervisory Board and delegated Supervisory Chairman, today offered to resign from the Supervisory […]

Business In The News South Africa

Moody’s downgrades Steinhoff 4 notches in fallout from accounting irregularities

JOHANNESBURG, December 8 – Moody’s said on Thursday it had downgraded the credit rating of retail holding group Steinhoff by four notches to B1 from Baa3 and put it under review for further downgrade over accounting irregularities. “The downgrade of Steinhoff’s ratings and review for further downgrade reflect the uncertainties and implications for the company’s liquidity and […]

Business In The News South Africa

Zuma directs finance minister to find measures to stimulate economy

JOHANNESBURG, November 27 – President Jacob Zuma has directed Finance Minister Malusi Gigaba to identify concrete measures to urgently address the economic challenges identified in his medium-term budget policy statement, the Presidency said on Monday.       Gigaba in October revised the economic growth forecast for 2017 to 0.7 percent, down from the 1.3 […]