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You are here: Home / Archives for News

News

10 August 2023

Battle of the Americas

Location: Sport

The final pathway event on the road to Sri Lanka 2024 begins on Friday, as four teams ready themselves for a week of fierce competition in the ICC Men’s Cricket World Cup Americas Qualifier. Toronto, Canada is the stage for the drama, and the hosts, plus Argentina, Bermuda and the USA aim to secure the …

Read moreBattle of the Americas
10 August 2023

What Makes a Will Valid in South Africa?

Location: MyPR

Introduction A will is a legal document that outlines how an individual’s assets should be distributed after their death. It is a crucial instrument that ensures a person’s wishes are respected and their loved ones are provided for. In South Africa, as in many other jurisdictions, a will must meet certain requirements to be considered …

Read moreWhat Makes a Will Valid in South Africa?
10 August 2023

SIU welcomes action taken against Tembisa Hospital officials

Location: News

SIU welcomes action taken against Tembisa Hospital officials

The Special Investigating Unit (SIU) has welcomed the disciplinary action taken against Tembisa Provincial Tertiary Hospital officials based on findings and recommendations made by the SIU.

This comes after the Gauteng Department of Health earlier this week announced that it has suspended six of the nine officials that were sighted in the SIU’s report. 

In a statement on Thursday, the SIU noted that while the Deputy Director for Supply Chain has since retired, a Chief Physiotherapist has resigned, and a sessional Medical Officer has since stopped working at the facility.

The disciplinary action comes after the SIU entered into a secondment agreement with the Gauteng Provincial Government to investigate allegations of corruption, fraud and maladministration in matters pertaining to supply chain management processes at Tembisa Hospital under the Gauteng Department of Health.

The SIU handed over a preliminary investigation report to the Premier of Gauteng in December 2022. Based on the findings of the report, the SIU has since motivated for a proclamation to further investigate supply chain management at the Tembisa Hospital.

“Once the proclamation is signed and gazetted, and the SIU investigation findings points to undue benefit, the SIU will pursue officials who resign in the face of an investigation or disciplinary action by freezing their pension benefits and institute civil litigation to recover financial losses suffered by state institutions. 

“In addition to investigating corruption, maladministration and malpractice, the SIU also identifies systematic failures, and makes recommendations to improve measures to prevent future losses,” the SIU said. 

The SIU is empowered to institute civil action in the High Court or a Special Tribunal in its name, to correct any wrongdoing uncovered during its investigations caused by acts of corruption, fraud, or maladministration. 

In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU refers any evidence pointing to criminal conduct to the National Prosecuting Authority (NPA) for further action. – SAnews.gov.za
 

DikelediM
Thu, 08/10/2023 - 13:43

Read moreSIU welcomes action taken against Tembisa Hospital officials
10 August 2023

Women in Entertainment Breakfast to Illuminate African Talent at FAME Week Africa 2023

Location: Entertainment, MyPR

]FAME Week Africa, built by RX Africa, the continent’s premier platform for celebrating African talent, is proud to announce the highly anticipated Women in Entertainment Breakfast on 6 September as part of the esteemed FAME Week Africa 2023. This ground-breaking event, powered by EarCandy Dubbing and the Cape Town International Conventions Centre (CTICC) will shine …

Read moreWomen in Entertainment Breakfast to Illuminate African Talent at FAME Week Africa 2023
10 August 2023

Step into the Limelight: FAME Film Shorts Festival Shines a Spotlight on African Filmmakers presented by Realness Institute

Location: Entertainment, MyPR

The African filmmaking community is abuzz with anticipation as the FAME Film Shorts Festival, a prestigious addition to FAME Week Africa 2023, built by RX Africa, takes centre stage. This eagerly awaited event is dedicated to celebrating the innovation, creativity, and exceptional talent of the finest independent filmmakers from across the continent. Our aim is …

Read moreStep into the Limelight: FAME Film Shorts Festival Shines a Spotlight on African Filmmakers presented by Realness Institute
10 August 2023

Africa CDC donates vaccine manufacturing equipment to SAHPRA

Location: News

Africa CDC donates vaccine manufacturing equipment to SAHPRA

The Africa Centre for Disease Control and Prevention (Africa CDC) on Thursday officially handed over equipment worth US $750 000 (R14 083 950) to the South African Health Products Regulatory Authority (SAHPRA), the first recipient in the continent. 

According to a joint statement, the tools will support SAHPRA with its regulatory functions relating to vaccine manufacturing. 

Africa CDC Director-General, Dr Jean Kaseya, and SAHPRA CEO, Dr Boitumelo Semete-Makokotlela, attended the ceremony in Pretoria.

The African Union (AU) Heads of State established the Partnerships for African Vaccine Manufacturing (PAVM), under the Africa CDC launched in 2021 and its Framework for Action in 2022.

The PAVM aims to steer a bold goal that will enable the African vaccine manufacturing industry to develop, produce and sustainably increase supply, currently sitting at less than 1%.  

It is also looking to prop up the National Regulatory Authorities (NRAs) to ensure safe and quality vaccines. 

The Africa CDC is working with four other NRAs to boost their capacities to achieve the ambitious goal of manufacturing 60% of vaccine needs on the continent by 2040.

“This donation is a proverbial breath of fresh air for SAHPRA and more importantly, the African continent. This stellar initiative will provide much-needed impetus for SAHPRA to take bold steps to capacitate the authority and the continent in paving the way for renewed vigour and innovation on the continent,” said Semete-Makokotlela. 

Meanwhile, Kaseya said Africa CDC’s mission of safeguarding Africa’s health from disease threats such as pandemics would require viable and sustainable manufacturing of health products and technologies on the continent. 

“To achieve this noble mission, NRA are our key partners. Today’s ceremony marks an important step in our commitment to support African manufacturing to ensure safe and effective vaccines are produced on the continent,” he said. 

The Africa CDC worked with the African Union Development Agency (AUDA-NEPAD) to set priorities such as regulatory process harmonisation, engaging with and strengthening NRAs directly, supporting and strengthening the Regional Centres of Regulatory Excellence (RCORE) platform to facilitate vaccine regulatory oversight, as manufacturing of health products expands in Africa. 

Africa CDC is a continental autonomous public health agency of the African Union. 

It supports member States in their efforts to strengthen health systems and improve surveillance, emergency response, prevention and control of diseases. – SAnews.gov.za

Gabisile
Thu, 08/10/2023 - 14:31

Read moreAfrica CDC donates vaccine manufacturing equipment to SAHPRA
10 August 2023

A Comprehensive Guide to Hair Growth Products in South Africa

Location: MyPR

Introduction Hair growth is a concern that resonates with many individuals, both men and women. Whether it’s thinning hair, baldness, or simply the desire for a fuller mane, the quest for effective hair growth solutions is a common pursuit. In South Africa, the market is flooded with various products claiming to promote hair growth. This …

Read moreA Comprehensive Guide to Hair Growth Products in South Africa
10 August 2023

Recognising the Signs of a Gambling Addiction: A Closer Inspect

Location: MyPR

Introduction Gambling, often seen as a recreational activity, can sometimes spiral into an all-consuming behaviour that disrupts one’s life and well-being. Recognising the signs of a gambling addiction is crucial in facilitating early intervention and preventing its escalation. In this guide, we delve into the various indicators and behaviours that may signal a gambling problem, …

Read moreRecognising the Signs of a Gambling Addiction: A Closer Inspect
10 August 2023

Finance Minister welcomes Cabinet approval of DG appointment

Location: News

Finance Minister welcomes Cabinet approval of DG appointment

Minister of Finance Enoch Godongwana has welcomed Cabinet’s approval of the appointment of Dr Duncan Pieterse as the new Director-General of the National Treasury for a period of five years.

Pieterse is currently the Deputy Director-General of Asset and Liability Management.

“The Director-General provides strategic leadership to the department, guides its organisational structure, and manages a team of experts who handle various aspects of financial management, economic analysis, and policy formulation. He or she is central to shaping the fiscal policies, economic direction, and financial stability of the country,” the Minister said on Thursday.

Pieterse joined the department in 2013 and has worked in various positions for the last 10 years.  Pieterse served as a Deputy Director-General of Economic Policy and later Deputy Director-General: Asset and Liability Management.

Dr Pieterse has a Bachelor of Business Science, Master’s in Public administration from Harvard University and a Doctor of Philosophy, amongst others.

“I believe Duncan has more than enough experience, expertise, and chutzpah to make a success of this new challenge,” Godongwana said.

The Minister met with top management and staff of the National Treasury to inform them of the appointment of Dr Pieterse as Director-General of the department.

National Treasury said top management and staff welcomed the appointment of Dr Pieterse and to bringing certainty to the leadership of the Treasury.

Acting DG Ismail Momoniat also welcomed the appointment of Dr Pieterse, especially the fact that the baton of leadership is now moving to a younger generation.

Godongwana has thanked all those who had applied for the position and commended the Acting Director-General for his leadership.

“As a true and dedicated servant of the department and the country, he further mentioned that he will continue to serve the department for at least a year to ensure a smooth transition and oversee several key projects that will strengthen the governance and anti-corruption system; modernising the procurement system, and overseeing the process to get our country out of grey listing,” the Minister said. – SAnews.gov.za

 

nosihle
Thu, 08/10/2023 - 15:10

Read moreFinance Minister welcomes Cabinet approval of DG appointment
10 August 2023

“Disgraceful” conduct of State Attorney to be reported to Minister of Justice

Location: News

High Court slams “outrageous” attempt by Gauteng MEC to rescind an order that the MEC was liable for a multi-million rand damages claim

Read more“Disgraceful” conduct of State Attorney to be reported to Minister of Justice
10 August 2023

What Does a Logistics Company Execute? An In-Depth Exploration

Location: MyPR

Introduction Logistics is a term that encompasses the complex process of planning, implementing, and controlling the efficient flow and storage of goods, services, and related information from the point of origin to the point of consumption. It plays a vital role in supply chain management, ensuring that products reach consumers in a timely and cost-effective …

Read moreWhat Does a Logistics Company Execute? An In-Depth Exploration
10 August 2023

Inaugural Africa Digital Transformation Strategy Summit to be launched in South Africa

Location: News

NOVACOM Summits
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NOVACOM Summits (https://NOVACOMSummits.com) is proud to announce its first-ever African edition of the Digital Transformation Strategy Summit, an exclusive networking and business opportunity for Africa's telecommunications leaders. This prestigious event is set to take place at the esteemed Le Franschhoek Hotel & Spa in Cape Town, South Africa, from 5th to 7th September.

The summit intends to foster strategic relationships among executive decision-makers from leading African telecommunications companies and solution providers. This event will be held in a five-star, world-class setting in the Cape Winelands.

The digital transformation journey in Africa has gained immense momentum and presents a remarkable setting to connect people, representing a US$100 billion opportunity for the continent. NOVACOM Summits, with its extensive experience and customer base in the industry, has recognised the potential and value in this transformation and has taken the initiative to create a platform for industry leaders to connect, collaborate, and drive this crucial change.

We are delighted to announce Juliet Ehimuan as the Summit's keynote speaker. Renowned for her impactful contributions during her 12-year tenure as the Director of Google West Africa, Juliet played a pivotal role in introducing Google products, such as Google Maps and YouTube, to the region, revolutionising digital access. Additionally, she was instrumental in the success of the Equiano subsea fibre capacity cable project along the West Coast of Africa, a landmark digital infrastructure endeavour.

With her extensive experience and influence in the African telecom landscape, Juliet is now actively involved in guiding enterprises and telcos on their digital transformation journeys, perfectly aligning with NOVACOM's vision and purpose.

South African born and raised, Founder of NOVACOM Summits, Ryan Anderson says: "We are thrilled to host the inaugural African edition of the Digital Transformation Strategy Summit, bringing together the brightest minds and visionaries in the telecom industry. This gathering's core ambition is to facilitate digital transformation in Africa through the unique opportunity to connect the continent's leading telcos with innovative solutions providers, so we can connect the next 1 billion people. We are honoured to have Juliet Ehimuan as our keynote speaker, who embodies the spirit of innovation and progress that drives our industry forward.”

NOVACOM Summits will host a range of activities during the event, including pre-qualified one-on-one business meetings, in-person networking opportunities, and peer-led round table discussions. Thought-provoking workshops covering a variety of topics, from Building resilience during a power crisis and to how to monetise 5G, to raising cell towers in space, will enrich the debate around the continent's most ambitious industry projects. Our goal is to foster meaningful connections and collaborations among attendees while connecting the course for the telecom industry's future in Africa.

To request an invite to join us at the Le Franschhoek Hotel & Spa in Cape Town for a transformative experience that will shape the future of connection in Africa, please email invite@novacomsummits.com.

Distributed by APO Group on behalf of NOVACOM Summits.

For media inquiries please contact:
Cheryl Naidu
Cheryl.naidu@apo-opa.com

Social Media:
LinkedIn: https://apo-opa.info/3YwzCk0

About NOVA SUMMITS Limited:
NOVA SUMMITS LIMITED is the organiser of the NOVACOM Africa - Digital Transformation Strategy Summit series. These exclusive invite-only telecom specific events for Sub-Saharan industry leaders bring together executive level decision makers, business leaders and policy makers with industry solution providers in first class luxury settings. Our belief is that connection is paramount to the digital transformation journey, and these summits provide a collaborative platform to accelerate this process. For more information on NOVA SUMMITS Limited and the FUTURE OF CONNECTION visit: https://NOVACOMSummits.com

Read moreInaugural Africa Digital Transformation Strategy Summit to be launched in South Africa
10 August 2023

Inspired Schools embarks on groundbreaking solar energy project at all its schools in South Africa

Location: MyPR

Johannesburg 10th August – Inspired Schools South Africa, a leading educational institution committed to providing uninterrupted learning experiences, is excited to announce its collaboration with a highly reputable and well-known engineering company for a major solar energy project. This initiative aims to mitigate the effects of load shedding and drive the adoption of renewable energy, …

Read moreInspired Schools embarks on groundbreaking solar energy project at all its schools in South Africa
10 August 2023

Auxiliary Social Workers’ Fight To Get Paid

Location: News

Dear Editor The DA fully supports social workers’ fight to get their salaries from the Department of Social Development (DSD). Many of the auxiliary social workers protesting in Gauteng today have not been paid for up to 9 months. With the cost-of-living steadily increasing, social workers not only work incredibly hard to assist and support …

Read moreAuxiliary Social Workers’ Fight To Get Paid
10 August 2023

Zeitz Mocaa Announces A Novel Season Of Exhibitions, A Symposium And Publication This August

Location: MyPR

Public opening of Past Disquiet, guest curated by curator-writers Kristine Khouri and Rasha Salti Public opening of Seismography of Struggle: Towards a Global History of Critical and Cultural Journals, guest curated by art historian Zahia Rahmani Symposium titled The Poetics and Politics of Archival Practice Launch of Zeitz MOCAA’s latest publication, Radical Solidarity: A Reader …

Read moreZeitz Mocaa Announces A Novel Season Of Exhibitions, A Symposium And Publication This August
10 August 2023

Treasury’s stealth bailout strategy exposed

Location: News

Dear Editor The DA condemns Treasury’s Instruction Note 4 2022/23, exempting State-Owned Enterprises (SOEs) from reporting irregular expenditure. The exemption can lead to SOEs hiding irregular spending, distorting financial health, and attracting false funding The DA calls for the immediate rescission of the instruction, accurate correction of SOE financial statements, and a commitment to accountability …

Read moreTreasury’s stealth bailout strategy exposed
10 August 2023

European Union Donates EUR 100 000

Location: News

Delegation of the European Union to the Republic of South Africa
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The European Commission has provided EUR 100 000 (R 2,082,061.93) in emergency humanitarian funding to assist the most vulnerable families affected by the fire that broke out in July 2023, in the Kennedy Road informal settlement in Durban, KwaZulu Natal.

Around 1,213 families (2,357 people in total) were affected by the fire and more than 1,101 households destroyed. There were two fatalities. Food, non-food items including school uniforms and WASH supplies, and mental health support are urgently needed.

The EU funds will support the South Africa Red Cross Society (SARCS) meet basic needs by providing food and non-food items, WASH (hygiene packs and sanitary towels) and shelter support (smoke alarms, kitchen kits etc). SARCS staff and volunteers will be trained in fire awareness, to help raise awareness in the community.

The project will run for three months, until the end of October 2023, and is expected to reach all the people affected by the fire.

This funding is part of the EU's overall contribution to the Disaster Response Emergency Fund (DREF) of the International Federation of Red Cross and Red Crescent Societies (IFRC).

Distributed by APO Group on behalf of Delegation of the European Union to the Republic of South Africa.

Read moreEuropean Union Donates EUR 100 000
10 August 2023

Kubayi calls for policy changes to address women’s home ownership

Location: News

Kubayi calls for policy changes to address women's home ownership

Human Settlements Minister Mmamoloko Kubayi has called for a policy review on joint home ownership to respond to particularly cases of gender-based violence (GBV) and divorce in relation to fully government-subsidized homes, also known as Breaking New Ground (BNG).

In a statement on Thursday, Kubayi said it was concerning that some women have been disqualified because their names are added as the housing beneficiaries alongside their partners, and this remains post-separation or divorce. 

The Minister said the current government policy on BNG houses stipulates that government cannot grant a subsidy to the same person more than once.

“A government that cares has an obligation to respond to women’s pressing needs. This includes reviewing our policies in response to today’s challenges facing our nation such as GBV, which compels women to flee unsafe and abusive households to protect themselves and their children. 

“When women run to us, we must be able to provide. Those engagements have ensued to look at what we can do and how we can assist women, especially in response to cases related to GBV,” Kubayi said.

In commemorating Women’s Month, under the theme, ‘Accelerating Socio-Economic Opportunities for Women Empowerment’, the Minister commended women’s contribution to housing the nation through the provision of sustainable human settlements. 

She further acknowledged the remarkable work by women in the sector to ensure that “we leave up to the ideals of the Freedom Charter that there shall be houses, security and comfort”.

Government, through the Department of Human Settlements, has over the years created over three million housing opportunities. This has provided decent and affordable housing to millions of South Africans. 

“Behind every housing unit that this government has delivered, there is a woman. Women have played several roles in our housing projects. Their contributions speak volumes. They have assisted us to deliver on our mission, which is to improve the quality of household life,” the Minister said. 

She paid tribute to a generation of women who broke barriers for future generations and laid the foundation to fight for gender equality, for women to be treated with the respect they deserve and to have opportunities, and make a contribution to the best of their ability, in all spheres of life.

While women have played an active role in the sector, Kubayi said there is still extensive work to be done in coordinated fashion to ensure that women enjoy equal economic opportunities as their male counterparts. 

“We must be deliberate on transformation. I call upon provinces to use this month to reflect on how much has been done to enable women to access at least 40% of work opportunities. Let us use this month to change the status quo. We must walk tall in their footsteps and wage the struggle for gender equality with courage and determination,” she said.

The Minister said it is for this reason that the Department of Human Settlements will this month convene the Women in Human Settlements Indaba to discuss opportunities aimed at empowering and increasing the economic participation of women in the sector. 

The department will also highlight some of the opportunities and interventions by government, and strides that have been made to advance women’s interest, with a particular focus on access to market, finance and leveraging on innovative building technologies. – SAnews.gov.za

 

DikelediM
Thu, 08/10/2023 - 12:11

Read moreKubayi calls for policy changes to address women’s home ownership
10 August 2023

No Cowards in this Chicken Brand

Location: Business
KFC Africa

National Women's month in South Africa is both an opportunity to honour and celebrate the women who decided on the 9th August 1956 that the participation of women in the economy was not only the right thing to do but the only thing to do to build and grow the economy of this beautiful country. Today society has taken that even further to insist on addressing gender inequality and diversity in the workplace, in particular female representation in key, decision-making, leadership positions. This month, therefore, as KFC Africa (www.global.KFC.com) we take a moment to ask the question, “who is seated at your table”?

While efforts to address gender inequality in the workplace have boosted female representation at every level within organisations, the reality is that we are far from being fully representative and as organisations we have to continue to create an environment and culture where all voices are heard, respected, and valued, where the table is big enough for all.

Championing inclusivity and better representation is in fact good for business. Numerous reports (https://apo-opa.info/47uDTZp) comprehensively show that inclusive organisations that boast the greatest gender, ethnic and cultural diversity achieve better commercial returns and are more profitable than their less diverse counterparts. Moreover, more diverse teams tend to exhibit greater complexity in problem-solving and are more innovative.

Yes, the gender gap continues to close globally, with the World Economic Forum's 2023 Global Gender Gap Index (https://apo-opa.info/3YtKbo1) report showing a 0.3 percentage points improvement compared to 2022, which represents a 68.4% in terms of closing of the gap. At this rate of progress, however, it will take 131 years to reach full global parity. In South Africa, where 51% of the Economically Active Population is female, the gap is even wider as women comprise of only 40% (https://apo-opa.info/3s3fdqW) of directorships at state-owned entities, with just 36.7% representation in the professional services industry and only 26.9% of directorship positions at JSE-listed entities. From a broader continent perspective, while sub-Saharan Africa has closed 67.9% (https://apo-opa.info/3OxDoVZ) of its gender gap, it also means that 32% of females on average are less likely to have the same opportunities as males in the region – with individual country performances varying greatly.

As a result of these disappointing stats, KFC Africa has some bold ambitions when it comes making a seat at the table for women.

“Female empowerment is about engraining true transformation into the core of the organisation, and it must be driven throughout the value chain and embedded into the social fabric of the business to ensure it lasts,” explains Akhona Qengqe, the recently appointed first female General Manager for Africa at KFC. “As a people-first business, KFC Africa is committed to becoming the most inclusive organisation in the traditionally male-dominated Quick Service Restaurant (QSR) sector and across sub-Sahara Africa, and to actively advocating for allyship in every sphere within the business. As a customer facing business, it is important that our employees, stakeholders and franchise partners reflect the communities that we operate in.”

KFC has placed women at the forefront of its socially led initiatives and its hiring processes. For example, KFC Add Hope has a 60% female volunteer complement and 90% of the Add Hope beneficiary organisations, which KFC work with, are championed by women. Not to mention that KFC Mini-Cricket boasts a female volunteer community of 70%. In fact, today the organisation employs over 40,000 people across 23 markets in sub-Saharan Africa in over 1250 restaurants and 60% of those restaurants are managed by women. This is testament to the brand's commitment to female transformation.

“Giving women leadership opportunities to drive some of the core aspects of the overall business and bringing them into key decision-making roles ensures that their voices and views are represented in a meaningful and impactful way,” continues Qengqe.

But more than simply aiming to meet representation targets, Qengqe explains that KFC is intentional about how it creates an environment where women feel like they belong and can contribute meaningfully at a decision-making level.

“Gender equality at corporate level means understanding issues that women face, be it gender-based violence, single-income households, women-led households and family responsibility, and truly dig deep to ensure that the company provides support mechanisms that speak to real-life issues,” explains Nolo Thobejane, Chief People and Transformation Officer at KFC.

In this regard, KFC Africa develops, empowers and emboldens women to leverage their innate leadership qualities and take their seat at the table - with the confidence - to lead with impact and fuel results. KFC achieves this through its Women on the Move Program, which aims to build leadership know-how and equip women with the tools and resources that will accelerate the growth of female talent into meaningful leadership roles.

Conceptualised by Qengqe and launched in 2021, this transformative 12-month programme adopts a blended learning approach that includes formal training courses, personal development interventions, mentorship and peer learning circles, all of which results in bench readiness for leadership and drives a high-performance culture within the organisation.

“We have extended the reach and impact of this initiative even further through our Women on the Move Extended Network (WOM.EN) programme, which brings women across the globe together, at all levels, and affords them the opportunity to share experiences, learnings, challenges and create growth networks in the workplace,” elaborates Thobejane.

In the end, rather than rising into leadership roles in isolation, KFC's approach to female allyship creates powerful advocates for true upliftment. This process gives women the opportunity to achieve their goals, and creates a virtuous cycle of support, where women can pull up more chairs to make room for more female voices at the table.

“We understand the unique perspective and values women bring to our company and are bold in our ambitions to create opportunities for more inclusion, equity and belonging. Our commitment to advance more women into senior roles and achieving greater gender parity in senior leadership, globally, by 2030 is stronger than ever and we will continue to make fundamental steps to become the most inclusive brand in SA,” concludes Qengqe.

Distributed by APO Group on behalf of KFC Africa.

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KFC Africa
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Read moreNo Cowards in this Chicken Brand
10 August 2023

Midbay Motors Expansion

Location: Business

Jeep® and Opel are expanding their presence in KwaZulu Natal, joining the Midbay Motors dealership in Richard’s Bay. The well-established facility already exists as a Peugeot and Citroën dealer, the expansion forming part of Stellantis’ dealer network strategy to make these exciting brands more accessible to customers in KZN. Midbay Motors is a successful dealer …

Read moreMidbay Motors Expansion
10 August 2023

Top Challenges in Preparing Annual Financial Statements

Location: MyPR

What are Annual Financial Statements?   Annual financial statements are comprehensive reports that companies prepare at the end of their fiscal year to summarise their financial performance over the past 12 months. These statements typically include a balance sheet, income statement, cash flow statement, and notes to the financial statements.   Annual financial statements are …

Read moreTop Challenges in Preparing Annual Financial Statements
10 August 2023

Tourism sector shows signs of recovery

Location: News

Tourism sector shows signs of recovery

Cabinet has commended recent statistics which show that the tourism sector is slowly but surely recovering from the devastating effects of the COVID-19 pandemic.

According to June 2023 data from Statistics South Africa (Stats SA), the volume of arrivals, departures and travellers in transit increased for both South African residents and foreign travellers between June 2022 and June 2023.

For South African residents, the volume of arrivals increased by 265 364 in June 2022 to 316 628 in June 2023 (19.3%). Departures increased by 330 327 in June 2022 to 384 972 in June 2023 (16.5%). Transits increased from 305 in June 2022 to 389 in June 2023 (27.5%).

For foreign travellers, arrivals increased from 581 375 in June 2022 to 851 647 in June 2023 (46.5%). Departures increased by 44.3% from 503 997 in June 2022 to 727 207 in June 2023 (44.3%). Transits increased from 24 624 in June 2022 to 30 730 in June 2023 (24.8%).

At a media briefing on the outcomes of Tuesday’s Cabinet meeting, Minister in The Presidency, Khumbudzo Ntshavheni, said Cabinet also welcomed Stats SA’s report of a drop in consumer inflation from 6.3% in May to 5.4% in June 2023, which is the largest decline since May 2020.

“This drop shows the resilience of our economy, which has been further buoyed by the South Africa Reserve Bank’s decision to leave the repo rate unchanged at 8.25%," she said on Thursday.

National Development Plan (NDP) Ten-Year Review

In addition, Cabinet welcomed the Ten-Year Review of the National Development Plan (NDP) by the National Planning Commission, which shows that the economy remains structured in a manner that does not serve the interests of all South Africans, which is a major reason behind increasing levels of poverty and inequality.

“Government remains committed to restructuring and transforming the economy to serve the interests of all South Africans,” Ntshavheni said.

Meanwhile, 25 July marked the first anniversary since President Ramaphosa announced the Energy Action Plan.

“Cabinet welcomed the progress made to date to implement the Energy Action Plan, which continues to register an improvement in the Energy Availability Factor and improvement in the stages of load shedding,” the Minister said.

Financial Inclusion Policy

Cabinet has approved the Financial Inclusion Policy for implementation.

The policy forms part of government’s reforms of the financial sector regulations, in line with the Twin Peaks model of National Treasury.

“The policy, amongst others, aims to ensure better market conduct and the treatment of customers in the financial sector. The purpose is to ensure that financial institutions conduct business in ways that are fair to customers, prevent practices that undermine the integrity of financial markets, and build confidence in the financial system.

“The implementation of the policy will ensure that the country strengthens its financial systems to support economic growth and promote access to financial services and financial inclusion for all citizens. It is an acknowledgment that while levels of access have improved in transactional accounts, this has not reflected across many other financial products and services,” the Minister said.

The policy is available on the National Treasury website: www.treasury.gov.za

Cabinet also approved the submission of the draft Amendment Bill to Parliament, which amends the Regulation of Communications and Provision of Communication-related Information Act (RICA), 2002 (Act 70 of 2002).

“The amendments are largely to provide adequate safeguards to protect the right to privacy, as buttressed by the rights of access to courts, freedom of expression of the media and legal privilege in line with the 2021 Constitutional Court judgement that found the RICA of 2002 to be unconstitutional,” Ntshavheni said. – SAnews.gov.za

nosihle
Thu, 08/10/2023 - 12:03

Read moreTourism sector shows signs of recovery
10 August 2023

The Importance of Accurate Business Valuation in Fundraising

Location: MyPR

The majority of businesses that are looking to scale in any meaningful way will look to raise funding at some point. An accurate valuation not only determines the financial standing of a business but also impacts its credibility, negotiation power, and overall success. Make this the starting point of any funding effort.   What is …

Read moreThe Importance of Accurate Business Valuation in Fundraising
10 August 2023

Business Acquisition: How to Acquire a Company in Five Steps

Location: MyPR

Mergers & Acquisitions (M&A) are often the most effective way for companies to transform their businesses, whether through acquiring or divesting of businesses or subsidiaries, acquiring technology or supply chains, investing in new product lines, or entering or exiting markets.   What is a corporate acquisition? An acquisition is defined as a corporate transaction where …

Read moreBusiness Acquisition: How to Acquire a Company in Five Steps
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