Finding R50-billion for a stimulus package is the unenviable task facing finance minister Tito Mboweni in the mid-term budget – and he’s only two weeks into the job.
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Scepticism is mounting that the alleged masterminds of South Africa’s biggest-ever embezzlement of state funds will ever be held to account.
A climate of fear and distrust prevails at Sars, which is dogged by low morale and a lack of investment in training and new technology, acting commissioner Mark Kingon said on Friday.
President Cyril Ramaphosa appointed former central bank Governor Tito Mboweni as his finance minister on Tuesday, replacing Nhlanhla Nene.
South African bond yields climbed to the highest this year and the rand weakened to a one-month low as traders digested news that finance minister Nhlanhla Nene has offered to resign.
Finance minister Nhlanhla Nene said he met repeatedly with members of the Gupta family, who have been implicated in a corruption scandal related to former President Jacob Zuma.
Consumers and businesses are in for a shock at the pumps, with the petrol price set to rise by 99c/l on Wednesday.
The rand is undervalued and there’s scope for the currency to strengthen to as much as R11/US$, said Colin Coleman, head of sub-Saharan Africa at Goldman Sachs Group.
The board of Transnet said it plans to dismiss CEO Siyabonga Gama after losing confidence in his ability to lead South Africa’s state-owned ports and rail company.
President Cyril Ramaphosa unveiled plans on Friday to reallocate R50-billion of the national budget, set up a new infrastructure fund and a range of other measures to revive an economy that’s mired in recession.