Zuma urges BRICS Partner to invest in SA
President Jacob Zuma has urged Russia and Brazil to invest in South Africa, the presidency reported. Spokesperson Mac Maharaj said Zuma held bilateral meetings with Presidents Dmitry Medvedev of Russia and Dilma Rousseff of Brazil, at the fourth summit of Brazil, Russia, India, China and SA (Brics) in India.He said Zuma expressed interest in cooperating with Russia in engineering, especially with the training of South Africans in Russia. “The president also raised interest in cooperation in mining, especially the operation of the ore line from Sishen iron ore deposits to Saldanha harbour.” Maharaj said Russia had expressed interest in cooperating with South Africa in the construction of nuclear power plants.
South Africa’s integrated …
CIDB hunts Construction Cartels
Construction cartels could learn their fate as early as June, the Construction Industry Development Board (CIDB) told MPs on today. Briefing Parliament’s public works committee, CIDB chairperson Bafana Ndendwa said he was updated by the Competition Commission last week on a probe into the major construction industry companies which had admitted being guilty of collusive practices. “There are 21 companies that came in with disclosures and those companies, they [the Competition Commission] are processing it,” said Ndendwa. He could not satisfy MPs’ calls for the companies to be named and shamed, as commission rules prohibited him from doing so until an order had been made against the firms.
According to a report tabled in the committee,…
More SA Visas for Africa
For as long as global commerce has been a financial reality, Europe and the rest of the first world have wittered on about the lack of transparency and opaque business practices of what they termed the dark continent. Meanwhile, Africa has soldiered on as the world tries to recover from the economic turmoil of the 2008 credit crunch, which resulted from its own dabbling in the opaque. Certainly the mindset of corporate South Africa increasingly seems to turn to exploiting trade and relationships across Africa, rather than the single-minded focus towards Europe and the USA prevalent less than a decade ago.
The visa business in South Africa has seen a dramatic change from the almost exclusive focus on Schengen countries for the South Af…
Infrastructure Projects in Need of speedier Administration
South Africa’s National Treasury has finally set up a task team with the financial services industry to find new ways to improve the funding and efficiencies of government’s ambitious fiscal and state-enterprise three-year R827bn infrastructure rollout. Many major government projects have been hamstrung by bottlenecks and delays‚ with Eskom’s continuously moving Medupi power station completion date resulting in a near tripling of costs.
“We want to create a framework that lays out new options for how everyone in the financial sector can participate,” said Nicky Prins‚ director of capital projects at Treasury yesterday. "We need to firstly understand the requirements of the different tasks in the industry and for them to understand gov…
SARB Governor calls for German Model to tackle Unemployment
The recent strikes – not only in the mining industry – have shown again the high vulnerability of South African business and the detrimental influence on economy and trade balance deficit. South Africa must find ways to resolve labour disputes before they undermine the economy, SA Reserve Bank governor Gill Marcus stated today at a luncheon held by the Southern African – German Chamber of Commerce & Industry in Johannesburg. “In South Africa we need to find models that enable earlier dispute resolution in the workplace before labour disputes affect the broader economy,” Marcus said. "We also need to find ways that enable the workforce to have greater knowledge of the financial affairs of the company and sector, while management needs to …
Proposed Debt Amnesty a Reality?
Almost 90% of all low income earners have an adverse credit record with such “esteemed” credit information bureaus like TPN or ITC. This owed to defaults, mostly on credit cards and shop cards, but prevents them mostly from going on with their lives, to rent a flat, get a job or simply to qualify for average contracts like cell phone or internet.
The proposal by the Department of Trade and Industry (DTI) and the National Credit Regulator is to remove adverse credit information on debt under R10 000. The DTI stated that the intention of the amnesty is not to encourage consumers to make more debt by simply wiping their credit record, but rather to create a clean slate for consumers to improve access to jobs and housing. Consumers would …
Reserve Bank leaves Interest Rate unchanged
SOUTH AFRICA has yet again left its interest rates unchanged. It did not come as a surprise but still prompts our compliments to the continued stance the South African Reserve Bank (SARB) has to take. The inflationary risks are more prominent than ever ogling the ever rising petrol price but also smirking about the slap on ESKOM’s wrists, who now have to raise their money somewhere else but on the back of drained consumers. We wonder, what that will do to the Renewable Energy Procurement Programme (REIPPPP)….?
Anyway, back to the interest rate, which – as far as the Repo Rate is concerned – remains at 5.0%, translating to 8,5% prime lending rate. (Ever wondered why you pay more than 20% for your credit card? Just count the floors of…