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Economy News

'State capture' report interdict to be heard in November

By: News24Wire      14th October 2016 Lawyers have proposed that the application to interdict Public Protector Thuli Madonsela from releasing her preliminary report on “state capture” be heard in the High Court in Pretoria on November 1. Legal representatives for the parties involved wanted the matter to be postponed so they could... 

Cooler series for hydraulic systems improves efficiency, saves costs

By: Robyn Wilkinson     14th October 2016 In light of the importance of installing the correct cooler for particular hydraulic systems, motion and control technologies diversified manufacturer Parker Hannifin’s Accumulator and Cooler Division Europe (ACDE) is developing the MAC air oil-cooler series, which provides significant benefits... 

Hard currency availability a challenge for cross-border trade in Africa

By: Simone Liedtke     14th October 2016 An issue that has come into sharp focus for businesses in Africa is the shortage of available hard currency as most capital projects on the continent tend to be funded in US dollars although they may generate their revenue in local currency, says Export Credit Insurance Corporation of South... 

Hard currency  availability a challenge for cross-border  trade in Africa
MANDISI NKUHLU The company enables export trade from South Africa to the rest of the world and also supports cross-border investments

High potential for investments in Africa

By: Simone Liedtke     14th October 2016 The African continent, as an emerging and relatively underdeveloped market, displays a significant lag in investment, particularly in primary sectors such as infrastructure. This presents a unique opportunity for investors with a focused approach wanting to generate superior returns, says private... 

High potential for investments in Africa
INFRASTRUCTURE INVESTMENT Africa displays a significant lag in investment, particularly in primary sectors such as infrastructure

Industries should collaborate in submitting industry waste-management plans – law firm

By: Mia Breytenbach     14th October 2016 It appears industry will soon have to collaborate and share their current research and other resources to develop industry waste management plans (IWMPs), states legal services firm Cliffe Dekker Hofmeyr. It is likely that IWMPs will not only have to comply with challenging timeframes but also... 

Industries should collaborate in submitting  industry waste-management plans – law firm
Photo by Bloomberg
ONEROUS MATTER? Contentious content for industry waste management plans include the way in which affected industries will prioritise reduction, reuse, recycling, and waste recovery

Innovation to provide solutions for African businesses

By: Simone Liedtke     14th October 2016 Businesses in Africa are facing a variety of challenges, which has led professional services firms like KPMG to constantly invest in innovative products to provide solutions for businesses. 

Innovation to provide solutions for African  businesses
BENSON MWESIGWA To date, KPMG has delivered 85 000 l of water as part of Operation Hydrate

National Treasury developing contingency plans for possible Brexit effects on South Africa

By: Keith Campbell     14th October 2016 The National Treasury is busy discussing the possible impact on the South African economy of Britain’s decision to leave the European Union (EU), known as “Brexit” for short. At the moment, it is not at all clear what the UK’s future economic relationship with the EU will look like.  

Wireless infrastructure prominent growth enabler for African continent

By: Simone Liedtke     14th October 2016 With noticeable developments regarding unified policies in the African Union, wireless vendor Ruckus Wireless believes that the key goal of an Africa-wide standardised telecommunications policy should be to stimulate growth by springboarding Africa into a position that would allow for much easier... 

M&R to sell civil engineering unit as it agrees to settlement deal with government 

By: Terence Creamer     13th October 2016 Construction group Murray & Roberts (M&R) has confirmed its full participation in an agreement unveiled together with government on October 11, allowing for the settlement of potential claims arising from its much-publicised transgressions of South Africa’s competition laws. In return, the... 

M&R to sell civil engineering unit as it agrees to settlement deal with government
Photo by Duane Daws
M&R CEO Henry Laas

Fishing companies and NGOs call for moratorium on bulk sediment seabed mining

By: Kim Cloete     13th October 2016 The Responsible Fisheries Alliance (RFA), which comprises five major fishing companies and two nongovernmental organisations, is calling for a moratorium on all new and existing prospecting and mining applications related to bulk sediment seabed mining. This follows the release of a new report... 

Exhibition seeks to promote high-tech cooperation between South Africa and China

By: Keith Campbell     13th October 2016 The First South Africa/China Hi-Tech Exhibition, being held in Sandton, north of Johannesburg, is intended to promote scientific and technological cooperation between the two countries, their research institutes and companies. “I hope that both sides use this platform to enhance their... 

South Africa, Kenya ink investment MoU

By: Creamer Media Reporter      13th October 2016 South Africa and Kenya this week entered into a memorandum of understanding (MoU) on investment cooperation on the sidelines of a State visit to the East African country by South Africa’s President Jacob Zuma. Investment South Africa (ISA) and its counterpart Kenya Investment Authority... 

Manuel says South Africa lagging behind in its commitment to protect the environment

By: Kim Cloete     13th October 2016 The South African government needs to step up to the plate on some key environmental concerns, says former Finance Minister Trevor Manuel. Speaking at the launch of the World Wide Fund for Nature–South Africa’s (WWF-SA’s) Oceans Facts and Futures report, in Cape Town, on Wednesday evening, he... 

Manuel says South Africa lagging behind in its commitment to protect the environment
Photo by Duane Daws
Former Finance Minister Trevor Manuel

NPA head willing to review decision to prosecute Gordhan, if asked 

By: News24Wire      13th October 2016 National Prosecuting Authority (NPA) head Shaun Abrahams said while he was not the one who made the decision to prosecute Finance Minister Pravin Gordhan, he was willing to review any matter if Gordhan or his co-accused asked him to do so. Abrahams also said more people could be charged. 

NPA head willing to review decision to prosecute Gordhan, if asked
Photo by Duane Daws
Finance Minister Pravin Gordhan

Turner is official partner for Johannesburg animation event

By: African News Agency      12th October 2016 Animation South Africa on Wednesday announced that Turner International was an official partner for the inaugural Animation Lounge at Discop Johannesburg 2016. The non-profit company representing South Africa’s animation industry added that Turner – the international television company whose... 

African air traffic liberalisation inevitable, says continental airlines association head

By: Keith Campbell     12th October 2016 The liberalisation of the African air transport market seems certain to happen, and will benefit those of the continent’s airlines able to take advantage of it. Thus affirmed African Airlines Association (AFRAA) CEO and secretary-general Dr Elijah Chingoso on Tuesday at the Aviation Industry... 

South Africa’s trade conditions improve in September

By: Natasha Odendaal     12th October 2016 The South African Chamber of Commerce and Industry’s (Sacci’s) Trade Activity Index (TAI) improved by two points in September, breaking through the 50-index-point mark and into positive territory. The TAI improved from 49 in August to 51 in September. 

Dawie Roodt on why the rand won't tank to R20/$

By: News24Wire      12th October 2016 The rand is unlikely to weaken to historic lows despite charges being brought against Minister of Finance Pravin Gordhan, says economist Dawie Roodt. National Prosecuting Authority (NPA) head Shaun Abrahams announced on Tuesday that Gordhan has been ordered to appear before court on a charge... 

Dawie Roodt on why the rand won't tank to R20/$
Economist Dawie Roodt

Gordhan will not resign amid 'politically contaminated' accusations

By: News24Wire      12th October 2016 Finance Minister Pravin Gordhan will not resign and will continue serving the country after receiving a ''contaminated'' summons for alleged fraud on Tuesday, the ministry said. ''The Minister wishes to assure the South African citizens that he will continue to serve the country and advance these... 

Gordhan will not resign amid 'politically contaminated' accusations
Photo by Duane Daws
Finance Minister Pravin Gordhan

The public must hold officials to account - Gordhan

By: News24Wire      12th October 2016 Members of National Treasury are expected to conduct themselves in a way that does not compromise the economic reputation of the country and jeopardise the welfare of citizens, while a handful of people in government continue to “extract” from the public purse, said Finance Minister Pravin... 

The public must hold officials to account - Gordhan
Finance Minister Pravin Gordhan

Construction giants reach transformative agreement with govt 

By: Megan van Wyngaardt     11th October 2016 The South African Forum of Civil Engineering Contractors, together with national government, on Tuesday signed an agreement with several construction companies, including Wilson Bayly Holmes-Ovcon (WBHO), Aveng, Murray & Roberts, Group Five, Basil Read, Raubex and Stefanutti Stocks, to accelerate... 

Construction giants reach transformative agreement with govt

Concerns over timing of Gordhan summons  

By: Sane Dhlamini     11th October 2016 Business leaders expressed concern on Tuesday following the issuing of fraud charges against Finance Minister Pravin Gordhan by the National Prosecutions Authority head Shaun Abrahams. Gordhan was ordered to appear in court on November 2 on a charge of fraud related to the pay-out made by South... 

Concerns over timing of Gordhan summons   
Photo by Duane Daws
Finance Minister Pravin Gordhan

South African Civil Aviation Authority seeks to promote local aviation growth

By: Keith Campbell     11th October 2016 The South African Civil Aviation Authority (SACAA, often rendered just CAA) fully supports the growth of the country’s aviation sector. “The CAA is committed to holding discussions which will facilitate aviation growth,” assured director of civil aviation (head of the SACAA) Poppy Khoza. She was... 

Necsa receives first R1.7m in settlement of Russian fabrication contract

By: Samantha Herbst     11th October 2016 State-owned nuclear company the South African Nuclear Energy Corporation (Necsa) has been paid the first R1.7-million of a fabrication contract to manufacture nuclear reactor components for Russia. The first items fabricated at the Pelindaba site of Necsa, outside Pretoria, have been delivered to... 

Necsa receives first R1.7m in settlement of Russian fabrication contract
Necsa CEO Phumzile Tshelane

Creecy lauds Gauteng’s successful open tenders ‘experiment’ 

By: Natasha Odendaal     11th October 2016 The Gauteng provincial government’s (GPG’s) move to implement an open tender process for the procurement of goods and services above R50-million has been a success and the provincial government is preparing to extend the process to all tenders by the 2018/19 financial year. The GPG in the 2014/15... 

Creecy lauds Gauteng’s successful open tenders ‘experiment’

South Africa remains committed to air transport liberalisation and development

By: Keith Campbell     11th October 2016 South African Deputy Transport Minister Sindisiwe Lydia Chikunga reaffirmed the country’s support for opening Africa’s aviation markets. “South Africa supports the liberalisation of air transport in Africa,” she said in her keynote address at the South African Civil Aviation Authority’s Aviation... 

South Africa remains committed to air transport liberalisation and development

Gordhan: ‘Who are the Hawks really serving?’  

By: News24Wire      11th October 2016 Finance Minister Pravin Gordhan, speaking in Midrand, has responded to the National Prosecuting Authority’s (NPA's) decision to press ahead with charges against him. Head of the National Prosecuting Authority (NPA) Shaun Abrahams read a statement on the so-called rogue unit at the South African... 

Gordhan: ‘Who are the Hawks really serving?’
Photo by Duane Daws
Finance Minister Pravin Gordhan

Makhura to Gordhan: ‘We believe in your ethical leadership’

By: News24Wire      11th October 2016 Gauteng Premier David Makhura has publicly displayed support for Finance Minister Pravin Gordhan, who faces being charged by the National Prosecuting Authority (NPA). Makhura and Gordhan were both attending an Open Tender Seminar in Midrand, Johannesburg on Tuesday morning. 

Makhura to Gordhan: ‘We believe in your ethical leadership’
Gauteng Premier David Makhura

Days of not holding govt officials accountable are over - NPA boss 

By: News24Wire      11th October 2016 National Prosecuting Authority (NPA) boss Shaun Abrahams on Tuesday lambasted those questioning his decision to prosecute Finance Minister Pravin Gordhan on fraud charges. "What if this decision was made by a judge or the Public Protector?" he asked. 

Days of not holding govt officials accountable are over - NPA boss
NPA boss Shaun Abrahams

Rand falls as Gordhan slapped with fraud charge

By: African News Agency      11th October 2016 The rand tumbled on Tuesday morning as the National Prosecuting Authority announced that it had issued a formal summons against Finance Minister Pravin Gordhan in the ongoing, politically-charged investigation into an intelligence unit within the South African Revenue Service. NPA head Shaun... 

Rand falls as Gordhan slapped with fraud charge

Gordhan says ordered to appear in court November 2

By: Reuters     11th October 2016 South African Finance Minister Pravin Gordhan said on Tuesday prosecutors had delivered a summons to his house for him appear in court on November 2. "It looks like we are in a bit of excitement going forward," Gordhan said at a business seminar in Johannesburg. 

Gordhan says ordered to appear in court November 2
Finance Minister Pravin Gordhan

AB InBev-SABMiller deal completes

By: African News Agency      11th October 2016 Anheuser-Busch InBev on Tuesday announced the successful completion of its multi-billion dollar merger with SABMiller. AB Inbev said the combined company would have operations in “virtually every major beer market” and an expanded portfolio that included global, multi-country and local brands,... 

Sars wants 'rogue unit' docs barred from labour case

By: News24Wire      11th October 2016 Lawyers for the South African Revenue Service (Sars) want key documents relating to the infamous "rogue unit" saga to be disallowed as evidence in a labour dispute with one of the revenue collector's former employees. Proceedings in former Sars spokesperson Adrian Lackay's bid to have his... 

Community challenges seen as business opportunities for women – GEP 

By: Megan van Wyngaardt     10th October 2016 Women entrepreneurs must use their environment and the immediate challenges facing their communities as drivers of business, Gauteng Enterprise Propeller (GEP) CEO Leah Manenzhe said on Monday. Manenzhe told delegates at the Gauteng Young Women in Business Breakfast Dialogue – which aims to... 

Community challenges seen as business opportunities for women – GEP
Women entrepreneurs are encouraged to find solutions in their immediate environment. Cameraperson: Nichoals Boyd. Editing: Lionel da Silva.

Africa prospects should not be romanticised – Makhura

By: Natasha Odendaal     7th October 2016 While Africa may well be the current “centre of gravity” in terms of future prospects, the opportunities and prospects available must not be romanticised amid major challenges that are yet to be overcome. Africa has emerged as a pillar of growth and a leading emerging market – while major global... 

Africa prospects should not be romanticised – Makhura
Photo by Duane Daws
Gauteng Premier David Makhura

Competition Commission signs MoUs with Russia, Kenya

By: Kim Cloete     7th October 2016 South Africa's Competition Commission has signed separate memoranda of understanding (MoUs) with Russia and Kenya to work together on issues of common ground. The commission will work with Russia, particularly in the fields of the pharmaceutical and automotive sectors. 

Consultancy proposes ways to kick-start South Africa’s GDP growth

By: David Oliveira     7th October 2016 Five actionable plans would be key to help kick-start South Africa’s gross domestic product (GDP) growth – currently standing at below 1% – and address the country’s triple threat of unemployment, inequality and poverty, delegates heard at business consultancy IQ Business’s smartgrowth.co.za... 

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