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Top 5 on Fin24: Gordhan calls for visible govt action, ANC to re-table SARB nationalisation motion

Mar 07 2018 17:23

Cape Town - A roundup of Wednesday's top economic and finance reads on Fin24.

Gordhan calls for visible govt action to restore trust in SA Inc

Since December the future of South Africa has been more certain and optimistic, Minister of Public Enterprises Pravin Gordhan said on Wednesday, adding that the government needs to be seen taking visible action to restore trust in SA Inc. 

He was the opening speaker at a seminar on the theme “The Future of South Africa” hosted by Bloomberg LP in Cape Town.

It is good news that the country's gross domestic product grew by 1.3% in 2017, when most thought it would be only between 0.8% and 1%, Gordhan said. 

“Agriculture has, for instance, created dynamism and increasingly plays a very important part in the economy in terms of job creation, re-industrialising,” he said.

Eskom Inquiry goes south on 'rubbish' comments

Former Eskom chair Ben Ngubane. (Pic: Gallo Images

The Eskom Inquiry was temporarily diverted when former Eskom board chair Ben Ngubane called the comments from committee member and ANC MP Zukile Luyenge “rubbish”.

Luyenge was questioning Ngubane on his stance about those implicated in state capture.

Ngubane acknowledged that although former Public Protector Advocate Thuli Madonsela observed issues of state capture which require further investigation by a judicial commission, he could not condemn people without evidence.

Luyenge probed him further on his views of former Eskom CFO Anoj Singh, and said it was not enough for Ngubane to say that it was up to the courts to prove he is a crook. Ngubane responded abruptly: “I am not sitting here to take this rubbish.”

Malusi Gigaba given 10 days to prepare for Eskom Inquiry

Finance Minister Malusi Gigaba. (Photo: Gallo Imag

Home Affairs Minister Malusi Gigaba has 10 days to prepare for his appearance before the Eskom Inquiry.

Gigaba was scheduled to appear before the portfolio committee on public enterprises on Tuesday, but sent a letter to the chair Zukiswa Rantho on Friday March 2, requesting an extension.

The committee members accepted his request.

Gigaba has been caught up in dealing with matters relating to the naturalisation of the Gupta family.

The home affairs minister on Tuesday confirmed at a media briefing that Ajay Gupta and his brother Atul are not South African citizens, News24 reported. Gigaba provided clarity on the process of their naturalisation.

Allegations were made that Gigaba helped fast-track the process for them in 2015.

ANC to re-table motion to fully nationalise the SA Reserve Bank

The ANC intends to re-table a Parliamentary motion to nationalise the South African Reserve Bank by doing away with its private shareholders. 

On Tuesday, just hours before it was set to be heard, the ANC withdrew its initial motion to debate the nationalisation of the bank.

It said it needed more time consult on the matter within its structures and with key stakeholders.

In a media statement issued after the motion was withdrawn, the ANC affirmed its "intent to re-table the motion which will be fully aligned with the outcomes of its 54th National Conference on the Reserve Bank".

It did not say when the new motion would be tabled.

Gem Diamonds finds another massive diamond in Lesotho


Letšeng Diamond Mine in Lesotho keeps producing massive diamonds. 

Gem Diamonds, the British-headquartered diamond company which runs the mine, reported on Wednesday that it has recovered a 152 carat, top white colour type IIa diamond.

It is one of six diamonds over 100 carats discovered in 2018.

Gem Diamonds has owned Letšeng Diamond Mine for over ten years. The company also owns 100% of the Ghaghoo mine in Botswana.

READ: Gem Diamonds finds another massive diamond in Lesotho

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