Star 2024-06-24

CORONATION Fund Managers has successfully appealed in the Constitutional Court and had a Supreme Court of Appeal judgment on a tax matter with SA Revenue Services (Sars) set aside, the full impact of which amounted to R794 million for the company. The asset manager said in a statement on Friday that the Constitutional Court had delivered its judgment on the international tax matter, ruling in favour of Coronation Investment Management (Cimsa) and setting aside the orders of the Supreme Court of Appeal. Coronation said it welcomed the judgment of the Constitutional Court, which confirmed that Cimsa’s interpretation and application of the relevant tax legislation had been correct and appropriate. The R794m had been provided for in Coronation’s financial accounts in prior financial years. The Constitutional Court had indicated on September…

SOUTH African fund managers are now optimistic of returns from local equities, with a large number prepared to bring back offshore funds, said Bank of America (BofA) in its June 2024 South Africa Fund Manager Survey. There had been lingering uncertainty in the run-up to and immediate aftermath of the May 29 election, in which the ANC scored badly, leading to it partnering with the DA and other smaller opposition political parties in a Government of National Unity (GNU). With President Cyril Ramaphosa now sworn-in and concerns about the ANC partnering with radical political parties such as the EFF and MK Party dissipating, there has been a positive shift in fund manager sentiment. BofA on Friday said about 71% of surveyed fund managers were optimistic about equities over the next…

THE NATIONAL Treasury has made a commitment to maintain the current fiscal strategy, which aims to stabilise public finances, and ensure sustainable and inclusive economic growth on the back of anticipation that the incoming administration will bring its own perspectives and policies. The Treasury on Friday said that it has recognised the need for a comprehensive review of the budget process with the objective to identify and implement reforms that will enhance the efficiency, transparency, and effectiveness of the budget process. The Treasury said the 2025 Budget will see a debt-stabilising primary surplus achieved in 2025/26, a reduction in the fiscal deficit to pre-Covid levels, and a stabilisation of debt-service costs as a percentage of revenue. “Resources will be available only within the parameters required to meet the objectives of…

THE HELEN Suzman Foundation (HSF) has hailed the decision by South Africa’s highest court to refuse the Minister of Home Affairs leave to appeal against a ruling that success- fully challenged the decision to terminate the Zimbabwean Exemption Permit Regime (ZEP). “The Constitutional Court last week refused the Minister’s application for leave to appeal the ZEP case, bringing to a close our challenge of the unlawful termination of the ZEP regime, which affected some 178 000 people who had been living, working, and building families in South Africa for almost 15 years,” it said. In April 2009, South Africa established the Dispensation of Zimbab- wean Permit (DZP) to regularise the status of thousands of Zimbabwean nationals who had fled political and economic instability in their country, mostly between 2007…

THE SOUTH African Transport Workers Union (Satawu) has called for deeper investigation into others who may have been involved with the suspended CEO of Transnet National Ports Authority (TNPA), Pepi Silinga. This comes after the utility confirmed at the weekend that it had taken disciplinary action against Silinga for appointing his former employer, the Coega Development Corporation (CDC), to erect fences around the ports of Durban, Richards Bay and Saldanha Bay in a tender whose value controversially ballooned from R80 million to more than R300m. Silinga, who was previously the CEO of CDC, joined TNPA in October 2020 after being with the CDC for 22 years. Satawu, one of the largest workers’ union at Transnet, had already called for Silinga’s outright dismissal when President Cyril Ramaphosa signed a proclamation…

FORMER Agriculture, Land Reform and Rural Development Minister Thoko Didiza has started in her new role as Speaker of the National Assembly at Parliament, leaving behind a sector that is in good shape. From 2019 to 2024, Didiza led the agricultural sector, providing political leadership and strategic oversight in the implementation of policies and programmes designed to drive inclusive growth, job creation, competitiveness, export expansion and transformation. Didiza will be remembered for her confidence-inspiring leadership, which allowed government, industry, labour and civil society to work together in building a prosperous and sustainable agricultural economy. The Agbiz/IDC Agribusiness Confidence Index, which reflects the perceptions of the sector’s industry captains, shows Didiza was successful in implementing policies and strategies that inspired confidence and attracted investment to the sector. The index hit the…