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Economy News

Reserve Bank expected to keep repo rate unchanged next week

By: Reuters     11th January 2018 South Africa's Reserve Bank will leave interest rates unchanged at its Jan. 18 meeting, a Reuters poll showed on Thursday, despite a much firmer rand suggesting further easing could come from the bank. The rand, currently around 12.43 per dollar, has gained almost 8% in the last six months - with... 

SAA, TAAG sign code-share agreement

By: Schalk Burger     10th January 2018 State-owned airline South African Airways (SAA) and Angola State-owned airline TAAG Angola Airlines on Wednesday announced a code-share agreement for flights between Luanda and Cape Town or Johannesburg. “SAA will code-share with TAAG on direct services between Johannesburg and Luanda and between... 

Industry heavyweights praise State capture inquiry head appointment

By: Megan van Wyngaardt     10th January 2018 South African business and industry on Wednesday lauded the appointment of Deputy Chief Justice Raymond Zondo to head the commission of inquiry into State capture. This followed President Jacob Zuma's decision on Tuesday to appoint a commission of inquiry following an order issued by the North... 

Industry heavyweights praise State capture inquiry head appointment
Deputy Chief Justice Ray Zondo

Business seems more confident as political developments change landscape

By: Megan van Wyngaardt     10th January 2018 Business sentiment in South Africa showed yet another month-on-month improvement, with the South African Chamber of Commerce and Industry (Sacci) reporting a 1.3 index point uptick in its Business Confidence Index (BCI) for December. The index now stood at 96.4, following on the improved business... 

Business seems more confident as political developments change landscape

Ramaphosa to lead South African delegates at World Economic Forum

By: Dylan Slater     10th January 2018 Deputy President Cyril Ramaphosa, who is also the recently elected president of the incumbent African National Congress, will lead a South African delegation to the forty-eighth edition of the World Economic Forum’s yearly meeting, which will be held in Davos-Klosters, in Switzerland, from... 

Ramaphosa to lead South African delegates at World Economic Forum
Photo by Duane Daws
Deputy President Cyril Ramaphosa

Global growth report highlights South Africa’s laggard status

By: Terence Creamer     10th January 2018 The World Bank expects growth in South Africa to recover to 1.1% in 2018, from 0.8% in 2017, on the back of improving business sentiment, which should support a modest rise in investment. The January Global Economic Prospects report upgraded the bank’s estimate of South Africa’s 2017 growth... 

Global growth report highlights South Africa’s laggard status

Calls made for far-reaching Eskom restructuring as sustainability risks mount

By: Terence Creamer     9th January 2018 Eskom’s current financial situation makes it difficult to see any other path to sustainability than that of drastic cost-cutting, restructuring and bringing private equity into the business, Energy Intensive Users Group of Southern Africa (EIUG) past chairperson Piet van Staden argues. In an... 

Calls made for far-reaching Eskom restructuring as sustainability risks mount

Labour union Numsa rejects proposed curbs on right to strike 

By: African News Agency      9th January 2018 The National Union of Metalworkers of South Africa said on Tuesday it rejected proposed changes to the country's labour laws which it argued would limit the right to strike. The government this year intends to implement changes to the Labour Relations Act and the Basic Conditions of Employment... 

Drought conditions hit South African maize belt – industry group

By: Reuters     9th January 2018 The western part of South Africa's maize belt has been hit by drought and farmers there have only planted 70 to 75% of the area they had intended to, industry group Grain SA said on Monday. With the window of planting opportunity fast closing, the unexpected onset of dry conditions in the key... 

Drought conditions hit South African maize belt – industry group

South Africa, China celebrate 20 years of diplomatic relations

By: Anine Kilian     8th January 2018 South Africa and China this month celebrate 20 years of formal diplomatic relations. The countries have signed a significant number of bilateral cooperation agreements in areas including trade, investment, economic and people-to-people relations over that period.    The Department of... 

South Africa, China celebrate 20 years of diplomatic relations
Photo by Reuters
Xi Jinping & Jacob Zuma

Construction industry making progress with deals to transform the sector

By: Megan van Wyngaardt     8th January 2018 In a move that will see local construction companies further honour their agreements with government to ensure  inclusivity for black contractors in the South African construction sector, the Competition Commission has recommended a number of merger deals to the Competition Tribunal for approval.... 

Construction industry making progress with deals to transform the sector

Labour dept urges 2017 EE report filings as deadline looms

By: Creamer Media Reporter      8th January 2018 With the impending January 15 deadline looming, the Department of Labour (DoL) on Monday urged employers to file their employment equity (EE) online reports. The 2017 EE online and manual reporting season opened on September 1, and while the manual reporting submissions closed on October 1,... 

City of Johannesburg to run citywide revenue collection blitz

By: African News Agency      8th January 2018 Johannesburg mayor Herman Mashaba will on Monday take part in a citywide revenue collection blitz to collect just under R1-billion in arrears amounts from over 2000 businesses which have failed to pay for city services, the city said. Mashaba would be joined by the Johannesburg Metro Police... 

Will intra-Africa trade come of age in 2018?

By: African News Agency      3rd January 2018 Overcoming the barriers for intra-African trade to double in a decade can feel like a Sisyphean task – impossible to complete. But that is the objective of the Boosting Intra-African Trade (BIAT) action plan, which targets to double flows between January 2012 and January 2022. Many individual... 

Will intra-Africa trade come of age in 2018?

PAC welcomes proposed land expropriation without compensation

By: African News Agency      2nd January 2018 The Pan Africanist Congress (PAC) has welcomed the recent proposal by the ruling African National Congress (ANC) to expropriate land without compensation, saying that it had always held the belief that land reform in South Africa should not involve the exchange of money. At its 54th national... 

PAC welcomes proposed land expropriation without compensation

Steinhoff says will have to restate 2015 financial statements

By: African News Agency      2nd January 2018 Beleaguered retailing group Steinhoff International Holdings said on Tuesday its 2015 financial statements, in addition to the 2016 accounts, could no longer be relied upon. In a statement, Steinhoff, which was engulfed by an accounting scandal last month, leading to the resignation of CEO... 

Steinhoff says will have to restate 2015 financial statements

Improving quality of life remains key priority, says Zuma

By: African News Agency      2nd January 2018 Improving the quality of life of the South African people, especially the poor and the working class, remains a key priority of government, President Jacob Zuma said on Sunday. “Significant strides” were made in 2017 in fighting poverty, inequality, and unemployment, he said in his new year’s... 

Improving quality of life remains key priority, says Zuma

Volunteers restore, relaunch iconic Apple Express tourism train 

By: Henry Lazenby     27th December 2017 A group of Port Elizabeth-based railway enthusiasts has painstakingly restored and successfully relaunched the iconic Apple Express tourist steam train. The two-foot narrow gauge steam train made its maiden trip at 09:00 on December 26, carrying fare-paying passengers between the city’s Kings... 

Volunteers restore, relaunch iconic Apple Express tourism train
Photo by Apple Express Rail Company
The Apple Express was officially relaunched by acting mayor Andrew Whitfield and Apple Express Rail Company CEO Nerina Skuy

SA Deputy President Ramaphosa spreads Christmas cheer with message of hope

By: African News Agency      27th December 2017 South Africa’s Deputy President Cyril Ramaphosa, who recently took over the reigns of the ruling African National Congress (ANC), on Sunday spread some Christmas cheer with his positive message promising economic growth and a society in which everyone is safe, secure and feels valued. Ramaphosa,... 

SA Deputy President Ramaphosa spreads Christmas cheer with message of hope

South Africa's power utility Eskom to postpone interim results announcement

By: Reuters     21st December 2017 South Africa's state owned power utility Eskom said on Thursday it will postponed its interim results announcement until early next year. The cash-strapped utility, which has been gripped by a governance crisis in its board, said it needs time to review the impact of the increase and for its... 

South Africa's power utility Eskom to postpone interim results announcement

Steinhoff investor Wiese sells part of Shoprite stake

By: Reuters     21st December 2017 South African investor Christo Wiese has sold an additional R1.1 billion of shares in supermarket group Shoprite, exchange filings showed on Thursday, after his exposure to scandal-hit retailer Steinhoff dented his fortune. More than $14-billion of shareholder value has been wiped off Steinhoff... 

Casac asks NPA boss to assure Zuma charges won't be dropped

By: News24Wire      21st December 2017 The Council for the Advancement of the South African Constitution (Casac) has asked the National Director of Public Prosecutions' (NDPP) Advocate Shaun Abrahams to assure them that he will not withdraw charges against President Jacob Zuma until a Constitutional Court ruling has been made. The... 

Casac asks NPA boss to assure Zuma charges won't be dropped
Photo by Reuters
Shaun Abrahams

ANC's land expropriation stand equals theft – AfriForum 

By: Megan van Wyngaardt     21st December 2017 Civil rights watchdog AfriForum says that the African National Congress’s decision to amend South Africa’s Constitution to allow expropriation without compensation boils down to a decision to commit theft and to place the country on the same road of destruction that Zimbabwe followed in its... 

ANC's land expropriation stand equals theft – AfriForum

We have shown that 'unity of the ANC is sacrosanct' - Zuma 

By: News24Wire      21st December 2017 President Jacob Zuma says there are no winners or losers, after Cyril Ramaphosa was elected the new leader of the African National Congress (ANC). In a statement on Thursday morning, Zuma said the ANC was the clear winner after the election. 

We have shown that 'unity of the ANC is sacrosanct' - Zuma

Vaal river dams increase levels, but DWS urges conservation

By: Megan van Wyngaardt     21st December 2017 The Gauteng dams which form part of the Integrated Vaal River System (IVRS) continue to climb up to higher levels following a period of consistent decline. The IVRS is this week in sharp contrast compared to what it was last year during the same time. The system is currently at 71.9% compared to... 

Vaal river dams increase levels, but DWS urges conservation

JSE gains yet another Reit as Castleview Property Fund lists

By: Megan van Wyngaardt     21st December 2017 The Johannesburg Stock Exchange (JSE) on Thursday gained another real estate investment trust (Reit) under its AltX board, when Castleview Property Fund listed on its Retail Reits sector Castleview is now the twentieth company to list on the JSE this year. JSE capital markets director Donna Nemer... 

JSE gains yet another Reit as Castleview Property Fund lists

Agbiz disappointment by ANC resolution on land expropriation 

By: African News Agency      21st December 2017 The Agricultural Business Chamber (Agbiz) on Thursday said it was concerned by the  African National Congress' (ANC's) resolution to start the process of amending the constitution to allow for land expropriation without compensation. The ANC announced the move at the just ended 54th National... 

Agbiz disappointment by ANC resolution on land expropriation

Corruption, state capture must stop – Ramaphosa

By: African News Agency      21st December 2017 Newly-elected African National Congress President Cyril Ramaphosa on Thursday morning, lambasted corruption in government and in the private sector, as he delivered his closing remarks at the 54th national elective conference. “At the state level we must confront the reality that critical... 

Corruption, state capture must stop – Ramaphosa

Distell to sell cognac business in R800m deal

By: Megan van Wyngaardt     20th December 2017 JSE-listed Distell today entered into a definitive agreement to sell its cognac business, Bisquit Dubouche et Cie to Italian branded beverage company Campari Group for an enterprise value of 2.5 million, or R800-million. The disposal is expected to close during the first quarter of 2018. 

AfDB to support Mozambique rail project with $300m

By: Megan van Wyngaardt     20th December 2017 The African Development Bank (AfDB) is taking the lead in facilitating the takeoff of one of Africa’s largest infrastructure project − the $5-billion Nacala corridor rail and port project, supporting the project with $300-million from its private sector window. After years of financial... 

AfDB to support Mozambique rail project with $300m

Ethiopia signs $4bn deal to build 1 000 MW-geothermal power plants

By: Megan van Wyngaardt     20th December 2017 Ethiopia has signed an agreement to build two geothermal power plants at a combined cost of $4-billion, to be run by the country's first privately-owned utility. The Corbetti and Tulu Moye plants will produce a combined 1 000 MW of power upon completion in eight years time in the... 

Embracing automation can lead to greater skills development

By: Megan van Wyngaardt     20th December 2017 While the automated economy is often seen as a threat to many of today’s jobs, ManpowerGroup South Africa MD Lyndy van den Barselaar notes that it will open up employment opportunities for those with the right skillsets, as the digital transformation continues to change the way we work. “While it... 

ABB, SNC-Lavalin joins forces for substation projects

By: Megan van Wyngaardt     20th December 2017 Automation company ABB and infrastructure company SNC-Lavalin have signed an agreement to form a joint venture (JV) for the execution of engineering, procurement and construction (EPC) projects for electrical substations. SNC-Lavalin will have majority and controlling interest in the JV. 

Ictu demands independent inquiry into corruption allegations at Sita 

By: Megan van Wyngaardt     20th December 2017 The Information, Communication and Technology Union (Ictu) is demanding an independent inquiry into the corruption allegations at the State Information Technology Agency (Sita), focusing in particular on the board members who have “stitched-up” their contracts to ensure that when their contracts... 

Ictu demands independent inquiry into corruption allegations at Sita

Zim's new leader Mnangagwa visits SA to meet potential investors

By: News24Wire      20th December 2017 Zimbabwean President Emmerson Mnangagwa is reportedly set to "address a high profile business conference" in Pretoria on Thursday, as his new administration strives "to revitalise the economy through attracting investment". According to the State-owned Herald newspaper, a statement by Zimbabwe's... 

Zim's new leader Mnangagwa visits SA to meet potential investors
Photo by Reuters
Emmerson Mnangagwa

Drought to hit South Africa's 2018 wine harvest

By: Reuters     19th December 2017 South Africa, the world's seventh biggest wine producer, is expected to see the smallest harvest in more than a decade in 2018 after drought and lower plantings hit yields, industry experts said. The winelands are mostly in the coastal Western Cape province which was declared a disaster area in... 

Drought to hit South Africa's 2018 wine harvest

Scandal-hit Steinhoff names acting CEO ahead of meeting with lenders

By: Reuters     19th December 2017 Steinhoff named Danie van der Merwe as acting CEO on Tuesday as the South African retail group struggles to contain an accounting scandal. Van der Merwe is currently chief operating officer and has been with the company since 1998. 

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