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Cape Town - A roundup of Monday's top economic and finance reads on Fin24.
Government to ramp up radio spectrum licencing, 5G
Government will accelerate the licencing of radio frequency spectrum, and has begun work on the licencing of the proposed 5G spectrum, President Cyril Ramaphosa said on Monday at the opening of the ITU Telecom World 2018 conference in Durban.
"Following a Cabinet decision last month, regulator Icasa [is] now preparing to licence available high demand spectrum. In addition, we have begun work in preparation for 5G spectrum licencing as part of efforts to build a smarter digital economy," the president told the conference, which will run until Thursday.
Guptas siphoned R100m-plus from China loan, evidence shows
Newly-obtained evidence shows that the last time this Chinese state bank came bearing gifts, the Guptas piggybacked on the deal, pocketing as much as R122m (excluding VAT) in “success fees”.
STATE CAPTURE: 4 companies that owe SA millions
On Sunday evening global consultancy Bain & Company unexpectedly announced it was setting aside the R164m it earned for restricting the operational model of the SA Revenue Service (SARS) as it did not deliver “sustainable, positive” results.
Bain & Company is not the only firm that has set aside, paid back or been ordered to return money received from state-owned entities as SA investigates the extent of state capture.
Land reform plans sees agriculture confidence at two-year low'
An index tracking confidence in the agriculture industry declined to the lowest in more than two years as the ruling party presses ahead with plans to change the constitution to make it easier to expropriate land without compensation.
The Agbiz/IDC agribusiness confidence index declined to 48 in the third quarter, the Agricultural Business Chamber said in an emailed statement on Monday. A reading below the neutral 50 mark means industry participants, who were surveyed in August, are downbeat about conditions.
Nene: Recession a risk for tax revenues
SA's technical recession poses a risk to 2018's tax revenues, Finance Minister Nhlanhla Nene told the Tax Indaba on Monday.
"There is now an additional downside risk to tax revenue projected at the beginning of the year because of the contraction in the economy in the first six months of the calendar year," Nene told a meeting of tax practitioners in Sandton.
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