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Economy News

Former Sars spokesperson 'kept in the dark on rogue unit'

By: News24Wire      Updated 9 minutes ago Former Sars spokesperson Adrian Lackay claims he was "kept in the dark" when the report probing the so-called rogue unit was handed to commissioner Tom Moyane. Lackay is testifying at a Commission for Conciliation Mediation and Arbitration (CCMA) hearing and his legal team has hinted that his... 

Absa campaign ‘led by Gupta-sponsored groups,’ – EFF

By: African News Agency      Updated 2 hours 14 minutes ago A campaign to get Barclays-owned Absa to pay back apartheid debt is led by “State Security” and the controversial Gupta family, Economic Freedom Fighters (EFF) leader Julius Malema said on Monday. The EFF has been attacked in recent times for being complacent after announcing that it would occupy... 

Absa campaign ‘led by Gupta-sponsored groups,’ – EFF

Wine industry under pressure amid subdued economy

By: Megan van Wyngaardt     20th January 2017 While the local wine market has grown more than 14%, or by 50-million litres, over the past two years, to more than 400-million litres at the end of December, continued pressure on the local economy could hamper the industry’s future growth. The wine industry is currently in a slump, with only... 

Wine industry under pressure amid subdued economy

AfriForum to take legal action against defaulting municipalities

By: Megan van Wyngaardt     20th January 2017 Civil rights organisation AfriForum on Friday said it would call on the National Energy Regulator of South Africa (Nersa) to withdraw the licences of municipalities that have defaulted on their payments to power provider Eskom. “[We will be approaching] the courts in terms of the protection of... 

AfriForum to take legal action against defaulting municipalities

Guptas lambast Gordhan in court papers 

By: African News Agency      20th January 2017 Oakbay Investments, the company owned by the wealthy Gupta family, on Friday lambasted Finance Minister Pravin Gordhan’s court application seeking a court order enforcing his decision not to intervene in the debacle relating to the South African banks that cut links with the controversial family.... 

Guptas lambast Gordhan in court papers
Photo by Reuters
Finance Minister Pravin Gordhan

Operation Phakisa making strides in ICT in education

By: Natasha Odendaal     20th January 2017 Progress is being made in the implementation of the Information and Communications Technology (ICT) in Education segment of South Africa’s Operation Phakisa, the Department of Planning, Monitoring and Evaluation (DPME) said on Friday. Implemented by the Department of Basic Education (DBE) in... 

Operation Phakisa making strides in ICT in education

Adcock Ingram expects substantial increase in interim earnings

By: Megan van Wyngaardt     20th January 2017 Pharmaceuticals company Adcock Ingram expects its earnings per share (EPS) for the six-month period to December 31, 2016, to be at least 60% higher than the comparative period of 2015. The company noted that the 60c-a-share increase from the EPS of 99.6c reported in the prior year came on the... 

Ramaphosa hopeful Trump will have ‘positive disposition’ to Africa

By: African News Agency      20th January 2017 On the eve of Donald Trump’s inauguration as President of the United States, South Africa Deputy President Cyril Ramaphosa said he was hopeful the US leader would have a “positive disposition” towards Africa and South Africa. “He is going to be inaugurated tomorrow and clearly he is going to be... 

Ramaphosa concludes ‘productive’ visit to Davos

By: African News Agency      20th January 2017 South Africa Deputy President Cyril Ramaphosa has concluded his visit to the World Economic Forum (WEF) annual meeting in Davos-Klosters, Switzerland, where he delivered the message that South Africa was hard at work and remained open for business. A statement from his office on Friday said... 

Businesses to navigate the effects of union instability

By: Robyn Wilkinson     20th January 2017 Given the ongoing unstable political climate, the realignment of trade unions to consolidate numbers or gain increased affiliation is likely to perpetuate interunion rivalry for the foreseeable future, says legal services provider Creighton Attorneys director Barney Creighton. 

Businesses to navigate the effects of  union instability
Photo by Duane Daws
MAINTAINING MAJORITY South Africa’s larger trade unions will have to make difficult choices to mitigate the loss of their majority

Equal pay claims discussed at Labour Law Conference

     20th January 2017 The future of equal pay claims in South Africa was one of the key focus areas at the twenty-ninth Annual Labour Law Conference (ALLC) last year, with University of KwaZulu-Natal senior lecturer Nicci Whitear-Nel exploring the issue within the context of unequal pay between genders. 

Improving labour laws may lead to greater employment rates

By: Robyn Wilkinson     20th January 2017 A more mature attitude towards collective bargaining, more prudent use of strikes and greater flexibility for employers to manage their workforce according to demand would likely lead to a greater appetite for employment in South Africa, says legal services provider Shepstone & Wylie Attorneys... 

Improving labour laws may lead to greater employment rates
MICHAEL MAESO The consequences of a breach of the amendment that provides for the use of labour brokers is yet to be definitively determined

Innovation, outward-looking approach will bolster industry growth

By: Nadine James     20th January 2017 The plastics converter industry needs to alter its mindset and look for innovative solutions while becoming more outward-looking to experience real economic growth, says industry body Plastics SA. Plastics SA chairperson Bernhard Mahl describes real growth as “thousands of tons of plastics,... 

Innovation, outward-looking  approach will bolster industry growth
OFF LINE Over the past five to ten years, the local plastics industry has stagnated, hovering between producing 1.3-million tons and 1.4-million tons of virgin material a year

Sars ensures correct employee classification

By: Robyn Wilkinson     20th January 2017 The misclassification of employees as independent contractors is a common problem that has resulted in the South African Revenue Service (Sars) instituting more stringent guidelines to ensure that employers adhere to taxation regulations, says contractor management services provider EOH Highveld... 

Sars ensures correct employee classification
BARTLEY JOSEPH South African employers act as agents of the State and are responsible for ensuring that all necessary taxes associated with an employee are collected

Construction under way at 7.5 MW Burundi solar park

By: Megan van Wyngaardt     19th January 2017 Solar and social development enterprise Gigawatt Global on Wednesday broke ground on a 7.5 MW solar field that will boost Burundi’s electricity generation capacity. The $14-million project is being built in the Mubuga district, in one of the world's least-developed nations and is expected to be... 

Construction under way at 7.5 MW Burundi solar park

Eskom, IPP deadlock on renewables PPAs coming to a head 

     19th January 2017 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the impasse between Eskom and renewables IPPs on the signing of power purchase agreements. 

Eskom, IPP deadlock on renewables PPAs coming to a head
Eskom, IPP deadlock on renewables PPAs coming to a head

Competition Commission prohibits cardboard manufacturers’ merger

By: Megan van Wyngaardt     19th January 2017 The Competition Commission has prohibited packaging manufacturer Corruseal’s proposed acquisition of Boxlee and Pride Pak, as it is likely to substantially prevent or lessen competition. Corruseal owns varying interests in several businesses, most of which operate in the industry for the... 

Zimbabwe tax agency says misses 2016 revenue target due to weak economy

By: Reuters     19th January 2017 Zimbabwe's tax agency Zimra said on Thursday it failed to meet its 2016 revenue target by 4%, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation's economy stagnated last year while its budget deficit exploded, putting political pressure on... 

Second Nigerian tomato paste plant shuts, in embarrassment for Buhari

By: Reuters     19th January 2017 Africa's richest man Aliko Dangote has shut his new tomato paste plant in Nigeria due to a shortage of dollars needed to import raw materials, a senior executive said, the second such closure in months in a blow to official plans to diversify the economy. President Muhammadu Buhari, elected in... 

Consumers will find relief in maize, chicken prices; red meat prices to rise

By: Megan van Wyngaardt     19th January 2017 Maize production in the current season, which ends in April, is estimated to reach more than 12-million tonnes, up from the 7.5-million tonnes in the previous season, which could bring some relief to consumers. “The good rainfalls South Africa has experienced since October last year has restored... 

Consumers will find relief in maize, chicken prices; red meat prices to rise

South Africa growth ticking up, Mexico slowing – S&P

By: Reuters     19th January 2017 South Africa should avoid falling into recession this year, the chief economist of Standard & Poor's said on Wednesday, but the firm has cut its forecasts for Mexico amid rising concerns over its trade ties with the United States under Donald Trump. Paul Sheard, who is not involved in deciding... 

South Africa growth ticking up, Mexico slowing – S&P

Egypt on track to receive IMF loan's second tranche

By: Reuters     19th January 2017 Egypt is on track to receive the second tranche of a $12-billion three-year loan from the International Monetary Fund (IMF) pending a visit in the end of February to review progress on its economic reform program, the fund said on Wednesday. The IMF originally approved the loan, intended to... 

Egypt on track to receive IMF loan's second tranche

Investment the cure for SA’s unemployment – Fedusa

By: African News Agency      19th January 2017 All sectors in South Africa needed to pull in the same direction if the country is to attract investment which could break the back of unemployment. This was according to Dennis George of the Federation of Unions of South Africa, the second largest trade union federation in the country, who is... 

Busa appoints new CEO

By: Megan van Wyngaardt     18th January 2017 Business Unity South Africa (Busa) has appointed Tanya Cohen CEO, effective immediately. Cohen, who was selected as the preferred candidate following a thorough recruitment process, will hold the position for a three-year term. 

South Africa could possibly downscale number of international airports

By: Megan van Wyngaardt     18th January 2017 Cabinet will, this year, review and take a decision on rationalising the number of international airports in South Africa, Home Affairs Minister Malusi Gigaba said on Wednesday. Speaking at a media briefing in Pretoria, he said Cabinet had already taken a decision last year “that there are too... 

South Africa could possibly downscale number of international airports

Home Affairs allocates R25m to debottleneck OR Tambo immigration 

By: Megan van Wyngaardt     18th January 2017 To accommodate the yearly increase of travellers at the OR Tambo International Airport, the Department of Home Affairs is allocating R25-million for the 2017/18 financial year to appoint 58 additional immigration officials. This followed as the number of travellers using the airport increased to... 

Home Affairs allocates R25m to debottleneck OR Tambo immigration

Food prices hike December inflation by 0.2%

By: African News Agency      18th January 2017 The consumer price index (CPI) inflation accelerated further to 6.8 percent year-on-year in December 2016 against market expectations of a moderation to 6.5 percent year-on-year, Statistics South Africa (StatsSA) said on Wednesday. This rate was 0.2 of a percentage point higher than the... 

Food prices hike December inflation by 0.2%

IPPs ‘entitled’ to approach courts to force Eskom to sign PPAs 

By: Terence Creamer     18th January 2017 A legal opinion secured by the South African Renewable Energy Council (Sarec) relating to the refusal by Eskom to conclude contracts with 37 independent power producers (IPPs) selected as preferred bidders by the Department of Energy (DoE) more than a year ago states that the IPPs “would be... 

IPPs ‘entitled’ to approach courts to force Eskom to sign PPAs

Eskom cuts power to some defaulting municipalities in North West, Northern Cape

By: Megan van Wyngaardt     18th January 2017 As part of its debt collection efforts, State-owned Eskom on Wednesday started interruptions of bulk electricity supply to some defaulting municipalities in North West and the Northern Cape. The municipalities of Naledi, Lekwa-Teemane and Kgetlengrivier, in North West, as well as the Ubuntu and... 

Eskom cuts power to some defaulting municipalities in North West, Northern Cape

Outa questions timing of publication of energy efficiency strategy, requests extension for comments

By: Megan van Wyngaardt     18th January 2017 The Organisation Undoing Tax Abuse (Outa) on Wednesday called for an extension for public comments on the New Energy Efficiency Strategy (NEES), which was gazetted on December 23. The organisation believes the timing of the gazette’s release and the rationality of publishing an energy strategy... 

Outa questions timing of publication of energy efficiency strategy, requests extension for comments

Gordhan takes a stand for emerging markets at WEF

By: News24Wire      18th January 2017 Although the US as a super economic powerhouse impacts the rest of the world, emerging markets also matter to the global environment. This was the message from Finance Minister Pravin Gordhan on the global stage at the World Economic Forum (WEF) in Davos on Tuesday.Wearing a black suit, white... 

Gordhan takes a stand for emerging markets at WEF
Photo by Duane Daws
Finance Minister Pravin Gordhan

New financing models needed for infrastructure

By: African News Agency      18th January 2017 Global leaders and representatives of Canada, France, Switzerland, China, South Africa and the United States on Tuesday, questioned the ability of public sectors across the globe to develop proper infrastructure ecosystems. Financing of infrastructure projects seemed not to be the major obstacle... 

Education and right mix of skills crucial to growth and development – Radebe

By: African News Agency      18th January 2017 Investing in education and the right skills have become vital elements to a country’s economic growth, development and competitiveness in a global setting. This was according to South Africa’s Minister in the Presidency for Planning, Monitoring and Evaluation and Chairperson of the National... 

Closing Africa’s energy gap key to sustained economic growth

By: African News Agency      18th January 2017 A lack of access to electricity precluded Africa from fully participating in the Fourth Industrial Revolution, and private sector investment in power generation was key to spurring Africa’s growth. Speaking during a session called “Powering Africa”, at the forty-seventh Annual Meeting of the... 

Closing Africa’s energy gap key to sustained economic growth
Photo by Duane Daws
Deputy President Cyril Ramaphosa

Inclusive growth key to South Africa’s fortunes – Ramaphosa

By: African News Agency      18th January 2017 South African Deputy President Cyril Ramaphosa sought to deliver a message of hope as he addressed the country’s delegation at the World Economic Forum in Davos, Switzerland, on Tuesday. Ramaphosa said 2016 had been a turbulent year, but that South Africa had managed to come through the worst of it. 

ANC to review NDP at policy conference

By: News24Wire      18th January 2017 The African National Congress (ANC) plans to review the successes and challenges of the National Development Plan (NDP) at its upcoming policy conference which set to be dominated by talks on broadening economic inclusion and ending the "rhetoric" on land redistribution. On Tuesday party... 

ANC to review NDP at policy conference
Photo by Duane Daws
ANC secretary general Gwede Mantashe

Ramaphosa says South Africa has done well to survive a turbulent 2016

By: African News Agency      17th January 2017 South African Deputy President Cyril Ramaphosa sought to deliver a message of hope as he addressed the country delegation at the World Economic Forum in Davos, Switzerland, on Tuesday. Likening 2016 to the flight over to Switzerland, Ramaphosa said there had been turbulence but South Africa had... 

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