Lynn Bolin
Guest Author
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/ 25 October 2006

Mini-budget sees increase in spending

South Africa’s latest Medium-Term Budget Policy Statement, outlined by Finance Minister Trevor Manuel on Wednesday, combines real increases in spending of 9,7% in the current 2006/07 financial year and 7% real average spending rises in each of the next three years, with almost perfectly balanced budgets in all four years.

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/ 25 October 2006

Tax revenue seen up by almost R30bn

South African Minister of Finance Trevor Manuel has revised upward by R29,6-billion the government’s projected revenue collections for the 2006/07 financial year. The sharp increase — to R486,4-billion from R456,8-billion estimated in February’s national budget — was attributable largely to higher-than-expected collections in corporate and individual income tax.

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/ 24 April 2006

Sanlam looking at GE’s UK life-insurance business

Sanlam, South Africa’s second-largest life insurer, has confirmed it is examining a possible acquisition of the United Kingdom life insurance business of General Electric (GE) as one of several opportunities for enhancing its capital efficiency. In a statement on Monday, Sanlam said, however, that its evaluation of the GE business was at an "embryonic stage".

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/ 10 April 2006

Nederburg Auction prices fall 25% on correction

The average price of wines sold at the 32nd Nederburg Auction over the weekend fell 25% from those attained in 2005, with the market experiencing a correction after having soared 90% last year. The 2006 auction, which returned to a two-day format and offered more wine versus 2005, also saw the return to prominence of supermarkets amongst the buyers.

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/ 30 March 2006

Mbeki: Blackouts won’t derail investment

The South African government does not expect the recent power blackouts experienced in the Western Cape to either derail economic growth or impact adversely on investment in the country, according to President Thabo Mbeki. Mbeki said the power failures would not derail the gross domestic product growth target of an average of 6% between 2010 and 2014.