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Economy News

Cities are ‘future hope’ for construction, infrastructure project spend

By: Mia Breytenbach     Updated 44 minutes ago The most significant new space and area of “future hope” for construction and infrastructure projects, not just in South Africa, but Africa more broadly, will be cities, provided that local government can focus on effective infrastructure delivery procurement processes, says professional services... 

Design students’ graduation aligned with Gauteng’s jewellery manufacturing ambitions

By: Dylan Slater     Updated 44 minutes ago Graduates of Germiston-based commercial jewellery design school Design@50 were honoured during a formal ceremony in May.  

Design students’ graduation aligned with Gauteng’s jewellery manufacturing ambitions
STUDENT DESIGN The Design@50 studio assists jewellery designers in attaining the required skillset to enter the industry

Import prices on steel not the best solution

By: Robyn Wilkinson     Updated 44 minutes ago International trade credit insurer Coface credit analyst Kyle Mason says that government would do better to provide benefits to local entities using locally-produced steel than to further impose import and anti-dumping tariffs. 

Import prices on steel not the best solution
KYLE MASON Incentives and rebates would better encourage support of local steel producers

Industry top performers celebrated amid challenging times

     Updated 44 minutes ago The Steel and Engineering Industries Federation of Southern Africa (Seifsa) announced the winners of its second Annual Awards for Excellence at a breakfast that took place before the commencement of the second day of the Southern African Metals and Engineering Indaba, which was held in Sandton in... 

Industry top performers celebrated amid challenging times
HENK LANGENHOVEN Viability of the South African steel industry remains under pressure

Russia seeks to promote intra-Brics investment, economic development

By: Keith Campbell     Updated 44 minutes ago Russia is proposing a number of potential trade, investment and economic development projects within the framework of the Brazil, Russia, India, China and South Africa (Brics) alignment. These cover a wide range of sectors, including energy, water resources, mining and mining equipment, the... 

South Africa must find ways to leverage trade policy to support small firms

By: Mia Breytenbach     Updated 44 minutes ago South Africa has to find ways of ensuring that small businesses participate actively in the global market, through not only export facilitation, trade exhibitions and market access opportunities obtained through preferential market opportunities but also through joint ventures (JVs), foreign... 

South Africa must find ways to leverage trade policy  to support small firms
Photo by Duane Daws
LINDIWE ZULU South Africa’s trade policy intends to take advantage of Africa’s improved growth prospects by increasing exports of goods and services to the region

M&A activity under threat from Brexit fallout

By: Anine Kilian     Updated 7 hours ago The shockwaves that have rippled through global markets following the UK’s decision to exit the European Union are likely to contaminate corporate activity which, in 2015, had amounted to more than $3.8-trillion globally, according to business advisory firm Grant Thornton.   Even the prospect of... 

Eskom in surprise termination of Duvha contract talks

By: Terence Creamer     30th June 2016 State-owned electricity utility Eskom reported on Thursday that it had terminated contract negotiations for the rebuild portion of the Duvha Unit 3 boiler recovery project after the “supplier was unable to meet the conditions precedent to enable agreement on the contract”. Eskom did not name the... 

Eskom in surprise termination of Duvha contract talks

DoE ‘disturbed’ by SFF's disregard for governance processes in Chevron bid

By: Terence Creamer     30th June 2016 Department of Energy (DoE) director-general Thabane Zulu has slammed the announcement by the Strategic Fuel Fund (SFF) of its intention to bid for Chevron’s South African assets, saying the government is “disturbed at the complete disregard for governance processes by the entity in question”. On... 

DoE ‘disturbed’ by SFF's disregard for governance processes in Chevron bid

GE, Transnet explore use of digital technologies to boost locomotive performance

By: Terence Creamer     30th June 2016 Technology multinational GE reports that it is working with South Africa’s Transnet on ways to integrate its digital solutions into the locomotives it has already supplied, and is in the process of supplying, to the State-owned freight logistics group. The two companies are using GE’s newly... 

GE, Transnet explore use of digital technologies to boost locomotive performance
Photo by Duane Daws
GE South Africa CEO Thomas Konditi

South African regulator clears AB InBev, SABMiller merger with conditions

By: Reuters     30th June 2016 South Africa cleared Anheuser-Busch Inbev's $100-billion-plus deal to acquire SABMiller on Thursday, putting the world's largest brewer "on track" to complete the merger within the next six months. The Competition Tribunal, which gives the final word on mergers in Africa's most industrialised... 

South African regulator clears AB InBev, SABMiller merger with conditions

Makhura eyes Gauteng as heart of South Africa’s industrial revival

By: Natasha Odendaal     30th June 2016 Gauteng, and more specifically the City of Ekurhuleni, should be used as a base for South Africa’s reindustrialisation programmes and drive the unfolding fourth industrial revolution, Premier David Makhura has said. Ekurhuleni, South Africa’s oldest industrialised region, remained the... 

Makhura eyes Gauteng as heart of South Africa’s industrial revival
Photo by Duane Daws
Gauteng Premier David Makhura

Transnet pares back its capital investment plan 

     30th June 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Transnet’s slowing capital investment and the impact of this on the economy. 

Transnet pares back its capital investment plan

Proudly SA seeks new CEO as Leslie Sedibe's contract ends

By: News24Wire      30th June 2016 The future of Proudly South African CEO Leslie Sedibe at the organisation hangs in the balance after the board decided not to renew his contract, which comes to an end in August. News24 has seen the board's resolution which was taken on June 10 in Rosebank where the board was asked to review... 

More than half of BBBEE businesses found to be fronting  

By: Anine Kilian     29th June 2016 Seventy out of 109 surveyed broad-based black economic-empowerment (BBBEE) businesses have been found to be fronting and circumventing the BBBEE Codes of Good Practice, Department of Trade and Industry (DTI) head of strategy and advocacy for the Black Industrialists (BI) programme Nompumelelo... 

S Africa still reliant on coal, struggling to transition to low-carbon economy

By: Anine Kilian     29th June 2016 South Africa is the twelfth-greatest emitter of greenhouse gases (GHGs) in the world, as well as the biggest polluter on the African continent, according to German political foundation Friedrich Ebert Stiftung (FES) South Africa director Renate Tenbusch, speaking at a roundtable event on black... 

S Africa still reliant on coal, struggling to transition to low-carbon economy

TNPA luring private oil-services investors to Saldanha using ‘flexible’ terminal concessions  

By: Terence Creamer     29th June 2016 Freight logistics group Transnet is optimistic of receiving positive responses to a tender for the development of an offshore supply base (OSSB) for the oil and gas industry in Saldanha Bay, reporting that around 120 people attended a tender site briefing this week. A request for proposals (RFP)... 

TNPA luring private oil-services investors to Saldanha using ‘flexible’ terminal concessions
Artist impression of possible future oil and gas services infrastructure at Port of Saldanha

Salaries take up bulk of municipal costs 

By: News24Wire      29th June 2016 Over a quarter of municipal expenditure in the 2014-15 financial year went towards employee costs, according to the latest financial census of municipalities. Statistician general Pali Lehohla released the various financial statistics on municipalities in South Africa, including income sources... 

Salaries take up bulk of municipal costs
Statistician general Pali Lehohla

TFR to begin 14-day coal-line shutdown on July 11

By: Creamer Media Reporter      29th June 2016 State-owned railways utility Transnet Freight Rail (TFR) announced on Wednesday that it would begin a 14-day total shutdown of the coal export line on July 11. The yearly maintenance shutdown would continue until July 24. On average, 230 000 t/day is railed down the corridor, which links the... 

TFR to begin 14-day coal-line shutdown on July 11

Black Industrialists programme to unlock barriers in manufacturing sector 

By: Natasha Odendaal     29th June 2016 The Department of Trade and Industry’s (DTI’s) Black Industrialists (BI) programme would break down the barriers to entry for black-owned and -managed firms in South Africa’s manufacturing sector, acting chief director for the BI programme Takalani Tambani said on Wednesday. Addressing delegates... 

Black Industrialists programme to unlock barriers in manufacturing sector
Photo by Duane Daws
DTI acting BI programme chief director Takalani Tambani

Rand recovers further from oversold levels after Brexit

By: Reuters     29th June 2016 South Africa's rand clawed back further ground against the dollar on Wednesday, pulling back from recent oversold levels after a British vote to exit the European Union triggered a flight from risky assets. Government bonds also firmed, and the yield for the 2026 benchmark instrument fell 12.5... 

South Africa's slowing growth to be hit by Brexit – Reserve Bank governor

By: Reuters     29th June 2016 The governor of the South African Reserve Bank said on Tuesday that although the decision by Britain to exit the European Union would not cause a recession, already slowing economic growth would be hit. Speaking to Bloomberg TV in Portugal Lesetja Kganyago said: "We would not venture into a... 

South Africa's slowing growth to be hit by Brexit – Reserve Bank governor
Photo by Reuters
Reserve Bank governor Lesetja Kganyago

Govt deals with about 4 000 tenders daily – Brown

By: News24Wire      29th June 2016 Government deals with approximately 4 000 tenders each day and it’s impossible to know what’s happening with every single tender, according to chief procurement officer Kenneth Brown. Brown, who was part of a panel discussion on the progress made by the national procurement office, said South... 

Gauteng voices satisfaction with services, government in survey  

By: Sane Dhlamini     28th June 2016 The largest social attitudes survey ever conducted in Gauteng was launched on Tuesday at the University of Johannesburg, revealing the level of satisfaction and the concerns of 30 000 Gauteng residents from all municipalities. The Quality of Life Survey for 2015 was conducted between July 2015... 

Gauteng voices satisfaction with services, government in survey
Photo by Sane Dhlamini
Mondli Gungubele, Qedani Mahlangu, David Makhura, Parks Tau, Paul Mashatile, Mzi Khumalo and Rob Moore

TNPA to add container capacity at Durban harbour as it puts dig-out port on hold 

By: Terence Creamer     28th June 2016 Having pulled back from any immediate development of the so-called Durban Dig-Out Port (DDOP), Transnet National Ports Authority (TNPA) is moving ahead with two more modest projects to expand the container capacity at the Port of Durban. Transnet CEO Siyabonga Gama has indicated that the DDOP is... 

TNPA to add container capacity at Durban harbour as it puts dig-out port on hold

South Africa needs to increase value-added exports – Davies 

By: Natasha Odendaal     28th June 2016 Amid growing global economic uncertainty and volatility, it has become ever more imperative for South Africa to industrialise, diversify and break its dependence on exporting its raw resources. Even if the country faced a better economic climate, there was an urgent need to deal with the... 

South Africa needs to increase value-added exports – Davies
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Rand recovers after two days of Brexit volatility

By: Reuters     28th June 2016 South Africa's rand recovered its footing against the dollar on Tuesday after two days of volatile trading spurred by Britain's decision to leave the European Union. The stock market also got off to a firm start at 0700 GMT, with the Top-40 index adding 1.3%, while the All-share index was up 1%. 

Johannesburg among top cities for women entrepreneurs

By: News24Wire      28th June 2016 Johannesburg is among the top 25 cities in the world which fosters high potential women entrepreneurs, according to the latest 2016 Women Entrepreneur Cities Index (WE Cities). The index looks at a city’s ability to attract and foster growth in firms founded by women entrepreneurs. The findings... 

Transnet Engineering hands over passenger coaches to Botswana Railways

By: Samantha Herbst     27th June 2016 The engineering unit of State-owned freight logistics group Transnet on Monday released the last batch of passenger coaches to Botswana Railways at a handing-over ceremony in Salt River, Cape Town. This followed the initial staggered delivery of 22 coaches to the Botswana utility this year, which... 

Transnet Engineering hands over passenger coaches to Botswana Railways

Vandalised assets costing PRASA millions, raises concern over risk to new rolling stock

By: Natasha Odendaal     27th June 2016 The Passenger Rail Agency of South Africa (PRASA) on Monday said extensive, ongoing incidences of vandalism against, and theft of, its assets had severely impacted on services, threatened safety and cost the operator some R331-million it could ill afford to lose. The ongoing incidents of... 

Vandalised assets costing PRASA millions, raises concern over risk to new rolling stock
Photo by Duane Daws
PRASA acting CEO Nathi Khena

Call for investigation into alleged procurement irregularities at Eskom

By: Sane Dhlamini     27th June 2016 Nonprofit organisation Corruption Watch last week issued an urgent request to the National Treasury to investigate the manner in which State-owned power utility Eskom managed its contracts with existing suppliers and its general adherence to supply chain processes, including its vetting... 

Call for investigation into alleged procurement irregularities at Eskom
Photo by Duane Daws
Corruption Watch Director, David Lewis

Treasury says Zuma should pay R7.8m for upgrades to Nkandla 

By: Reuters     27th June 2016 National Treasury has found that President Jacob Zuma should pay R7.8 million for non-security upgrades to his private Nkandla home, a local talk radio station eported on Monday. The top court in Africa's most industrialised country in March ordered Zuma to pay back some of the R246-million of... 

Treasury says Zuma should pay R7.8m for upgrades to Nkandla
Photo by Duane Daws
President Jacob Zuma

South African CEOs bullish about future, but aware of challenges

By: Natasha Odendaal     27th June 2016 South African CEOs are relatively bullish about future prospects; however, local leaders shared a level of concern over various challenges, advisory firm KPMG’s latest Global CEO Outlook showed. Although confident of growth in their industries and companies over the next year, local CEOs’... 

Volatile rand dives over Brexit as Fed silver lining emerges

By: News24Wire      27th June 2016 The rand remained the worst performing emerging market currency on Monday, but an analyst said there is a silver lining for the local unit. It continued to show its volatile nature on Monday, after losses against the dollar swung between 2% and 8.5% on Friday. 

Volatile rand dives over Brexit as Fed silver lining emerges

Businesses are experiencing uncertainty – Gordhan

By: News24Wire      27th June 2016 Finance Minister Pravin Gordhan said following the result of the Brexit referendum, in which 52% of Britons voted to leave the European Union, developing countries, including South Africa, were experiencing volatility in business. In an interview with Power FM on Sunday, Gordhan said the jumping... 

Businesses are experiencing uncertainty – Gordhan
Photo by Duane Daws
Finance Minister Pravin Gordhan

Will Brexit break up the African Union? 

By: News24Wire      27th June 2016 African Union Commission chairperson Nkosazana Dlamini-Zuma’s Twitter timeline was quiet on Friday morning, even as #Brexit was trending. The African Union, too, did not immediately issue a statement. 

Will Brexit break up the African Union?
African Union Commission chairperson Nkosazana Dlamini Zuma

South Africa has lost respect in Africa – Mbeki

By: News24Wire      27th June 2016 Former President Thabo Mbeki said South Africa has lost the respect of countries, both in Africa and globally,  which had invested in its success. Speaking in Johannesburg on Friday night at the launch of The Thabo Mbeki I Know , a book written by various contributors about him, Mbeki said it... 

South Africa has lost respect in Africa – Mbeki
Photo by Duane Daws
Former President Thabo Mbeki
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