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14:38 Top5 on Fin24: Zuma blasted into space, and SA schools unaware of uniform guidelines

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16:53 SA CEOs lose more sleep over economic woes than global peers

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09:00 PICS: An inside look at the $24m mansion a coffee company heir built

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  • Cut bloated Cabinet in half, Cosatu urges Ramaphosa ahead of SONA

    16 February 2018 3:50 PM 26

    Cape Town - Trade union federation Cosatu has called on President Cyril Ramaphosa to cut SA's "bloated" Cabinet in half. In a pre-State of the Nation Address statement, Cosatu said that "captured ministers" should fired be immediately, and "bling lifestyles" of the political elite stopped. It did not specifically name any ministers. Ramaphosa will deliver

  • It's a first: SA bonds are getting more love than Mexico

    16 February 2018 9:56 AM 29

    Thanks to a political roller-coaster that ended with Cyril Ramaphosa being named South Africa’s president on Thursday, the nation’s bonds are more expensive than those in Mexico for the first time on record. “That is a first in emerging markets,” said Daniel Moreno, head of global emerging-market debt at Mirabaud Asset Management. “South Africa has always

  • Public Protector report on ABSA bailout set aside

    16 February 2018 9:49 AM 23

    Pretoria - The Public Protector's Bankorp-CIEX report, where ABSA was ordered to pay R1.125bn, was set aside on Friday by the Pretoria High Court. In a devastating ruling to the protector the court set aside her report, as well as the remedial action she recommended and ordered her to personally pay some of her opponents' legal costs. Justice Cynthia

  • PICS: An inside look at the $24m mansion a coffee company heir built

    16 February 2018 9:00 AM 25

    After graduating from the University of Miami in 1965, he worked in other industries and then rejoined the business, Rowland Coffee Roasters, in 1973. Over the years, Souto, his father, and two brothers grew the company, which included the brands Cafe Bustelo and Cafe Pilon, into a company whose sales surpassed $110m in 2010. In 2011, Souto and his siblings

  • Sassa to explain loans which trap grant recipients in 'vicious cycle'

    15 February 2018 10:29 AM 28

    Cape Town – The portfolio committee on trade and industry intends to ask the South African Social Services Agency (Sassa) to make submissions on how loans are granted to social grant recipients without any affordability tests being conducted. This will be part of the committee's public hearings for the National Credit Amendment Bill, and comes after

  • December retail sales exceed expectations

    15 February 2018 7:05 AM 30

    Cape Town - Sales at retailers accelerated in December hot on the heels of Black Friday, capping a year of growth in general retailers, official figures show. Retail trade sales in December 2017 increased by 5.3% year-on-year, according to data released by Statistics South Africa (Stats SA) on Wednesday. "December retail trade sales far exceeded our expectations

  • Taxpayers could fork out R30bn more to plug revenue hole

    15 February 2018 5:13 AM 27

    Johannesburg - Auditing firm PricewaterhouseCoopers (PwC) predicts the finance minister will announce tax hikes of at least R30bn in the Budget Speech scheduled for February 21. This figure could be pushed up further due to funding required for free higher education, which was announced in December. In line with other tax experts, PwC believes the majority

  • Eskom responds to water crisis with Koeberg desalination plant

    15 February 2018 5:02 AM 23

    Johannesburg - A new desalination plant at the Koeberg nuclear power station will attempt to alleviate some of Cape Town’s water woes. State power utility Eskom announced on Wednesday that it has launched a mobile groundwater desalination plant, which will take care of the station’s own potable water needs. This, Eskom said, would ease the pressure on the City of Cape Town’s

  • JSE edges up slightly in cautious trade

    14 February 2018 6:05 PM 28

    Cape Town - The JSE edged up slightly in cautious trade on Wednesday, as the market waits in anticipation for President Jacob Zuma to resign by midnight or be removed by Parliament on Thursday in a vote of no confidence. The All-Share was up 0.33%, with the blue-chip Top 40 up 0.30%, industrials up by 0.80% and financials up 0.07%. This was countered

  • Exxaro CEO slams idea of Eskom's prepayment agreements

    14 February 2018 6:02 PM 26

    Cape Town – The idea that prepayment agreements for coal is common is misleading, says Exxaro CEO Mxolisi Mgojo. Mgojo testified before the portfolio committee on public enterprises when the Eskom inquiry resumed on Wednesday afternoon. In his opening remarks, Mgojo said that he would address the issue of how Eskom pushed the company out of the coal supply