SA Money Daily | Overhauled and shaken up: Is Ramaphosa's new economic cluster primed for growth?

Steinhoff execs accused of using 'sophisticated washing machine' to create fake €1bn profit

View Online SA Money Daily The biggest business, economic and market news of the day. AHMED AREFF, BUSINESS DEPUTY EDITOR Overhauled and shaken up: Is Ramaphosa's new economic cluster primed for growth? President Cyril Ramaphosa announced a thorough overhaul of his economic ministers on Sunday night.    Only two members of the previous Cabinet — Finance Minister Enoch Godongwana and Mineral and Petroleum Resources Minister Gwede Mantashe — remain in their previous portfolios.    With the economy barely growing during his first five-year term, Ramaphosa needs his new set of economic ministers to rebuild a platform for economic growth. This means accelerated and expanded structural reforms, some of which are complex and require sophisticated and motivated leadership.   It also means that SA needs to fix its mining sector, which is a mainstay of the economy but has fallen out of favour with investors. The reappointment of Mantashe, under whose watch the sector has continued to struggle, although expected, will not be regarded as a pro-growth move.    Godongwana's reappointment, also anticipated, will be welcomed. Read More ECONOMY Purple patch or purple pain? The blessing and curse of Kalahari sugilite The Kalahari basin is home to semi-precious purple gem which has been a thorn in the side of manganese miners for decades. Sponsored | Social calendar: Add a touch of French flair to ze cahlenduhr Schools have closed for the winter holidays, and you might be looking for things to do with the kids. Here are a few ideas. Steinhoff execs accused of using 'sophisticated washing machine' to create fake €1bn profit The State has accused former Steinhoff executives Ben la Grange and Stéhan Grobler of forming a conspiracy with the late Markus Jooste to pump the disgraced retailer full of fake profits. 'Confront the most brutal facts': New Naspers CEO on culture, comfort zones and AI As the 46-year-old Brazilian Fabricio Bloisi takes the reins at Naspers and Prosus this week, he brings with him an entrepreneurial approach that balances optimism with "brutal facts". SA malls to get 'Rolex boutiques' despite local office closure Rolex said that it is committed to strengthening its retail presence in South Africa, despite the closure of its local affiliate office this month. Eskom adds 800MW to grid as Kusile Unit 5 achieves commercial operation Construction of Kusile's remaining Unit 6 is also progressing as planned and is expected to be synchronised to the national grid in November 2024. Nick Hedley | Transnet could scupper crucial rail reforms with nonsensical fee proposal Transnet is making it difficult for private companies to help it resolve the logistics crisis, says Nick Hedley. Appeals court confirms Minister Gwede Mantashe was wrong to fire anti-nuclear activist The mineral resources and energy minister has again lost a court case against anti-nuclear activist Peter Becker, who he controversially fired from the board of SA's nuclear regulator in early 2022 over his anti-nuclear stance. DOWNLOAD THE NEWS24 APP CONNECT WITH US

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