Rand within 3c of pre-Gordhan firing level

JOHANNESBURG – The rand achieved an intra-day best level of R12.34 to the dollar on Wednesday‚ before giving back some of its gains by mid-afternoon‚ when settling just a few cents firmer than Tuesday’s close. Prior to the sacking of former finance minister Pravin Gordhan at the end of March, the rand had been trading at about R12.31 to the dollar on Wednesday. The rand firmed in response to the news in the Sunday Times at the weekend that “secret talks” were underway for a negotiated exit for President Jacob…

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Manufacturing production increased by 2,2% in October 2017

Manufacturing: Production and sales, October 2017 Manufacturing production increased by 2,2% in October 2017 compared with October 2016. This increase was mainly due to higher production in the following divisions: food and beverages (7,3% and contributing 1,8 percentage points); and basic iron and steel, non-ferrous metal products, metal products and machinery (5,8% and contributing 1,1 percentage points). Seasonally adjusted manufacturing production increased by 0,7% in October 2017 compared with September 2017. This followed month-on-month changes of -1,0% in September 2017 and 0,4% in August 2017. Seasonally adjusted manufacturing production increased…

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“The private sector is SA’s only hope of pulling ourselves out of the ditch.”

Dr Iraj Abedian speaks at The Finance Team function

Economist: Dr Iraj Abedian speaks at The Finance Team function South Africa is in crisis, and the private sector is the only sector that can change this. This is according to Dr Iraj Abedian, professor of economics, former chief economist of Standard Bank and CEO of Pan African Investment and Research Services speaking at an event co-sponsored by The Finance Team on Thursday 5 October 2017, he described South Africa having “an oblivious government with an economy on the brink.” South Africa faces a global climate of uncertainty and nervousness.…

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Which industries generate the highest turnover in South Africa


The SA business sector: turnover and profit The formal business sector, excluding agriculture and financial intermediation, generated R2,3 trillion in turnover during the second quarter of 2017, i.e. the months of April, May and June. Who was responsible for generating this amount? Stats SA’s Quarterly Financial Statistics (QFS) report, which provides regular updates on the financial state and makeup of South Africa’s formal business sector, provides us with a breakdown. According to the report, the trade sector is the largest player in the business landscape, contributing 36% to the R2,3 trillion. Manufacturing…

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How Coega is boosting the local economy

By Nosihle Shelembe Located in the Nelson Mandela Bay Metropolitan Municipality, the Coega Industrial Development Zone (Coega IDZ) is a world class infrastructure which provides the integration of services and industries with the rest of the African Continent and the World. The Coega IDZ is one of several efforts by government to create economic development and growth opportunities for the people of the Eastern Cape. Developed and managed by the Coega Development Corporation (CDC), the Coega IDZ aims to drive local and foreign direct investments in export-oriented industries, positioning South…

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TymeDigital, SA’s new bank with no physical branches

JOHANNESBURG – South Africa is set to have its first new bank since 1999. TymeDigital has been granted a licence by the SA Reserve Bank to operate. Last month, South Africa’s African Rainbow Capital said it would buy a 10% stake in the company, which is owned by the Commonwealth Bank of Australia. This is to challenge the dominance of the other big banks.   TymeDigital says it aims to launch a full-service digital bank. It says that it believes there is space in the market to serve emerging middle-class consumers…

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China to score in R70bn SA projects

prasa | malusi ­gigaba | jacob zuma | china

Two mega-contracts between government and a Chinese parastatal are set to go ahead, despite neither qualifying for deviation from procurement laws. The department of water and sanitation and rail agency Prasa seem set to hand two contracts, worth more than R70bn, to a Chinese parastatal with neither a public tender nor permission from Treasury to bypass tender laws. Confidential documents obtained by City Press indicate that the water department, together with Prasa and Treasury, have entered into funding negotiations with the Export-Import Bank of China (Exim Bank). But the documents…

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‘Twin Peaks’ trades simple, effective financial regulation for a complex mess

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not represent the views of MSN or Microsoft. South Africa’s new financial regulatory model does what government does best: strangle private business, raise consumer prices, impose a complex new burden of rules, grow regulatory infrastructure, staff it with well-paid bureaucrats, and give them all conflicting mandates and lines of responsibility. By IVO VEGTER. On 21 August, President Jacob Zuma signed the Financial Sector Regulation Act, Act 9 of 2017, into law. Although…

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South Africa’s ‘first’ data science academy launched in Cape Town

South Africa’s “first” academy specifically focussing on data science has today launched in Cape Town. Dubbed the Explore Data Science Academy, the institution will aim “to meet the burgeoning demand for data analytics in the digital economy – a demand that far exceeds current supply”.   The Academy was founded by data scientists Shaun Dippnall, Dave Strugnell and Aidan Helmbold. “Ours is a unique, one-of-a-kind course in that it is free, practical, has real-world relevance and provides work experience. We also like the fact that it is open to anyone…

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Gigaba welcomes South Africa’s recession exit

Finance Minister Malusi Gigaba has welcomed the news that South Africa has exited the recession.(SABC)

Finance Minister Malusi Gigaba has welcomed the news that South Africa has exited the recession. According to Stats SA the economy grew by 2.5% in the second quarter. This comes after local economy contracted in the first quarter. Gigaba says however the country cannot afford to be complacent. “Indeed the news doesn’t call for complacency on our part and that’s why there is on-going work to boost business confidence.  We want investment in manufacturing sector.  We also have to look at sectors that have under performed so that we can increase the performance and ensure…

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