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Economy News

Maswanganyi vows bold State intervention to drive transformation

By: News24Wire      Updated 58 minutes ago Radical economic transformation was the theme of new Transport Minister Joe Maswanganyi's first budget and policy statement to the National Assembly. "Transport will play a leading role in radical economic transformation," Maswanganyi said on Tuesday. 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’ 

By: Terence Creamer     23rd May 2017 Trade and Industry Minister Dr Rob Davies showcased four recipients of government’s flagship Black Industrialist programme (BIP) during his Budget Vote on Tuesday, but astonishingly refused to release the names of all 46 recipients of the non-refundable government grants and concessional loans.... 

DTI refuses to release list of black industrialist scheme beneficiaries for fear they will be ‘harassed’
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

ANC dismisses Zuma removal report as 'fabrication'

By: Reuters     23rd May 2017 South Africa's ruling African National Congress (ANC) dismissed a media report on Tuesday that President Jacob Zuma's removal would be discussed at a key party meeting this weekend as untrue. Opposition to Zuma inside the ANC and from opposition parties and civil society groups has swelled since... 

ANC dismisses Zuma removal report as 'fabrication'
Photo by Duane Daws
President Jacob Zuma

Gigaba punts financial sector reform

By: African News Agency      23rd May 2017 Finance Minister Malusi Gigaba on Tuesday said National Treasury would support parliamentary processes aimed at regulating the South African financial sector to make the industry inclusive. “The financial sector plays a critical role in our country, but this must be enhanced to achieve the... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity is demanding answers about whether the Government Employees Pension Fund (GEPF) is considering recapitalising “sinking ship” South African Airways (SAA) through the Public Investment Corporation (PIC), as the union’s members have a direct interest in the proper management... 

Solidarity, Hospersa worried about proposed bail-out plans for SAA

Influx of job seekers to Gauteng threatens economic momentum

By: Megan van Wyngaardt     23rd May 2017 Although it has made “remarkable progress” in creating jobs over the mid-term, between May 2014 and November 2016, the Gauteng provincial government (GPG) still faced a rapid increase in the economically active population owing to migration, Premier David Makhura said in his Midterm Report on... 

Rand firms on rumours that ANC to discuss Zuma's removal

By: Reuters     23rd May 2017 South Africa's rand firmed more than 1.5 percent against the US dollar on Tuesday on rumours that the African National Congress (ANC) will discuss the removal of President Jacob Zuma at a major party meeting. An ANC spokesperson said the rumours were a "complete fabrication". 

Rand firms on rumours that ANC to discuss Zuma's removal
President Jacob Zuma

Denel set on expanding business in Asia-Pacific region

By: Megan van Wyngaardt     23rd May 2017 State-owned Denel on Tuesday said it was dead set on expanding its business in the Asia-Pacific markets, despite an affidavit, lodged by former Treasury director-general Lungisa Fuzile, stating that its joint venture (JV) partner is a technically insolvent company. The aerospace and defence... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra 

By: Martin Creamer     23rd May 2017 The same-site working relationship that Thos Begbie has established with global quality inspectorate Dekra Industrial RSA is giving the prolific exporter of copper castings a commercial edge in its global dealings with mining and smelter-related customers worldwide. Thos Begbie now hosts the... 

Thos Begbie’s global quality status boosted by on-the-spot Dekra
Engineering News Online’s Martin Creamer talks to Thos Begbie’s Edwin Dreyer and Dekra’s Johan Gerber. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva.

South African Weather Service welcomes new CEO

By: Megan van Wyngaardt     23rd May 2017 The South African Weather Service (SAWS) has appointed Jeremiah Lengoasa CEO. He returns to SAWS after 12 years, after he left the organisation to join the World Meteorological Organisation, in Geneva, Switzerland, as assistant secretary-general in August 2005. 

Solidarity approaches court to revoke Eskom’s employment equity plan

By: Megan van Wyngaardt     23rd May 2017 Trade union Solidarity will on Friday approach the Labour Court in Johannesburg to have State-owned power provider Eskom’s current employment equity plan declared invalid and revoked. Eskom’s employment equity plan is expected to be in force until 2020. Solidarity Centre for Fair Labour Practices... 

Gordhan lays into Eskom board over Molefe

By: African News Agency      23rd May 2017 Former Finance Minister Pravin Gordhan on Tuesday called for the Eskom board to be fired and a full investigation into not only Brian Molefe’s return to the power utility, but his actions in his previous job at Transnet. Gordhan told Parliament’s portfolio committee on public enterprises, of... 

Gordhan lays into Eskom board over Molefe
Photo by Duane Daws
Former Finance Minister Pravin Gordhan

I was under the impression that Molefe had resigned, Brown reveals 

     23rd May 2017 When Eskom’s Board approached me to inform me of its decision to bring Mr Molefe back, I said I would support it on the proviso that it was legal. I also made this point repeatedly when addressing media on the matter, though – curiously – none of them thought it worthy of reporting. 

I was under the impression that Molefe had resigned, Brown reveals
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Brown drops opposition to legal challenge to Molefe’s reappointment

By: African News Agency      23rd May 2017 Public Enterprises Minister Lynne Brown has withdrawn her opposition to the court application for the reappointment of Brian Molefe as CEO of Eskom be set aside. “I will abide by the decision of the court,” Brown told Parliament’s portfolio committee on public enterprises on Tuesday morning. 

Brown drops opposition to legal challenge to Molefe’s reappointment
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Business body urges ANC NEC to pressurise Zuma to set up State capture inquiry 

By: Terence Creamer     23rd May 2017 Business Leadership South Africa (BLSA) has added its voice to growing calls for the establishment of an independent judicial commission of inquiry into “State capture”, which it says is necessary to restore confidence in the economy and the future of the country. The big business body has also... 

Business body urges ANC NEC to pressurise Zuma to set up State capture inquiry
Photo by Duane Daws
President Jacob Zuma

Western Cape declared disaster area to repriotise funding

By: Megan van Wyngaardt     22nd May 2017 The Western Cape was on Monday declared a disaster area, with local government implementing drastic interventions to relieve the distressing water shortage in the province. This includes the drilling of boreholes at hospitals, starting in the metro, and followed by schools in high-risk water... 

BBC, Busa end participation partnership in Nedlac after impasse

By: Natasha Odendaal     22nd May 2017 The Black Business Council (BBC) and Business Unity South Africa (Busa) have walked away from a long-standing partnership after a BBC delegation was kicked out of a National Economic Development and Labour Council (Nedlac) Infrastructure Committee meeting two weeks ago by a Busa delegation. The... 

BBC, Busa end participation partnership in Nedlac after impasse

Entrepreneurs key to unlocking continent’s economy – AfDB report

By: Megan van Wyngaardt     22nd May 2017 With the continent continuing to face sluggish growth, African governments need to integrate entrepreneurship more fully into their industrialisation strategies, the African Development Bank’s (AfDB’s) ‘African Economic Outlook 2017’ suggests. Last year, Africa’s economic growth slowed to 2.2%... 

Pioneer Foods posts lower earnings as external factors weigh in

By: Megan van Wyngaardt     22nd May 2017 JSE-listed Pioneer Foods on Monday posted a 56% decrease in headline earnings, to R454-million for the six months ended March 31, owing to a “confluence of various inhibitors”, which contributed to a material decline in its profitability. The company noted that maize had been the most significant... 

Govt officials to receive training on special economic zones in China

By: African News Agency      22nd May 2017 A group of 34 Special Economic Zones (SEZs) practitioners and supporting sector specialists from the trade and industry department (dti), provincial departments, and agencies responsible for implementation of the SEZ programme leave for Tianjin in China on Monday to attend the 4th capacity... 

Govt officials to receive training on special economic zones in China

Parly inquiry into Eskom must include Duduzane Zuma’s ‘fake intelligence report’ – DA

By: African News Agency      22nd May 2017 The Democratic Alliance (DA) will ask Parliament’s chair of chairs Cedric Frolick to include an investigation into the most recent evidence of possible political interference in Eskom, this time by Duduzane Zuma, in the course of the inquiry the DA has requested. Just over a week ago, the DA... 

Parly inquiry into Eskom must include Duduzane Zuma’s ‘fake intelligence report’ – DA

Economic transformation must have real content and meaning – Ramaphosa

By: News24Wire      22nd May 2017 It is necessary to give real content and meaning to the imperative of radical economic transformation to achieve inclusive growth, Deputy President Cyril Ramaphosa said on Sunday. Delivering the Moses Kotane memorial lecture in Rustenburg, he said it was the transformation that should be radical,... 

Economic transformation must have real content and meaning – Ramaphosa
Photo by Reuters
Deputy President Cyril Ramaphosa

IPP Office to be incorporated into overhauled Central Energy Fund 

By: Terence Creamer     19th May 2017 South Africa’s highly respected Independent Power Producer (IPP) Office, which has overseen nearly R200-billion-worth of renewable-energy investment since 2011, is to be incorporated into the Central Energy Fund (CEF), which itself is to be overhauled. Energy Minister Mmamoloko Kubayi announced... 

IPP Office to be incorporated into overhauled Central Energy Fund
DoE director-general Thabane Zulu seconded to SFF as acting CEO

Task team deliberating on renewables impasse to report ‘first week in June’

By: Terence Creamer     19th May 2017 A joint departmental task team set up to find solutions to the current impasse holding back the signing of power purchase agreements (PPAs) for 37 renewable-energy projects procured in 2015 will report back in the first week of June, Energy Minister Mmamoloko Kubayi reported on Friday. The task... 

 Task team deliberating on renewables impasse to report ‘first week in June’
Energy Minister Mmamoloko Kubay

Eskom questions timing of Ramatlhodi’s claims

By: Megan van Wyngaardt     19th May 2017 Eskom chairperson Ben Ngubane on Friday said former Mineral Resources Minister Ngoako Ramatlhodi’s claims that he was placed under pressure by the parastatal to carry out certain decisions were “barefaced lies”. Earlier this week, Ramatlhodi said Eskom CEO Brian Molefe and Ngubane had, in 2015,... 

Sub-Saharan Africa middle class represents R1.3tr a month market

By: Megan van Wyngaardt     19th May 2017 A University of Cape Town (UCT) Unilever Institute of Strategic Marketing initiative, the African Lions research project, has established that the sub-Saharan African middle class, comprising around 100-million people, represents a R1.3-trillion a month market and is growing. Carried out... 

Reform of South African public enterprises would help reassure investors – IMF 

By: Terence Creamer     19th May 2017 The International Monetary Fund (IMF) says "structural reforms" in product, service and labour markets should be South Africa’s immediate policy priority for stimulating growth and job creation, particularly in light of the limited room to galvanise growth through macroeconomic policies. It also... 

Reform of South African public enterprises would help reassure investors – IMF

Industry leaders warn of loss in investments in renewables sector

By: Johane Turkstra     19th May 2017 Following State-owned power utility Eskom’s decision last year not to sign a number of contracts with independent power producers (IPP) and the delay in doing so since, industry leaders are warning that a loss in investments in the renewables sector could lead to a severe plateau in... 

Industry leaders warn of loss in investments in renewables sector
Photo by Bloomberg
NON-RENEWABLE ENERGY Eskom is responsible for generating about 95% of South Africa’s electricity and the firm mainly relies on coal for its power generation

South Africa remains largest FDI hub in Africa, report shows

By: Mia Breytenbach     19th May 2017 South Africa remains the leading foreign direct investment (FDI) destination in Africa, with a 6.9% increase in FDI projects in 2016, according to financial services advisory firm EY’s latest ‘Africa Attractiveness’ report, published earlier this month. The report provides an analysis of FDI... 

South Africa remains largest FDI hub in Africa, report shows
Photo by Duane Daws
LEADING DESTINATION South Africa had an 6.9% increase in foreign direct investment projects in 2016, according to financial services advisory firm EY’s latest ‘Africa Attractiveness’ report

Southern Palace outlines vision for radically transformed M&R infrastructure unit 

By: Mia Breytenbach     19th May 2017 The newly black-owned construction company, conceived from a R314-million sale agreement between engineering and construction group Murray & Roberts (M&R) and black-empowered Southern Palace Group, aims to build on its 115-year heritage to become a “leading, tier one, infrastructure player in... 

Southern Palace outlines vision for radically transformed  M&R infrastructure unit
Southern Palace CEO Lucas Tseki discusses the importance of the new company which will emerge from the transaction with engineering and construction group Murray & Roberts. Camerawork: Nicholas Boyd. Editing: Lionel da Silva.

‘Hard Brexit’ may have negative consequences for South Africa

By: Terence Creamer     18th May 2017 British economist Professor Peter Sinclair warns that a so-called “hard Brexit” could have negative spill over consequences for South Africa, which has strong economic ties not only with the UK, but also several countries in the European Union (EU) that could be negatively affected by such and... 

‘Hard Brexit’ may have negative consequences for South Africa
Photo by Duane Daws
British economist Professor Peter Sinclair

South Africa’s foreign debt downgrade not the worst-case scenario  

By: Natasha Odendaal     18th May 2017 Despite the hype around the latest sovereign downgrades, South Africa has not hit rock bottom, nor has it experienced the worst-case scenario – a full downgrade to junk to include local currency debt ratings. Hanging in the balance, in particular, were the potential further downgrades of the... 

South Africa’s foreign debt downgrade not the worst-case scenario
Econometrix director and chief economist Azar Jammine discusses South Africa's junk status and why it is not the worst case scenario. Date recorded: 18.05.2017. Camerawork and videoediting: Nicholas Boyd.

Sarec again defends renewable energy programme in light of proposed coal station closures

By: Megan van Wyngaardt     18th May 2017 The South African Renewable Energy Council (Sarec) on Thursday said that Eskom’s justifying the proposed closure of some its coal-fired power plants, in Mpumalanga, as being the result of signing power purchase agreements for new renewable energy projects, is misleading. “Coal plants have a... 

Sarec again defends renewable energy programme in light of proposed coal station closures

Afrimat posts strong FY17 results

By: Megan van Wyngaardt     18th May 2017 Local industrial minerals and construction materials company Afrimat on Thursday reported a 25.4% increase in headline earnings a share to 196.4c for the year ended February 28, resulting from a strong performance by its mineral producing operations. The group also achieved an increase in its... 

Public Works sets sights on 1.4m work opportunities this year

By: Megan van Wyngaardt     18th May 2017 Government will disburse its R1-billion Expanded Public Works Programme (EPWP) integrated grant to eligible public bodies, while incentivising nonprofit organisations to create 1.4-million work opportunities in the year ahead, with a particular focus on rural communities. “This will also allow... 

Stefanutti Stocks’ FY earnings drop as settlement with govt plays out

By: Megan van Wyngaardt     18th May 2017 Construction company Stefanutti Stocks has swung to an operating loss of R106-million for the financial year ended February 28, compared with a profit of R392-million the year before, “reflecting the challenging trading environment”. Contract revenue from operations decreased by R611-million to... 

Consumer debt to municipalities still at R117bn

By: African News Agency      18th May 2017 The debt owed to South African municipalities remained stagnant at R117-billion, with national government owing R2.3-billion and provincial departments owing R2.3-billion, Cooperative Governance and Traditional Affairs Minister Des van Rooyen said on Thursday. Briefing journalists ahead of... 

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