Ramaphosa Axes Accused Minister Before South African Budget Vote
Higher Education and Training Minister Nobuhle Nkabane is being replaced by Buti Manamela, the presidency said in a statement on Monday, without providing reasons for the change. Nkabane has faced allegations of lying to parliament, which she has denied.
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News24
43 minutes ago
- News24
Ramaphosa expands SIU probe into North West security contracts
The extended probe will assess whether proper procurement procedures were followed and whether there was any fraud, maladministration, or financial loss to the state. The original proclamation had empowered the SIU to investigate maladministration related to the establishment of Tokiso Security Services as a subsidiary of the NWDC. The SIU can refer criminal findings to the NPA and initiate civil recovery action through the High Court or Special Tribunal under the SIU Act. President Cyril Ramaphosa has signed Proclamation 270 of 2025, amending Proclamation 30 of 2019 to expand the Special Investigating Unit 's (SIU) probe into the North West Development Corporation (NWDC). The amendment specifically authorises the corruption-busting unit to investigate contracts awarded to Tokiso Security Services to provide security services to the NWDC and other provincial government entities. The original proclamation had empowered the SIU to investigate maladministration related to the establishment of Tokiso Security Services as a subsidiary of the NWDC. The new amendment extends this mandate to examine all contracts where Tokiso Security Services was appointed to render security services to the NWDC, provincial departments, public entities and government business enterprises in the North West. READ SIU under attack: Report warns of risks threatening future of graft-busting investigating unit According to SIU spokesperson Kaizer Kganyago, the expansion of the investigation scope will allow the unit to determine whether the security service contracts were awarded appropriately and if any irregularities, maladministration, or financial losses to the state occurred during the procurement process. The SIU will investigate whether proper procedures were followed in appointing Tokiso Security Services and whether any officials, employees, or service providers acted improperly. Additionally, the amendment extends the investigation period to include conduct up to the date of the proclamation's publication on July 18 2025. Kaizer Kganyago He explained that the original Proclamation (R.30 of 2019) also authorised the SIU to investigate irregularities in contracts associated with the NWDC, including the Youth Enterprise Combo implemented by MVEST Trust, security services provided by Naphtronics and the purchase of the Christiana Hotel and Game Farm. Beyond investigating maladministration, corruption, and fraud, he said the SIU is committed to identifying systemic failures and recommending measures to prevent future losses. In line with the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act), the SIU will refer any evidence of criminal conduct uncovered during its investigation to the National Prosecuting Authority (NPA) for further action. Kaizer Kganyago Kganyago added that under the SIU Act, the unit is also authorised to initiate a civil action in the High Court or a Special Tribunal in its name to address any wrongdoing identified during its investigation resulting from acts of corruption, fraud, or maladministration.
Bloomberg
an hour ago
- Bloomberg
Schultz: SARB in a Position to Ease Rates More
South African president, Cyril Ramaphosa, has dumped his embattled education minister in a bid to ease tension within the coalition government and pave the way for budget approval. Meanwhile investors are awaiting South Africa's June CPI print on Wednesday, July 23 and the SARB's rate decision on July 31. Jeffrey Schultz, Head of CEEMEA Economics at BNP Paribas Markets 360 spoke to Bloomberg's Horizons Middle East and Africa's anchor Joumanna Bercetche and Chief Africa Correspondent Jennifer Zabasajja. (Source: Bloomberg)
Yahoo
an hour ago
- Yahoo
Major update on $5,520 HECS cash boost for millions to lift them out of 'lifetime of debt'
The federal government has introduced legislation to parliament to wipe 20 per cent off the value of the country's collective student loan debt. It was one of Labor's big election promises, and the party is finally making good on that pledge. A poll of more than 3,000 Yahoo Finance readers found 51 per cent of people felt they would never fully pay off their HECS debts by themselves or without government support. Once this measure is passed, a person with an average loan of $27,600 will have around $5,520 taken off their total. 'This is another way my government is continuing to deliver cost-of-living relief to Australians," Prime Minister Anthony Albanese said. RELATED Aussie with $60,000 HECS debt reveals why he isn't paying it off faster with extra payments Centrelink's 'balancing' move could provide cash boost or expose debt Commonwealth Bank's fresh alert for millions over mass text messages 'We promised cutting student debt would be the first thing we did back in Parliament – and that's exactly what we're doing. 'Getting an education shouldn't mean a lifetime of debt. 'No matter where you live or how much your parents earn, my Government will work to ensure the doors of opportunity are open for you.' The measure is estimated to cost $16 billion and will affect around three million will the HECS debt reduction work? It won't just apply to someone with a HECS debt. The government revealed the legislation will also target those with Vocational Education and Training (VET) Student Loans, Australian Apprenticeship Support Loans, Student Startup Loans, and other student loans. The reduction will be backdated to June 1, and it will apply to what your debt level was before this year's indexation was applied. The 2025 indexation rate was 3.2 per cent, and this added about $882 to a $27,600 loan. You won't have to do anything to access the savings, and it will eventually show on your account once the proposal has passed through parliament. 'This is a big deal for 3 million Australians, in particular, a lot of young Australians," Education Minister Jason Clare said. 'Just out of uni, just getting started, this will take a weight off their back." Legislation set to increase HECS repayment threshold The government has also included a measure within the legislation that will provide further cost-of-living relief for thousands of Aussies. It has proposed to raise the current threshold for HECS repayments by nearly $10,000. At the moment, once you start earning $56,156 or more, you have to start paying off your student loan. If you earn between $56,156 and $64,837 per year, 1 per cent of your wage will be directed to your HECS debt. That percentage goes up in 0.5 per cent intervals, with the maximum being 10 per cent if you earn over $164,712 per year. But the government has proposed to raise the minimum salary threshold from $56,156 to $67,000. For someone earning $70,000, this change will reduce a person's minimum repayments by $1,300 a year. 'That's real help with the cost of living. It means more money in your pocket, not the government's," Clare said. Will the proposal to lower HECS debts by 20 per cent pass parliament? This is one of the first bills to be put forward to the new parliament and has largely broad support. It could take weeks for the legislation to be debated and passed through the Senate and the House of Representatives. The Coalition has hinted it won't block the proposal. 'We're not really in the business of standing in the way of cost-of-living relief … [and] it is one of those things that Australians wanted, they voted for,' Shadow Education Minister Jonathon Duniam said. 'We've expressed our concerns. Australians have had their say. We've got to move on.'Error in retrieving data Sign in to access your portfolio Error in retrieving data
