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SA rugby needs needs Hanekom FNB hitsSAarugby pothole gets his regulator regulator very Bok break in UK court quickly, says John Ntolo Page 24
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IMF team to update view on SA prospects
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The IMF will be sending a team to SA next month to do a comprehensive assessment of the economy that could see it improve its view of SA’s medium-term growth and public debt trajectories. The IMF has tended to be more pessimistic on the outlook than the government and many in the market. The IMF this year did not conduct its usual Article IV assessment of SA because of the elections — hence the mission heading to the country next month. /Page 2
anchor Wallproposal Street sees FINANCIAL MARKETS GET JITTERY ON TRUMP
stocks plunge Ukraine waiver in search of peace
Economic committee head wants •more focus on responsible spending
SA and Ukraine are to sign a visa waiver agreement for Thando Maeko diplomats and government Political Reporter officials to ease travel logistics for SA officials The ANC’s top brass has come before Kyiv’s second peace out against the introduction of a formula meetings in fiscal anchor proposed by the November. International National Treasury at the suggesrelations & co-operation tion of the IMF and intended to minister Ronald Lamola is to provide a sustainable long-term meet his Ukrainian path for public finances. counterpart, Andrii Sybiha, The aged head of the party’s ecol In 2022 an estimated 18.3-million people on Monday. /Page 3 nomic transformation commit-
having around servicing of the debt is because our economy is not growing well, to the percentage that we want, and therefore we are not generating enough revenue.” The IMF has urged SA to legislate a debt ceiling to reduce its stock of debt. According to Treasury data, the debt-to-GDP ratio is projected to hit 75.3% in 2025. The IMF has urged the government to cut its debt to 60%-70% of GDP in the next five to 10 years.
Stock Highlight Comcast gets happy
Communications giant gets boost from aquisitions There are several reasons why the regulations are unlawful, argues Brickhill. These include an online-only application system — people with no access to smartphones cannot apply
Market Highlight Comcast gets happy
Business Day understands talks within the GNU as Business Unity SA are ongoing
Communications giant gets boost from aquisitions
Move to block Peermont purch Michelle Gumede Industrial Reporter
There are several reasons why the regulations are unlawful, argues Brickhill. These include an online-only Sun International and the comstructure of the national market application system — mission will make their cases. peopleby with reducing no access the number of to smartphones Should the deal go ahead, the SA nationalcancasino operators from not apply casino sector will be dominated three to two.
cated casino lice tion, the merger Sun Internationa operating a num located in prim which will give [ competitive adva competitors. “In central merger will redu of casino operator two and will rem
18 to 59 fell below the food poverty line: they The Competition Commission tee, Mmamoloko Kubayi, said on couldBUSINESS not “meet their daily caloric intake requirehas thrown cold water on Sun BRIEFS by two JSE-listed companies, “Post merger, 92% of the the sidelines of the ANC’s ments”, say counsel for the Institute for Economic International’s R7.3bn bid to buy Sun International and Tsogo Sun, casinos operating in SA would national executive committee Justice (IEJ) and #PayTheGrants in legal argument smaller rival Peermont and its worth altogether R24bn. be owned by only two firms, (NEC) meeting at the weekend BUSINESS TITANS to the high court in Pretoria They willthat be in court DEBT RISKS flagship Emperors facility in The commission said in a further increasing concentration the party would prefer the next week doing battle with the National SA was one of the countries Kempton Park, saying SA cannot statement on Sunday that JOIN the in THE an already highly concentratfocusTreasury to be shifted to responsible FRAY and the minister of social development over the mentioned by the IMF (with the afford to have more than 90% of proposed tie-up, announced a ed market. New entry into this spending that does not comproUK, Brazil, France and Italy) the casino market in the hands year ago, would “substantially” market is unlikely due to the latest regulations governing the socialmise reliefservice of dis-delivery instead of recentgrant amendment to US where debt is expected to conof only two companies. lessen market competition, parlimited availability of casino a cap on rising debt. tressA(SRD) — popularly known placing as the R350 mining is set to breachThe tinue rising, saying countries Treasury announced in The matter will be settled by ticularly in central Gauteng. “The licences. In central Gauteng, in grant. Theyregulations argue the regulations constitubring down costs for “should confront debt risks now the February budget that it was the Competition Tribunal, where Continued on Page merger significantly changes the particular, there are no unallotional rights and are making the grant inaccessible platinum metals with carefully designed fiscal working on a fiscal anchor and to millions ofgroup people who need it. (PGM) operating in the court policies that protect growth and that or-ders in the meantime the But theminers Treasury warns that the country, says Sibanyevulnerable households, while achievement of a primary budthey seek would be “disastrous ” for the economy Stillwater. On Friday, taking advantage of the moneget surplus (when revenue and that they are asking the court to “secondSibanye highlighted tary policy easing cycle”. exceeds non-interest governguess the government’s of highly changes to the US prioritisationment It was an opportune time for expenditure) would serve scarce resources, to the detriment of the whole treasury’s Inflation these countries to start rebuildas one. “Fiscal anchor” refers to a system of socialAct assistance ”. Reduction (IRA), which Kabelo Khumalo guns in opposition to the proThe seven unions have told ing “fiscal buffers”, which resenting about h binding constraint on fiscal Recently increased to R370, the SRD grant Recently to R370, the SRD granttaxes was introduced duringEditor the Covid lockdown to ameliorate the and are keen to put grants a 10% production Companies posed deal, Saru that any counterproposal usually involved raising or The deal wo policy, which would requireincreased the was credit introduced during to to adopt financial distress that came with it. Meant to lastthe for six months, it has been extended. Josh Shapiro for goods thatthe useCovid lockdown forward/aReuters counterproposal. they come up with will not pay cutting spending or both, based ASG buy a Treasury a specific critical the minerals. Since An exclusivity clause entered However, an apparent excluhefty commissions. IMF said. Delaying action “will the yet-to-be-con policywith approach. ameliorate financial distress that came it. 2023, meant however, the costs between the SA Rugby sivity clause, ASG needs to win over sevmake ofthe pany that wou Originally to last for six months, it has been purpose the reduction therequired number adjustment of SRD grant intoscarce resources, to the detriment of the wholethe duration of Byto KABELO KHUMALO Companies that companies can receive Union (Saru) theassistance suitor for its”. which has not been revealed even larger”. eral of the dissenting unionsEditor to Rugby’s commerc repeatedly extended. The governmentBALANCE says in recipients in order to remain system ofand social credit forthat havethe excluded always called for a bal-an estimated commercial rights, Ackerley Curbing spending people will be a is frustrating this initiative. get an theestimated deal over 18.3-million the finish line, Commercial Rig court papers grant remains a“We’ve temporary In 2022 18.3-million Recently increased to R370,them, the SRD grant l In 2022 people extraction /Page 9 recovers.ance between policy Group (ASG) — the andCovid lockdown task the ANC-led (CRC). The commissions contained one the union who line: measure whilecosts. the economy But the IEJ fiscal aged 18 tothat 59 fell difficult below the foodfor poverty line: they Sports was introduced during to aged 18 but to 59 fellofbelow the bosses food poverty would ensure that we don’t have especially the commissions that government of national unity in ASG’s proposal is one of the spoke to Business Day said that and #PayTheGrants argue it is here to stay. could not “meet their daily caloric intake requireameliorate the financial distress that came with it. they could not “meet their daily caloric intakeAccording to debt that is running ahead,” would flow from the proposed (GNU) amid calls for increased payment of $75m reasons that the unions are ASG’s overtures would come to TFG buy will boost In written legal argument, counsel for the two ments”, say counsel for the Institute for Economic Originally meant to last for six months, it has been requirements”, say counsel for the Institute Kubayi said. “We must improve deal — will be a sticking point spending, including extending stake would be s pushing hard against the deal, naught as positions against the critical Jason massBrickhill, argues the organisations, that the SRD Justice (IEJ) and #PayTheGrants in legal argument repeatedly extended. The government says in for Economic Justice (IEJ) and #PayTheGrants quality of spending ... so mooted deal have hardened. when the private equity firm the R350 monthly welfare grant the first tranche particularly the proposed fee grantRetail is one of the government’s ways of giving to the high court in Pretoria They will be in court court papers that the grant remains a temporary in legal argument to the high court in Pretoria group TFG has where growth is coming is ASG indicated on Friday that meets dissenting unions ahead that was introduced in 2020. be paid on the structure of 10% net of transaceffect to the constitutional to social weekour doing The battle with the Treasury the economy But—the IEJ $7.5m (R131m) They will be in court weekdissentdoing battle acquired UK fashion andright of access where we must next channel it would meet next the seven of measure a vote while on the deal in recovers. Treasury is National also under prespen to paper, an tion costs about assistance. the current formulation of thein those areas. and #PayTheGrants argue it is here to stay. National thetheir ministerover of four years. lifestyleYet retailer White Stuff — that would be payablewith to theing unionsTreasury in a bid and to get money, December. sure to use this week’s mediumregulations “ma -terially frustrate [government’s] In written argument, counsel the two social development over the latest regulationsHowever, the c for an undisclosed sum in a Jordan for & Associates, an entity buy-in. “We don’t think just capping Business Day legal understands term budget policy statement to ownmove policy”. Jason Brickhill, thatcontrolled the SRD by former governing the relief of distress that it says will help it that is Thesocial deal would need 75% (SRD) of is responsible ... the issue for us thatorganisations, the dissenting unions, argues repaid to ASG, th Therecritical are several grant isthe one of the government’s ways of One givingteam boss Eddie grant — popularly grant. reach massreasons there. Inwhy theisregula‘Intense’ meeting: Page 2 Formula the unionsknown to voteasinthe its R350 favour, the growth our economy ... including Blue Bulls, Sharks note to investors on Brickhill. These Continued on Page 2 Continued on Page withthe theregulations dissenting breach unions constiturepThe conversation that we are andeffect Boland, will stick to their tionsa are unlawful, argues include to the constitutional right Jordan. of access to social They argue Friday, TFGapplication said the deal an online-only system —people with assistance. Yet the current formulation of the tional rights and are making the grant inacceswas concluded throughcan-not its no access to smartphones apply; and regulations “ma -terially frustrate [government’s] sible to millions of people who need it. TFG London business, and Sassa’s use of a bank verifica-tion system — as own policy”. But the Treasury warns that the court orFT JSE INDICES BONDS/FORWARDS CURRENCIES COMMODITIES be funded fromac-count registers an Johann Kriegler soonwould as someone’s bank There are several reasons why the reguladers they seek would be “disastrous ” for the existing banking facilities of Wilgenhof residence report amount greater than R624, they will not receive All Share tions are unlawful,Rargues Brickhill. R These they are askingPlatinum the court to Brent Future Top 40 R186 R2032 /$ / £ include R / € economy and that Gold the UK business. 78,929.38 8.36 9.89an online-only application 17.68 22.93 with 19.10 “second-guess 2,741.44 75.90 their grant that month. The system does not cater87,015.81 system —people the government’s 1,023.00 prioritisation Established in 1985, White 0.09 0.06 0.65 over the 1.49 0.01 can-not apply; 0.19 and 0.14of highly scarce 0.20 0.36 of 2.50 for people who share bank accounts or for one-off and the minister of social development no access to smartphones resources, to the detriment Stuff specialises in “unique, pay-ments from designed friends, for example. latest regulations governing the social relief of disSassa’s use of a bank verifica-tion system — as the whole system of social assistance ”. thoughtfully When someone wants tofor appeal, if their aptress (SRD) grant — popularly known as the R350 soon as someone’s bank ac-count registers an Recently increased to R370, All the boldSRD figuresgrant are expressed as a percentage clothing and accessories plication is denied, the system does not al-low grant. They argue the regulations breach constituamount greater than R624, they will not receive was introduced during the Covid lockdown women, men and children”. them/Page to present new information — the system tional rights and are making the grant inaccessible their grant that month. The system does not cater to ameliorate the financial distress that came 10 advertising callit.Kay Naidoo on: 011for 280 3710who / share naidooka@arena.africa BDFM subscriptions or queries call: 0860 52 months, 52 00 just runs the same check again, with the same to millionsFor of people who need people bank accounts or for For one-off with it. Originally meant to last for six information. But the Treasury warns that the court or-ders pay-ments from friends, for example. it has been repeatedly extended. The govThe IEJ and #PayTheGrants say the dethey seek would be “disastrous ” for the economy When someone wants to appeal, if their apernment says in court papers that the grant partment of social development had “op en ly and that they are asking the court to “secondplication is denied, the system does not al-low remains a temporary measure while the acknowledged that these barriers have as their guess the government’s prioritisation of highly them to present new information. economy recovers. Continues on page 4
Law cuts costs for PGM miners in US
Joint effort to grow SA’s Obstruction in pathcapital to end Saru deal markets
The chair was at times aware that the future of Wilgenhof was a painfully controversial issue
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There are several reasons why the regula-tions are unlawful, argues Brickhill. These include an online-only application system —people with no access to smartphones can-not apply; and Sassa’s use of a bank verifica-tion system — as soon as someone’s bank ac-count registers an amount greater than R624, they will not receive their grant that month. The system does not cater for people who share bank accounts higher education or for one-off pay-ments from friends.
There are several reasons why the regula-tions are unlawful, argues Brickhill. These include an online-only application system —people with no access to smartphones can-not apply; and Sassa’s use of a bank verifica-tion system — as soon as someone’s bank ac-count registers an amount greater than R624, they will not receive their grant that month. The system does not cater for people who share bank accounts or for one-off pay-ments from friends.
There are several reasons why the regula-tions are unlawful, argues Brickhill. These include an online-only application system —people with no access to smartphones can-not apply; and Sassa’s use of a bank verifica-tion system — as soon as someone’s bank ac-count registers an amount greater than R624, they will not receive their grant that month. The system does not cater for people who share bank accounts or for one-off pay-ments from friends.
There are several reasons why the regula-tions are unlawful, argues Brickhill. These include an online-only application system —people with no access to smartphones can-not apply; and Sassa’s use of a bank verifica-tion system — as soon as someone’s bank ac-count registers an amount greater than R624, they will not receive their grant that month. The system does not cater for people who share bank accounts or for one-off pay-ments from friends.
94 So
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Department: Higher Education and Training REPUBLIC OF SOUTH AFRICA
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‘No proof of City Power payment’
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