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Economy News

Myeni approached PIC for R6bn for SAA – reports

By: African News Agency      25th September 2017 Controversial South African Airways (SAA) board chairwoman Dudu Myeni appears to be involved in the “planned raid on pensioners’ money” to prop up SAA and other bankrupt state-owned enterprises (SoEs), the Democratic Alliance said on Sunday. The DA had noted the media report that Dudu Myeni had... 

Gigaba denies Treasury looking at PIC to bail out struggling SOEs

By: African News Agency      25th September 2017 Finance Minister Malusi Gigaba on Monday, rubbished claims that he would use funds from the Public Investment Corporation (PIC) to bail out South Africa’s failing state-owned enterprises. Responding to reports last week that Treasury was looking to tap into the PIC, which manages public service... 

Gigaba denies Treasury looking at PIC to bail out struggling SOEs
Photo by Duane Daws
Finance Minister Malusi Gigaba

South African nuclear achievement crowned by US award

By: Keith Campbell     22nd September 2017 South African company NTP Radioisotopes (NTP), a subsidiary of the State-owned South African Nuclear Energy Corporation, has been presented with an Award for Outstanding Achievement by the US National Nuclear Security Administration (NNSA), an agency of the US Department of Energy (DoE), the two... 

South African nuclear achievement crowned by US award
Photo by Necsa
NTP Group Executive for Operations Gavin Ball

Gigaba calls for criminal probe into KPMG

By: Reuters     22nd September 2017 South African law enforcement agencies should investigate KPMG after the global auditor sacked its top management over work done for business friends of President Jacob Zuma, Finance Minister Malusi Gigaba said on Friday. KPMG dismissed its South African division's top management last week... 

Lower ARV price to benefit S Africa, increase recipient numbers

By: Sashnee Moodley     22nd September 2017 A new antiretroviral (ARV) pricing agreement reached by the South African government, international organisations and agencies will ensure that more people will have access to treatment, while saving South Africa nearly R12-billion over the next six years. A statement released by the Department... 

Lower ARV price to benefit S Africa, increase recipient numbers

KPMG booted off Business Leadership SA

By: News24Wire      22nd September 2017 The Board of Business Leadership South Africa (BLSA) has decided to suspend the membership of KPMG SA pending the outcome of an independent investigation into the organisation’s involvement in conduct related to “state capture” in South Africa. This follows a process of engagement with KPMG,... 

KPMG booted off Business Leadership SA

Gigaba says SAA's Myeni's contract is legal

By: News24Wire      22nd September 2017 Finance Minister Malusi Gigaba has told parliament’s standing committee on finance that South African Airways (SAA) chairperson Dudu Myeni’s extended contract is legal. This after the Companies and Intellectual Property Commission (CIPC) said her extended tenure in September was illegal according... 

 Gigaba says SAA's Myeni's contract is legal
Photo by Bloomberg
Finance Minister Malusi Gigaba

Toxic environment to galvanise opposition as Eskom seeks 19.9% hike  

     22nd September 2017 Creamer Media’s Samantha Herbst talks to Engineering News editor Terence Creamer about what can be expected from Eskom’s application for a 19.9% tariff hike. 

Toxic environment to galvanise opposition as Eskom seeks 19.9% hike
A look into Eskom’s double-digit tariff hike application

Gordhan, Jonas meet KPMG International on State capture

By: African News Agency      22nd September 2017 Former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas met with a delegation from auditing firm KPMG International on Thursday. The meeting was attended by KPMG International chairperson, John Veihmeyer, as well as newly appointed CEO for KPMG South Africa, Nhlamu Dlomu. 

Big room for improvement in payment of suppliers by government

By: Mia Breytenbach     22nd September 2017 While Minister in the Presidency for Planning, Performance, Monitoring, Evaluation and Administration Jeff Radebe’s commented last month that the time taken by government to pay suppliers is improving, small business representative organisation AHI has identified areas where there is room for... 

Big room for improvement in payment of suppliers by government
Photo by Bloomberg
ROOM FOR IMPROVEMENT There still remain outstanding and unpaid invoices of up to R5.3-billion

Intercontinental alignment agrees to increased economic cooperation

By: Keith Campbell     22nd September 2017 The five member countries of the Brics alignment – Brazil, Russia, India, China and South Africa – are to strengthen trade and investment between themselves. This was affirmed in the “Xiamen Declaration” issued during the IX Brics Summit in the southeastern Chinese coastal city of Xiamen. The... 

Legal framework offers model for enhancing transboundary infrastructure investment

By: Mia Breytenbach     22nd September 2017 The United Nations Economic Commission for Africa (Uneca) has unveiled the Model Law that provides a framework for the harmonisation of cross-border rules, regulations, laws and policies governing transboundary infrastructure projects in Africa. The Model Law was unveiled at the yearly Nigerian... 

Legal framework offers model for enhancing  transboundary infrastructure investment
Photo by Duane Daws
PAVING THE WAY The Model Law may aid in additional efficiency, transparency and accountability with regard to public and private sector engagement in transboundary infrastructure

Necsa plans to restart nuclear pebble-fuel production

By: Keith Campbell     22nd September 2017 The South African Nuclear Energy Corporation (Necsa) is reactivating its ability to manufacture nuclear pebble fuel, originally created to support South Africa's Pebble Bed Modular Reactor (PBMR) programme. The corporation is also looking for a strategic equity partner for its speciality... 

BER finds CPI expectations unchanged

By: Natasha Odendaal     21st September 2017 The average consumer price index (CPI) inflation expectations for 2018 remain unchanged at 5.8% in the third quarter, according to the Bureau for Economic Research (BER). The bureau’s Inflation Expectations Survey shows that analysts and businesspeople have lowered their forecasts; however, trade... 

Gauteng govt to launch six megahousing projects in Ekurhuleni in the next 5 years

By: Anine Kilian     21st September 2017 In a move to address the housing backlog across Gauteng, the provincial government will launch two new megahousing projects a month from now until February 2018, revealed Gauteng Human Settlements MEC Paul Mashatile. Speaking at the 2017 National Human Settlements Development Summit, in... 

Gauteng govt to launch six megahousing projects in Ekurhuleni in the next 5 years
Gauteng Human Settlements MEC Paul Mashatile

Eskom not generating enough cash to cover interest on debt – report

By: Terence Creamer     21st September 2017 A new report analysing Eskom’s financial position warns that the State-owned utility is simply not generating enough cash through operations and electricity sales to cover the interest on its borrowings, which will peak at around R500-billion in the coming three years. However, it also argues... 

Eskom not generating enough cash to cover interest on debt – report

SARB keeps key rate at 6.75%, against expectations

By: Reuters     21st September 2017 The South African Reserve Bank (SARB) kept its benchmark repo rate at 6.75% on Thursday, defying market expectations that had predicted a loosening of policy due to easing inflation pressures. Seventeen of 26 economists polled by Reuters had predicted a 25 basis point cut. One had forecast a 50... 

Outa moves to freeze Gupta mines’ rehabilitation trust fund accounts

By: Creamer Media Reporter      21st September 2017 The Organisation Undoing Tax Abuse (Outa) plans to bring about an urgent interdict against the Bank of Baroda to freeze the R1.75-billion held in the Gupta-owned Optimum and Koornfontein coal mines’ rehabilitation trust fund accounts. The group on Thursday said in a statement that the interdict... 

Ramaphosa leads SA delegation to London to bid for 2023 Rugby World Cup

By: Sashnee Moodley     21st September 2017 As part of South Africa’s bid to host the Rugby World Cup 2023 tournament, Deputy President Cyril Ramaphosa and a high-level delegation will make their way to London on Sunday to make a presentation to the World Rugby Council.   The delegation will consist of Sport and Recreation Minister Thulas... 

Ramaphosa leads SA delegation to London to bid for 2023 Rugby World Cup
Deputy President Cyril Ramaphosa

Brown receives outstanding information on Eskom’s relationship with Gupta-linked Trillian

By: African News Agency      20th September 2017 Public Enterprises Minister Lynne Brown has received answers from Eskom to outstanding questions about its relationship with Trillian, a Gupta-linked company, her office said on Wednesday. “Minister Brown last night received Eskom’s responses to her queries. She noted  progress and Eskom will... 

More British funds for trade with South Africa and renewed bilateral commitment to post-Brexit trade

By: Keith Campbell     20th September 2017 British International Trade Secretary (equivalent to Minister in South Africa) Dr Liam Fox announced in Pretoria on Wednesday that his country’s export credit agency, UK Export Finance, has increased the funds available to South African enterprises buying British goods and to British companies... 

More British funds for trade with South Africa and renewed bilateral commitment to post-Brexit trade
Photo by Department of Trade and Industry
Dr Liam Fox (left) and Dr Rob Davies (right) outside the InvestSA One-Stop Shop in Pretoria

‘Rebasing’ for lower Eskom sales to trigger 9.4% hike even before any revenue adjustment 

By: Terence Creamer     20th September 2017 State-owned electricity utility Eskom has sounded that warning that, even if its allowable revenue is not increased at all for the 2018/19 year, tariffs will still need to rise by 9.4% simply to accommodate a “rebasing” electricity sales volumes when compared with those approved in the third... 

‘Rebasing’ for lower Eskom sales to trigger 9.4% hike even before any revenue adjustment

Two more firms fire KPMG as corporate South Africa weighs links with auditor

By: Reuters     19th September 2017 A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial companies... 

Cybercrime becoming a major threat in South Africa

By: Anine Kilian     19th September 2017 The US Federal Bureau of Investigation has ranked South Africa sixth and seventh on the cybercrime predator list, which means that there is an increasing amount of fraud being perpetrated from the country, says computer forensics company Cyanre CEO Danny Myburgh. Speaking at the ninth Chartered... 

Cybercrime becoming a major threat in South Africa

Imbalance in South African society driven by spatial inequality  

By: Anine Kilian     19th September 2017 South Africa is fast approaching a perfect inequality rating on the Gini coefficient, University of the Witwatersrand School of Governance head Professor David Everatt said at the ninth Chartered Secretaries Southern Africa Corporate Governance conference, in Johannesburg, on Tuesday. The Gini... 

Corruption rampant in South Africa – Corruption Watch

By: Anine Kilian     19th September 2017 There is a multiplicity of factors that drive corruption in both public and private institutions throughout South Africa, nongovernmental organisation Corruption Watch chairperson Mavuso Msimang said on Tuesday. Addressing delegates at the ninth Chartered Secretaries Southern Africa Corporate... 

Building prospects in doldrums despite slight confidence uptick

By: News24Wire      19th September 2017 Sixty percent of respondents in a recent survey indicated that they are not happy with current business conditions. After declining by 11 points in the second quarter of 2017, the FNB/BER Building Confidence Index improved by 3 index points to 35 in the third quarter of the year. The uptick was... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance 

By: Terence Creamer     19th September 2017 The World Bank’s tenth and latest South Africa Economic Update points to serious weaknesses in the area of domestic innovation, which it says lies at the heart of a worrying divergence in the country’s productivity performance when compared with both advanced economies and the country’s Brics... 

World Bank blames lack of innovation for South Africa’s dismal productivity performance
Photo by Duane Daws
World Bank program leader Sebastien Dessus

Big fall in DBSA disbursements partly attributed to renewables stand-off 

By: Terence Creamer     19th September 2017 The Development Bank of Southern Africa (DBSA) recorded a sharp fall in disbursements to R12.4-billion in 2017, from a record R17.1-billion in 2016, but has promised to "step up" its role as a catalyst of development in 2018, setting a R20-billion disbursement target for the year. The development... 

Big fall in DBSA disbursements partly attributed to renewables stand-off
DBSA CEO Patrick Dlamini and Finance Minister Malusi Gigaba on the fall in disbursements in 2017 and plans for a 'step up' in future. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 20.9.2017

Compliance programmes, officers key to upholding organisational strategy

By: Anine Kilian     19th September 2017 A company’s compliance programme should be tailored to the organisation’s strategy, says Sasol chief compliance and ethics officer Dr Yondela Ndema. Discussing compliance strategy and corporate culture at the ninth Chartered Secretaries Southern Africa Corporate Governance conference, in... 

South Africa leads AU trade ministers in discussions on WTO issues

By: African News Agency      19th September 2017 South Africa’s Minister of Trade and Industry Dr Rob Davies and Deputy Minister Bulelani Magwanishe have returned from Ethiopia where they attended the Informal Meeting of African Union Ministers of Trade on World Trade Organisation (WTO). The meeting took place at the African Union Headquarters... 

Good corporate governance key to fighting corruption

By: Anine Kilian     18th September 2017 Poor corporate governance at State-owned enterprises (SoEs) has become endemic, Chartered Secretaries Southern Africa (CSSA) CEO Stephen Sadie said on Monday. He told delegates at the ninth CSSA Premier Corporate Governance conference, in Johannesburg, that good governance at public sector... 

Good corporate governance key to fighting corruption
Chartered Secretaries Southern Africa CEO Stephen Sadie

Competition Commission welcomes merger filing fees increase, new merger threshold determination

By: Natasha Odendaal     18th September 2017 The Competition Commission on Monday lauded the planned increase in merger filing fees for intermediate and large mergers, as well as the new determination of merger thresholds, both effective October 1. This followed Economic Development Minister Ebrahim Patel’s gazetting of the amendments to... 

Airports company reports its most profitable year ever 

By: Keith Campbell     18th September 2017 Airports Company South Africa (Acsa) achieved a profit of R2-billion for the 2016/17 financial year, it was announced on Monday, up from R1.9-billion for the financial year 2015/16. “This is probably the best set of results we’ve presented in the history of the company,” affirmed CEO Bongani... 

Airports company reports its most profitable year ever
Photo by Duane Daws/Creamer Media
Terminal buildings at OR Tambo International Airport, from the runway side. (The aircraft is an Embraer ERJ-145 of SA Airlink)

Sars will fight KPMG on numerous fronts – Moyane 

By: African News Agency      18th September 2017 South African Revenue Service (Sars) Commissioner Tom Moyane on Monday announced a set of actions it is considering against KPMG, after the auditing firm withdrew its “rogue spy unit” report. “Sars has been completely taken aback by KPMG’s aberrant and unethical conduct. KPMG unilaterally... 

Sars will fight KPMG on numerous fronts – Moyane
Photo by Duane Daws
Sars Commissioner Tom Moyane

South Africa tax agency wants parliament to probe KPMG

By: Reuters     18th September 2017 South Africa's revenue service will ask Parliament to investigate global auditor KPMG for its "immoral conduct" in releasing details of a confidential report it produced for the tax agency, commissioner Tom Moyane said on Monday. KPMG cleared out its South African leadership en masse on Friday... 

International auditing body also probing KPMG over Sars report

By: African News Agency      18th September 2017 The Independent Regulatory Board for Auditors (IRBA) said on Monday that it had noted that KPMG had taken steps to enforce accountability relating to its controversial South African Revenue Service (Sars) report, but added that it would continue with its own independent investigation. Last week... 

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