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Spotlight on expenditure as SA budget comes under strain

CRAFTING SA’s budget has become a headache for Finance Minister Nhlanhla Nene: labour union allies accuse him of being tight-fisted, while opponents say he’s pouring too much money into areas like the civil service that don’t help grow the economy. Africa’s most industrialised economy has struggled to balance its finances since coming out of a recession in 2009. Growth remains ... Read More »

SA’s poor to suffer more as maize crop declines

THE  poor will be affected by shrinking maize crops and soaring prices brought on by the drought, the department of agriculture warned in a parliamentary briefing on Tuesday. Ikalafeng Kgakatsi, from the department’s climate change unit, said the country’s projected maize production for 2014 was 9.84 million tonnes, “the lowest maize yield since 2008”. “This will affect the price of ... Read More »

Business organisation for Zims in SA to be launched

THE Zimbabwe South Africa Chamber of Commerce & Industry (ZIMSACCI) will be launched tomorrow on the  the 21st of November at the Alliance Francaisse in Cape Town. ZIMSACCI will represent Zimbabwean businesspeople in SA which will speak with one voice on  issues affecting their business and the communities. “The idea came about after realising that Zimbabwe does not have a platform ... Read More »

SA and US agree on poultry imports

SA has signed an agreement with the US to resume imports of 65 000 tonnes of chicken each year, which had become bogged down over health concerns, the government said on Tuesday. Signing the veterinary trade protocol, one of the key missing elements, comes after the US threatened to suspend trade benefits for South African farm products earlier this month, ... Read More »

SA loses billions to illegal tobacco trade

SA is losing about R4 billion in tax revenue annually since 2010  because of  illicit tobacco trade, it emerged at the annual Anti-Illicit Trade Conference in Cape Town on Tuesday. “The illicit trade of tobacco means that South Africa continues to be robbed of much needed revenue that could be used for, for instance, funding education,” said Deputy Minister of ... Read More »

SA’s informal economy, More than just trading

THE benefit of the informal sector in the lives of the most vulnerable households in Cape Town and its impact in terms of poverty reduction is huge, according to the mayoral committee member for tourism, events, and economic development Garreth Bloor. The latest Economic Performance Indicators for Cape Town (EPIC) report for the second quarter, April to June, shows that ... Read More »

Turkish Airlines launches Durban route

TURKISH Airlines on Thursday (today) launched its third service to South Africa with an inaugural service to Durban. The four-times a week service will initially ‘be an extension of the direct Istanbul to Johannesburg route with the plane going onto Durban on Monday, Tuesday, Thursday and Saturday. The Turkish Airlines Airbus A330-300 was greeted by the spray of two fire ... Read More »

Clicks results a picture of health and beauty

CLICKS Group said on Thursday that it had increased its annual dividend by 23,7 percent, from 190 cents to 235 cents per share, as it reported a glowing set of results, with turnover up by 15,3 percent to R22,1 billion for the year to August 2015. A statement from the group said retail sales had grown by 10,4 percent and ... Read More »

SA govt may have to cut down on jobs

GOVERNMENT  departments looking to expand their headcount should think again. Tabling his medium-term budget policy statement in Parliament on Wednesday, Finance Minister Nhlanhla Nene said there would be no money to increase staff numbers as government scrambled to deal with a R12.2 billion shortfall in this fiscal year alone on the public sector wage deal. “The contingency reserves will be ... Read More »

SA’s finance minister Nene expected to deliver some “fiscal magic” amid recession

SA’s minister of finance Nhlanhla Nene faces an almost impossible balancing act in his medium-term budget policy statement (MTBPS) on Wednesday, with Barclays Africa noting that he would “really have to deliver some fiscal magic to secure the market’s full confidence”. In a pre-MTBPS note, Peter Worthington, principal and senior economist at Barclays Africa, said South Africa was arguably at ... Read More »

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