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May 17, 2017

New acting Treasury head gives his take on economic transformation

Cape Town – New acting National Treasury director general Dondo Mogajane gave his definition of radical economic transformation in answer to a question by the Democratic Alliance in Parliament on Tuesday. A delegation from National Treasury briefed Members of Parliament on the Appropriations Bill, which will be debated in the National Assembly shortly and provides for the appropriation of money by Parliament from the National Revenue Fund. During question time, the DA’s Alan Mcloughlin asked National Treasury to clarify the notion of radical economic transformation. “What is going to be so radically different from the past?”

‘This is radical economic [...]

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May 17, 2017

Grain SA to export maize surplus of 3.5 million tons

Grain SA expects a surplus of 3.5 million tons of maize and aims to export all of it to Japan, South Korea and Taiwan. South Africa will likely harvest almost 15 million tons of maize in 2017, up 87% from last year’s drought-hit crop.

Grain SA chief executive Jannie de Villiers says the first export permits for Taiwan are expected to be issued this week. Government has expressed concern about the surplus being sold off, with the possibility of a return this year of the El Nino weather pattern.

 

Source: [...]

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May 5, 2017

China seeks more African oil downstream operations

Chinese government officials have hinted that oil companies from the Asian country could purchase more African oil downstream operations, this follows China Petroleum & Chemical Corporation’s (Sinopec) purchase last month of a controlling stake in Chevron’s southern African subsidiary, Caltex.

Sinopec paid $900m for Chevron equity in the Chevron South Africa (CSA) refinery in Cape Town, oil storage facilities, a lubricants factory in Durban and the Caltex service station distribution network across South Africa and Botswana. It had been reported that other companies were interested in buying the assets, including oil trader Glencore and French oil giant Total but they [...]

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March 31, 2017

Gordhan Dares Zuma: Fire Me, Because I’m Not Going Anywhere

The minister of finance is digging in his heels, national Treasury is battening down the hatches and South Africans are holding their collective breaths.

If President Jacob Zuma wants to get rid of Pravin Gordhan he will have to fire him and take responsibility for the consequences — the minister of finance will not resign.

That is the unequivocal and clear message from 40 Church Square in Pretoria, headquarters of national Treasury, after 48 hours of political drama during which speculation of Gordhan’s removal from Cabinet and a broader reshuffle of the executive went into overdrive.

According to two sources with intimate knowledge of [...]

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