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Business Articles
14:25 (GMT+2), Mon, 14 March 2016
Multi-billion development kicks off in Port Elizabeth (Port Elizabeth) - Developers behind the Eastern Cape's first live-work-play integrated precinct development, Baywest City, have announced the kick-off of five major developments this year which will total more than R1.2bn in value.  Over the next two years, Nelson Mandela Bay residents can look forward to the addition of a modern residential development, green-rated office blocks - in addition to the green office ... read more
10:56 (GMT+2), Fri, 11 March 2016
Old Mutual break-up welcomed South African public financial institutions, National Treasury, the Reserve Bank, and the Financial Service Board (FSB), on Friday welcomed Old Mutual’s decision to separate its four units by end of 2018. Old Mutual on Friday said it intended to implement a managed separation of the group into four separate businesses: Wealth, Asset Management, Emerging Markets and Nedbank. Old Mutual said its strategic review had ... read more
10:01 (GMT+2), Fri, 04 March 2016
Volkswagen SA walks away with top inaugural Top 50 award Volkswagen South Africa walked away with top honours in the inaugural Top 50 Awards, a Nelson Mandela Bay Municipality incentive initiative to recognize excellence. The award was presented at a ceremony in Newton Park on Thursday with VWSA edging pharmaceutical company Aspen for the top spot.  Shatterprufe another well-known national brand based in NMB rounded off the top three with the third position. Nelson Man... read more
10:37 (GMT+2), Tue, 01 March 2016
Barclays confirms it will sell African unit After much speculation, Britain’s Barclays Bank Plc announced on Tuesday that it intends to sell down its 62.3 percent interest in Barclays Africa Group over the next two to three years. A statement from Barclays Africa confirmed the decision, saying it was clear that the decision was “due to recently introduced regulatory burdens specific and particular to Barclays Plc as a UK-headquartered and globally signifi... read more
15:58 (GMT+2), Wed, 24 February 2016
Budget: Government to cut wage bill to fund expenditure ceiling cut PARLIAMENT, February 24 (ANA) – Treasury is set to further cut the bulging public sector wage bill as it attempts to lower the country’s expenditure ceiling by R25 billion over the next three years. Tabling the budget in Parliament on Wednesday, Finance Minister Pravin Gordhan said the spending cuts would be not be targetted at frontline service delivery personnel. Rather, goverment would be placing limits on... read more
14:31 (GMT+2), Wed, 24 February 2016
Budget: Gordhan raises welfare grants Finance Minister Pravin Gordhan increased child support and welfare grants in the 2016 budget, tabled in Parliament on Wednesday. “The old age, disability and care dependency grants will rise by R80 to R1,500 in April 2016, and by a further R10 to R1,510 in October,” Gordan told MPs as he delivered his first budget after returning to the finance portfolio in December. The child support grant will increase by ... read more
11:30 (GMT+2), Fri, 22 January 2016
Dunkin Donuts coming to SA Global coffee and bakery chain Dunkin’ Brands Inc has signed a franchise agreement with South Africa’s Grand Parade Investments Ltd (GPI) to open more than 250 Dunkin’ Donuts restaurants and more than 70 Baskin-Robbins food shops in South Africa, focusing on Cape Town and Johannesburg. The leading US brand said it would also launch Baskin-Robbins ice cream products at South African supermarket chains and c... read more
15:46 (GMT+2), Mon, 21 December 2015
NCR reports The National Credit Regulator says the number of applications for credit decreased 2.37% percent quarter-on-quarter from R12.13m in June to R11.85m in September. The NCR on Monday released the 'Consumer Credit Market Report'  and the Credit Bureau Monitor, which are based on data submitted to the NCR by registered credit providers and credit bureaus respectively.  The CEO of the National Credit Regulato... read more
09:57 (GMT+2), Thu, 17 December 2015
Barclays considers scaling back in SA following finance minister reshuffle The  Financial Times of London reports that British Bank Barclays is actively looking for a suitor for its South African unit, Absa, after the recent merry-go-round at the country’s foreign ministry. The publication ran an article on Wednesday under the headline,Barclays considers scaling back in Africa, saying that the bank was rethinking its near-century long presence in Africa as part of a review led by Jes St... read more
14:41 (GMT+2), Fri, 11 December 2015
Cabinet to hold special meeting on economy South Africa’s Minister in the Presidency, Jeff Radebe, announced on Friday that there would be a special meeting of Cabinet’s economics cluster on Tuesday to discuss the country’s credit rating and falling currency. International ratings agencies last week downgraded South Africa’s credit rating to one notch above junk status, and on Wednesday President Jacob Zuma axed Finance Minister Nhlanhla Nene... read more
13:06 (GMT+2), Thu, 10 December 2015
Banking Association of SA concerned about Nene's removal The Banking Association of South Africa on Thursday expressed concern at the removal of Nhlanhla Nene as finance minister and the lack of experience of his replacement David van Rooyen. “The sudden Cabinet reshuffle announced by President Zuma last night, removing Minister Nene as finance minister is very concerning.” The association’s managing director Cas Coovadia noted that though ratings agencies la... read more
16:15 (GMT+2), Wed, 02 December 2015
NAAMSA comments on the  2015 new vehicle sales statistics Domestic sales of new vehicles as well as vehicle exports were up marginally in November. Industry association Naamsa said today that aggregate new vehicles were sales were up 0.4% year on year.  However, new passenger car sales were down more than half a percent. Overall, out of the total reported Industry sales of 51 256 vehicles, an estimated 85.0% represented dealer sales, 8.1% represented sales to the vehicle r... read more
10:23 (GMT+2), Fri, 02 October 2015
Public Protector asked to probe into Eskom tenders The Helen Suzman Foundation has asked Public Protector Thuli Madonsela to probe Eskom, Chancellor House and the ANC following the damning Hitachi revelations. The request follows recent claims by the United States Securities Exchange Commission about the awarding of Eskom tenders to Hitach Power Africa. The Commission has made damning allegations against Hitachi Power Africa and Chancellor House, which include Hitachi&rs... read more
10:11 (GMT+2), Fri, 02 October 2015
New form of mobility needed for South Africa Johannesburg Mayor Parks Tau says new forms of mobility are needed to ensure the escalating cost of traffic congestion is brought to a halt. Tau says as it stands, the economic impact that results from congestion in the whole of South Africa is over 1 billion rand.  He said Johannesburg accounts for the highest loss with more than 1.5 million vehicles registered across the metropole He added that as the city'... read more
13:14 (GMT+2), Thu, 01 October 2015
Jury still out on damage to Volkswagen's brand in SA Although the jury is still out on damage to the Volkswagen brand in South Africa as the scandal engulfing the German car manufacturer – whose name translates as the “people’s car” – grows, it seems there might be some respite for VW in (the People’s Republic of) China, where sales tax on small cars was halved as of Thursday. Though most likely unrelated, the tax cut in China, designed to ... read more
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