John Oliphant, suspended as head of South Africa’s 1.2 trillion-rand ($114 billion) Government Employees Pension Fund over the award of an advertising contract, disputed the findings of an auditor’s report that he acted irregularly.
South Africa will meet or beat its budget deficit target of 4 percent of gross domestic product in the fiscal year that ended yesterday after collecting more tax than anticipated, Finance Minister Pravin Gordhan said.
Transaction Capital Ltd., which finances minibus taxis used by millions of commuters in South African townships, is seeking a bank loan so it can extend credit to plumbers and gardeners to buy pickup trucks.
South African Finance Minister Pravin Gordhan cut his budget-deficit targets for the next three years as a weaker rand boosts tax revenue from exporters and the government pledges to stick to spending limits.
South African Finance Minister Pravin Gordhan may be forced to stick to budget targets in the face of credit downgrade threats and pressure on tax revenue, providing little support to the ruling party to woo voters before May 7 elections.
South African Finance Minister Pravin Gordhan aimed to appease investors and voters ahead of May 7 elections as he stuck to spending limits to reduce his budget deficit targets while trimming personal tax.