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/ 25 October 2006
Former South African president Nelson Mandela’s lawyer has been accused of profiting from corruption proceeds involving Zambian ex-leader Frederick Chiluba, court documents obtained by Agence France-Presse showed on Wednesday.
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/ 25 October 2006
South African Finance Minister Trevor Manuel said at the launch of the latest Medium-Term Budget Policy Statement in Parliament on Wednesday that South Africans have reason to feel exceedingly proud of what they had achieved as the current fiscal position was "a seriously good story".
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/ 25 October 2006
While CPIX inflation in South Africa may briefly exceed 6% in early 2007, it is projected to remain within the target band thereafter, South Africa’s Treasury said in its Medium-Term Budget Policy Statement on Wednesday. The Treasury said CPIX is expected at 4,6% in 2006 from the 4,3% announced in February.
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/ 25 October 2006
South Africa’s nine provinces are to receive an additional R28,2-billion over the next three years, according to Finance Minister Trevor Manuel’s Medium-Term Budget Policy Statement. Provincial government is projected to get R178,3-billion this year — 2006/07 — including R150,7-billion from the equitable share and R27,5-billion in conditional grants.
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/ 25 October 2006
A narrowing in the current-account deficit is expected over the remainder of 2006 as oil prices and import volumes ease and as exports pick up, the Treasury said in its Medium-Term Budget Policy Statement on Wednesday. The Treasury said that a deficit of 5,7% of GDP was expected in the current year, with the deficit projected to average 5,6% over the medium term.
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/ 25 October 2006
South African Minister of Finance Trevor Manuel said at the launch of the latest Medium-Term Budget Policy Statement in Parliament on Wednesday that it did not make sense to provide tax relief at the moment in anticipation of revenue that may not be sustainable.
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/ 25 October 2006
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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/ 25 October 2006
The 2007 medium-term expenditure framework provides for R9,5-billion to be spent on 2010 World Cup stadiums and their supporting infrastructure, raising the total contribution from the national fiscus to R14,9-billion, the Medium-Term Budget Policy Statement reported on Wednesday.
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/ 25 October 2006
The JSE was steaming ahead in noon trade on Wednesday, propelled by firmer world markets and relatively high commodity prices. The bourse hit another record high — its seventh in the last ten trading days. At 12.20pm, the all-share index was up 0,29% at 23 600,8 having touched a best-ever level of 23 648,4.
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/ 25 October 2006
Foreign mining firms in Zimbabwe may be allowed to retain their majority shareholding as a reward for their contribution to the development of local communities under amendments to proposed new legislation. The government announced in March plans for a law to compel foreign firms to hand over 51% of their equity to local investors.