VM Reporter, 132 Evans Road, Durban (2025)

05/04/2025

The OPEC Fund for International Development has approved over US$600 million in new development financing.

The Fund will support sustainable infrastructure, private sector development, food security and human capital in partner countries across Africa, Asia, Latin America and the Caribbean.

The new projects were approved during the institution’s 191st Governing Board meeting in Vienna, Austria, and during the first quarter of 2025.

OPEC Fund President Abdulhamid Alkhalifa said "these engagements are a significant demonstration of our commitment to building resilience and enabling inclusive development".

05/04/2025

In response to the US imposition of tariffs, the South African government said it will continue to navigate the challenges and opportunities these measures present with resilience and innovation.

Donald Trump on Wednesday announced sweeping tariffs, ranging from 10% to 50% on imports from dozens of countries and economic regions, including South Africa.

Imports from South Africa will face a 30% surcharge, while other countries, including Türkiye, the UK, Brazil, Australia, the UAE, New Zealand, Egypt, and Saudi Arabia, will see a 10% reciprocal tariff.

Briefing the media on Friday, Ministers Parks Tau and Ronald Lamola said efforts will intensify to diversify export destinations, targeting markets across Africa, as well as in Asia, Europe, Middle East, and Americas.

Meanwhile, US Treasury Secretary Scott Bessent cautioned nations against retaliating, warning that any countermeasures could lead to even higher US tariff rates.

02/04/2025

Parliament on Wednesday voted to adopt the 2025 Fiscal Framework and Revenue Proposals, following a debate in the house.

02/04/2025

Gauteng Economic Development MEC, Lebogang Maile, says the province is aiming to secure at least R300 billion in investment pledges at the Gauteng Investment Conference (GIC), to be held in Johannesburg on 3 April 2025.

01/04/2025

Elon Musk has taken the top spot on Forbes’ 39th annual World’s Billionaires list, surpassing French luxury mogul Bernard Arnault.

Musk’s net worth skyrocketed 75% to $342 billion, driven by rising valuations of xAI, SpaceX and a strong performance by Tesla stock over the past year.

Despite a recent market dip, he remains the first person to surpass $300 billion in wealth.

This was disclosed on Tuesday in a statement released by Forbes on its Website.

01/04/2025

The South African Revenue Service (SARS) has announced preliminary gross revenue collection of some R2.3 trillion as at the end of March, representing a year-on-year growth of 6.9%.

The record collection was announced by the SARS Commissioner Edward Kieswetter on Tuesday.

Preliminary net revenue results totalled R1.855 trillion with refunds totalling some R447.7 billion.

“Net revenue of R1.8551 trillion is a growth of R114 billion higher, a growth of 6.6% against the prior year and exceeds the revised estimate by R8.8 billion," he said.

01/04/2025

Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, has announced that government will pursue private investment for the construction of transmission lines through the Independent Transmission Programme (ITP).

Ramokgopa revealed that a ministerial determination has been issued to create a “dispensation that allows for private sector participation”.

He made the announcement of the new programme during a media briefing, held in Pretoria, on Tuesday.

During the briefing, Ramokgopa touted the pilot programme which will pave the way to the construction of 1 164 kilometres (km) of new transmission lines, "designed to support renewable energy projects".

It is envisioned that with the new transmission lines, at least 3000 megawatts (MW) of energy will be added to the grid.

01/04/2025

Donald Trump’s return to the White House in 2025 represents a pivotal moment for Africa’s fossil fuel industry, said NJ Ayuk, Executive Chairman of African Energy Chamber.

The chairman believes that with U.S. interference on the continent's energy policy a thing of the past, Africa can pursue a multi-pronged energy strategy.

"The African Energy Chamber (AEC) contends that Africa should seize this potentially brief moment in history and embrace the Trump administration as a partner rather than an opponent," Ayuk suggested.

He further noted that for too long, global pressures have insisted that African nations move toward green energy projects only and leave their fossil fuel resources behind.

"While renewable energy has its place, and will be important to Africa’s future, fossil fuels still clearly constitute the backbone of any realistic efforts for African industrialization and economic growth — goals we simply cannot afford to sideline," Ayuk added.

28/03/2025

Michael Beaumont, ActionSA National Chairperson, says the City of Tshwane's draft budget marks a pivotal shift from the failed practices of previous administrations.

Tshwane's Executive Mayor Dr Nasiphi Moya on Thursday presented a draft budget for 2025/26 that will be fully funded and not backed by bank loans.

"Not only is this the first fully funded Tshwane budget tabled since 2021, but it also strikes a careful balance between supporting vulnerable residents and restoring fiscal discipline.

"Overtaxed residents and the most destitute have been prioritised in a draft budget which meets all needs," Beaumont said.

He further stated that both electricity and water tariffs have been kept below the increases proposed by Eskom and Rand Water, with the City of Tshwane absorbing the additional costs.

27/03/2025

The Africa Energy Bank is positioning itself to tackle major challenges in financing, technology and market reliability to accelerate Africa’s oil and gas sector development.

Speaking at the Congo Energy & Investment Forum in Brazzaville, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), reaffirmed the launch timeframe and underscored the urgency of establishing the bank to address the continent’s energy needs.

"We should not rest and wait for other countries to develop our own projects,” he said, adding, "At APPO, we have noted three specific challenges for the African continent: finance, technology and reliable markets."

With an initial capital of $5 billion, the bank has allocated $1.5 billion for APPO member countries. It will primarily finance oil and gas projects, engage in trading and manage risks.

27/03/2025

South African Tourism Minister Patricia de Lille is on a special outreach programme to Ghana to strengthen partnerships and promote cultural exchange between the two nations.

De Lille revealed that Ghana has emerged as a standout performer when it comes to tourism figures, "recording an exceptional 149.0% increase in tourist arrivals to South Africa in 2024 when compared to 2023".

“The number of Ghanaian visitors surged to 36 656, largely due to the introduction of a visa waiver in November 2023 coupled with the consistent marketing by South African Tourism, allowing citizens of both countries to travel to each other's country visa-free for up to 90 days within a year,” the Minister explained.

As part of her programme, de Lille will engage Ghana's Minister of Tourism, Culture and Creative Arts, Abla-Dzifa Gomashie, as well as the South Africa-Ghana Chamber of Commerce, tourism trade, key media and tourism stakeholders.

27/03/2025

Cabinet has welcomed the withdrawal of the Department of Health's regulations that banned the sale of h**p and cannabis food products.

Earlier this week, the Presidency announced that Health Minister Dr Aaron Motsoaledi will retract these regulations following a meeting with President Cyril Ramaphosa.

”Whilst acknowledging the negative impact of the unregulated sale of h**p and cannabis food products on possible consumption by children, such regulations must be fully consulted, must not be in contempt of the Constitutional Court Judge, and must not contravene the Cannabis for Private Purposes Act,” Minister in the Presidency Khumbudzo Ntshavheni told journalists in Pretoria during a post-Cabinet media briefing.

The Department of Health will continue to consult broadly before publishing the revised regulations, according to the Presidency's statement.

VM Reporter

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