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10 March 2010
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Cosatu says job creation must come before empowerment
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Linda Ensor
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Broad-based black economic empowerment (BBBEE) should be subordinated to the imperatives of a job-creating industrial policy, the Congress of South African Trade Unions (Cosatu) said yesterday. To this end, the BBBEE laws should be amended to prevent “import fronting”, whereby black-owned companies won government tenders but simply imported their inputs to the detriment of local companies and jobs.
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Business Day
Thursday, March 04, 2010
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Group Five, BEE partner dispute split
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Franny Rabkin
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ILima Group, a black economic empowerment (BEE) partner to construction giant Group Five, yesterday argued in the high court in Johannesburg that the courts could treat BEE transactions differently from those not underpinned by public policy. ILima’s counsel, Vuyani Ngalwana, drawing from constitutional case law, said the government had a constitutional mandate to transform the economy, and BEE was one of the ways it had chosen to do so.
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Business Day
Thursday, March 04, 2010
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Auditors pleased with transformation rate
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Sanchia Temkin
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Transformation is blooming in the auditing profession in the wake of the public practice examination results, which were released at the weekend by the Independent Regulatory Board for Auditors (Irba). The results show that 78% of the 1094 black candidates who wrote the public practice exam last year were successful. Bernard Agulhas, CE of Irba, said: “Transformation of the auditing profession remains a high priority for Irba, and what is particularly gratifying...
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Business Day
Tuesday, March 02, 2010
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Brimstone ‘working hard’ to make empowerment work
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Edward West
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Brimstone Investment Corporation, the empowerment group that turned around to a profit in the year to December 31, had been working hard to manage its empowerment status and dividends would be paid to black shareholders holding 54% of the group, executive deputy chairman Fred Robertson said last week. Its investment interests include Life Healthcare, fishing groups Sea Harvest and Oceana, clothing maker House of Monatic, and financial services firms Lion of Africa and Aon SA.
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Business Day
Monday, March 01, 2010
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Fresh impetus
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Larry Claasen
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"It's a very positive budget," BEE Institute CEO Leila Moonda. It embraces transformation and also focuses on fostering economic growth, she adds. Some areas - such as the development of small businesses and the lack of incentives to buy local products - were neglected, but overall Moonda says she is happy with the direction of the speech.
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Financial Mail
Friday, February 19, 2010
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A much-needed boost
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Razina Munshi
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As government launched SA's first advisory council on broad-based black economic empowerment (BEE), expectations of an effective empowerment strategy rose - along with scepticism about the council's ability to fulfil its broad mandate. At the council's first sitting last week, deputy president Kgalema Motlanthe acknowledged that SA's empowerment strategy has had mixed success
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Financial Mail
Friday, February 12, 2010
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Bunker fuel empowerment deal done
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Siseko Njobeni
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CACULO Services, which is part of black economic empowerment group Caculo Investments, has established a joint venture, known as Matrix Kepu Bunkers, with Hamburg-based Matrix Marine Holdings to offer bunker fuels and lubricants in southern Africa. The move brings a black economic empowerment element to the supply of bunker fuels and lubricants in SA.
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Business Day
Thursday, February 11, 2010
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New body to expedite empowerment
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Wilson Johwa
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The government is banking on the recently appointed Broad-Based Black Economic Empowerment Council to speed up implementation of its affirmative action policy. The government’s economic transformation programme has been blamed for alienating the white community, while creating new social inequalities, especially among its intended beneficiaries.
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Business Day
Friday, February 05, 2010
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Empowerment fund invests in plant for local plastic
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Charlotte Mathews
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The National Empowerment Fund is planning to invest R30m-R40m in a factory to produce a locally developed, environment friendly chemical compound used in rigid plastics. The government-owned financing body has the goal of promoting black economic empowerment and enterprise. The plan depends on the outcome of a feasibility study due to be completed in the next six to eight months.
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Business Day
Thursday, January 28, 2010
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Black bankers score big from empowerment deals
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Stuart Theobald
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Black South African bankers are making a fortune out of the empowerment deals concluded by banks in terms of the financial sector charter. Banknotes calculates that the big four banks’ empowerment deals have netted participants a combined profit of R17-billion. And that’s real wealth, unencumbered by debt. The performance is thanks largely to luck in timing — most deals were done in 2004 and 2005 just as bank shares were getting into a bullish stride.
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Business Times
Sunday, January 24, 2010
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Black Economic Empowerment (“BEE”) was meant to have found itself on more certain ground with the gazetting of the Codes of Good Practice in 2007. After all the years of anticipating an end to the moving targets and constantly shifting playing fields, the South African business community had cause to celebrate the birth of a decade of BEE certainty as the Codes superseded the plethora of sector charters and corporate self regulation.
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