Daily Archives: October 27, 2016

Chinese TV Giant Hisense Showcases Its B2B Business

QINGDAO, China, Oct. 27, 2016 /PRNewswire/ — The president of Hisense Group, Mr. Liu Hongxin, unveiled the branding and visual symbol of Hisense’s B2B business on 25th October in Qingdao. From January to September 2016, Hisense B2B companies’ sales revenue is already 27% of Hisense Group’s total and the profit share is 38%. Hisense is enjoying a […]

The Secret Recipe for Powdered Alcohol to be Sold at Auction

SCOTTSDALE, Ariz., Oct. 26, 2016 (GLOBE NEWSWIRE) — Mark Phillips, the creator of Palcohol – powdered alcohol, has decided to auction off the secret formula and manufacturing process for Palcohol to the highest bidder in each of 130 counties. Phillips says, “We believe that Palcohol’s potential can be best realized by a person / company […]

Exporters Encouraged to Utilise More of AGOA Tariff Lines

South African exporters have been encouraged to utilise more of the tariff lines negotiated under the Africa Growth Opportunity Act (AGOA). This came through at the two-day Team Export South Africa (TESA) workshop which took place in Midrand in the pas...

RATINGS DOWNGRADE REMAINS A GREAT RISK FOR SOUTH AFRICA, SAYS GORDHAN

A further loss of confidence and a ratings downgrade remain to be great risks facing the South African economy, says Finance Minister Pravin Gordhan.While a lot has been done to confront these challenges, greater collaboration between the government, b...

Finance Minister to table mini budget

Pretoria - Finance Minister Pravin Gordhan will table the Medium Term Budget Policy Statement (MTBPS) in Parliament today.

The Minister is due to present the MTBPS, which is also known as the mini budget, at 2pm.

The Minister will table his maiden mini budget since his return to the finance portfolio last December.

At its second last meeting of the year in September, the Reserve Bank's Monetary Policy Committee (MPC) said that while the bank has revised the country's growth forecast up from 0% to 0.4% for 2016 following stronger-than-expected economic data for the second quarter, the domestic economy remains weak.

The eyes of the nation will be on Minster Gordhan, as he is expected to announce how National Treasury will fund the university fees shortfall.

Higher Education and Training Minster Blade Nzimande last month announced that fees for students, who qualify for funding under the National Student Financial Aid Scheme, and the missing middle, would not increase in 2017.

Minister Nzimande announced that universities will individually decide on fee increases for the 2017 academic year. However, the recommendation is that fee increases should not go above 8%.

In a statement last month, National Treasury said it has been exploring different mechanisms of finding the money to pay for the subsidy.

The MTBPS comes ahead of Standard and Poor's credit rating review in December.

Rating agencies Fitch and Standard & Poor's both have South Africa's credit outlook at BBB- with a negative outlook, one notch above junk status.

In May, Moody's held South Africa's credit rating at Baa2 � two notches above junk, while keeping the outlook negative.

Minister Gordhan is expected to announce National Treasury's views on growth prospects.

On Thursday, the Minister will brief the Standing Committees on Appropriations and Finance and Select Committees on Appropriations and Finance on the 2016 MTBPS in Parliament.

Source: South African Government News Agency