October 18, 2017

News:

Economists satisfied repo rate remained unchanged

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Economists yesterday expressed satisfaction that the South African Reserve Bank (Sarb) had left its benchmark repo rate unchanged at seven percent per annum though they wished it could have been reduced. Reserve Bank governor Lesetja Kganyago announced that the Monetary Policy Committee (MPC) remained of the view that the current level of the repo rate was appropriate for now and and that the country was at the end of the tightening cycle. He said the MPC assessed the risks to the inflation outlook to be more or less balanced. Headline inflation in April was lower than expected, largely related to…

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Students protest against rape culture

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Students from a number of universities in Gauteng have protested against gender-based violence, and a culture that tolerates rape, by stopping traffic on Nelson Mandela Bridge in Johannesburg. The demonstration on Wednesday was organised by the South African Students Congress (Sasco) to draw public attention to violence and crime experienced by students, not only at nearby Wits University, but also at other learning institutions in the province. Provincial Sasco treasurer Fasiha Hassan said some sort of disruption was needed in order to remind society that violence against women and children should not be normalised. She said the protest was also…

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Tshwane suspends dodgy R35m contract

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The City of Tshwane was forced to halt a dodgy contract worth nearly R35 million after irregularity allegations were brought up by Organisation Undoing Tax Abuse (Outa). The multi-million rand contract was awarded to a company called Tahal SA to undertake a feasibility study on “projects required to fast-track the development of East Capital to realise the required economic growth”. The tender was awarded under in 2015. Outa alleged that Tahal SA worked with a bid specification committee appointed by the then city manager, Jason Ngobeni, to develop the terms of reference for the tender in late 2014 or early…

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