Adesina wraps up Canada visit with a plea in Calgary: “Africa cannot be ignored”

Risk is important but it should not be an excuse not to invest in Africa” “Given the size of its markets, growth, and huge potential across multiple sectors, Africa cannot be ignored.” This was the African Development Bank President, Akinwumi Adesina’s message at a public and private sector investor roundtable on Thursday in Calgary. Addressing institutional investors, private sector representatives and provincial government officials in Alberta, Adesina said “We want to make sure investment in Africa can mirror a smooth plane touchdown and that your journey into Africa is not…

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Minister Davies and Premier Makhura Launch Gauteng InvestSA One Stop Shop

The Minister of Trade and Industry, Dr Rob Davies and Gauteng Premier, Mr David Makhura launched the Gauteng InvestSA One Stop Shop (OSS) in Sandton. The objective of the provincial InvestSA OSS is to provide professional service to all investors through specialist advisory, reduce regulatory inefficiencies, and reduce red tape for investors looking to invest in Gauteng. Speaking at the launch, Minister Davies said InvestSA Gauteng One Stop Shop (OSS) is part of a Presidential priority to improve South Africa’s service delivery to all investors. He said the launch is…

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Minister Gigaba delivers 2018 Budget amid tough climate

Finance Minister Malusi Gigaba’s Budget Speech has seen him make “difficult decisions” to address a revenue shortfall and to fund free higher education. An increase in value-added tax (VAT), fuel levy and a higher estate duty tax are just some of the things South Africans will be faced with this year. On the other hand, Minister Gigaba announced some relief for the poor and the working class in the form of below inflation increase in personal income tax, while ensuring an above average increase in social grants. As part of…

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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

STATS SA ON INDUSTRY

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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