Press Office
SACCI PRESIDENT REPLIES TO PIETERMARITZBURG CHAMBER OF BUSINESS - PRESS RELEASE PDF Print E-mail
Wednesday, 05 April 2017 16:49

SACCI President replies on behalf of Board to a Pietermaritzburg Chamber of Business (PCB) article in the Witness Newspaper of 4th April 2017.

We view the media crusade launched by Ms Veness and company as being very reckless, damaging and highly opportunistic. SACCI is a chamber mother body, which espouses values of openness, transparency and professionalism. These allegations are not coming through for the first time, when they first surfaced we invited the complainants as part of the engagement process to use the internal dispute resolution mechanism to put matters on the table.

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SOUTH AFRICA REVISED TO JUNK STATUS BY S&P - PRESS RELEASE PDF Print E-mail
Tuesday, 04 April 2017 17:14

SOUTH AFRICA REVISED TO JUNK STATUS BY S&P

The South African Chamber of Commerce and Industry (SACCI) notes with disappointment, that on April 3, 2017, S&P Global Ratings lowered the long-term foreign currency sovereign credit rating on the Republic of South Africa from 'BBB-' to 'BB+' and the long-term local currency rating to 'BBB-' from 'BBB'. S&P also lowered the short-term foreign currency rating from 'A-3' to 'B' and the short-term local currency rating from 'A-2' to 'A-3'.

S&P has in their Rationale paragraphs, listed the following reasons for the downgrade:

- The divisions in the ANC-led government that have led to changes in the executive leadership, including the finance minister, have put policy continuity at risk. S&P further believes these delays could lead to fiscal and structural reforms, and potentially erode the trust that had been established between business leaders and labour representative
- South Africa's pace of economic growth remains a ratings weakness. It continues to be negative on a per capita GDP basis. While the government has identified important reforms and supply bottlenecks in South Africa's highly concentrated economy, delivery has been piecemeal in our opinion
- Contingent liabilities to the state, particularly in the energy sector, are on the rise, and that previous plans to improve the underlying financial position of Eskom may not be implemented in a comprehensive and timely manner.

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SACCI'S RESPONSE TO THE PRESIDENTS DECISION TO RESHUFFLE THE CABINET - PRESS RELEASE PDF Print E-mail
Friday, 31 March 2017 13:03


SACCI'S RESPONSE TO THE PRESIDENTS DECISION TO RESHUFFLE THE CABINET

As the South African Chamber of Commerce and Industry (SACCI) we have received the news of the Cabinet Reshuffle with concern, especially at a time when speculation was rife about the pending changes in the National Treasury.

Although it is a presidential prerogative for the president to deploy his ministers accordingly, we as business strongly believe that some measure of prudence is exercised to avoid the subsequent knock-on effect such decisions are likely to have on the economy of our country. On the political front it is our call as business formation that there be cooperative partnership in managing sensitivities that may adversely impact our risk profile in international markets.

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SOUTH AFRICA MOURNS THE PASSING OF AHMED KATHRADA - PRESS RELEASE PDF Print E-mail
Tuesday, 28 March 2017 16:21

SOUTH AFRICA MOURNS THE PASSING OF AHMED KATHRADA


The South African Chamber of Commerce and Industry (SACCI) has learned of the news of the death of freedom stalwart Mr Ahmed Kathrada and would like to extend its heartfelt condolences to the family and friends of Mr. Kathrada.

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SACCI REACTION TO THE 2017 BUDGET - PRESS RELEASE PDF Print E-mail
Wednesday, 22 February 2017 18:05

SACCI REACTION TO THE 2017 BUDGET


The Minister of Finance, the Honourable Mr Pravin Gordhan, delivered the Budget Speech on the 22nd of February 2017. The South African Chamber of Commerce and Industry (SACCI) welcomes that which under present difficult economic conditions is a measured and relatively balanced budget.

Whilst acknowledging the increased support to SMMEs and the continued increased budget allocations to the industrial and telecommunications infrastructure, we however wish to register our disappointment with the increase in general fuel (30c per litre) and the fuel levy (9c per litre). We believe this significant increase in the fuel costs will lead to inflationary pressure all-round as the increase in the fuel cost will have a negative impact in the entire ecosystem of cost of living.

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