It’s been a fantastic day for South Africa as local and international businesses have come to the inaugural South African Investment Conference bearing gifts in the form of investment commitments to the tune of R290 billion ($20 billion). “This R290 billion is what we have now in our hands and these are in addition to […]

On the advice of the State Librarian one fine day in the 1970s, a truck transported thousands of books and magazines from Pretoria’s Central Police Station to a dark hall at the Iscor state steel company, just outside the South African capital. A large mechanical shovel scooped up and dropped them into a 20-metre high […]

JOHANNESBURG – South Africa’s rand weakened more than 1 percent on Wednesday after new Finance Minister Tito Mboweni forecast wider deficits and slower growth in his maiden budget speech. At 1247 GMT, the rand traded at 14.4200 versus the dollar, 1.1 percent weaker on the day. Mboweni delivered the medium term budget to parliament as […]

JOHANNESBURG – South Africa’s state pension fund and a local black investment firm have bought a majority stake in Africa’s biggest cattle company for R5.2 billion. The Public Investment Corp. (PIC), Africa’s largest investment fund and the biggest investor in South Africa’s economy, said on Tuesday it had bought a majority share in Karan Beef […]

JOHANNESBURG  – South Africa’s biggest supermarket chain, Shoprite, said on Tuesday it would pay customers for reusing its newly introduced recyclable bag… as it joined domestic rivals in efforts to curb plastic pollution. Supermarkets have come under increased pressure to cut their use of plastic as images of littered oceans and beaches become commonplace, shocking […]

Police in South Africa have shot and killed two men in KwaZulu-Natal in a ‘blaze of bullets’ who were allegedly responsible for the murder of two security guards in a stationary vehicle in Soweto two weeks ago. This was confirmed by South African Police Service (SAPS) spokesperson Vishnu Naidoo in a statement on Tuesday. Chilling […]

JOHANNESBURG (Reuters) – South Africa’s new finance minister will target spending on agriculture, infrastructure and job creation projects in his inaugural budget speech on Wednesday in a bid to haul the economy out of a recession. With the government facing a ballooning debt, stubbornly high unemployment, struggling state companies, and dwindling coffers, Tito Mboweni, a […]

JOHANNESBURG – Wiping out corruption in South Africa continues with an announcement that Transnet’s board of directors has removed Chief Executive Siyabonga Gama, who has been accused of misconduct in a multi-million-dollar deal. State-owned Transnet, which operates nearly three-quarters of the African rail network – most of which is in South Africa – has been […]

Some employees of VBS Mutual Bank have finally agreed to sign retrenchment letters following days of refusing to sign them. The employees had a meeting with representatives of the office of the curator and the bank’s Human Resource Department in Limpopo, Thohoyandou on Thursday. According to SABC 100 workers are being retrenched while 25 will […]

JOHANNESBURG – South Africa’s President Cyril Ramaphosa on Wednesday appointed a judicial inquiry into the R2 trillion rand ($142 billion) state pension fund, a government gazette said, following corruption allegations. The PIC is Africa’s biggest pension fund and the biggest investor in South Africa’s economy holding a large volume of bonds issued by government and […]

JOHANNESBURG – Ratings agency Moody’s said this week that it expected new South African Finance Minister Tito Mboweni to keep the government’s broad policies intact in the medium-term budget speech due next week. Lucie Villa, Moody’s lead analyst for South Africa said in a research report that while the change in ministers “may lead to […]

CAPE TOWN – South Africa will struggle to finance the public services that form the largest part of its budget… due to falling revenues and an economic recession, the National Treasury told lawmakers on Tuesday. South Africa slipped into recession in the second quarter for the first time in nearly a decade; and the political […]

South Africans have had mixed reactions to a video posted on Sunday showing two guys weaving through the traffic on Grayston Drive in Sandton, Gauteng… on a trolley. “Nothing serious, just some guys on their way to Sandton via Grayston Drive on a trolley!” wrote Intelligence Bureau SA, when they uploaded the video. The two […]

JOHANNESBURG – South African President Cyril Ramaphosa on Monday rejected a newspaper report that he failed to stop R1.9 billion ($132 million) being illegally siphoned from VBS Mutual Bank. City Press reported on Sunday that sources close to a major VBS shareholder said the shareholder had informed Ramaphosa about what was going on when he […]

President Cyril Ramaphosa says the South African government is intensifying the implementation of land reform and restitution programmes so that South Africans can leverage land for the betterment of their lives and the growth of the economy. Ramaphosa led a land restitution ceremony on Sunday. He handed over 4 586 hectares of land to the […]

JOHANNESBURG – Steinhoff’s shares fell more than 9 percent on Thursday to a near two-month low after a global market rout and a report by Bloomberg saying the retailer’s former CEO advised friends to sell the firm’s stock days before the shares collapsed. Traders said the retailer’s losses were exacerbated by a Wall Street rout […]

The DA has challenged the EFF to set the record straight and publicly confirm whether or not it has ever received money from VBS Mutual bank to fund its operations.   DA National Spokesperson Solly Malatsi said in a media statement: “The EFF has not been shy in their repeated and public defence of VBS […]

The DA says that President Cyril Ramaphosa must “come clean” and turn himself in before the State Commission of Inquiry. Yesterday Ramaphosa told the nation that for South Africa to move forward “we need to establish the full extent of state capture, identify those responsible for facilitating it, and take decisive steps to prevent it […]

President Cyril Ramaphosa has received a stamp of approval from the South African Post Office – his very own stamp! The President was presented with a commemorative stamp bearing his image by the SA Post Office at Tuynhuis in Cape Town on Tuesday… which happens to be World Post Day. Ramaphosa becomes the fifth Head […]

The Portfolio Committee on Home Affairs is set to resume the investigation into the (questionable) process followed in the naturalisation of the Gupta family. Last week, the committee said it had concluded the initial phase of the inquiry, which included the collection of all relevant information. However, the committee said it had identified gaps which […]

South African President Cyril Ramaphosa has appointed former Governor of the Reserve Bank Tito Mboweni as Finance Minister on Tuesday, replacing Nhlanhla Nene. Ramaphosa made the announcement at Tuynhuis this afternoon, after accepting Nene’s letter of resignation. Quick action was required on the fate of Nene after the Rand suffered its worst fall in six […]

Following Zulu King Goodwill Zwelithini’s announcement that he wants South Africa’s President Cyril Ramaphosa to sign an agreement promising to exclude territories that the monarch controls from the government’s land reform drive, the King has gone a step further and announced a partnership with AfriForum! Lobby group, AfriForum, is also opposed to land expropriation without […]

South African state-owned power firm Eskom does not require government cash injections over the next 12 months, the country’s Public Enterprises Minister Pravin Gordhan said on Monday. Cash-strapped Eskom is critical to South Africa as it supplies more than 90 % of the country’s power… but is also one of its most indebted state firms. […]

South Africa has been voted Africa’s Leading Destination… with Durban named Africa’s Leading City Destination. The announcements were made at a red carpet event at the World Travel Awards (WTA) in Durban on Saturday night. The WTA said that Durban is currently “enjoying a renaissance thanks to a series of landmark development projects”. The KwaZulu-Natal coastal […]

An analysis of the 2017/18 Annual Reports of government departments and selected entities, as tabled in Parliament, has revealed a “shocking level of financial mismanagement and wasted funds”, according to the Democratic Alliance (DA). According to DA Chief Whip John Steenhuisen and DA Shadow Minister of Public Enterprises, Natasha Mazzone, the ANC has racked up […]