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More political shocks

By Dave Mohr (Chief Investment Strategist) & Izak Odendaal (Investment Strategist), Old Mutual Multi-Managers. Some 50 years ago, British Prime Minister Harold Wilson coined the expression ‘a week is a long time in politics’. Faced with chaotic Brexit negotiations, backstabbing Tories and two Cabinet ministers resigning amid this scandal, current British Prime Minister Theresa May […]

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Minister Malusi Gigaba

Treasury confirms resignation of Michael Sachs

National Treasury confirms the resignation of its Deputy Director-General: Budget Office, Michael Sachs. “Mr Sachs has expressed his interest to serve the public sector in a different capacity,” its statement, issued on Monday afternoon, said. “Mr Sachs will not be leaving National Treasury immediately to ensure a proper handover to another senior official and to […]

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Minister Malusi Gigaba

Minister of Finance requests setting up of inquiry into SARS

The Minister of Finance Malusi Gigaba has approached President Jacob Zuma for an urgent establishment of an inquiry into the tax administration and governance of the South African Revenue Service (SARS). The President has acceded to the request. In a statement this afternoon, the Minister said that the Commission will be established soon and its […]

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MTBPS likely to lead to rating downgrades before year end

by Johann Els – Senior Economist at Old Mutual Investment Group. Minister Gigaba’s first Medium-Term Budget Policy Statement missed the mark completely, raising the deficit and debt targets substantially without a plan to bring them back over the medium-term expenditure framework. (more…)

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Nazmeera Moola, co-Head of Fixed Income, Investec Asset Management

MTBPS paints bleak picture

The Medium Term Budget Policy Statement (MTBPS), presented in Parliament by Finance Minister Malusi Gigaba, paints a bleak picture: the expenditure ceiling has been breached, there is no primary surplus and debt and guarantees combined are above 60% of GDP.  Not only is the market likely to hate it, but Standard & Poor’s may well downgrade […]

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Mid-term budget speech 2017 ‘lacked concrete steps’

Treasury has not given a clear enough indication on how it intends to address its revenue shortfall, leaving experts to speculate that the majority of revenue will be financed by taking on additional debt. (more…)

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Prof Raymond Parsons

Budget comment: MTBPS ‘a holding operation’

The 2017 Medium Term Budget Policy Statement (MTBPS) is more of a holding operation than a bold plan to turn the economy around.  This is according to NWU School of Business and Governance Economist, Professor Raymond Parsons. (more…)

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Government to sell some Telkom shares: Gigaba

Government will dispose of a portion of its Telkom shares, Finance Minister Malusi Gigaba said today as he delivered his maiden Medium Term Budget Policy Statement speech in parliament. (more…)

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