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Economy News

Denel explores new growth opportunities in the Middle East, North Africa

By: African News Agency      Updated 12 minutes ago State arms company Denel said on Monday it was attending a major global defence exhibition in Abu Dhabi this week to explore new growth opportunities for business in the Middle East and North Africa. Denel said its innovative products and systems would form the centrepiece of the South African... 

President Ramaphosa 'urgently' looking into e-tolls, says Makhura

By: African News Agency      Updated 1 hour 58 minutes ago Gauteng Premier David Makhura on Monday again assured residents in the province that the unwanted e-tolling system was receiving attention from national government. "While the user-pay principle is not in question, there is clear recognition that urban tolling increases the cost of living and is... 

 President Ramaphosa 'urgently' looking into e-tolls, says Makhura

Black farmers urge Mboweni not to hike excise taxes

By: African News Agency      Updated 2 hours 14 minutes ago The recently launched Black Tobacco Farmers Association (BTFA) on Monday called for government to keep excise taxes at their current level as finance minister Tito Mboweni readies to table his maiden Budget this week.  BTFA said their call to action was inspired by the SA Revenue Service's (Sars)... 

Black farmers urge Mboweni not to hike excise taxes
Finance Minister Tito Mboweni

Makhura envisages Gauteng as a 'single, multitier, mega-SEZ'

By: Natasha Odendaal     Updated 2 hours 16 minutes ago As Gauteng Premier David Makhura delivered his last State of the Province Address, on Monday, he envisaged a future wherein Gauteng would grow into a single, multitier, mega-special economic zone (SEZ). Addressing the province, he said South Africa’s most populous province should be raised one... 

SAA not splitting up, but plans to change operating model – spokesperson

By: News24Wire      Updated 2 hours 16 minutes ago State-owned airline South African Airways (SAA) will not be broken up into three separate entities, but does plan to change its operating model, according to SAA spokesperson Tlali Tlali.  Tlali was responding to a news headline stating CEO Vuyani Jarana said on Monday the cash-strapped airline... 

 SAA not splitting up, but plans to change operating model – spokesperson

SAA to reorganise in turnaround drive

By: Reuters     Updated 3 hours ago Struggling State-owned airline, South African Airways (SAA) will reorganise into three business units as part of a revamp plan that could also involve the partial sale of its catering unit, its chief executive officer said on Monday. Vuyani Jarana said during a briefing that South African Airways... 

SAA to reorganise in turnaround drive

Bosasa files for voluntary liquidation

By: African News Agency      Updated 4 hours ago African Global Operations, formerly Bosasa Operations, on Monday announced that its group of companies were filing for voluntary liquidation following the closure of bank accounts and this would lead to 4 500 job losses. "It is with deep regret that the board of directors announces the closure of... 

 Bosasa files for voluntary liquidation
Former Bosasa COO Angelo Agrizzi

Gordhan’s IPP renegotiation proposal triggers ‘breach of contract’ warnings 

By: Terence Creamer     15th February 2019 A report indicating that the South African government may seek to renegotiate power purchase agreements (PPAs) concluded with independent power producers (IPPs) in 2011 and 2012 is raising alarm bells within the industry, which is still recovering from a protracted period of uncertainty created... 

Gordhan’s IPP renegotiation proposal triggers ‘breach of contract’ warnings

Icasa boss sentenced to 20 years in prison for fraud, money laundering 

By: News24Wire      15th February 2019 Independent Communications Authority of South Africa (Icasa) chairperson Rubben Mohlaloga has been sentenced to 20 years in prison for fraud and money laundering. Mohlalonga was sentenced - alongside former acting head of the Land Bank Philemon Mohlahlane and attorney Dinga Rammy Nkwashu - on... 

Icasa boss sentenced to 20 years in prison for fraud, money laundering
Icasa chairperson Rubben Mohlaloga

Eskom’s operational and financial crisis 

15th February 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the operational and financial crisis facing Eskom, the immediate priorities for overcoming the crisis and what impact the proposed unbundling of Eskom is likely to have on the utility in the short term. 

Eskom’s operational and financial crisis
Eskom’s operational and financial crisis. Camerawork and Editing: Creamer Media's Nicholas Boyd.

Load-shedding 'not likely' on Friday – Eskom

By: African News Agency      15th February 2019 Eskom was not likely to implement load shedding on Friday, the power utility said. "Due to further improvement in generation performance and the notable strides made in replenishing water and diesel reserves, Eskom is not likely to implement load shedding on Friday. We thank South Africans and... 

Load-shedding 'not likely' on Friday – Eskom

The UK signs trade continuity agreement with five African countries as Brexit nears

By: Rebecca Campbell     15th February 2019 At the end of last month the UK signed a trade continuity agreement with countries from Eastern and Southern Africa. The countries concerned are the Comoros, Madagascar, Mauritius, Seychelles and Zimbabwe. These countries had, in 2009, signed an Economic Partnership Agreement (EPA) with the... 

Cesa optimistic after president’s address

By: Halima Frost     15th February 2019 The 2019 presidential address of industry body Consulting Engineers South Africa (Cesa) president Neresh Pather, which he delivered with cautious optimism, calling for a transparent drive for the betterment of the sector, sent out a strong message about the future of the civil engineering and... 

Cesa optimistic after president’s address
NERESH PATHER Procurement policies need to be formulated to embrace the long-term needs of projects

Equatorial Guinea praised for improved business environment

15th February 2019 Continental industry association the African Energy Chamber welcomes the improvement of Equatorial Guinea’s business environment through the establishment of an all inclusive model for setting up businesses in the country. “The implementation of Equatorial Guinea’s one-stop shop allows companies... 

Equatorial Guinea  praised for improved  business environment
Photo by Bloomberg
OBIANG NGUEMA MBASOGO Obiang Nguema Mbasogo has been personally advocating for stronger reforms to Equatorial Guinea’s business environment over the past few years

Cryptocurrency trader welcomes SARB policy approach

By: Schalk Burger     15th February 2019 Local cryptocurrency trading platform Luno country manager Marius Reitz praises the South African Reserve Bank’s (SARB’s) approach to developing a regulatory response to cryptoassets in South Africa, which aims to protect cryptocurrency users and support the growth and development of the... 

Cryptocurrency trader welcomes SARB policy approach
MARIUS REITZ The regulations aim to ensure that the platforms are safe for people to use and combat illicit capital flows

Sanral, Nafbi sign MoU to develop small contractors, accelerate BEE implementation

By: Simone Liedtke     14th February 2019 State-owned South African National Roads Agency Limited (Sanral) and nongovernmental organisation, the National African Federated Building Industry (Nafbi), on Thursday signed a memorandum of understanding (MoU) aimed at developing small contractors within the South African construction industry.... 

Sanral, Nafbi sign MoU to develop small contractors, accelerate BEE implementation
Photo by Simone Liedtke
Sanral CEO Skhumbuzo Macozoma (left) and Nafbi president Aubrey Tshalata (right) during the signing of the MoU agreement on Thursday

Ramaphosa sets up cabinet committee to manage Eskom daily

By: African News Agency      14th February 2019 President Cyril Ramaphosa said a special cabinet task team has been established to deal with the Eskom crisis and provide him with reports daily on the State of the power grid and "what actions need to be taken to ensure energy supply". Responding to the debate on the State of the nation address,... 

Ramaphosa sets up cabinet committee to manage Eskom daily
President Cyril Ramaphosa

Ramaphosa promises to correct lack of consultation with labour on Eskom unbundling 

By: Terence Creamer     14th February 2019 President Cyril Ramaphosa acknowledged on Thursday that there had been insufficient consultation with labour on government’s plan to unbundle Eskom into three separate companies, but he also stressed that the proposed restructuring would not result in privatisation. In his response to the debate... 

Ramaphosa promises to correct lack of consultation with labour on Eskom unbundling
President Cyril Ramaphosa

Ramaphosa rules out any privatisation of Eskom

By: African News Agency      14th February 2019 President Cyril Ramaphosa on Thursday emphatically ruled out privatising any part of Eskom as government moves to split the struggling power utility into three separate entities. In reply to the parliamentary debate on his state of the nation address, Ramaphosa urged critics of the plan to... 

Ramaphosa rules out any privatisation of Eskom
President Cyril Ramaphosa

Luxembourg Protocol can save South Africa billions – Rail Working Group

By: Natasha Odendaal     14th February 2019 The adoption of the Luxembourg Rail Protocol to the Cape Town Convention on International Interests in Mobile Equipment is expected to be a game changer for South Africa, said Rail Working Group chairperson Howard Rosen on Thursday. The treaty, which is expected to enter into force late in 2019,... 

NUM seethes over lack of consultation on Eskom unbundling 

By: Terence Creamer     14th February 2019 The National Union of Mineworkers (NUM) has expressed deep unhappiness with the decision of President Cyril Ramaphosa to announce the unbundling of Eskom in the absence of any prior consultation with the union, which is a formal ally of the governing African National Congress (ANC). The union,... 

NUM seethes over lack of consultation on Eskom unbundling
NUM president Joseph Montisetse (left) listens while his general-secretary David Sipunzi speaks during a media conference

SA infrastructure think tank slams Eskom's hiring of foreign engineers

By: African News Agency      14th February 2019 The Infrastructure Research Development Centre (IRDC) said on Thursday it opposed the government's decision to bring in external engineers to investigate the crisis at State utility Eskom's power stations. Public enterprises minister Pravin Gordhan on Wednesday told Parliament that a panel of... 

SA infrastructure think tank slams Eskom's hiring of foreign engineers

What the Competition Amendment Bill means for the economy

By: African News Agency      14th February 2019 Cape Town-based intellectual property law Adams and Adams Attorneys on Thursday welcomed the signing of the Competition Amendment Bill into law by President Cyril Ramaphosa.  Ramaphosa on Wednesday signed the Competition Amendment Bill into law which he said will be a boost for SMEs and economic... 

What the Competition Amendment Bill means for the economy
President Cyril Ramaphosa

Mboweni to trim deficit forecast on growth hopes

By: Reuters     14th February 2019 South Africa's Treasury head Tito Mboweni is likely to appease rating agencies and squeeze a tenth of a percentage point off his previous budget deficit forecast for next financial year, a Reuters poll showed on Thursday. The poll taken in the past week suggests Mboweni will announce a deficit... 

Mboweni to trim deficit forecast on growth hopes
Photo by Reuters
Finance Minister Tito Mboweni

Rand breaches $14 as Eskom sours outlook

By: Reuters     14th February 2019 South Africa's rand weakened past 14 per dollar on Thursday as power utility Eskom entered a fifth straight day of blackouts that have discouraged investors over the economy, days before the annual budget. At 0630 GMT, the rand was up 0.2% to 14.0425 per dollar, halting a slide that has seen the... 

Rand breaches $14 as Eskom sours outlook

2019 Budget will present South Africa with ‘a path of hope’ – PwC 

By: Simone Liedtke     13th February 2019 With Finance Minister Tito Mboweni scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20, expectations are high as the country waits to hear how he plans to balance competing expenditure priorities to stimulate economic growth, in spite of fiscal consolidation measures. In the... 

2019 Budget will present South Africa with ‘a path of hope’ – PwC
Finance Minister Tito Mboweni is scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences 

By: Terence Creamer     13th February 2019 Amid confirmation that Eskom is technically insolvent and will require a capital injection by April to remain a going concern, a leading economist is cautioning against the proposed transfer of R100-billion of the utility’s debt to government’s balance sheet. Instead, Standard Bank chief... 

Shifting R100bn in Eskom debt to government will have ‘dire’ economic consequences
Photo by Creamer Media
Standard Bank chief economist Goolam Ballim

Load shedding: This is an emergency – Gordhan 

By: News24Wire      13th February 2019 No one could have anticipated the return of load shedding four days ago, Public Enterprises Minister Pravin Gordhan has said, referring to the present state of Eskom as an "emergency". The minister was briefing the portfolio committee on public enterprises on Wednesday about the crisis at Eskom. 

 Load shedding: This is an emergency – Gordhan
Photo by Reuters
Public Enterprises Minister Pravin Gordhan

Gordhan: Those responsible for Eskom's failures may soon be in 'orange uniforms'

By: News24Wire      13th February 2019 Public Enterprises Minister Pravin Gordhan has said that government plans to hold those responsible for Eskom's failures to account. Gordhan said there would be litigation against those responsible for the poor design of Medupi and also suggested that, in terms of corruption, some people might... 

 Gordhan: Those responsible for Eskom's failures may soon be in 'orange uniforms'
Photo by Creamer Media's Dylan Slater
Public Enterprises Minister Pravin Gordhan

Eskom 'technically insolvent', won't last beyond April 2019 – committee hears

By: News24Wire      13th February 2019 Eskom is "technically insolvent" and will cease to exist at the current trajectory by April 2019, the portfolio committee on public enterprises heard. The department of public enterprises (DPE) briefed members of the portfolio committee on public enterprises on Wednesday, where the issues at... 

Eskom 'technically insolvent', won't last beyond April 2019 – committee hears

Eskom and the multi-billion rand mega projects that could have saved SA 

By: News24Wire      13th February 2019 Corruption and State capture are major reasons why coal plants Medupi and Kusile are not delivering electricity as planned and why South Africa is facing crippling blackouts, say energy experts. Kusile and Medupi, the third and fourth largest coal power plants in the world, were originally due to... 

 Eskom and the multi-billion rand mega projects that could have saved SA

South Africa's biggest labour group embarks on nationwide strike

By: Bloomberg     13th February 2019 South Africa’s biggest labor federation will embark on a nationwide protest on Wednesday that will keep teachers, policemen, miners and workers at embattled power utility Eskom away from their posts amid a fourth day of rolling blackouts. The National Union of Mineworkers -- an affiliate of the... 

Eskom to implement Stage 3 load shedding

By: African News Agency      13th February 2019 Eskom will implement Stage 3 load shedding on Wednesday from 8am to 11pm as a result of a shortage of capacity, the power utility said. The shortage was a result of a number of generating units that are out of service due to breakdowns, it said. 

Eskom to implement Stage 3 load shedding

Global acclaim for South Africa’s heart transplant commemorative coin

By: Simone Liedtke     12th February 2019 The South African Mint’s R2 commemorative coin depicting the world’s first successful human-to-human heart transplant received an accolade at this year’s Coin of the Year (COTY), held earlier this month in Berlin, Germany. The sterling silver Crown coin was the second in a series of coins... 

Global acclaim for South Africa’s heart transplant commemorative coin

Marginal decrease in South Africa’s unemployment rate

By: Tasneem Bulbulia     12th February 2019 South Africa’s official unemployment rate decreased marginally by 0.4 of a percentage point to 27.1% in the final three months of 2018, Statistics South Africa (Stats SA) reported on Tuesday. The Quarterly Labour Force Survey (QLFS) indicates the number of employed people increased by 149 000 to... 

Minister withdraws telecoms amendment Bill

By: Simone Liedtke     12th February 2019 Communications Minister Stella Ndabeni-Abrahams has withdrawn the Electronic Communications Amendment Bill, which was tabled before Parliament in October last year. This decision, she explained in a statement on Tuesday, would enable further consultations and to align the Bill with the drive... 

Battle lines drawn as opposition parties contest Ramaphosa’s Eskom unbundling plan  

By: Terence Creamer     12th February 2019 The future structure of South Africa’s debt-laden electricity producer Eskom emerged as the central topic during the debate on President Cyril Ramaphosa’s February 7 State of the Nation Address (SONA), in which he announced that the utility would be split, under Eskom Holdings, into three... 

Battle lines drawn as opposition parties contest Ramaphosa’s Eskom unbundling plan
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