Gordhan calls for Nkandla accountability

People must be held accountable for overcharging at Nkandla and, once it has been forensically checked, full effect must be given to parts of the public protector’s report on the upgrades to President Jacob Zuma’s home, Finance Minister Pravin Gordhan said last night in a panel discussion at University of Johannesburg

. Gordhan said the government did not want a future where millions of people depended on state welfare handouts. He said there was still not enough black participation in the economy. South Africa needed more entrepreneurs and small businesses and also needed to build its foreign exchange reserves. – Bloomberg

Eskom explains Matjila posting

The Eskom board’s unanimous decision to appoint Collin Matjila as short-term acting chief executive was the most effective and least disruptive decision for the utility, chairman Zola Tsotsi said yesterday. Reacting to widespread criticism of Matjila, Tsotsi said his experience and qualifications gave him deep knowledge of the industry. The board had chosen one of its own so its operational management capacity was not diminished. – Staff Reporter

SA, Turkish banks ‘most vulnerable’

Among leading emerging markets, the banking systems of South Africa and Turkey were the most vulnerable to the impact of the Federal Reserve’s stimulus tapering, Standard & Poor’s (S&P) said yesterday. The credit rating agency surveyed Brazil, Chile, India, Indonesia, Peru, South Africa and Turkey. Banking systems could feel the impact of tapering directly through more limited access to external funding or from rising costs to refinance external debt, S&P said, adding “they can also feel it indirectly through possible central bank interest rate increases amid currency depreciation and lower capital inflows”. – Staff Reporter