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Economy News

Long-suffering SA manufacturing sector hoping to reap Ramaphosa dividend

By: Dylan Slater     2nd March 2018 Prior to the Valentine’s Day resignation of now former President Jacob Zuma, popular industry sentiment pointed towards a better year in terms of manufacturing and gross domestic product (GDP) on the back of a recovering commodities market.  

Drive specialist launches new product at event

By: Simone Liedtke     2nd March 2018 Drive engineering specialist SEW Eurodrive will launch its ECDriveS at this year's bauma CONEXPO AFRICA expo for the global construction and mining industries. 

Drive specialist launches new product at event
NORMAN MALEKA Our aim is to offer complete solutions, as opposed to simply being a component supplier

Bosch completes Hytec takeover, strengthens African operations

By: Schalk Burger     1st March 2018 Industrial technology and equipment multinational Bosch has acquired the remaining 50% stake in Johannesburg-based industrial technology company Hytec. The company had acquired 50% of the Hytec shares in 2014. 

Western Cape, financial institutions pledge commitment to affordable housing delivery

By: Simone Liedtke     1st March 2018 The Western Cape Department of Human Settlements on Thursday signed a memorandum of understanding (MoU) with five financial institutions operating within the affordable housing market, with the parties pledging their commitment to accelerating the delivery of affordable housing in the province.... 

Western Cape, financial institutions pledge commitment to affordable housing delivery
Memorandum of Understanding Signing Parties

Ramaphosa: Land motion 'no reason to panic or beat the war drum'

By: News24Wire      1st March 2018 President Cyril Ramaphosa has said there is no reason to "panic and start beating war drums" over Parliament's decision to look at land expropriation without compensation. Ramaphosa was on Thursday responding to the National House of Traditional Leaders debate on his address to the House this... 

Ramaphosa: Land motion 'no reason to panic or beat the war drum'
President Cyril Ramaphosa

Scenario development exercise to take in diverse views

By: Sane Dhlamini     1st March 2018 There is a growing need for strategic conversations around scenarios across the globe to imagine possibilities and be prepared for the future, said University of South Africa political analyst Professor Somadoda Fikeni on Thursday. He was addressing delegates at the Indlulamithi – South Africa... 

Scenario development exercise to take in diverse views
Somadoda Fikeni and Yacoob Abba Omar

Losses mount in Western Cape's farm sector

By: Reuters     1st March 2018 The Western Cape province expects its agriculture sector to decline by around 20 percent, as a severe drought hits farmlands surrounding Cape Town as the city braces for "Day Zero", when its taps are expected to run dry. South Africa has declared a national disaster over the drought afflicted... 

Losses mount in Western Cape's farm sector

Ramaphosa aims to resolve land issue "once and for all"

By: Reuters     1st March 2018 President Cyril Ramaphosa said on Thursday he wants talks on the thorny topic of land expropriation to avoid panic but aims to resolve the issue of racial disparities in property ownership "once and for all". South Africa took a step on Tuesday to hasten the transfer of land from white to black... 

Ramaphosa aims to resolve land issue
President Cyril Ramaphosa

Cabinet thinking about expanding VAT basket of zero-rated goods

By: African News Agency      1st March 2018 The South African Cabinet was considering increasing the basket of zero-rated value-added tax (VAT) goods, government announced on Thursday. "As a response to the concern raised on the Value-Added Tax (VAT) increases proposed, Cabinet is considering expanding the list of basic goods that are... 

Cabinet thinking about expanding VAT basket of zero-rated goods

Absa PMI rises above 50-mark in February

By: Reuters     1st March 2018 South Africa's seasonally adjusted Absa Purchasing Managers' Index rose in February to its best reading in nearly a year as companies anticipated activity would be boosted by the improved outlook for the local economy, a survey showed on Thursday. The index, which is compiled by the Bureau for... 

Absa PMI rises above 50-mark in February

Google lanches new search facility to help job seekers in South Africa, Kenya, Nigeria

By: African News Agency      1st March 2018 Technology giant Google on Thursday announced a new job search facility it said would help job seekers find employment opportunities by providing a streamlined experience that allowed them to explore, research and find relevant local postings. "With unemployment in South Africa so high, this new... 

Sapoa concerned about land expropriation

By: Thabi Madiba     1st March 2018 The South African Property Owners Association (Sapoa) has raised concerns, particularly in relation to food security, agricultural production and the economy, following the recent motion by the National Assembly to amend the Constitution to allow for land expropriation without compensation. The... 

Sapoa concerned about land expropriation

Zuma acted unlawfully on SADC Tribunal

By: African News Agency      1st March 2018 Former President Jacob Zuma acted unlawfully, irrationally and unconstitutionally when he supported and took part in a resolution suspending the operations of the Southern African Development Community (SADC) Tribunal, the High Court in Pretoria ruled on Thursday. “It is clear that the... 

Zuma acted unlawfully on SADC Tribunal
Former President Jacob Zuma

Lynne Brown resigns as ANC MP

By: News24Wire      1st March 2018 The African National Congress (ANC) announced on Thursday that former public enterprises minister Lynne Brown has resigned as a Member of Parliament for the party. Brown was removed from her position in Cabinet in President Cyril Ramaphosa's reshuffle on Monday night. 

Lynne Brown resigns as ANC MP
Photo by Duane Daws
Former Public Enterprises Minister Lynne Brown

Rand corrects on SA land issues and global factors

By: News24Wire      1st March 2018 Following a recent rally on the back of political developments, global factors have set the rand on a path of correction. The rand opened at R11.79 on Thursday, after trading weaker since Tuesday. This followed the National Assembly's adoption of a motion for land expropriation without... 

 Rand corrects on SA land issues and global factors

Don't be mesmerised by manufacturing, warns Harvard expert

By: Kim Cloete     1st March 2018 Most jobs in the South African economy are likely to be created in the services sector, in line with global trends away from manufacturing, says Harvard University Kennedy School of Government Trade and Investment Professor Robert Lawrence. “Don't be mesmerised by manufacturing and... 

TNPA calls for new entrants into South Africa's ports

By: Simone Liedtke     28th February 2018 Attracting new entrants that meet broad-based black economic empowerment (BBBEE) requirements is critical in order to meet State-owned company Transnet's National Ports Authority (TNPA) mandate as a change agent for several business opportunities in the private sector pipeline. Owing to this,... 

Eskom signs a $2bn short-term loan with seven lenders

By: Reuters     28th February 2018 South Africa's State-run power utility Eskom said on Wednesday it has signed a R20-billion ($2-billion) short-term credit facility with a consortium of seven local and international banks. "The funding provides Eskom with sufficient liquidity to allow the company time to continue resolving its... 

New power generation exemption framework creates fresh hurdles for IPPs

By: Terence Creamer     28th February 2018 A warning has been sounded that recent amendments to the Electricity Regulation Act relating to licence exemptions for generation plants could create further impediments to the deployment of private generation facilities. Titled ‘Licensing Exemption and Registration Notice’, the amendment was... 

New power generation exemption framework creates fresh hurdles for IPPs

Sars pays over R205bn in tax refunds

By: African News Agency      28th February 2018 The South African Revenue Service (Sars) said on Wednesday that it has paid over R205-billion in refunds across all tax types in the past 10-and-a-half months. Sars said that the payout to individuals and companies, from the beginning of the financial year on 1 April 2017 to 9 February 2018,... 

Sars pays over R205bn in tax refunds

Editorial: Burning issues for Energy Minister Radebe 

By: Terence Creamer     28th February 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about what Jeff Radebe’s appointment as South Africa’s new Energy Minister is likely to mean for the energy sector, as well as the immediate issues the Minister needs to deal with. 

Editorial: Burning issues for Energy Minister Radebe
The burning issues facing new Energy Minister Jeff Radebe

Las Iguanas to open 200-seater restaurant in Centurion in June

By: Megan van Wyngaardt     28th February 2018 The UK restaurant chain Las Iguanas will open its first restaurant in South Africa's Irene Mall, in Centurion, on June 7, franchisor Gold Brands said on Wednesday. The chain specialises in authentic Mexican, Brazilian and other South American food and cocktails, and the Irene restaurant will seat... 

Las Iguanas to open 200-seater restaurant in Centurion in June

South Africa hosts first UN Drought Core Group meeting

By: Megan van Wyngaardt     28th February 2018 A meeting, focusing on the outlook and risks for drought and famines on the African continent in the year ahead, was held at the Department of International Relations and Cooperation's (Dirco's) offices, in Pretoria, on Wednesday. The inaugural meeting, which was hosted and chaired by South... 

Department of Water and Sanitation blames municipal debt, budget cuts for huge debt

By: News24Wire      28th February 2018 A full parliamentary inquiry into the finances of the Department of Water and Sanitation has been instituted after it conceded to being billions of rand in debt. The department presented itself before Parliament's Standing Committee on Public Accounts (Scopa) on Tuesday where its overdraft,... 

Department of Water and Sanitation blames municipal debt, budget cuts for huge debt

Reported economic crime in South Africa hits record levels – PwC

By: African News Agency      28th February 2018 South African organisations are reporting the highest instances of economic crime in the world with it reaching its highest level over the past decade, a PwC report released on Wednesday has found. According to the PwC's biennial Global Economic Crime Survey, South African organisations that have... 

 Reported economic crime in South Africa hits record levels – PwC

Dudu Myeni a no show at Eskom inquiry

By: African News Agency      28th February 2018 Former South African Airways chairperson Dudu Myeni, who has been named in the inquiry as being one of the people who interferred in the affairs of Eskom, was a no show at a parliamentary inquiry on Wednesday. Myeni, a close ally of former president Jacob Zuma, was meant to testify at the inquiry... 

 Dudu Myeni a no show at Eskom inquiry
Former SAA chairperson Dudu Myeni

Aarto Amendment Bill too broken to be fixed – Dembovsky

By: Nadine James     28th February 2018 The Administrative Adjudication of Road Traffic Offence (Aarto) Amendment Bill is unconstitutional and will inevitably be challenged once signed into law, Justice Project South Africa chairperson Howard Dembovsky told a National Press Club briefing on Tuesday. He stated that, in addition to being... 

Investments in business controls result in shift in economic crime detection – PwC

By: Schalk Burger     27th February 2018 Investments made to detect fraud and corruption have resulted in more of these economic crimes being detected by corporate controls and oversight mechanisms, corporate services multinational PwC Forensics Services partner Trevor White said on Tuesday. Detailing the findings for South Africa of... 

Consumers urged to buy local as poultry industry remains ‘in distress’

By: Simone Liedtke     27th February 2018 Despite being the highest per capita consumer of poultry products on the African continent, and the ninth-highest consumer in the world, South Africa finds its poultry industry in deep crisis, buy local campaign Proudly South Africa (SA) said at its first yearly poultry forum on Tuesday. Faced... 

DA welcomes Makhura's admission that e-tolling has failed

By: News24Wire      27th February 2018 The Democratic Alliance (DA) has welcomed Gauteng Premier David Makhura's admission that e-tolling has failed and that he will be meeting with President Cyril Ramaphosa to devise a more suitable funding model. The DA's Gauteng spokesperson on roads and transport, Fred Nel, said the party had been... 

DA welcomes Makhura's admission that e-tolling has failed

Sars welcomes back Nhlanhla Nene as finance minister

By: African News Agency      27th February 2018 Tom Moyane, the Commissioner for the South African Revenue Services (Sars), on Tuesday welcomed and congratulated Nhlanhla Nene in his re-appointment as the new finance minister. Nene was re-appointed in a Cabinet reshuffle announced by President Cyril Ramaphosa at the Union Buildings on Monday... 

Sars welcomes back Nhlanhla Nene as finance minister
Photo by Duane Daws
Finance Minister Nhlanhla Nene

Mokonyane lambasted for 'collapsing' water dept: Scopa decries reshuffling and calls for charges

By: News24Wire      27th February 2018 The Standing Committee on Public Accounts (Scopa) expressed concern over the reshuffling of former minister of water and sanitation Nomvula Mokonyane to the ministry of communications. Scopa chairperson Themba Godi has called for a full parliamentary inquiry and for criminal charges to be opened... 

Mokonyane lambasted for 'collapsing' water dept: Scopa decries reshuffling and calls for charges
Photo by Duane Daws
Minister of Communications Nomvula Mokonyane

DA calls on Nene to reverse VAT increase

By: African News Agency      27th February 2018 The Democratic Alliance (DA) on Tuesday said it was cautiously optimistic about the reappointment of Nhlanhla Nene as South Africa’s finance minister and called on him to reverse the “disastrous decision” by his predecessor, Malusi Gigaba, to increase VAT to 15%, among other tax increases. “On... 

 DA calls on Nene to reverse VAT increase
Photo by Bloomberg
Finance Minster Nhlanhla Nene

Nene says budget may not stave off downgrades

By: Reuters     27th February 2018 South Africa's incoming Finance Minister Nhlanhla Nene said on Tuesday that the budget tabled last week by outgoing minister Malusi Gigaba, which featured the first VAT hike in over two decades, might not prevent more credit ratings downgrades. Nene was asked during a radio interview whether the... 

Nene says budget may not stave off downgrades
Photo by Duane Daws
Incoming Finance Minister Nhlanhla Nene

Ramaphosa says new Cabinet 'a transitional one'

By: News24Wire      27th February 2018 President Cyril Ramaphosa says his new Cabinet should be seen as a "transitional" Cabinet. Speaking to eNCA journalist Annika Larsen outside the Old Assembly chamber on Tuesday morning, shortly before addressing the House of Traditional Leaders, Ramaphosa claimed he did not have to compromise on... 

Ramaphosa says new Cabinet 'a transitional one'
President Cyril Ramaphosa

Municipal union welcomes new Ministers, wants VAT increase scrapped

By: African News Agency      27th February 2018 Newly appointed South African Finance Minister Nhlanhla Nene should ensure that the increase in value added tax announced in the 2018 budget last week is not implemented, the South African Municipal Workers Union said on Tuesday. Nene, fired as finance minister by former president Jacob Zuma in... 

Municipal union welcomes new Ministers, wants VAT increase scrapped
Photo by Duane Daws
Finance Minister Nhlanhla Nene

Coega hosts successful inaugural supplier development day

By: Simone Liedtke     27th February 2018 The Coega Development Corporation (CDC) this past week launched its inaugural supplier development day at the Vulindlela Accommodation and Conference Centre, in Nelson Mandela Bay. The event, which is a first by a Special Economic Zone, saw captains of industry together with emerging businesses... 

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