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Economy News

IMF credit to Chad delayed over Glencore oil debt

By: Reuters     24th November 2017 Chad's stalled talks with Glencore on restructuring more than $1 billion in debt due to the trading firm has delayed the release of IMF funds for the struggling central African country until at least early next year, sources familiar with the matter said. The International Monetary Fund has said... 

Growing domestic demand at heart of plan to create a million manufacturing jobs

By: Terence Creamer     24th November 2017 The Manufacturing Circle released a plan on Friday outlining how South Africa could create a million jobs over a ten-year period through pursuing a series of reforms designed at stimulating demand for South African manufactured products and improving the investment climate. The 48-page document,... 

Growing domestic demand at heart of plan to create a million manufacturing jobs
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies and Manufacturing Circle chairperson André de Ruyter

Weak growth, rising debt could trigger deeper downgrades – SARB

By: Reuters     24th November 2017 South Africa's failure to stabilise the country's fiscal situation could see its credit rating downgraded deep into junk territory, the central bank said on Friday, just hours before two rating agencies were due to announce their decisions. Africa's most industrialised economy is on the brink of... 

Weak growth, rising debt could trigger deeper downgrades – SARB
Photo by Bloomberg
SARB deputy governor Daniel Mminele

Fitch keeps South Africa's credit ratings unchanged at BB+, stable outlook

By: Reuters     24th November 2017 Ratings firm Fitch kept both South Africa's local and foreign currency credit ratings unchanged at BB+, one notch below investment grade, with a stable outlook, the agency said on Thursday. In April, Fitch downgraded South Africa's credit rating to sub-investment grade after Prsident Jacob Zuma... 

Fitch keeps South Africa's credit ratings unchanged at BB+, stable outlook

Fitch is giving South Africa a chance to address issues – National Treasury

By: African News Agency      24th November 2017 Fitch ratings agency’s decision on Thursday, to maintain South Africa’s long-term foreign and local currency debt rating at BB+ has given the country a chance to address issues in a manner that will see an upward revision in its ratings, National Treasury said. It said the reprieve could not see... 

Fitch is giving South Africa a chance to address issues – National Treasury

Hawks probing Brian Molefe's R30m pension payout claims

By: News24Wire      24th November 2017 Trade Union Solidarity announced on Thursday that it would launch legal proceedings to force former Eskom CEO Brian Molefe to repay the "unlawful" R30-million pension payout he received. "Unlawful actions must bear consequences. An apology and even pay back [from Molefe], is not enough,"... 

Hawks probing Brian Molefe's R30m pension payout claims
Photo by Duane Daws
Former Eskom CEO Brian Molefe

Support Ramaphosa and we will not see a downgrade – Gordhan

By: News24Wire      24th November 2017 Former Finance Minister Pravin Gordhan on Thursday endorsed Deputy President Cyril Ramaphosa, saying he should be given a chance to implement his "New Deal" proposal. "If we support Ramaphosa I can guarantee you we will not see a downgrade," said Gordhan. 

Support Ramaphosa and we will not see a downgrade – Gordhan
Photo by Reuters
Former Finance Minister Pravin Gordhan

Company embraces industry trends and challenges

By: Nica Schreuder     24th November 2017 The major  trend in steel construction globally is very much towards high-end automation driven by integrated software solutions, which has led to local industrial manufacturer and distributor First Cut’s embracing this trend through energy- efficient  capital equipment and consumables from their... 

Company embraces  industry trends  and challenges
TIMED INVESTMENT The Bystronic laser, a significant capital investment, is one that is best done at the downturn of the industry, or just after the upturn

Declining industry could compromise steel industry quality standards

By: Nica Schreuder     24th November 2017 Cost-cutting measures have been forced upon companies that wish to remain in business in the steel construction and cladding sector, however, this could have a major impact on product safety and performance, with price considerations often taking precedence over quality and safety.... 

Declining industry could  compromise steel industry  quality standards
DODDS PRINGLE Clients must be aware of advertised quality standards in the steel construction industry

Steel Awards 2017 confirms LSFB growth

     24th November 2017 This year’s annual Steel Awards, hosted by the Southern African Institute of Steel Construction, showed excellent growth for the South African light steel frame building (LSFB) industry, with more than 25 000 m2 represented in category entries. The awards, which took place on September 13, saw 19... 

Steel Awards 2017  confirms LSFB growth
SUMMIT PLACE The Assupol Building, the 11-storey winning office block in the Summit Place development

Steel company’s optimism fuels technology investment appetite

By: Nica Schreuder     24th November 2017 Steel supplier and processing company Allied Steelrode’s optimism regarding long-term prospects for South Africa’s economy and steel industry has prompted it to continually invest in quality steel equipment. Such an investment was made through the buying of the BLM Adige LT20 jumbo tube laser in... 

Steel company’s optimism fuels technology investment appetite
Photo by Bloomberg
TUBULAR INNOVATION The LT20 creates new possibilities and innovation for architects and structural designers

More than 600 students register for renowned trade qualifications

By: Nadine James     24th November 2017 Witbank-based artisan training facility the Colliery Training College (CTC) has received a significant number of registrations for trade and mining qualifications. CTC MD Johan Venter says more than 600 students registered on September 18, with classes having started on September 20. 

More than 600 students register for renowned trade qualifications
MULTIFACETED The facility offers training for trades such as electricians, fitters, millwrights, welders, rigger-ropesman, miners and mineral processing plant operators

Active pharmaceutical ingredients pilot plant marks important step for SA industry

By: Keith Campbell     24th November 2017 A pilot plant for the manufacture of generic active pharmaceutical ingredients (APIs) has been officially opened in Pretoria. A R50-million joint project between local company CPT Pharma (CPT standing for Chemical Process Technologies), the Industrial Development Corporation (IDC) and the... 

Modest recovery in South African commercial aviation activity consolidated

By: Keith Campbell     24th November 2017 The Commercial Aviation Association of Southern Africa (Caasa) has reported that its Aviation Activity Index (Caai) for the third quarter of this year had “consolidated its modest recovery from a disappointing first quarter”. The Caai is a composite index created to provide an indicator of... 

Tax, spend, squander provide toxic backdrop for nuclear plans

By: Keith Campbell     24th November 2017 On November 7, France ran out of money. Or, rather, France ran out of its own money; that is, it ran out of all the money the French State had gathered in taxes and other imposts. Between November 7 and December 31, the French State is running on borrowed money. This fascinating calculation was... 

Microgrids add new arrow to Africa’s electricity access quiver

By: Mia Breytenbach     24th November 2017 The launch of a R25-million solar energy, lithium-ion battery storage microgrid on Robben Island – the World Heritage Site in Table Bay, Cape Town, which, until recently, relied on diesel to generate electricity – not only showcases the versatile advantages of microgrid technology, but also... 

Microgrids add new arrow to Africa’s electricity access quiver

South Africa keeps rate at 6.75%, says risks to inflation rising

By: Reuters     23rd November 2017 South Africa's central bank kept its benchmark repo rate at 6.75% on Thursday, in-line with expectations, citing increased risks to inflation posed by currency weakness, possible credit downgrades and political jostling. "The lead-up to the African National Congress national elective conference... 

South Africa keeps rate at 6.75%, says risks to inflation rising
Photo by Reuters
Reserve Bank governor Lesetja Kganyago

GirlCode floats ambitions of becoming world’s largest women's digital agency

By: Dylan Slater     23rd November 2017 Nonprofit organisation (NPO) GirlCode, which aims to empower women in the technology sector, on Thursday revealed its new programmes for 2018, as well as its Vision 2030 ambitions, which includes reaching ten-million women by 2030. GirlCode chairperson Zandile Keebine commented that reaching that... 

AMSA welcomes designation of local steel for rail sector

By: Creamer Media Reporter      23rd November 2017 ArcelorMittal South Africa (AMSA) on Thursday welcomed the latest designations by the Department of Trade and Industry (DTI) of the local content threshold for local production and content in the rail permanent way sector. A permanent way is the structure, comprising the rails, fasteners,... 

What is next for Zimbabwe? 

     23rd November 2017 As Zimbabwe enters the post-Mugabe era, Creamer Media Senior Deputy Editor Martin Zhuwakinyu tells Creamer Media’s Chanel de Bruyn more about Zimbabwe’s new interim President Emmerson Mnangagwa and what changes he may implement to reignite economic growth in the country. 

What is next for Zimbabwe?
What is next for Zimbabwe?

Sasol’s new strategy shuns GTL as specialty chemicals emerge as key growth driver

By: Terence Creamer     23rd November 2017 Chemicals and energy group Sasol is preparing to sell several assets, including its Canadian shale gas assets, following an overhaul of its corporate strategy, which eschews any further greenfield gas-to-liquids (GTL) investments in favour of smaller acquisitions and projects of between... 

Sasol’s new strategy shuns GTL as specialty chemicals emerge as key growth driver
Photo by Duane Daws
Sasol joint CEOs Bongani Nqwababa and Stephen Cornell

South Africa to stabilise debt in next year's budget – Gigaba

By: Reuters     22nd November 2017 South Africa will implement spending cuts of R25-billion ($1.8-billion) and raise revenue by R15-billion in next year's budget to contain growing debt, Finance Minister Malusi Gigaba told Parliament on Wednesday. Gigaba said the extra R40-billion, or 0.8% of GDP, would be used to tackle rising... 

South African nuclear body shuts down key unit because of compliance failure

By: Keith Campbell     22nd November 2017 The South African Nuclear Energy Corporation (Necsa) has executed an immediate shut down of its NTP Radiochemical Facility, because of non-compliance with licensing conditions. NTP produces radioisotopes for both industrial and an especially medical purposes, and many cancer and other patients in... 

South African nuclear body shuts down key unit because of compliance failure
Photo by Duane Daws/Creamer Media
An aerial view of Necsa’s complex at Pelindaba

Two South Africans shortlisted for engineering innovation prize

By: Megan van Wyngaardt     22nd November 2017 Two young South Africans are among the 16 engineers hailing from seven countries in Africa, who have been chosen for the shortlist of the prestigious Africa Prize for Engineering Innovation. University of the Witwatersrand chemical engineering research fellow Collins Saguru has developed AltMet,... 

Tsotsi drops Myeni/Zuma meeting bombshell at Eskom Inquiry

By: News24Wire      22nd November 2017 Former Eskom chairperson Zola Tsotsi has dropped a bombshell at the Eskom Inquiry, saying that former South African Airways chairperson Dudu Myeni had called him to request his availability to meet President Jacob Zuma in Durban. According to Tsotsi, he was met by Myeni on March 7, 2015 at the... 

Tsotsi drops Myeni/Zuma meeting bombshell at Eskom Inquiry
Photo by Duane Daws
Former Eskom chairperson Zola Tsotsi

Gauteng sets up corruption intervention council

By: Megan van Wyngaardt     21st November 2017 To fight corruption and promote clean governance, integrity and ethics, the Gauteng provincial government (GPG) has established a civil society-led Ethics and Anti-Corruption Advisory Council. Premier David Makhura on Tuesday said the establishment of the council was a “great step” in efforts to... 

African business aviation association joins global industry body

By: Keith Campbell     21st November 2017 The five-year-old African Business Aviation Association (AfBAA), which was founded in May 2012 and currently has 121 members, has become the fifteenth member of the International Business Aviation Council (IBAC), which is the global industry association for the business or executive aviation... 

African business aviation association joins global industry body
Photo by ExecuJet
A wide range of business aircraft parked at ExecuJet’s facility at Lanseria International Airport, north west of Johannesburg

Eskom’s ‘death spiral’ under the microscope

By: Terence Creamer     21st November 2017 A major topic of discussion during recent public hearings into Eskom’s 2018/19 revenue application, was whether a further double-digit tariff hike could trigger a “utility death spiral”, whereby rising tariffs and utility costs spark an exodus of energy-intensive customers from the network,... 

Eskom’s ‘death spiral’ under the microscope

Ngqura Container Terminal hits volume milestone

By: Megan van Wyngaardt     21st November 2017 Over 81 927 twenty-foot equivalent units (TEU) passed through the Ngqura Container Terminal (NCT), in the Eastern Cape, in October, the highest units ever handled in the terminal’s history. This remarkable milestone not only bodes well for the economy of the region and the country, but also shows... 

Ngqura Container Terminal hits volume milestone

SAA remains undercapitalised, despite bailout

By: Reuters     21st November 2017 South African Airways on Tuesday said even with a recent government injection of R10-billion ($709-million), the struggling airline will remain under-capitalised with a negative equity position of over R9-billion, a presentation to Parliament showed. The national airline has been relying on... 

SAA remains undercapitalised, despite bailout

South Africa nervously awaits reviews for rand-priced debt

By: Reuters     21st November 2017 Whether ratings agencies will cut South Africa's rand-denominated debt to junk status split economists in a Reuters poll, just three days before an announcement that could trigger a selloff in local bonds and currency. Downgrades to sub-investment grade could trigger forced selling of up to... 

South Africa nervously awaits reviews for rand-priced debt

Eskom rejects call for inflation-capped hike, as Nersa gears up for Dec 7 decision

By: Terence Creamer     20th November 2017 State-owned power utility Eskom has rejected calls for its 2018/19 tariff to be capped at the level of inflation, arguing that such a move would be financially unsustainable as it would result in a revenue reduction, which would further squeeze its liquidity and could place the country’s credit... 

Eskom rejects call for inflation-capped hike, as Nersa gears up for Dec 7 decision
Photo by Duane Daws
Nersa fulltime regulatory member for electricity Mbulelo Ncetezo says decision should be announced on December 7

Astral Foods trumps difficult trading period with sterling FY17 results

By: Megan van Wyngaardt     20th November 2017 JSE-listed Astral Foods on Monday attributed the 96.8% increase in headline earnings a share to R18.99 for the year ended September 30 to the recovery in poultry profits during the second half of the financial year. “Stable prices for poultry products during the winter months, together with... 

Rail operational incidents reach 7yr low, but safety incidents increase

By: Dylan Slater     20th November 2017 Operational incidents related to South Africa’s railways decreased by 5% during 2016/17, reaching a seven-year low of 4 066 incidents, compared with 4 250 in the prior year.  

Rail operational incidents reach 7yr low, but safety incidents increase
The Railway Safety Regulator is committed to achieving its goal of “zero occurrences”

Business Leadership SA reveals business contribution of R1.9tn to GDP

By: African News Agency      20th November 2017 Business Leadership South Africa (BLSA) chief executive, Bonang Mohale, revealed on Monday that business contributed R1.9-trillion to the country’s GDP, employing seven times more people than government. “We are saying business is the answer, not the enemy. Business is going to play its goal... 

Business Leadership SA reveals business contribution of R1.9tn to GDP
Photo by Duane Daws
BLSA CEO Bonang Mohale

Zuma vows govt will continue supporting embattled SAA

By: Reuters     20th November 2017 The government will continue supporting South African Airways (SAA) as the airline rebuilds itself, President Jacob Zuma said on Saturday. "We will support SAA on its path towards renewal," said Zuma who was speaking at the launch of the KZN Invest SA One Stop Shop in Durban. 

The sooner Guptas leave SA, the better – Gordhan

By: News24Wire      20th November 2017 Former finance minister Pravin Gordhan has said the sooner the Guptas get out of South Africa, the better for the country. He was speaking at the Congress of Business and Economics dinner on Saturday, where they were paying tribute to heroes who have created a legacy that will benefit South Africa. 

The sooner Guptas leave SA, the better – Gordhan
Photo by Reuters
Former Finance Minister Pravin Gordhan
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