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Economy News

Aerospace industrial park should receive new tenants in four months

By: Rebecca Campbell     14th December 2018 The Centurion Aerospace Village (CAV) industrial park could be transformed from a national State-owned non-profit entity into a Gauteng Provincial Government-owned for-profit company, CAV CEO Lance Schultz told “Engineering News Online” on Thursday. “We are conducing a due diligence into our... 

Kingon’s term as Sars acting Commissioner extended for 90 days

By: Tasneem Bulbulia     14th December 2018 Finance Minister Tito Mboweni has reappointed Mark Kingon as acting Commissioner of the South African Revenue Service (Sars) for a further 90 days, beginning December 13, or until such date as a new Commissioner for Sars is appointed by the President. Section 7 of the Sars Act empowers the... 

Kingon’s term as Sars acting Commissioner extended for 90 days

Foreign direct investment in South Africa down in Q3, portfolio flows up

By: Reuters     14th December 2018 South Africa's foreign direct investment inflows fell by nearly R3-billion in the third quarter, the central bank said on Friday in its quarterly bulletin, as foreign firms sent less money to local subsidiaries. South Africa's direct investment liability fell to R27.9-billion from R31.6-billion,... 

SACAA suspends CemAir’s air operator certificates

By: Tasneem Bulbulia     14th December 2018 CemAir can no longer operate as an airline or air operator or fly any of its 21 aircraft, following a decision by the South African Civil Aviation Authority (SACAA) to suspend two of the airline’s air operator certificates (AOCs). The suspension became effective at around 15:30 on December 13. 

Eskom debt swap not an option – Ramaphosa 

By: Reuters     14th December 2018 A debt swap for cash-strapped state power company Eskom would spiral the country into more debt, South Africa's President Cyril Ramaphosa said on Thursday, adding there was a need to look at other options to shore up the company's balance sheet. Eskom, which has had to implement power cuts due to... 

Enforcing local procurement rules would help offset weak demand  

By: Terence Creamer     14th December 2018 Steel and Engineering Industries Federation of Southern Africa (Seifsa) wants government to take decisive action in 2019 to ensure that departments and State-owned companies (SoCs) honour their obligations to purchase designated steel products from domestic manufacturers. The organisation is also... 

Enforcing local procurement rules would help offset weak demand
Seifsa CEO Kaizer Nyatsumba reflects back on 2018 and offer insight into prospects for the metals and engineering sector n 2019. Camera Work & Editing: Nicholas Boyd

Solar PV uptake expected to double

By: Paige Müller     14th December 2018 Energy supply from solar photovoltaic (PV) technology is increasing at a rapid rate in South Africa, with PV grid installation expected to double in the 2018/19 period, says renewable-energy solutions supplier Genesis Eco-Energy director and solar energy association South African Photovoltaic... 

Solar PV uptake expected to double
Photo by Creamer Media
NO THREAT POSED The adoption of renewable-energy systems neither poses an immediate nor a significant threat to workers in the local coal industry

Odourless treatment process produces energy, creates jobs

By: Cameron Mackay     14th December 2018 A new labour-based upgrade for wastewater management plants and acid mine drainage plants below ground – the upflow anaerobic sludge blanket reactor (UASB) process – can be used to produce potable water and energy while reducing costs and creating job opportunities, says engineering and... 

Odourless treatment process produces energy, creates jobs
HYSON CELLS The upflow anaerobic sludge blanket reactor process is below ground, which allows for natural insulation of the cone structures

Cabinet to assess municipal electricity debt management plan in Feb

By: Marleny Arnoldi     13th December 2018 The Department of Cooperative Governance and Traditional Affairs (CoGTA) on Thursday said Cabinet would, in February, consider a detailed implementation plan to deal with the more than R14-billion in debt owned by municipalities to power utility Eskom. This plan is part of CoGTA’s municipal... 

Eskom signs R1.5bn loan with French development agency 

By: African News Agency      13th December 2018 Eskom said on Thursday it had signed a loan agreement with the Agence Française de Développement (AFD) for R1.5-billion to extend its transmission grid along the west coast. It is the first tranche of a R6.5-billion loan facility agreed last year. 

Eskom signs R1.5bn loan with French development agency
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe

New Necsa board to consider important issues 

13th December 2018 Creamer Media's Chanel de Bruyn speaks to Creamer Media Senior Deputy Editor Rebecca Campbell about the changes that have been made to the board and management of the South African Nuclear Energy Corporation and what the entity’s new board will need to focus on going forward. 

New Necsa board to consider important issues
New Necsa board to consider important issues

Group Five shares soar as other parties show an interest in buying parts of the business 

By: Simone Liedtke     13th December 2018 JSE-listed Group Five’s share price rose to 48c a share early on Thursday, compared with Wednesday’s close of 24c a share, after the company announced that it had received expressions of interest (EOIs) from a number of parties for various parts of the business. Group Five’s board of directors... 

Group Five shares soar as other parties show an interest in buying parts of the business

OR Tambo International geared up for 4m passengers

By: Simone Liedtke     12th December 2018 In a statement issued on Wednesday, OR Tambo International Airport said that it has geared up to help an anticipated four-million passengers get their holiday travels under way “stress-free and in the smoothest way possible”. Airport GM Bongiwe Pityi-Vokwana says the airport community is fully... 

Government launches e-Recruitment system  

By: Tasneem Bulbulia     12th December 2018 The Department of Public Service and Administration (DPSA) has officially launched government’s e-Recruitment system, which enables job seekers to apply for positions in the public service through an online platform. The system was launched by Public Service and Administration Minister Ayanda... 

Government launches e-Recruitment system
Public Service and Administration Minister Ayanda Dlodlo

Airline industry growth expected to continue into 2019  

By: Nadine James     12th December 2018 Despite protectionist policies, a lack of infrastructure and a dearth of skilled workers that are challenging the airline industry, the International Air Transport Association (Iata) expects the industry will grow further in 2019. The industry has “been in the black since 2010” and is expected to... 

Airline industry growth expected to continue into 2019
Iata DG and CEO Alexandre de Juniac

November inflation ticks slightly higher to 5.2%

By: News24Wire      12th December 2018 November inflation ticked up to 5.2%, according to data released by Statistics South Africa (Stats SA) on Wednesday.  This is up from inflation of 5.1% recorded for October.  

 November inflation ticks slightly higher to 5.2%

Africa key market for South African exports – Davies

By: African News Agency      12th December 2018 South African businesses should consider the continent an extremely important market, especially for trade in value added products, Trade and Industry Minister Dr Rob Davies has said. Launching the South African stand at the inaugural Intra-Africa Trade Fair (IATF) in Cairo, Egypt, Davies said... 

New Necsa board has important issues to consider

By: Rebecca Campbell     11th December 2018 Major decisions are going to have to be taken about the future of the South African Nuclear Energy Corporation (Necsa), new Necsa board chairperson Dr Rob Adam told Engineering News Online on Tuesday. A totally new board for the corporation was announced by the government on December 6, the new... 

New Necsa board has important issues to consider
Photo by Creamer Media
Necsa chairperson Dr Rob Adam

EOH CEO review leads group to focus on four operating units

By: Schalk Burger     11th December 2018 A review of the business by JSE-listed EOH CEO Stephen van Coller during his first 100 days in the position has led the company to refine and expand its reporting and management into four distinct operating units, which enables it to better support these businesses with different focuses, capital... 

South Africa needs to prepare in case of ‘hard’ Brexit – NWU economist  

By: Marleny Arnoldi     11th December 2018 North West University economist Professor Raymond Parsons says a “hard” Brexit is likely in March 2019 and that the UK may well crash out of the European Union (EU) without a withdrawal agreement. He laments that, with the decision by the UK government to delay the Parliamentary vote on the... 

South Africa needs to prepare in case of ‘hard’ Brexit – NWU economist
Photo by Creamer Media
NWU economist Professor Raymond Parsons

Commission recommends tribunal approve Robor’s acquisition of Macsteel MT&P business, with conditions

By: Tasneem Bulbulia     11th December 2018 The Competition Commission has recommended to the Competition Tribunal that it approve Robor’s proposed acquisition of Macsteel’s tubes and pipes business (MT&P), but with conditions. The commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening... 

Bigen awarded Level 1 BBBEE rating

By: Simone Liedtke     11th December 2018 Solutions-focused infrastructure development group Bigen has been rated a Level 1-compliant company in terms of the Broad-Based Black Economic Empowerment (BBBEE) Act Codes of Good Practice. Rated by Mpower Ratings, Bigen has achieved an increase in black ownership from 31% to 51%, 14% of which... 

Bigen awarded Level 1 BBBEE rating

No more 'grand plans', fix what you have, Ramaphosa tells municipal delegates 

By: African News Agency      11th December 2018 President Cyril Ramaphosa on Tuesday told representatives of local government to stop producing “grand plans for new projects” when existing infrastructure was lying in disrepair. Addressing the South African Local Government Agency (Salga) national member’s assembly at the Inkosi Albert Luthuli... 

No more 'grand plans', fix what you have, Ramaphosa tells municipal delegates
President Cyril Ramaphosa

SA employment down 0.2 pct in Q3 – statistics agency

By: African News Agency      11th December 2018 Employment in South Africa's formal non-agricultural sector fell by 0.2 percent or 16 000 jobs to 9.733-million in the third quarter compared with the previous three months, the national statistics agency said on Tuesday. The number however reflects a 0.2 percent or 17 000 increase over the same... 

 SA employment down 0.2 pct in Q3 – statistics agency

National Treasury introduces Bill to govern conduct of financial institutions

By: African News Agency      11th December 2018 The National Treasury on Tuesday announced the publication of a bill that aims to strengthen the regulation of how the financial services industry treats consumers. The Conduct of Financial Institutions (COFI) Bill is a follow up to the Financial Sector Regulation (FSR) Act of 2017, which... 

South Africa's manufacturing output jumps, boosting rand 

By: Reuters     11th December 2018 South Africa's manufacturing output rose more than expected in October to its highest level since June 2016, data showed on Tuesday, lifting the rand as the economy showed further signs of recovering from recession. Africa's most industrialised economy slipped into recession after contractions in... 

South Africa's manufacturing output jumps, boosting rand

No load shedding scheduled for Tuesday but risk remains high, says Eskom

By: African News Agency      11th December 2018 Power utility Eskom said on Tuesday that it will not implement Stage 1 rotational load shedding from 9am as usual, but warned that the electricity system remains tight and the risk of load shedding still remained high should power station units fail to return as planned. Eskom had said on Monday... 

No load shedding scheduled for Tuesday but risk remains high, says Eskom

Mashaba seeks to reignite entrepreneurship, address infrastructure challenges 

By: Marleny Arnoldi     10th December 2018 Johannesburg Mayor Herman Mashaba on Monday said the mayoral committee has approved another 100 buildings to be released for private sector development, as part of the metro’s inner city development programme. Following this, national government will give its stamp of approval and the... 

Mashaba seeks to reignite entrepreneurship, address infrastructure challenges
Johannesburg Mayor Herman Mashaba discusses city shortfalls. Video and editing: Nicholas Boyd

Bloodhound supersonic car project halted

By: Tasneem Bulbulia     10th December 2018 Project Bloodhound, the initiative to break the land-speed world record, has been halted, owing to a lack of funds, BBC News and other media reported at the weekend. Engineering News in October reported that Bloodhound Programme, the UK company behind the project, had entered into administration,... 

Egypt aims to kickstart African trade as it takes AU chair

By: Reuters     10th December 2018 Egypt is promoting itself as a linchpin for intra-African trade and a model of economic reform as it prepares to chair the African Union in 2019. The country hosted a high-level business forum on Saturday and Sunday in the Red Sea resort of Sharm el-Sheikh that will be followed by an... 

South Africa's key economic, political risk events in 2019  

By: Bloomberg     10th December 2018 In 2018, South Africa got a new president, two new finance ministers and slumped into a recession. Next year may be even more bumpy. Here’s a look at the key economic and political risk factors to watch out for in 2019: 

Eskom says no load shedding scheduled for Monday, but risk remains high

By: African News Agency      10th December 2018 Power utility Eskom said on Monday that it will not implement Stage 1 rotational load shedding from 9am as usual, but warned that the electricity system remains tight and the risk of load shedding still remained high should power station units fail to return as planned. The troubled power utility... 

Eskom says no load shedding scheduled for Monday, but risk remains high

National minimum wage of R20 an hour to take effect on Jan 1

By: African News Agency      7th December 2018 The national minimum wage will kick in on January 1, meaning no South African worker will earn less than R20 an hour in the new year, President Cyril Ramaphosa announced on Friday. "We are here to declare that from 1 January 2019 the national minimum wage shall be introduced. No worker in South... 

National minimum wage of R20 an hour to take effect on Jan 1
President Cyril Ramaphosa

Comments received for proposals to reform key interests rate

By: Tasneem Bulbulia     7th December 2018 The South African Reserve Bank’s (SARB’s) initial assessment of the comments received on the proposals for the reform of key interest rate benchmarks used in South Africa is that there is broad-based in-principle support for the recommended reforms. This follows after the SARB in August embarked... 

Radebe denies allegations of corruption regarding his Necsa actions

By: Rebecca Campbell     7th December 2018 Energy Minister Jeff Radebe has emphatically denied imputations that his dismissal of the previous board of the South African Nuclear Energy Corporation (Necsa) was motivated by a desire for personal enrichment. These allegations were "complete balderdash" he told a media briefing held in... 

Previous Necsa board inept, defiant – Radebe 

By: Rebecca Campbell     7th December 2018 Energy Minister Jeff Radebe has made most serious allegations against the previous and recently dismissed board of the State-owned South African Nuclear Energy Corporation (Necsa). He was briefing the media, in Pretoria, on Friday. He accused the previous board members of failing to properly and... 

Previous Necsa board inept, defiant – Radebe
Photo by Bloomberg
Energy Minister Jeff Radebe

South Africa axes state nuclear firm Necsa's board

By: Reuters     7th December 2018 South African Energy Minister Jeff Radebe said on Friday that the government had replaced the entire board of directors of State-run nuclear firm Necsa and suspended its chief executive over problems with how it was governed. The previous Necsa board included prominent backers of plans to expand... 

South Africa axes state nuclear firm Necsa's board
Energy Minister Jeff Radebe
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