Author: Agency
Government has welcomed rating agency Standard &Poor’s (S&P) decision to revise South Africa’s credit rating outlook to positive from stable, while affirming the long term foreign and local currency debt ratings at ‘BB-’ and ‘BB’, respectively. According to S&P, recent favourable terms of trade in South Africa have improved the external and fiscal trajectory, while the country’s reasonably large net external asset position, flexible currency and deep domestic capital markets provide strong buffers against shifts in external financing. In addition, the agency expects South Africa to post a current account surplus in 2022 for the third consecutive year, as prices…
The world’s largest airline, Emirates, and South African Tourism have signed a Memorandum of Understanding (MoU) to jointly promote tourism and boost visitor arrivals and inbound traffic to South Africa from key markets across the airline’s network. The MoU was signed on the side-lines of Arabian Travel Market by Badr Abbas, Emirates’ Senior Vice President Commercial Operations for Africa, and The South Africa Tourism’s Acting CEO, Themba Khumalo. Tourism Minister, Lindiwe Sisulu and Dubai Consul General, David Magabe, were also at the signing. Adnan Kazim, Emirates’ Chief Commercial Officer, said the airline, which had more than 25 years invested in…
Eskom Chief Operating Officer, Jan Oberholzer, says Eskom may be forced to increase load shedding from Stage 3 load shedding to Stage 4 if the power utility fails to gather enough generation capacity to feed national peak demand. According to Oberholzer, Eskom suffered at least eight major breakdowns at its power stations – exacerbating strain on the already fragile and constrained power system. Only one of those units has, so far, been returned to service. The expected return of some of those units to service this week may not be enough to suspend load shedding. “If we look at the…
The Higher Education, Science and Innovation Ministry has established entrepreneurship hubs at TVET colleges to support students to move into self-employment after completion of programmes. Higher Education, Science and Innovation Minister, Blade Nzimande, revealed this in Parliament on Thursday while delivering the department’s 2022 Budget Vote. In the current financial year, the Minister said the department projected that the skills levy would increase to R20.6 billion from last year’s R18.9 billion. Nzimande said the department had also taken the decision to prioritise the sector by re-allocating additional funds from the National Skills Fund. “We have begun a process of crafting…
The (NPA) says over the next six months, it will be giving “razor sharp focus” to corruption and state capture related cases. This was revealed by NPA National Director of Public Prosecutions (NDPP), Advocate Shamila Batohi. She was briefing the National Assembly Portfolio Committee on Justice and Correctional Services on the prosecuting authority’s annual performance plan and budget for the 2022/23 financial year. “Right now, our response to the findings and recommendations of the [State Capture Commission] is what will really be defining for the NPA and for South Africa. The recent release of the Zondo Reports have highlighted how…
Gauteng Hawks’ head, Major General Ebrahim Kadwa, has commended the investigation team for successfully apprehending the additional alleged fraudsters involved in unauthorised debit order transactions where bank clients have lost approximately R18 million, collectively. This as two additional accused, Ravenda Singh (50), and his son Andrew (26), Directors of a Durban based call-centre, Sub User, were nabbed on 4 May 2022, in Johannesburg. In a statement, the Hawks said the duo handed themselves in at the Hawks’ Serious Commercial Crime Investigation in Johannesburg and were subsequently charged with fraud. “On the same day, the pair appeared in the Palm Ridge…
President Cyril Ramaphosa says the achievements by Operation Vulindlela demonstrates the commitment of government to implementing reforms that are necessary to inject growth into the economy and gain investor confidence. The President said this in his weekly newsletter to the country as government is today set to release an update report on the work of Operation Vulindlela for the first quarter of 2022. The report will outline the progress made by Operation Vulindlela and the departments responsible for these reforms. The President encouraged those who continue to raise concerns about the slow pace of reform to read the latest report.…
Eskom says stage two load shedding was implemented due to depleted capacity caused by generator breakdowns, power station trips, the slow return to service of units, as well as higher demand for electricity as the colder weather starts to settle in. As a result of these factors, the power utility was unable to feed the entire demand for electricity on Tuesday. Eskom Chief Executive Andre de Ruyter told a media briefing on Wednesday that the electricity supplier is working to ensure that load shedding is suspended as soon as it is possible to do so. He explained that the power…
The Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) have signed a new unlisted developmental investment mandate. The GEPF is the largest pension fund in Africa, with assets in excess of R2.1 trillion, which are managed by the PIC. The GEPF first introduced the unlisted developmental investment mandate in 1997 under the name Isibaya Fund and subsequently renewed it over the years. The developmental investment funds are aimed at generating financial and socio-economic benefits by addressing structural imbalances in the economy to facilitate transformation, economic growth, job creation, and environmental and financial returns. The developmental mandates focus…
President Cyril Ramaphosa says government is doing everything in its means to ensure that the current load shedding experienced by the country becomes a thing of the past. In his weekly newsletter to the nation, the President empathised with South Africans experiencing constant blackouts saying government is determined that this should not continue to be a part of their lives into the future. “It is difficult and unacceptable for South Africans to endure load shedding. But we are doing everything in our means to ensure that, like state capture, it soon becomes a thing of the past,” the President said.…