Business In The News South Africa

National Treasury aims to restore SA investment grade rating

PRETORIA, May 26 – Government will engage ratings agency S&P Global on their areas of concern, while taking steps to restore South Africa’s investment grade credit rating – a top priority, the National Treasury said. “Government notes S&P’s decision to affirm South Africa’s long-term foreign and local currency debt ratings at “BB” and “BB+” respectively, […]

In The News South Africa

Review on size of national government well underway – Ramaphosa

PARLIAMENT, May 25  – A team of government officials from various department had begun the process of reviewing the size of the South African Cabinet and national government departments, President Cyril Ramaphosa’s office said on Friday.   “A technical task team of officials from the following departments is currently reviewing the configuration of the national […]

In The News South Africa

KZNBudget: Province cuts R225mln in conditional grants for 2018/19

JOHANNESBURG, March 16 – KwaZulu-Natal MEC for Finance, Belinda Scott, on Friday announced widespread cuts in the provincial government’s conditional grants allocation over the next three years. Presenting her 2018/19 Budget, Scott said that the province’s portion of the conditional grant cuts over the Medium-Term Expenditure Framework were R225.7 million in 2018/19 and R1.3 billion in 2019/20, […]

Lead South Africa

I’ve cordial working relations with finance minister – Sars boss

PRETORIA, March 15 – Commissioner of the South African Revenue Services (Sars), Tom Moyane on Wednesday, said he had an amicable working relation with his new boss, Finance Minister Nhlanhla Nene who took over from Malusi Gigaba after a Cabinet reshuffle. “[Regarding] my relationship with the new minister and the deputy minister [Mondli Gungubele], I think the […]

Business In The News South Africa

Black Business Council tries to intervene on behalf of VBS Mutual Bank

JOHANNESBURG, March 12 – The Black Business Council (BBC) said on Monday that it notes with serious concern events that culminated in the placing of the troubled VBS Mutual Bank (VBS) into curatorship by the South African Reserve Bank (SARB), and that it was engaging all relevant stakeholders to find an amicable solution. SARB Governor Lesetja Kganyago announced on […]

Business In The News South Africa

SA banking industry hails appointment of Standard Bank’s new CEO

JOHANNESBURG, December 15 – The Banking Association of South Africa (BASA) on Friday hailed the appointment of former director-general of National Treasury, Lungisa Fuzile, as the new chief executive of Standard Bank SA as a “significant appointment” for the country’s banking industry. Standard Bank SA on Thursday, announced that Fuzile would take over the reigns as its new […]

Business In The News South Africa

Denel assures employees about salaries, 13th cheque

PRETORIA, December 15 – Financially-ailing South African state-owned arms manufacturer, Denel, on Friday moved to assure its employees that they will receive their December salaries as well as their outstanding 13th cheque payments. “Denel has today [Friday] confirmed to its employees, including all organised labour unions in the company, that the December salaries as well […]

Business In The News South Africa

South Africa’s economy grew 2 percent in third quarter, boosted by agriculture

JOHANNESBURG,  December 5 – South Africa’s economy grew by 2 percent in the third quarter of 2017 after expanding 2.8 percent in the second quarter, the statistics agency said on Tuesday. Statistics South Africa said the largest contributor to gross domestic product (GDP) during the period was the agriculture, forestry and fishing industry sector, which increased […]

In The News South Africa

Parliament approves R2.1 million payment for former energy minister

PARLIAMENT, December 1 – The National Assembly on Thursday approved a once-off gratuity of R2.1 million for former energy minister Tina Joemat-Pettersson who lost her post in President Jacob Zuma’s March Cabinet reshuffle.     The windfall was approved as part of the department’s adjusted budget, and was diverted from funding earmarked for a national solar […]

Business In The News South Africa

Government committed to addressing structural constraints to growth – National Treasury

PRETORIA, November 25 – The South African government is committed to addressing the structural constraints to growing the economy and improving public finances, and restoring business and consumer confidence and catalysing inclusive growth are the top priorities, the National Treasury said on Saturday. On Friday, ratings agency S&P Global lowered South Africa’s long-term foreign and […]