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Thursday, 22nd February 2018

South Africa News Headlines

Plasser fined R8.4m
JOHANNESBURG - Plasser South Africa has been fined R8.4 million for engaging in market division and collusive tendering on Transnet rail maintenance tenders with Lennings DEC Rail Service, a subsidiary of listed construction group Aveng. The Competition Tribunal yesterday confirmed a consent agreement entered into between Plasser SA and the Competition Commission. Plasser SA is the local partner and agent for Austrian-based Plasser & Theurer machinery. Tshepiso Madisha, appearing for the commission, said an investigation launched by the commission in February 2014 found Aveng, through Lennings, agreed with Plasser during 2004 to allocate Transnet tenders to each other and to tender collusively for the allocated tender. She said the parties specifically agreed to allocate and tender collusively for the Transnet Dynamic Stabiliser Continuous Action Tampers (Dynacat) tender. It was agreed that the first phase of this tender would be awarded to Plasser and the second phase to Lennings. Madisha added that to ensure the allocation happened as agreed, Lennings deliberately submitted a cover bid that did not meet the Transnet specifications by bidding using a different machine to the required Dynacat machine. For the second phase of the tender, Plasser provided Lennings with a cover price to ensure that Lennings bid was acceptable and also agreed to lease a Dynacat machine to Lennings for this project, she said. Madisha said the first phase of the tender was awarded in July 2004 to Plasser subsidiary Railway Mechanised Maintenance Company (Ramco) and the second in August 2004 to Lennings. She said the conduct by the parties might have started in 1997 and continued until 2004 and the Dynacat tender. Madisha said the penalty amount represented 3percent of Plasser SAs turnover in its 2016 financial year and would be paid in three instalments. Martin Versfeld, the legal representative for Plasser SA, said Lennings and Plasser SA had dominated the market for many years and tenders to a large extent were allocated by Transnet to ensure the survival of both firms. He said the original collusive arrangement was concluded 14 years ago by the then Plasser managing director. The current MD has the unhappy position, if truth be told, where he has inherited the situation. - BUSINESS REPORT 

Gigaba unpacks and explains #Budget2018
CAPE TOWN - Finance Minister Malusi Gigaba unpacked the #Budget2018 at the Cape Town International Convention Centre and tells SABC Morning Live that the budget was more than just VAT, it outlined a series of interventions.  Speaking to Leanne Manas, Gigaba said that although the budget is a tough one, we all have to bear the pain of the policy in order to enjoy fruitful outcomes in the future.  The benefits in the future will eclipse the pain, said Gigaba.  On how small, medium and micro-sized enterprises (SMMEs) will be given an enabling environment, Gigaba said that through discussions with CEOs and large retail stores, government will look into how they can open their shelves for small local products. This will essentially provide a platform for small businesses.  When asked if the extravagant public service wage bill which is in excess of over R570 billion will be slashed, Gigaba said that it is ultimately the presidents prerogative.  We have presented wage cuts to President in order to streamline the budget, said Gigaba.  He then noted President Cyril Ramaphosas incredible vision for the country.  He must implement and make the final decision but as he told us on Tuesday, he needs to be given time, said Gigaba.  READ ALSO: WATCH: SMME's will receive a more enabling environment - Gigaba The Finance Minister then assured members that despite the VAT increase from 14% to 15%, the rich are being taxed more, he said.  Gigaba then concluded by saying that all of the changes that have been outlined in the budget will make significant changes to the economy and he is looking forward to a positive long-term outlook.  ALSO READ: #Budget2018 - 'This is how Government will create jobs' - Gigaba TOP STORY: #Budget2018 - WATCH: Pensioners will only get a R90 increase - BUSINESS REPORT ONLINE | Damian McKenzie to start at 10 for Chiefs
Chiefs boss Colin Cooper has named a physical and experienced side to face the Crusaders in Saturday's Super Rugby clash in Christchurch. | 4 Waratahs debutants against Stormers
The Waratahs have named their team for the Super Rugby encounter against the Stormers in Sydney. | De Gea: I made a save and I'm happy for that
Man United 'keeper David De Gea described his feeling after making an important save against Sevilla in their goalless Champions League draw. | Du Toit, Marais back in Stormers starting XV
Pieter-Steph du Toit and SP Marais both return from injury for the Stormers' Super Rugby encounter with the Waratahs in Sydney. | Scott-Efurd set to renew Semenya rivalry in Paarl
Multiple SA indoor record holder Dominique Scott-Efurd returns to South Africa, when she lines up at the third Athletix Grand Prix Series. | Barrett on Hurricanes bench for Bulls clash
All Black flyhalf Beauden Barrett has been included on the Hurricanes bench for their Super Rugby clash against the Bulls in Pretoria. | De Gea: I made a save and I'm happy for that
Manchester United goalkeeper David De Gea described his feeling after making an important save in a 0-0 draw against Sevilla in the Champions League. | Du Toit, Marais back in Stormers starting XV
Pieter-Steph du Toit and SP Marais both return from injury for the Stormers' Super Rugby encounter with the Waratahs in Sydney.