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Economy News

More financial access needed for female entrepreneurs – Zulu

By: Anine Kilian     26th August 2016 Regulatory frameworks, red tape and a lack of knowledge and understanding of support programmes are major challenges facing small businesses and cooperatives in South Africa, Small Business Development Minister Lindiwe Zulu said on Friday. She was addressing a delegation of female small business... 

Eskom may re-advertise nuclear notices after noncomplaint E Cape notice

By: Terence Creamer     26th August 2016 State-owned electricity utility Eskom may re-advertise notices relating to its Nuclear Installation Site Licence (NISL) applications for Thyspunt, in the Eastern Cape, and Duynefontyn, in the Western Cape, having acknowledged that a notice published in the Eastern Cape Provincial Gazette on... 

Eskom may re-advertise nuclear notices after noncomplaint E Cape notice

Treasury estimates ETI supported 5% of jobs

By: Megan van Wyngaardt     26th August 2016 Changes in the external environment have made it harder to assess whether Treasury’s Employment Tax Incentive (ETI) has led to the creation of new jobs or prevented a further worsening in youth unemployment, the National Treasury said on Friday. But broadly, it said, the estimates of jobs... 

ANC denies it benefited from PRASA deal

By: News24Wire      26th August 2016 The African National Congress (ANC) has rejected allegations that the party had been implicated in alleged bribery by a supplier of locomotives to the Passenger Rail Agency of South Africa (PRASA). News24 on Friday morning reported that PRASA chairperson Popo Molefe had filed new court papers in... 

ANC denies it benefited from PRASA deal

South Africa's credit rating to be cut to junk this year – poll

By: Reuters     26th August 2016 South Africa's credit rating is set to be cut to junk status this year, according to a Reuters poll taken just days after police summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue unit of the tax service. A police unit known as the Hawks is probing a... 

South Africa's credit rating to be cut to junk this year – poll
Photo by Duane Daws
Finance Minister Pravin Gordhan

AB InBev expects to cut 3% of jobs after SABMiller takeover

By: Reuters     26th August 2016 Anheuser-Busch (AB) InBev expects to cut some 3% of its combined workforce after it has acquired rival SABMiller, according to takeover documents published on Friday. That would be some 5 500 jobs, according to a source with information on the offer. 

Opinion: Start electricity reform process now before another crisis

     26th August 2016 South Africa has not had load shedding for nearly a year. This is a welcome development after years of power cuts that constrained economic growth. Electricity consumption has more or less flattened out, giving the national utility, Eskom, more space to catch up on maintenance and meet demand.... 

Opinion: Start electricity reform process now before another crisis
Photo by Duane Daws
Anton Eberhard

SARB says rate hiking cycle not over yet

By: Reuters     26th August 2016 South Africa's rate hiking cycle is not yet over as inflation remained elevated and sharp moves in the rand currency were affecting prices, the central bank's deputy governor Daniel Mminele said on Friday. Mminele said while the bank recognised the rand's recent recovery, it was also aware that... 

Why SA needs to improve job prospects for youth

By: News24Wire      26th August 2016 South Africa won’t realise its demographic benefit if the job prospects for younger working-age people don’t improve, said statistician general Pali Lehohla on Thursday. A demographic dividend occurs when a country is entering a period in which the working age population has a low proportion of... 

Centre developing clean tech SMEs to support low-carbon transition

By: Schalk Burger     26th August 2016 The Climate Innovation Centre South Africa (CICSA) of The Innovation Hub plans to increase the number of clean technology small and medium-sized enterprises (SMEs) to support the transition of government and industry to a less carbon-intense economy, says CICSA innovation specialist Nhlakanipho... 

Law firm launches practice focused on infrastructure

By: Dylan Slater     26th August 2016 International law firm Pinsent Masons announced at the end of July plans to launch an infrastructure-focused practice in Johannesburg, South Africa, with the appointment of two founding partners to launch the office.  

New tug fleet will enable SA ports to handle larger vessels

By: David Oliveira     26th August 2016 As part of parastatal Transnet’s Market Demand Strategy (MDS), Transnet National Port Authority (TNPA) will spend about R56-billion by 2019 to improve efficiencies of South Africa’s ports, including a R1.4-billion tugboat replacement project. The contract, which was awarded to local shipbuilding... 

New tug fleet will enable SA ports to handle larger vessels

SA slides down global manufacturing competitiveness ranking

By: Mia Breytenbach     26th August 2016 Despite being regarded as the most competitive manufacturing country in Africa, South Africa is losing momentum when compared with other countries, particularly China. South Africa dropped three places – to twenty-seventh position – on the global ranking of the world’s most competitive countries,... 

SA slides down global manufacturing competitiveness ranking
Photo by Bloomberg
KEY COMPONENT Manufacturers consider cost, productivity and a good supplier network as vital to remain competitive

South African students receive technical training in Berlin

By: Dylan Slater     26th August 2016 As part of its domestic commitment to address South Africa’s shortage of engineers, global engineering firm Siemens is placing three top-performing South African grade 12 students in the Siemens Apprenticeship Scheme, thereby granting them a place to undergo further training in Germany.  

Outa slates SAA board member for resigning 

By: Megan van Wyngaardt     25th August 2016 The Organisation Undoing Tax Abuse, or Outa, on Thursday lambasted State-owned enterprise South African Airways’ (SAA’s) Yakhe Kwinana for stepping down from its board. Media reports earlier this week stated that Kwinana was resigning, having said that, “it has come to a stage where I had to... 

Outa slates SAA board member for resigning

Deteriorating global supply chain market faces increasing obtacles

By: Natasha Odendaal     25th August 2016 The latest data from the Chartered Institute of Procurement and Supply (CIPS), released on Thursday, reveals escalating operational risk, both globally and in sub-Saharan Africa, owing to the prolonged slump in global commodity prices and the slowdown in emerging markets. The CIPS risk index... 

Industry backlash continues against Hawks’ action against Gordhan

By: Anine Kilian     25th August 2016 The market received a wake-up call on Wednesday with news that Finance Minister Pravin Gordhan had been summoned by the Hawks to receive draft charges around the issue of the so-called rogue spy unit at the South African Revenue Service (Sars) when he was Commissioner, global research group... 

Bombardier opens new propulsion equipment production site in Isando 

By: Megan van Wyngaardt     25th August 2016 Rail technology provider Bombardier Transportation on Thursday inaugurated a new 6 000 m2 production site and headquarters in Isando. The facility will produce Bombardier Mitrac high-power propulsion equipment for use in the Transnet locomotives project, for which Bombardier is delivering 240... 

Bombardier opens new propulsion equipment production site in Isando
Bombardier has opened a new propulsion equipment manufacturing facility in Isando. Video and editing: Nicholas Boyd.

SA population balloons to 55.91m

By: News24Wire      25th August 2016 South Africa’s population is estimated to be 55.91-million of which 51% are female, according to Statistics South Africa’s mid-year calculations. Announcing the figures at a media conference in Pretoria on Thursday, statistician general Pali Lehohla said migration is an important demographic... 

SA population balloons to 55.91m

Ex-Sars duo mum on Hawks experience

By: African News Agency      25th August 2016 After spending more than four hours in Pretoria central offices of the Directorate for Priority Crime Investigation (DPCI), better known as the Hawks, former SA Revenue Services officials Ivan Pillay and Johann van Loggerenberg evaded a barrage of questions from throngs of media waiting outside.... 

Ex-Sars duo mum on Hawks experience

Nersa confirms appeal of court’s RCA judgment

By: Terence Creamer     25th August 2016 The National Energy Regulator of South Africa (Nersa) confirmed on Thursday that it would appeal the August 16 North Gauteng High Court judgment setting aside its approval of Eskom’s third multiyear price determination (MYPD3) Regulatory Clearing Account (RCA) adjustment for the 2013/14 financial... 

Nersa confirms appeal of court’s RCA judgment

South African presidency defends new team to oversee SOEs

By: Reuters     25th August 2016 South Africa's presidency on Thursday defended plans to give President Jacob Zuma supervision over State-owned companies after allies of under-fire Finance Minister Pravin Gordhan said it was a tool to limit his control. Cabinet announced on Monday that a new committee on state-owned enterprises... 

I can't stop Gordhan probe – Zuma

By: News24Wire      25th August 2016 President Jacob Zuma has "full confidence" in Finance Minister Pravin Gordhan, the Presidency said in a statement on Thursday. But he does not have the power to stop any investigations into any individuals, he added. 

I can't stop Gordhan probe – Zuma
Photo by Duane Daws
President Jacob Zuma

South African opposition calls for debate on Gordhan 'witch-hunt'

By: Reuters     25th August 2016 South Africa's main opposition party called on Thursday for a parliamentary debate into what it called a "witch-hunt" against Finance Minister Pravin Gordhan, who is under police investigation over a suspected spy unit at the tax service. Gordhan said on Wednesday he had no legal obligation to... 

South African opposition calls for debate on Gordhan 'witch-hunt'

Hawks allegations against Gordhan baseless – former top judge

By: News24Wire      25th August 2016 Civil society groups have described the allegations of corruption made by the Hawks against Finance Minister Pravin Gordhan and his former Sars colleagues as baseless. "We believe we speak on behalf of all fair-minded South Africans, irrespective of political persuasion, in showing our support... 

Hawks allegations against Gordhan baseless – former top judge
Photo by Duane Daws
Finance Minister Pravin Gordhan

Gordhan’s Hawks response halts rand plunge

By: News24Wire      25th August 2016 Finance Minister Pravin Gordhan’s response to the Hawks directive helped the rand ease off its decline, but analysts said if he is arrested or fired the currency is heading for trouble. Gordhan said on Wednesday he would not adhere to a Hawks request to present himself for a warning letter over... 

Gordhan’s Hawks response halts rand plunge

How sugar tax will create future taxpayers

By: News24Wire      25th August 2016 A sugar tax should be seen as part of the serious intervention needed to ensure the taxpayer of today is around to pay their taxes and boost the SA economy of tomorrow, Ettiene Retief of the SA Institute of Professional Accountants (Saipa), told Fin24 on Tuesday. The decision to put a tax on... 

I am under no legal obligation to present myself to Hawks – Gordhan 

     24th August 2016 I confirm that on 22 August 2016, my attorneys received a letter from the Directorate for Priority Crime Investigations (“the HAWKS”) requesting that I present myself at their offices on 25 August 2016, at 14h00 in order that a warning statement may be obtained from me. The letter from the HAWKS... 

I am under no legal obligation to present myself to Hawks – Gordhan
Photo by Duane Daws
Finance Minister Pravin Gordhan

BLSA, Basa warn of negative consequences surrounding Hawks' action against Gordhan

By: Natasha Odendaal     24th August 2016 The confidence of investors in South Africa, which has been steadily recovering on the back of joint action by government, business and labour in recent months, is now in jeopardy, says Business Leadership South Africa (BLSA). This follows media reports that the South African priority crimes... 

BLSA, Basa warn of negative consequences surrounding Hawks' action against Gordhan
Photo by Duane Daws
Finance Minister Pravin Gordhan

Tenderpreneurship the root of South Africa’s economic problems – Madonsela

By: Megan van Wyngaardt     24th August 2016 Tenderpreneurship is one of the biggest contributors to corruption and unemployment in South Africa, as it encourages businesspersons to be corrupt, outgoing Public Protector Advocate Thuli Madonsela said on Wednesday. She outlined to delegates attending the twenty-ninth yearly Labour Law... 

Tenderpreneurship the root of South Africa’s economic problems – Madonsela
Photo by Duane Daws
Outgoing Public Protector Thuli Madonsela

Labour reforms needed to bolster employment – Kganyago

By: Megan van Wyngaardt     24th August 2016 Removing unusually high barriers to entry for new business, while lowering costs in network industries such as telecommunications, energy and transport, will counter strong wage, salary and price pressures. This would, in turn, add to growth in employment and the economy, Reserve Bank Governor... 

Gauteng government receives clean bill of health from Auditor General 

By: African News Agency      24th August 2016 All 12 Gauteng provincial departments and public entities have received clean audit status for the 2015/16 financial year, a first for the province in 13 years, provincial Premier David Makhura said on Wednesday. Makhura was speaking during a release of the audit outcomes of the provincial... 

Gauteng government receives clean bill of health from Auditor General
Photo by Duane Daws
Gauteng Premier David Makhura

Nersa committee recommends that RCA judgment be appealed 

By: Terence Creamer     24th August 2016 The National Energy Regulator of South Africa’s (Nersa’s) electricity subcommittee will recommend that the Energy Regulator, which meets on Thursday, appeal the recent High Court judgment setting aside its Regulatory Clearing Account (RCA) determination, which enabled Eskom to increase its tariff... 

Nersa committee recommends that RCA judgment be appealed
Photo by Duane Daws
Nersa’s Thembani Bukula

South African assets sink after police summon Finance Minister

By: Reuters     24th August 2016 South African assets slumped on Wednesday a day after an elite police unit summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue unit of the tax service, fuelling speculation that there was a plot to oust him. Gordhan and other former officials at the South African... 

South African assets sink after police summon Finance Minister
Photo by Duane Daws
Finance Minister Pravin Gordhan

Outa, SAA whistleblower claim victory over SAA

By: Sane Dhlamini     24th August 2016 State-owned South African Airways (SAA) on Monday agreed to hold suspended SAA group treasurer Cynthia Stimpel’s disciplinary hearing at the Commission for Conciliation, Mediation and Arbitration (CCMA) following her defensive challenge in the Labour Court. The matter will be heard by an... 

Outa, SAA whistleblower claim victory over SAA

Govt sheds light on Zuma's role as head of SOCs

By: News24Wire      24th August 2016 The government clarified President Jacob Zuma’s role in the leadership of state owned companies (SOCs) on Tuesday, amid allegations of state capture where the Guptas use their friendship with Zuma as a way of winning contracts in the critical sector. The Guptas have been central figures in the... 

Govt sheds light on Zuma's role as head of SOCs
Photo by Duane Daws
President Jacob Zuma

Govt, AMSA reach accord on steel price basket

By: Kim Cloete     23rd August 2016 Steel producer ArcelorMittal South Africa (AMSA) and government have agreed to remove import parity pricing with immediate effect in a bid to boost South Africa’s steel industry. The local price for flat steel products will be based on an import-weighted basket. 

Govt, AMSA reach accord on steel price basket
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