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  SA, Algeria bolster trade links
Posted by: newsroom - 02-04-2015, 11:11 AM - Forum: Africa - No Replies

South Africa and Algeria have agreed to enhance the trade and investment relations between the two countries.

This as President Jacob Zuma and his Algerian counterpart Abdelaziz Bouteflika identified that there are tremendous opportunities that need to be explored.

“President Bouteflika and I have agreed on the need to ensure that our strong bilateral political relationship is translated into increased economic and trade relations,” President Zuma told the media after official talks with President Bouteflika.

Business delegations of the two countries have started engaging in order to take this relationship forward.

President Zuma is leading several Cabinet Ministers and businesspeople on a two-day state visit to Algeria.

President Zuma described the visit as successful and committed to implement agreements to expand the bilateral relationship.

“There is a lot of work that needs to be done to ensure that we carry our partnership forward. We have urged our Ministers to drive the process in taking our relationship to the next level,” he said.

While President Zuma held talks with President Bouteflika, the Ministers were locked in the bi-national commission (BNC), which reviewed the status of bilateral engagements and looked at ways to further consolidate political and economic relations.

The BNC has allowed the Ministers to develop programmes of collaboration in a number of areas such as science and technology, arts and culture and defence and security.

The consultations also identified more areas of cooperation including higher education and training, public works and housing, space science and technologies, energy, mineral resources, ICT, transport, local government, labour, employment and social security, health and tourism.

The two Presidents also discussed developments in Mali, Libya, South Sudan, Lesotho as well as the situation in the Middle East.

The two also welcomed the decision of the African Union Peace and Security Council on Western Sahara, which was adopted on 27 March 2015. The council has asked the United Nations Security Council to "make every effort to expedite the process of decolonisation of Western Sahara".

“We further affirmed our condemnation of all forms of terrorism and we underscored the need for our continued collaboration in fighting this transnational scourge,” said President Zuma. - SAnews.gov.za

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  R1 billion to support black industrialists
Posted by: newsroom - 02-04-2015, 07:27 AM - Forum: SA NewsFeed - No Replies

The Department of Trade and Industry (dti) is to avail R1 billion in support for the Black Industrialists Development Programme, said Minister Rob Davies. Speaking at the closing session of the two-day Black Industrialists Indaba on Thursday, the Minister said that R1 billion will be availed in incentive support for the programme that was launched [...]R1 billion to support black industrialists is a post from: South Africa Business

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  Reserve Bank keeps repo rate unchanged
Posted by: newsroom - 27-03-2015, 04:28 PM - Forum: Southern Africa - No Replies

The Reserve Bank has kept the repo rate unchanged at 5.75% per annum.

“The MPC has unanimously decided to keep the repurchase rate unchanged for now,” Reserve Bank Governor Lesetja Kganyago said on Thursday.

The repo rate has remained unchanged since a 25 basis points rate hike in July 2014.

According to the Bank’s latest forecasts, inflation is now expected to average 4.8% in 2015, compared with the previous forecast of 3.8%.

A first quarter average of 4.2 percent is now projected as the low point, compared with 3.5 percent previously. The strong base effects in the first quarter of 2016 are expected to result in a temporary one-quarter breach of the inflation target during that quarter, at 6.7 percent, with the average for the year expected to measure 5.9% compared with 5.4% previously.

Inflation is expected to average 5.5% in the final quarter of the year, compared with the previous forecast of 5.3%.

The governor further added that the outlook for the economy remains overshadowed by the electricity supply constraint, which appears to have had an adverse effect on recent economic activity.

“This constraint is likely to persist for some time, and has resulted in a downward revision of short-term potential output to between 2 and 2.5%. Nevertheless, some improvement on the 2014 growth rate of 1.5 percent is expected in 2015, in the absence of protracted work stoppages,” he explained.

Additionally, the bank’s growth forecast for 2015 is unchanged at 2.2% and marginally lower at 2.3% for 2016.

The governor said that fiscal policy is set to continue on its consolidation path. “As outlined in the recent Budget Review, the projected deficit for both 2014/15 and 2015/16 is estimated at 3.9% of GDP, despite lower GDP growth forecasts, and is expected to narrow to 2.5% of GDP by 2017/18.”

The rand exchange rate continues to be the main upside risk to the inflation outlook, and remains highly vulnerable to the timing and pace of US monetary policy normalisation.

Additionally, wage and salary increases in excess of inflation and productivity growth also pose an upside risk to inflation.

“The Committee assesses the risk to the inflation outlook to be on the upside, with the possibility of further electricity tariff increases accentuating this risk,” noted the governor.

At the same time, the growth outlook remains constrained by electricity supply concerns and low business confidence, and the risks to the growth forecast are assessed to be moderately on the downside. “Demand pressures on inflation remain muted, reinforced by a moderately tighter fiscal policy stance,” said the governor.

In its previous statement the Committee noted that the more favourable inflation path allowed for some room to pause in the process of domestic monetary policy normalisation. The deterioration in the outlook suggests that this scope has narrowed.

Kganyago said that the timing of future interest rate increases will be dependent, as before, on a range of domestic and external factors.

“The MPC will remain vigilant and will not hesitate to act in order to maintain the integrity of the inflation targeting framework.” SAnews.gov.za

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  Dti to host Black Industrialists Indaba
Posted by: newsroom - 13-03-2015, 02:36 AM - Forum: SA NewsFeed - No Replies

The Department of Trade and Industry (dti) is to host the Black Industrialists Indaba in Midrand, Gauteng.The indaba, which will be held from 25 -...

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  Dti moves swiftly to avert ELIDZ funding shortfall
Posted by: newsroom - 12-03-2015, 11:09 AM - Forum: Southern Africa - No Replies

The Department of Trade and Industry (dti) has pledged to bridge the shortfall of the East London Industrial Development Zone’s (ELIDZ) budget for the current financial year.

This follows a meeting between the ELIDZ and the national department this week and a review of some of the underlying challenges that have led to the ELIDZ’s situation.

Speaking after the meeting between the two entities, Director-General at the dti, Lionel October, said the department would make the injection with immediate effect.

“The allocation will be for the remainder of the current financial year and is in line with our objective of strategic industrial development,” he said.

ELIDZ Chief Executive Officer Simphiwe Kondlo welcomed the funding from the dti, saying it would assist in responding to the funding shortfall.

“We are very happy with the move from the dti to increase its support to the East London Industrial Development Zone (ELIDZ) for the current financial year. To us it is also a sign of confidence by the department on our ability to significantly contribute to the industrialisation of our province,” he said.

Both October and Kondlo called for calm from all parties and investors concerned, stating that the ELIDZ would continue to operate.

Kondlo added that the ELIDZ remained committed to delivering on its mandate from the dti.

“Even the funding shortfall we are now talking about is as a result of the ELIDZ wanting to ensure maximum industrial development of the Eastern Cape,” he said.

The ELIDZ is part of the Industrial Development Zone programme, which was initiated by the dti to drive economic development and increase industrialisation in 2002.

Key to the East London IDZ’s mandate is the attraction and retention of strategic investments that will not only diversify the local economy, but also create meaningful employment opportunities.

Since its designation in September 2002, the ELIDZ has attracted 38 private sector investors worth R4.4 billion in the automotive, agro-processing, renewable energy, aqua-culture and general manufacturing sectors. It has also activated over 3000 direct manufacturing and related jobs as well as created 21 262 construction job opportunities. - SAnews.gov.za

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  Levy Restaurants UK ready for Kidzania
Posted by: newsroom - 27-02-2015, 01:58 PM - Forum: Irish News feed - No Replies

Levy Restaurants UK, the sports, leisure and hospitality sector of Compass Group UK & Ireland, has secured a contract with KidZania London, the UK’s first educational entertainment experience opening this spring at Westfield London. The contract will see Levy Restaurants UK provide public and event catering at the venue, developing and investing in four areas; [...]

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  Expenditure reduced to narrow budget deficit
Posted by: newsroom - 27-02-2015, 01:58 PM - Forum: SA NewsFeed - No Replies

Finance Minister Nhlanhla Nene says government will reduce spending by R25 billion in the 2015/16 and 2016/17 financial year in a bid to narrow the budget deficit. While the Minister is trying to narrow the deficit to 3.6%, he said this reduction in spending — coupled with an increase in taxes amounting to a R17 [...]Expenditure reduced to narrow budget deficit is a post from: South Africa Business

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  Measures to support SMMEs
Posted by: newsroom - 27-02-2015, 01:58 PM - Forum: SA NewsFeed - No Replies

SMMEs – Government has set aside 30% of all government contracts to support small businesses and co-operatives in a bid to boost township and rural economies. Rural Development and Land Reform Minister Gugile Nkwinti said this when he led a briefing of the Economic Sectors, Employment and Infrastructure Development Cluster on Tuesday. He said small [...]Measures to support SMMEs is a post from: South Africa Business

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  Inflation projected to drop to 4.3 percent
Posted by: newsroom - 27-02-2015, 01:58 PM - Forum: SA NewsFeed - No Replies

While the tax proposals regime announced in the 2015 National Budget signalled difficult times ahead, Finance Minister Nhlanhla Nene also announced...

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  Increase on personal income tax, fuel levies proposed
Posted by: newsroom - 27-02-2015, 01:58 PM - Forum: SA NewsFeed - No Replies

Taxpayers should expect to pay a percentage point more from their personal income tax for government to raise an extra R12 billion this year and...

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