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Pretoria – Cabinet ministers will today begin unveiling plans on how they will utilise the money allocated to their departments by Finance Minister Pravin Gordan in his national budget earlier this year.
The Budget Vote presentations will start in Cape Town today with Economic Development Minister Ibrahim Patel expected to tell Members of Parliament how he intend spending the R549 million allocated to his department for the 2011-2012 financial year. [Read more…]
South Africa will on Monday host the African Tax Administration Forum (ATAF) and the Ministry of Strategy and Finance of the Republic of Korea by convening a conference on Domestic Resource Mobilisation in Cape Town
South Africa chairs ATAF, though the South African Revenue Service (SARS). [Read more…]
Pretoria – The South African Revenue Service (SARS) collected R647.2 billion in tax revenue – R2 billion more than what was targeted in the 2011 budget, Finance Minister Pravin Gordhan said on Friday.
“Positive economic growth over successive quarters in 2010 and a modest recovery in revenue indicate that our economy is regaining its growth momentum,” Gordhan said of the preliminary outcome of revenue collection for 2010/11 fiscal year. [Read more…]
Pretoria – While traditional international partners remain important for Africa’s economic development, Southern African countries need to engage more “proactively” with emerging economies of the south, says President Jacob Zuma.
“At the same time we need to recognise the enormous opportunities that can arise from widening integration in Africa and the south,” he said at the opening of the Southern African Customs Union (SACU) summit underway in Pretoria. [Read more…]
Pretoria – The Reserve Bank’s Monetary Policy Committee (MPC) has kept rates unchanged at 5.5 percent per annum in line with market expectation.
Reserve Bank Governor Gill Marcus on Thursday said since the previous meeting of the MPC in January, risks to the outlook for domestic inflation have increased on the upside, due mainly to cost push pressures. [Read more…]
Pretoria – South Africa and Denmark will today hold a meeting where discussions are expected to centre on advancing relations between the two countries.
Ambassador Rapulane Molekane will spearhead these bilateral, political, economic and trade discussions with Danish Ambassador Sus Ulbaek, the International Relations and Cooperation Ministry said on Thursday. [Read more…]
Cape Town – Transnet’s decision to assemble 90 of the 100 locomotives on order from General Electric and the securing of R14 billion in planned investments in the automotive sector, are some of the immediate achievements of the Industrial Policy Action Plan (IPAP), the Minister of Trade and Industry Rob Davies said yesterday.
Davies, who briefed the National Assembly’s portfolio committee on trade and industry, outlined several achievements of the plan but hastened to add that a lot of work still had to be done in the role out of IPAP. The initiative was launched last year. [Read more…]
Pretoria – Transport parastatal Transnet on Wednesday announced the members of its executive committee.
“It is my belief that the reconfigured Executive Committee will contribute significantly to ensuring that the company plays a key role in making South Africa’s New Growth Path a reality, and that Transnet plays its rightful role as the custodian of South Africa’s rail, ports and pipeline infrastructure,” group chief executive Brian Molefe said.
The announcement follows nearly two years of uncertainty due to the delay in the appointment of a new group chief executive and board.
Last month, Public Enterprises Minister Malusi Gigaba announced that Cabinet approved Molefe’s appointment for a five-year period.
“Transnet has been without a permanent group chief executive for a considerable period of time, which is undesirable given its strategic importance to the South African economy,” Gigaba said at the time.
Molefe took over following December’s appointment of Transnet chairperson Mafika Mkwanazi being tasked with the group chief executive function. Mkwanazi took over from Chris Wells who resigned.
With effect from 21 March 2011, the Transnet executive structure will be:
Brian Molefe – Group Chief Executive
Virginia Dunjwa – Chief Risk Officer
Siyabonga Gama – Chief Executive: Transnet Freight Rail
Mark Gregg-Macdonald – Group Executive: Planning and Monitoring
Pradeep Maharaj – Group Executive: Human Resources and Strategy
Charl Moller – Chief Executive: Transnet Pipelines
Tau Morwe – Chief Executive: Transnet National Ports Authority
Moira Moses – Group Executive: Transnet Capital Projects
Khomotso Phihlela – Group Executive: Commercial
Anoj Singh – Acting Chief Financial Officer
Karl Socikwa – Chief Executive: Transnet Port Terminals
Zola Stephen – Group Executive: Legal, Corporate and Public Affairs
Richard Vallihu – Chief Executive: Transnet Rail Engineering
“I expect each member of the team to finalise their key performance targets as soon as possible to allow every member of the 55 000-strong workforce to improve our operations by focusing on efficiency, productivity and safety. Above all, we have to prioritise customer service,” said Molefe. – BuaNews
Pretoria – International Relations and Cooperation Deputy Minister Ebrahim Ebrahim has arrived in Switzerland, where he will co-chair the South Africa-Switzerland (SA-SWISS) 3rd Annual High Level Consultations with his Swiss counterpart, State Secretary Peter Maurer.
Ebrahim is leading a South African government delegation comprising representatives from the Departments of Science and Technology, Justice and National Treasury.
The gathering takes place within the context of consolidating North-South relations with regard to South Africa’s priority to strengthen bilateral, political, economic and trade relations with Switzerland.
It said this years’ High Level Consultations would outline the importance of bilateral relations between SA and Switzerland, and highlight issues concerning multilateral engagements and issues of a global nature.
The visit will cover, amongst others, the promotion of the African Agenda as a cornerstone of South Africa’s foreign policy, work with Switzerland towards strengthening the United Nations Security Council and deepening the reform of the United Nations, and promoting South Africa’s foreign policy objectives on reform of the global governance system.
Trade between South Africa and Switzerland has been increasing over the years. Total trade increased by approximately R16 billion from R11 billion in 2005 to over R27 billion in 2009, representing an increase of over 150 percent.
Exports from South Africa to Switzerland were valued at R21.3 billion in 2009 compared to imports valued at only R6.3 billion in the same year. This resulted in a balance of trade surplus for South Africa of about R15.1 billion in 2009. South Africa has been enjoying a positive balance of trade surplus with Switzerland since 2001. – BuaNews
Johannesburg – To meet the ambitious target of growing the economy by seven percent per annum, Finance Minister Pravin Gordhan says the country should redefine its economic transformation strategy.
“We have to redefine economic transformation. We are merely mimicking what the previous elite did … we wear the same clothes and drive the same cars. Where is the social conscience of the new elite?” asked Gordhan, who was addressing the Investment Forum of the Association of Black Securities and Investment Professionals Student Chapter (ABSIP) at Wits University.
Last year, the minister said South Africa’s GDP needed a growth of seven percent in order to transform the economy. On Monday, the minister again pointed out that the South African economy cannot afford to grow between three and five percent.
“We need to find a new model of growth,” he said, adding that this was also needed to address economic inequality.
“It’s important to set the right aspirations for South Africa and to make sure our economy becomes globally competitive,” he told the two-day forum.
Investment was crucial for economic growth, Gordhan said, adding that the youth had a pivotal role to play.
“We are at a stage in our development where we clarify what we have to do,” he said at the talks titled “Awakening Investment Potential.”
Gordhan said the world was changing and beneficiaries should not just be the elite. In order to create an environment for investment, a county’s savings also played a role, said the minister.
“The challenge is whether a country has enough savings … There are serious imbalances of investment, savings and consumption. The question is how you rebalance. We have a serious savings gap; we don’t save enough in South Africa.”
On the matter of “hot” capital inflows into South Africa, the minister said these had appreciated the currency and created some instability.
There was also a need to create an environment where small business would flourish.
On the debate of nationalising the country’s mines, Gordhan said: “It is not our policy as South Africa. We have an important contribution to make to create the right climate for economic growth. We need to do what it takes to create the appropriate confidence in our economy.” – BuaNews
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