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Economy News

Eskom’s IPP stance seen undermining investment and green industrialisation

By: Terence Creamer     22nd July 2016 The decision by Eskom not to sign any new power purchase agreements (PPAs) with independent power producers (IPPs) beyond those selected in the latest competitive bidding round could have a “chilling” effect on investment and undermine industrialisation efforts under way in the green economy,... 

An update on the state of the electricity system 

     22nd July 2016 Engineering News editor Terence Creamer tells Creamer Media’s Samantha Herbst about Eskom’s latest media briefing. 

An update on the state of the electricity system
An update on the state of the electricity system

South Africa waking up to entrepreneurship, but coordinated strategy still lacking

By: Mia Breytenbach     22nd July 2016 Amid fiscal constraints, political uncertainties and extremely weak economic growth, South Africa is finally placing increasing emphasis on enterprise development and cultivating an entrepreneurship culture. Epitomising this shift in emphasis, Small Business Development Minister Lindiwe Zulu said... 

South Africa waking up to entrepreneurship, but coordinated strategy still lacking

Airbus predicts commercial aircraft numbers will double by 2035

By: Keith Campbell     22nd July 2016 European major airliner manufacturer Airbus has forecast, in its latest Global Market Forecast, that the world will require 33 000 new commercial aircraft, worth $5.2-trillion, over the next 20 years. The forecast was released by the company at the recent Farnborough International Airshow. This... 

Boeing predicts growing demand for new airliners over next 20 years

By: Keith Campbell     22nd July 2016 US aerospace giant Boeing has forecast that the global market demand for new airliners will total 39 620 over the next 20 years, worth $5.9-trillion. This represents a 4.1% rise over last year’s forecast. These predictions were made in the company’s 2016 Current Market Outlook, released at the... 

Manufacturers to exploit emerging automotive markets

By: Nadine James     22nd July 2016 Original-equipment manufacturers (OEMs) are aiming to expand their client bases and establish automotive manufacturing facilities in emerging market economies, owing to the current saturation in European and US automotive markets, says auditing and consulting firm KPMG. KPMG industrial and... 

Manufacturers to exploit emerging  automotive markets
Photo by Duane Daws
MISFIT TOYS? Recent trends suggest that demand for vehicles is depressed, even if the desire tow own a vehicle has not finished

Mentoring entrepreneurs produces sustainable businesses

By: Sascha Solomons     22nd July 2016 Small and medium-sized enterprises (SMEs) stand a better chance of success if large businesses share their skills and expertise with SMEs, says global consumer goods company Procter & Gamble (P&G). “We have often heard . . . that the innate creativity and enthusiasm of South Africans means that... 

Nurtured skills to benefit engineering sector

By: Sascha Solomons     22nd July 2016 Owing to there being a lack of welders, technicians and fitters, nonprofit organisation TEACH South Africa (TEACH) believes that nurturing pupils’ skills in mathematics, science and English in primary and secondary schools could significantly help to address the challenges in the engineering... 

Nurtured skills to benefit engineering sector
TEACH SOUTH AFRICA To address challenges in the engineering sector

Scholarship of teaching and learning in higher education under spotlight

By: Bruce Montiea     22nd July 2016 Advancing teaching innovation and research excellence in higher education will be the focus of this year’s Annual Teaching & Learning in Higher Education Conference. The conference, in its tenth year, is an international gathering of academics and researchers that will be held at the Southern Sun... 

Scholarship of teaching and learning in higher education under spotlight
GATHERING FOR ACADEMIC DEBATE The Annual Teaching & Learning in Higher Education Conference will be taking place for the tenth time this year

Severe rate of job losses reflects declining metals and engineering sector

By: David Oliveira     22nd July 2016 First-quarter employment data recently released by Statistics South Africa reflected a total loss of 15 553 jobs since the beginning of 2015. This downward trend is getting cumulatively worse, with 3 550 job losses being recorded in the third quarter and 6 902 for the fourth quarter of 2015, and... 

South Africa waking up to entrepreneurship, but coordinated strategy still lacking

By: Mia Breytenbach     22nd July 2016 Amid fiscal constraints political uncertainties and extremely weak economic growth, South Africa is finally placing increasing emphasis on enterprise development and cultivating an entrepreneurship culture. Epitomising this shift in emphasis, Small Business Development Minister Lindiwe Zulu has... 

South Africa waking up to entrepreneurship, but coordinated strategy still lacking

Training courses improve engineering skills, businesses and future stability

By: Sascha Solomons     22nd July 2016 South African Energy and Water Skills Education Training Authority-accredited training provider Terra Firma Academy believes that South Africa’s commitment to reducing carbon emissions and its intention to provide a sustainable energy and water supply can be supported through appropriate short... 

Training courses improve engineering  skills, businesses and future stability
Photo by Duane Daws
SHORT COURSES Offer engineers quick and intense training sessions on specific topics

Transport costs undermining African farmers

By: Irma Venter     22nd July 2016 A study shows that agricultural fertiliser can land at the Kenyan Port of Mombasa at $350/t, and then sell for 300% to 400% more 1 000 km inland, says Common Market for Eastern and Southern Africa (Comesa) Alliance for Commodity Trade in Eastern and Southern Africa CEO Argent Chuula. “The same is... 

Illicit flows could have funded Africa’s development

By: Natasha Odendaal     21st July 2016 Africa would not have needed any financial assistance if illicit financial flows had remained on the continent, economic research firm Trade and Industrial Policy Strategies, or Tips, executive director Saul Levin said on Thursday. Africa had lost about $854-billion to illicit financial flows... 

Edible fats producer fined R35m for anticompetitive behaviour

By: Megan van Wyngaardt     21st July 2016 The Competition Tribunal has confirmed a consent agreement between edible fats and oils producer Sime Darby Hudson Knight and the Competition Commission, in terms of which Sime Darby agreed to pay a R35-million fine for anticompetitive behavior between 2004 and 2013. The commission had received a... 

Brics looks back at first year of NDB

By: Megan van Wyngaardt     21st July 2016 A South African delegation, led by Finance Minister Pravin Gordhan, was party to discussions on the New Development Bank’s (NDB) five-year strategy at its first annual meeting in Shanghai, China last week. The Brazil, Russia, India, China and South Africa-, or Brics-, led institution used the... 

No change in rates amid uncertainty

By: News24Wire      21st July 2016 In line with the consensus among economists, South African Reserve Bank (SARB) governor Lesetja Kganyago on Thursday announced that there would be no change in the interest rate. This means that the repo rate, which is the interest rate at which the Sarb lends money to commercial banks, remains... 

No change in rates amid uncertainty
Photo by Duane Daws
Reserve Bank Governor Lesetja Kganyago

Eskom letter sends shock waves through private power sector

By: Terence Creamer     21st July 2016 News of Eskom’s letter to Energy Minister Tina Joemat-Pettersson – seeking clarity on the approach the utility should take to contracting in future with independent power producers (IPPs) – sent shock waves through the private power community, which is only just starting to find its feet in a... 

Eskom letter sends shock waves through private power sector
Photo by Duane Daws
Eskom chairperson Dr Ben Ngubane

SA's progress depends on local government – Ramaphosa

By: News24Wire      21st July 2016 South Africa's progress depends not only on an effective local government, but the ability of municipalities to work with all spheres of government, African National Congress (ANC) deputy president Cyril Ramaphosa said. "Our municipalities, much as they are sometimes seen [in a] bad light, have... 

SA's progress depends on local government – Ramaphosa
Photo by Reuters
President Jacob Zuma, Deputy President Cyril Ramaphosa

Sars publishes new tax Bills

By: Megan van Wyngaardt     20th July 2016 The National Treasury and South African Revenue Service (Sars) on Wednesday published the revised 2016 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Amendment Bill and 2016 Draft Rates and Monetary Amounts and Amendment of Revenue Laws (Administration) Bill. The revised draft... 

Gelvenor Textiles sold to South African investor

By: Megan van Wyngaardt     20th July 2016 South African private equity firm Jacobs Capital has acquired Gelvenor Textiles from Courthiel Holdings, which is owned by German corporate investor Claas Daun, for an undisclosed amount. Gelvenor Textiles manufactures industrial, technical apparel, outdoor lifestyle, protective and aeronautical... 

IFC acquires 4% stake in ADvTECH

By: Megan van Wyngaardt     20th July 2016 The International Finance Corporation (IFC) has acquired a 2.5% equity stake in South Africa-based private education provider ADvTECH for R190-million. The investment will support ADvTECH’s expansion in sub-Saharan Africa, which is expected to lead to better educational access for at least 30 000... 

IFC acquires 4% stake in ADvTECH

Inflation hits 6.3% as prices rise across the board

By: News24Wire      20th July 2016 Prices increased on average by 0.6% between May 2016 and June 2016, according to data released by Statistics South Africa on Wednesday. The annual consumer price inflation for June 2016 was 6.3%. This is up from 6.1% reported in May 2016. 

SAA must be put under business rescue – DA

By: News24Wire      20th July 2016 The stalemate between Finance Minister Pravin Gordhan and South African Airways (SAA) chairperson Dudu Myeni is rapidly driving the national carrier to total collapse and this cannot be allowed to happen, said the Democratic Alliance (DA) on Tuesday. The DA believes there should be an application... 

SAA must be put under business rescue – DA

Small enterprises key to unlocking local economy but stifled by policy

By: Megan van Wyngaardt     19th July 2016 Certain policies, such as those governing wage-bargaining practices, are hampering South Africa’s economic growth, as they often exclude smaller businesses and keep the “economic pie” from growing, says International Monetary Fund deputy MD David Lipton. Speaking at a public lecture hosted by the... 

$150m Brics bank facility seen helping ease South Africa’s grid bottlenecks

By: Terence Creamer     19th July 2016 State-owned electricity producer Eskom expects to finalise commercial terms with the New Development Bank (NDB), of the Brics grouping, for a $150-million facility in the next quarter, CFO Anoj Singh reports. A term sheet has been signed with the NDB and Singh reports that, once consummated, the... 

$150m Brics bank facility seen helping ease South Africa’s grid bottlenecks
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Eskom moves to raise exports as it closes in on 80% plant-availability goal 

By: Terence Creamer     19th July 2016 State-owned electricity producer Eskom says it is on course to achieve its stated goal of achieving an energy availability factor (EAF) of 80% well ahead of its 2021 target, reporting a steady recovery in the performance of its fleet of coal-fired power stations. As a consequence, the utility... 

Eskom moves to raise exports as it closes in on 80% plant-availability goal
Eskom CEO Brian Molefe outlines progress regarding the energy availability factor at its power stations. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 19.7.2016

InvestSA wins international investment accolade

By: Megan van Wyngaardt     19th July 2016 Government investment vehicle InvestSA has won the Global Investment Promotion Agency (IPA) Award, which recognises best practice in IPAs in forging partnerships to promote foreign direct investment that contributes to sustainable development. It was presented the award at the World Investment... 

SAA banking tender deferred due to debt consolidation

By: News24Wire      19th July 2016 South African Airways' (SAA) controversial appointment of little-known finance company BnP Capital was not only expensive; it also put on hold an approved banking tender to Nedbank. News24 can exclusively reveal that SAA's board approved the awarding of banking services to Nedbank on May 27, for... 

South Africa leads Africa in women's economic rights

By: News24Wire      19th July 2016 The AU has awarded South Africa the prize for being the best country in Africa in advancing women’s economic rights. It was, however, trumped by Rwanda when it came to political rights for women. 

South Africa leads Africa in women's economic rights
Photo by Reuters
Outgoing African Union Commission chairperson Nkosazana Dlamini-Zuma

Solidarity urges unions to review Eskom salary increase demands

By: Megan van Wyngaardt     18th July 2016 Trade union Solidarity has called on other trade unions in the bargaining unit, including the National Union of Metalworkers of South Africa (Numsa) and the National Union of Mineworkers, currently negotiating salaries with parastatal Eskom, to review their demands after the parties reached a... 

Don't let corruption, State capture, recolonise Africa – Phosa

By: News24Wire      18th July 2016 Africa is re-colonising itself through corruption, nepotism, and state capture, former African National Congress treasurer-general Mathews Phosa has warned. “Such a second wave of colonialism would, in my view, be as bad as the first one, when Africa was colonised politically and economically,”... 

Don't let corruption, State capture, recolonise Africa – Phosa
Photo by Duane Daws
Former ANC treasurer-general Mathews Phosa

African passport 'launched' at AU summit 

By: News24Wire      18th July 2016 Outgoing African Union Commission chairperson Nkosazana Dlamini-Zuma has managed to tick at least two big items off the to-do list she had in her term at the helm of the continental body. In her last opening speech at the AU’s heads of state on Sunday, she said the one item the AU managed to tick... 

African passport 'launched' at AU summit
Outgoing AU Commission chairperson Nkosazana Dlamini Zuma

How exorbitant exec pay stacks up against minimum wage demands

By: News24Wire      18th July 2016 Average levels of executive pay remain exorbitantly high, relative to that of entry-level workers, according to a report by PwC. PwC’s Executive Directors’ Remuneration report highlights pay increases for executives, which are viewed as excessive by the general public. 

Davies says Brexit risk for South Africa does not lie in trade arena 

By: Terence Creamer     15th July 2016 South Africa’s Trade and Industry Minister Dr Rob Davies has formally written a letter to the British High Commissioner seeking a meeting regarding the implications of the recent Brexit vote on South Africa’s trade and economic relations with the UK. However, he says he does not anticipate any... 

Davies says Brexit risk for South Africa does not lie in trade arena
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

Boeing, Mango in Africa's first jet biofuel flight 

By: Anine Kilian     15th July 2016 Aircraft manufacturer Boeing, along with South African Airways (SAA) and its low-cost carrier Mango on Friday celebrated Africa’s first commercial passenger flights using sustainable aviation biofuel. The flights used sustainable jet biofuel produced from research and development company... 

Boeing, Mango in Africa's first jet biofuel flight

DTI sets up Africa-focused trade unit in bid to grow exports beyond R300bn

By: Terence Creamer     15th July 2016 The South African government believes the launch of a new one-stop-shop to facilitate higher levels of trade and investment in the rest of Africa will help consolidate the continent as the country’s most important market for value-added goods and create the platform for an expansion in exports... 

DTI sets up Africa-focused trade unit in bid to grow exports beyond R300bn
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