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In the News

In the News (146)

Monday, 04 April 2016 20:19

JSE finally gets new competitor

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It’s official. The Johannesburg Stock Exchange (JSE) is no longer the only game in town.
ZAR X announced on Wednesday that the Financial Services Board has granted it a stock exchange licence that enables the company to operate as such, providing a cheaper alternative to investors and companies looking to raise capital.

ZAR X CEO Etienne Nel, says it is a momentous occasion for the inclusion of lower-income individuals who otherwise have limited opportunities to participate in South Africa’s equities investment landscape.

Thursday, 31 March 2016 13:44

BEE fronting holds SA back, forum told

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THE government, the financial services industry, industry charters in general and verification agencies are all contributing to the continuation of fronting, delegates at the Broad-based Black Economic Empowerment Commission conference on fronting say.

Fronting refers to misrepresenting a business as black-owned and run in order to secure contracts, although the real decision-making is done by white people, who also reap the financial benefits. Fronting is a criminal offence under the recently amended Broad-based Black Economic Empowerment (B-BBEE) Act.

Thursday, 31 March 2016 13:35

DTI to fight BEE fakers

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Deputy Minister of Trade and Industry Mzwandile Masina says one of the factors contributing to the slow pace of economic transformation in South Africa is “fronting”, where businesses pretend to be BEE compliant but don’t actually benefit black people.

Thursday, 31 March 2016 01:15

Volkswagen SA to Host Black-owned Suppliers Day

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Volkswagen Group South Africa (VWSA) has invited black-owned suppliers to participate in its first ever black-owned suppliers’ day.
The event will take place at the VWSA PeoplePavilion in Uitenhage, in the Eastern Cape, on Thursday, May 5.

Successful applicants will have the opportunity to display their products and services to VWSA, the company’s suppliers and other automotive manufacturers, with a possibility of securing contracts.

The Department of Trade and Industry (DTI) and the BBBEE Commissioner held a conference on Tuesday 29 March 2016 to help black-owned businesses implement the Broad-Based Black Economic Empowerment (BBBEE) Act correctly and to counter BBBEE fronting practices.

Held in Midrand with “Do it right and lead from the Front on Empowerment” as its theme, the conference also provided the overview of the BBBEE Act and the recently launched Black Industrialists Programme as interventions by government to drive economic transformation.

Deputy President Cyril Ramaphosa has promised Black business that the government will spend billions on Broad-Based Black Economic Empowerment in the coming years.

“We are going to intensify BBBEE. We are going to sharpen our teeth and determination when it comes to unemployment. We expect that our Black industrialists will have up to R24 billion made available to them to redefine the way business is done in our country,” he said at an ANC summit for academics and professionals in Johannesburg on Wednesday night.
Ramaphosa encouraged Black business to bring their ideas to the ANC. He then asked them to open their wallets to support the party’s local government elections campaign.
Ramaphosa said the time of white business monopolies was over. Government was hell-bent on making sure Blacks owned and managed the economy.

Wednesday, 16 March 2016 19:38

South Africa: Tourism on Boosting Transformation

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Hot on the heels of International Women's Day, The Deputy Minister of Tourism, Tokozile Xasa, proudly launched the Executive Development Programme at the UNISA Graduate School of Business Leadership today.

As outlined in the National Development Plan (NDP), socio-economic transformation policies and programmes is aimed at steering the economy on an inclusive growth path. Tourism is one of the key economic pillars and contributes significantly to the GDP and job creation.

German-based enterprise software firm SAP unveiled a new empowerment deal which aims to achieve a 30% Black Ownership target in the BBBEE codes applicable to all South African IT companies.

SAP unveils second South African empowerment deal
By Gugu Lourie

In a move signaling its commitment to South Africa, SAP SA, a unit of German-based enterprise software firm SAP, is strengthening its Broad-Based-Black-Economic-Empowerment (BBBEE) credentials by concluding another empowerment transaction.

SAP South Africa will issue 19.5% shares to The SAP South Africa Empowerment Trust, the beneficiaries of which are previously disadvantaged black students. These beneficiaries will use the dividends received from SAP South Africa to pay for studies facilitated by the Maharishi Institute.

Exaggerated figures are a factor of the current BBBEE rules... and mixed with a number of other accounting adjustments that turn white money black, renders the black ownership values we see in BBBEE certificates misleading, Philisiwe Mthethwa wrote in a recent Business Opinion piece on IOL.

Black ownership must be distilled to reach 25%
by Philisiwe Mthethwa
The launch of the Black Industrialist Policy promises to accelerate South Africa’s economic transformation but the empowerment project might still be significantly held back if the equity leakage that comes with the rules of calculating black ownership, in particular accounting for mandated investments, is not reviewed.

New Generation Mindset (NGM), a Johannesburg-headquartered enterprise development and social economic development consultancy, has put out a call for black-owned tech startups to join its incubation programme in the Western Cape.

NGM says on their website that they aim to create an enabling environment for sustainable businesses and boost the government's efforts to create a more inclusive economic participation, especially for the previously disadvantaged individuals and communities, through Enterprise and Supplier development.
"Our strategic focus is on two areas of intervention: Enterprise Development and Social Economic Development, scoring the client weighted points in two codes of the B-BBEE scorecard for their single investment."

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