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Economy News

Zambia eyes energy diversification, reviews South Africa's progress

By: Natasha Odendaal     9th December 2016 Zambia has started reviewing its options to reverse the country's current energy constraints and diversify its own energy mix, leaving no viable potential initiatives off the table as it seeks to become a "power trader". The mostly hydropowered Southern African country is currently battling... 

Former President Mbeki appointed Unisa chancellor

By: Samantha Herbst     9th December 2016 In an effort to sustain the reputable profile of outgoing University of South Africa (Unisa) chancellor Judge Bernard Ngoepe, who served the university for 15 years before stepping down this week, Unisa has appointed former South African President Thabo Mbeki its new chancellor. In a media... 

Former President Mbeki appointed Unisa chancellor
Former President Thabo Mbeki

Consolidation provides opportunity for development

By: Robyn Wilkinson     9th December 2016 With low growth in the South African economy, there is a trend in both the commercial office and industrial property sectors towards consolidation and the relocation of existing operations to well-connected locations, says consulting engineering firm Arup. 

Consolidation provides opportunity for development
DIGITAL DESIGNS The design of Pricewaterhouse Coopers’ new headquarters showcases the benefits of using digital software such as parametric modelling

Consulting engineers ready to help with irregular expenditure fight

By: Dylan Slater     9th December 2016 Firms that are members of nonprofit organisation Consulting Engineers South Africa (Cesa) made known at the yearly Cesa Infrastructure Indaba, that they are ready to partner with government to reduce irregular expenditure.  

Importance of energy efficiency highlighted at DoE conference

By: Simone Liedtke     9th December 2016 The importance of energy efficiency as part of policy is increasing in many countries, subsequently making it important to develop and maintain well founded indicators to better inform policymaking. 

Importance of energy efficiency highlighted at DoE conference
Photo by Simone Liedtke
ENERGY CONFERENCE The conference was hosted by the Department of Energy, in partnership with the National Business Initiative and Business Unity South Africa

Property developers shift focus to manage economic risk

By: Robyn Wilkinson     9th December 2016 There has been a slowdown in the development of commercial properties as developers shift their focus to residential, healthcare and industrial projects to best manage risks in South Africa’s economic climate, says business management consultant WSP | Parsons Brinckerhoff Africa regional director... 

Property developers  shift focus to manage  economic risk
WILLIAM JOHNSTON Best practice designs that incorporate a holistic and sustainable approach to property development is becoming entrenched among South Africa developers

South African commercial aviation sector outperforming economy, index shows

By: Keith Campbell     9th December 2016 The South African commercial aviation sector “is alive and well and outperforming most other sectors of the economy by a considerable margin” reported the Commercial Aviation Association of Southern Africa (Caasa) in a statement released on November 29. The release marked the publication of the... 

Consumer confidence still in negative territory

By: Megan van Wyngaardt     8th December 2016 The Bureau for Economic Research (BER) consumer confidence index (CCI) registered -3 in the third quarter. Although still negative, it was a significant improvement, after slipping to -11 the previous quarter. Nevertheless, the index remains well below its long-term average of 4 and has now been... 

Africa squandering its potential, head of UN agency tells UK Parliament

By: African News Agency      8th December 2016 Africa is a world leader in poverty and hunger due to a lack of committed leadership and rampant corruption, said Dr Kanayo F. Nwanze, president of the International Fund for Agricultural Development (IFAD), in an address to the upper house of the UK Parliament on Wednesday. Britain is a founding... 

Africa squandering its potential, head of UN agency tells UK Parliament

DoE urged to re-run IRP base case without ‘artificial constraints’ 

By: Terence Creamer     8th December 2016 A call has been made for the Integrated Resource Plan (IRP) base case to be re-run in order to generate a “least-cost” outcome that is free from the “artificial constraints” imposed on renewable energy in the current draft. The base case, published by the Department of Energy (DoE) on November... 

DoE urged to re-run IRP base case without ‘artificial constraints’

SA-Zambia cement economic ties

By: African News Agency      8th December 2016 South African and Zambian officials committed to strengthen cooperation in trade and investment, science and technology, defence and energy following high level discussions in Pretoria on Thursday. “We further committed to actively encourage both South African and Zambian companies to take full... 

SA-Zambia cement economic ties

CompComm cracks down on oils, margarine manufacturers

By: Megan van Wyngaardt     8th December 2016 The Competition Commission on Thursday conducted a search and seizure operation at the premises of five South African companies involved in the manufacture and distribution of refined edible oils, baking fats and margarine, operating in Gauteng and Kwazulu-Natal. The commission noted that it had... 

South Africa’s economic, political landscape 

     8th December 2016 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about South Africa’s economic and political performance in 2016 and what the country can expect in 2017. 

South Africa’s economic, political landscape
South Africa’s economic, political landscape

Southern Africa faces worst drought in decades

By: African News Agency      8th December 2016 Nearly 14-million people in southern Africa are in need of emergency humanitarian assistance as the region faces the worst El Nino induced drought in decades. United Nations (UN humanitarian agencies and partners launched a revised action plan to outlining their response to the needs of an... 

Southern Africa faces worst drought in decades

UK seeks to strengthen ties with S Africa amid Brexit

By: Megan van Wyngaardt     7th December 2016 To deepen the already strong economic ties with one of its key trade partners, UK Chancellor of the Exchequer Philip Hammond has committed up to £35-million for an ambitious new prosperity programme over the next four years, which will support inclusive economic development in South Africa, by... 

Public consultations for IRP, IEP get under way as DoE attracts criticism over timelines, pricing basis 

By: Natasha Odendaal     7th December 2016 Planned nationwide public consultations got under way in Boksburg on Wednesday for the Department of Energy’s (DoE’s) long-awaited draft Integrated Energy Plan (IEP) and updated Integrated Resource Plan (IRP), drawing some industry criticism regarding timelines and an outdated pricing structure.... 

Public consultations for IRP, IEP get under way as DoE attracts criticism over timelines, pricing basis

Ratings agencies not overly influenced by political turbulence, Ramaphosa says 

By: African News Agency      7th December 2016 International credit rating agencies have shown themselves not to be overly concerned by South African’s “robust” politics, Deputy President Cyril Ramaphosa said on Wednesday. “In the end the political noise that they observe is not their main consideration,” Ramaphosa told the National Assembly... 

Ratings agencies not overly influenced by political turbulence, Ramaphosa says
Photo by Duane Daws
Deputy President Cyril Ramaphosa

Building confidence index ticks up, but conditions unsatisfactory

By: Megan van Wyngaardt     7th December 2016 The First National Bank (FNB)/Bureau for Economic Research Building Confidence Index reached its highest level in a year, at 40 points, in the fourth quarter.  This was two points higher than the 38 points recorded in the third quarter, bolstered by confidence being higher in all but two of the... 

Building confidence index ticks up, but conditions unsatisfactory

Numsa reiterates rejecting minimum wage, throws shade at Ramaphosa 

By: African News Agency      7th December 2016 The National Union of Metalworkers (Numsa) on Wednesday reiterated its rejection for the proposed national minimum wage and also said that it did not support the endorsement of deputy president Cyril Ramaphosa as the next president of the African National Congress (ANC). In a fiery media briefing... 

Numsa reiterates rejecting minimum wage, throws shade at Ramaphosa

Sacci BCI improves to 93.9

By: Megan van Wyngaardt     7th December 2016 The South African Chamber of Commerce and Industry (Sacci) Business Confidence Index (BCI) improved to 93.9 in November, despite a depressed domestic and global economy and further harmful domestic sociopolitical “diversions that unfavourably influenced the business climate”. The improvement was... 

Negative outlook for sub-Saharan Africa remains – Fitch

By: Creamer Media Reporter      6th December 2016 Continued fiscal and external pressures, compounded by rising government debt, weak economic growth and political instability in some countries, is keeping the 2017 ratings outlook negative for sub-Saharan Africa. However, some of the growth-offsetting factors, such as lower commodity prices,... 

GDP contraction a worry for investors

By: African News Agency      6th December 2016 South African investors should be concerned about the stagnant economic growth which also has an adverse impact on business confidence, an economist said on Tuesday. This comes after South Africa’s gross domestic product (GDP) growth rate slowed to 0.2 percent in the third quarter, recording a... 

GDP contraction a worry for investors

GDP growth slows to 0.2% in Q3

By: News24Wire      6th December 2016 South Africa’s gross domestic product (GDP) grew at a meagre 0.2% in the third quarter of 2016, Statistics South Africa announced on Tuesday. The growth recorded was significantly lower than the previous quarter’s 3.3% and 0.1 percentage point lower than the 0.3% recorded in the third quarter of... 

GDP growth slows to 0.2% in Q3

Eskom outlook still negative, but could change – Moody’s

By: Megan van Wyngaardt     6th December 2016 Ratings agency Moody’s Investors Service has affirmed State-owned power utility Eskom’s Ba1 senior unsecured and senior unsecured medium-term notes’ ratings, while simultaneously assigning to Eskom a national scale rating of A2.za. The outlook on both ratings is negative. In its statement,... 

Eskom outlook still negative, but could change – Moody’s

Time to listen, no time for arrogance – Ramaphosa

By: African News Agency      6th December 2016 It is time that the country’s leaders listen to South Africans and heed their cry, Deputy President Cyril Ramaphosa said on Monday. “This is a time to listen, and be in conversation with our people. This is not a time to display arrogance and ignore the people. This is the time to heed everything... 

Time to listen, no time for arrogance – Ramaphosa
Photo by Reuters
Deputy President Cyril Ramaphosa

Zuma, Masutha to respond to ICC court challenge

By: News24Wire      6th December 2016 The High Court in Pretoria is expected to hear arguments from government on Tuesday on reasons for wanting to withdraw from the International Criminal Court (ICC). Representatives for President Jacob Zuma, Justice Minister Michael Masutha, the National Assembly speaker, the chair of the National... 

Zuma, Masutha to respond to ICC court challenge

Italtile increases sales by 14.7% in five months to November

By: Megan van Wyngaardt     5th December 2016 Ceramic tiles and related products provider Italtile increased its system-wide sales for the five months to November 30, to R2.9-billion, representing growth of 14.7% compared with the five months ended November 30, 2015. Nine TopT stores were opened during the five months, although their full... 

DA in bid to force Zuma to institute State capture inquiry

By: News24Wire      5th December 2016 The DA will not only oppose the President’s application to have the Public Protector's State of Capture report set aside, but will also approach the Constitutional Court to force him to appoint an inquiry. “We will file papers today to compel President Jacob Zuma to appoint a commission of... 

DA in bid to force Zuma to institute State capture inquiry
Photo by Duane Daws
Former Public Protector Thuli Madonsela

Business commits to continue building South Africa after S&P’s maintains country’s credit rating

By: Megan van Wyngaardt     5th December 2016 The business community has welcomed ratings agency Standard & Poor’s (S&P’s) decision to retain South Africa’s sovereign credit rating at its current level, which meant that the country’s long-term foreign currency debt was rated as investment grade by all three major rating agencies. “This is a... 

Business commits to continue building South Africa after S&P’s maintains country’s credit rating

Western Cape provisional municipal audit report shows municipalities continue upward trend towards good governance

By: African News Agency      5th December 2016 The Auditor General of South Africa (Agsa) has awarded clean audits to 23 of 30 Western Cape municipalities for 2015/16, the Western Cape government said on Sunday. This was highlighted in the Agsa's provisional audit report on Western Cape municipalities, and was an improvement from the 22... 

Western Cape provisional municipal audit report shows municipalities continue upward trend towards good governance

Illegal electricity connections tripping up service delivery in Cape Town

By: African News Agency      5th December 2016 The City of Cape Town’s electricity services department is facing an uphill battle to prevent illegal connections to the grid, the city said on Sunday. Last week, attempts to disconnect illegal users resulted in violent protest action in Schaapkraal and the Philippi horticultural area. 

South Africa's Zuma reassures investors after dodging credit downgrade

By: Reuters     5th December 2016 President Jacob Zuma moved to reassure foreign investors on Saturday after all three major rating agencies kept South Africa's investment-grade status, granting the scandal-prone leader a reprieve after prolonged political turmoil. S&P Global Ratings downgraded the local debt of Africa's most... 

South Africa's Zuma reassures investors after dodging credit downgrade
Photo by Duane Daws
President Jacob Zuma

Bonuses for failing PetroSA executives must be paid back, says DA

By: African News Agency      5th December 2016 The Democratic Alliance (DA) on Sunday called for the R17.3-million in bonuses paid by PetroSA to its top executives to be paid back immediately, and for the legal opinion which “informed this disastrous payment” to be made public and tabled before Parliament. “This is after it was revealed today... 

Infrastructure-focused legal firm sets up Africa practice

By: Terence Creamer     5th December 2016 International law firm Pinsent Masons is formally establishing its African office in Johannesburg, from where it plans to pursue continental opportunities in the areasof infrastructure, energy and technology. The firm, which is domiciled in the UK, is a specialist infrastructure practice... 

Infrastructure-focused legal firm sets up Africa practice
Pinsent Masons founding partners Rob Morson, George Sibanda and Shane Voigt

SAA still years from break-even

By: Keith Campbell     2nd December 2016 National carrier South African Airways (SAA) does not expect to reach break-even point for another five years. “We remain committed to ensuring that the airline becomes financially self-reliant and the arrival of these aircraft mark a stepping stone in our move in that direction,” assured SAA... 

SAA still years from break-even
Photo by SAA
SAA’s first Airbus A330-300 airliner

South African nuclear regulator to host international review mission

By: Keith Campbell     2nd December 2016 An Integrated Regulatory Review Service (IRRS) mission of the International Atomic Energy Agency (IAEA) will be active in South Africa from December 5 to 15, the National Nuclear Regulator (NNR) announced on Thursday. The purpose of the IRRS mission will be to examine South Africa’s nuclear... 

South African nuclear regulator to host international review mission
Photo by Duane Daws/Creamer Media
Dr Mzubanzi Bismark Tyobeka

Gordhan orders inquiry into tax agency

By: Reuters     2nd December 2016 South African Finance Minister Pravin Gordhan has ordered an investigation into the tax collection authority, officials told parliament on Thursday, underlining rising tensions between the Treasury and the revenue agency. Gordhan has expressed concerns at the leadership of the South African... 

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