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Economy News

Tosaco Energy granted permits to explore for onshore gas in Mpumalanga 

By: Megan van Wyngaardt     6th July 2017 The Petroleum Agency of South Africa has granted a new entrant in South Africa’s energy sector, Tosaco Energy, three onshore technical cooperation permits (TCPs), enabling the company to explore for and develop a potential gas resource in Mpumlanga. Situated near existing natural gas pipeline... 

Strike would threaten MEIBC's continued existence – Solidarity

By: Samantha Herbst     6th July 2017 With wage negotiations in the metals and engineering sector coming to a standstill, Solidarity fears that if a strike is the result it would jeopardise the Metal and Engineering Industries Bargaining Council (MEIBC), the trade union said on Thursday. Trade unions and employers reached a deadlock... 

Strike would threaten MEIBC's continued existence – Solidarity
Solidarity deputy general secretary Marius Croucamp

Corobrik says collusion charges a misunderstanding 

By: Megan van Wyngaardt     6th July 2017 Construction materials provider Corobrik believes its agreements with other brick manufacturing companies were legitimate and defensible in terms of the Competition Act. The Competition Commission on Wednesday said that an investigation launched in April against Corobrik, Era Bricks, Eston,... 

Eskom expects DFIs to form ‘backbone’ of capital-raising effort in coming three years

By: Terence Creamer     6th July 2017 State-owned power utility Eskom indicated that funding from development finance institutions (DFIs) is likely to form the backbone of its capital-raising effort over the coming five years, during which its debt is expected to peak at R500-billion. However, Eskom followed fellow State-owned... 

Eskom expects DFIs to form ‘backbone’ of capital-raising effort in coming three years
Photo by Duane Daws
Eskom interim CEO Johnny Dladla

Transnet suspends operations on Richards Bay coal line

By: Megan van Wyngaardt     6th July 2017 Operations along Transnet’s Richards Bay coal line (RBCL) have been suspended, owing to ongoing violent community protests across KwaZulu-Natal. The State-owned company on Thursday said the step was taken to curb potential losses to the local economy, with Transnet working closely with customers... 

Transnet suspends operations on Richards Bay coal line

Zuma arrives in Germany for G20 Summit

By: African News Agency      6th July 2017 South Africa President Jacob Zuma arrived in Hamburg, Germany, on Thursday morning for the Group of 20 (G20) Leaders’ Summit which is scheduled to take place on July 7 and 8 under the theme “Shaping an Interconnected World”. South Africa is one of the 19 member countries of the G20 which, in... 

Zuma arrives in Germany for G20 Summit
President Jacob Zuma

Zwane clarified definition of ‘black person’ with DTI before publishing Mining Charter 

By: Megan van Wyngaardt     6th July 2017 Although the Department of Mineral Resources did not have any consultation with the Broad-Based Black Economic Empowerment (BBBEE) Commission before publishing the Reviewed Mining Charter, it did consult with the Department of Trade and Industry on the definition of a black person. This was... 

Zwane clarified definition of ‘black person’ with DTI before publishing Mining Charter
Photo by Duane Daws
Trade and Industry Minister Dr Rob Davies

M&A involving sub-Saharan Africa reach highest level in four years

By: Creamer Media Reporter      6th July 2017 The value of announced mergers and acquisitions (M&A) transactions involving sub-Saharan Africa during the first half of this year has reached $18.1-billion – the highest first-half level since 2013. Thomson Reuters’ quarterly investment banking analysis for the sub-Saharan Africa region found... 

Monopoly capital 'has no colour, gender or faith' – Cronin

By: News24Wire      6th July 2017 SACP deputy general secretary Jeremy Cronin says the idea of monopoly capital is a reality that has always been around, but it has no colour, gender or faith. Cronin told News24 on the sidelines of a Cape Town Press Club event on Wednesday that the Communist Party has a long history with the idea... 

Monopoly capital 'has no colour, gender or faith' – Cronin
Photo by Duane Daws
Jeremy Cronin

RAF COO steps in as acting CEO

By: Megan van Wyngaardt     6th July 2017 Transport Minister Joe Maswanganyi has appointed Road Accident Fund (RAF) COO Lindelwa Jabavu acting CEO, effective July 1. Jabavu, who will serve in the role until the process to employ a new CEO is finalised, takes over from Dr Eugene Watson, who stepped down from his position in June, when his... 

CEF appoints new interim PetroSA board

By: Megan van Wyngaardt     6th July 2017 The Central Energy Fund (CEF) has appointed a new interim board at embattled State-owned oil and gas company PetroSA, effective July 5. Former South African Farmers Development Agency MD Nhlanhla Gumede has been appointed chairperson, succeeding former interim chairperson Wilfred Ngubane. 

Business resilient, but confidence remains under pressure – Sacci

By: Megan van Wyngaardt     6th July 2017 Despite the unpredictable economic and political environment, the South African Chamber of Commerce and Industry’ (Sacci’) Business Confidence Index (BCI) picked up by 1.7 index points to 94.9 in June, from 93.2 in May, showing the resilience and perseverance of local business. However, the BCI... 

Commission approves Dow, DuPont merger with conditions

By: Anine Kilian     5th July 2017 The Competition Commission has recommended to the Competition Tribunal that the proposed large merger between DuPont and Dow Chemical Company be approved with conditions.    Both Dow and DuPont are companies incorporated in accordance with the company laws of the US. Dow is the ultimate parent... 

ANC affirms Reserve Bank's independence

By: African News Agency      5th July 2017 The African National Congress policy conference agreed not to tamper with the independence of the SA Reserve Bank (SARB), but raised concerns about its private ownership, the party’s head of economic transformation said on Wednesday. ”The commission agreed that the Reserve Bank’s independence... 

ANC affirms Reserve Bank's independence

Sacked City Power MD denies corruption allegations 

By: Megan van Wyngaardt     5th July 2017 Former City Power MD Sicelo Xulu, who was relieved from his position by City of Johannesburg (CoJ) Mayor Herman Mashaba this week, denied media reports that he was corrupt or that there was any corruption within the municipal entity. Mashaba earlier this week said a forensic report tabled in... 

South Africa faces land reform dilemma, partnership is key

By: Natasha Odendaal     5th July 2017 South Africa is facing a land reform dilemma, with the redistribution of land having progressed well below expectations and with much of the land already transferred falling into an economic abyss. Of the estimated 5.9-million hectares of functional farms that had been transferred, up to 90% have... 

South Africa faces land reform dilemma, partnership is key

LHDA appoints JV to oversee Polihali dam design, construction

By: Megan van Wyngaardt     5th July 2017 The Lesotho Highlands Development Authority (LHDA) has appointed the Matla a Metsi joint venture to oversee the R445-million design and construction supervision of the Polihali dam. The dam is one of the two main water transfer components of Phase 2 of the Lesotho Highlands Water Project (LHWP),... 

LHDA appoints JV to oversee Polihali dam design, construction

Busa’s Mabuza receives honourary doctorate from Wits

By: Megan van Wyngaardt     5th July 2017 The University of Witwatersrand (Wits) on Wednesday awarded local business leader and entrepreneur Dr Jabu Mabuza an Honourary Doctorate in recognition of his achievements in entrepreneurship and contribution to the growth of the South African economy. Besides being president of Business Unity... 

South African stainless steel imports surged by 44% in 2016

By: Megan van Wyngaardt     5th July 2017 Imports of finished stainless steel products into South Africa surged by 44% in 2016, a survey by Southern African Stainless Steel Development Association (sassda) has revealed. This was largely owing to a flood of imported product, primarily from China. In comparison, the export of finished... 

Learning from, replicating land reform successes a better option than land grabs – Hanekom

By: Natasha Odendaal     5th July 2017 Expropriation of land without compensation will result in serious damage to the economy and is fundamentally unjust, Member of Parliament and former Tourism Minister Derek Hanekom reiterated on Wednesday. Speaking at the Agribusiness Africa conference, in Kempton Park, he said that while the... 

Learning from, replicating land reform successes a better option than land grabs – Hanekom
Photo by Duane Daws
Derek Hanekom

Standard Bank PMI records sharpest fall since April 2016

By: Megan van Wyngaardt     5th July 2017 The Standard Bank South Africa Purchasing Managers’ Index (PMI) in June recorded its sharpest fall in business activity, since April 2016, falling below the neutral 50-point mark to 49. The PMI had stood at 50.2 in May. 

Futuregrowth to resume trading in Sanral debt instruments

By: Megan van Wyngaardt     5th July 2017 Asset management company Futuregrowth, which holds about R170-billion in assets, on Wednesday said it would resume trading in the South African National Roads Agency Limited’s (Sanral’s) debt instruments. The country’s biggest private fixed-income money manager in August last year said it would... 

The legal weapons in the ongoing battle against impunity at parastatals 

     5th July 2017 In this opinion article, Dale T McKinley outlines the instruments available within the Public Finance Management Act and the Companies Act to hold nonexecutive directors and executives at State-owned enterprises legally accountable for their actions. It is not as if South Africa needs more nega-... 

The legal weapons in the ongoing battle against impunity at parastatals
Dale McKinley

Nersa calls for comment on special pricing deal to unlock ferrosilicon production 

By: Terence Creamer     4th July 2017 The National Energy Regulator of South Africa (Nersa) is calling for written comments on an application by Eskom to implement a two-year incentive pricing package that will enable the restart of ferrosilicon production in the Limpopo and Mpumalanga provinces. The regulator turned down an earlier... 

Nersa calls for comment on special pricing deal to unlock ferrosilicon production

Civil engineering confidence index rises to 43 in Q2

By: Megan van Wyngaardt     4th July 2017 After a largely flat 2016 and a disappointing start to this year, civil engineering confidence has picked up six index points to 43 in the second quarter, the Construction Industry Development Board’s (CIDB’s) small- and medium-enterprise business conditions survey has revealed. The organisation... 

Forestry sector joins forces to mitigate impact of wildfires on plantations 

By: Megan van Wyngaardt     4th July 2017 Following the recent wildfires that swept across the Southern and Eastern Cape areas, industry bodies Forestry South Africa (FSA), Sawmilling South Africa (SSA) and the South African Forestry Contractors Association will mobilise additional contractor capacity to ensure that the interests of... 

Forestry sector joins forces to mitigate impact of wildfires on plantations

Labour Court postpones Molefe hearing pending outcome of high court case

By: African News Agency      4th July 2017 The Labour Court on Tuesday postponed the hearing of Brian Molefe’s challenge to his dismissal as Eskom CEO, pending the outcome of the high court application by the opposition for his re-appointment to be ruled invalid and set aside. The Labour Court in its ruling rejected Molefe’s contention... 

Labour Court postpones Molefe hearing pending outcome of high court case
Photo by Duane Daws
Former Eskom CEO Brian Molefe

New exchange optimistic of August listing breakthrough 

By: Natasha Odendaal     3rd July 2017 4 Africa Exchange (4AX) has secured a healthy pipeline of potential listings, cross-cutting industries such as agriculture, information technology and tourism and hospitality, besides others, with the first listing scheduled for the end of August or the first week of September. Of about 40... 

New exchange optimistic of August listing breakthrough
4 Africa Exchange CEO Fay Mukaddam discusses the debut of South Africa’s new stock exchange. Date recorded: 3.07.2017. Camerawork: Nicholas Boyd and videoediting: Lionel da Silva.

Reports investigate climate change science and technology

By: Anine Kilian     3rd July 2017 The Department of Science and Technology (DST) has committed to produce two reports on climate change for Cabinet as part of one of the outcomes of the medium-term strategic framework (MTSF). Government's five-year MTSF incorporates an outcomes-based approach to complement the National... 

Transnet insists bond appetite remains as it again lowers capex forecast 

By: Terence Creamer     3rd July 2017 State-owned logistics group Transnet has sought to refute reports that demand for its bonds had collapsed following the recent downgrades to South Africa’s credit rating, insisting that appetite for its bonds remains strong both domestically and internationally. CFO Garry Pita said the reports... 

Transnet insists bond appetite remains as it again lowers capex forecast
Transnet CFO Garry Pita on continued appetite for the group's bonds. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 3.7.2017

Board 'vindicated' by PRASA court ruling – Popo Molefe

By: News24Wire      3rd July 2017 PRASA board chairperson Popo Molefe says the State-owned rail entity’s board feels vindicated by Monday’s High Court judgment to review and set aside the company’s controversial contract for new locomotives. Johannesburg High Court Judge J Francis on Monday ruled that PRASA’s R3.5-billion... 

Board 'vindicated' by PRASA court ruling – Popo Molefe

Next phase of Durban’s Northern Aqueduct Augmentation to start in August 

By: Megan van Wyngaardt     3rd July 2017 Construction on the fifth phase of Durban’s Northern Aqueduct Augmentation project is set to begin in August, eThekwini Water and Sanitation (EWS) said on Monday. Phase 5 comprises a new 1 200 mm diameter continuously welded steel high-pressure pipeline, stretching from the Durban Heights... 

Transnet appoints Werksmans to probe locomotive corruption claims  

By: Terence Creamer     3rd July 2017 State-owned freight logistics utility Transnet reports that Werksmans Attorneys has been appointed to oversee a board-level probe into allegations of corruption relating to its purchase of locomotives from China South Rail (CSR). Opposition party the Economic Freedom Fighters (EFF) recently laid... 

Transnet appoints Werksmans to probe locomotive corruption claims
Transnet CEO Siyabonga Gama outlines nature of board-led probe into locomotive corruption allegations. Camera Work: Nicholas Boyd. Editing: Lionel da Silva. Recorded: 3.7.2017

TCTA increases Vresap project funding programme

By: Megan van Wyngaardt     3rd July 2017 The Trans-Caledon Tunnel Authority (TCTA) has increased the commercial paper programme for the Vaal River Eastern Subsystem Augmentation Project (Vresap) to R400-million. Vresap comprises a 120-km pipeline from the Vaal dam to the Knoppiesfontein diversion structure, near Secunda, in Mpumalanga,... 

Absa PMI slumps to 46.7 in June

By: Natasha Odendaal     3rd July 2017 The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined to 46.7 index points in June from 51.5 in May. The deterioration was broad based with four of the five main subcomponents moving lower compared with May, exacerbated by continued uncertainty about the outlook for the domestic... 

Amended Property Sector Code gazetted

By: Creamer Media Reporter      3rd July 2017 The Amended Property Sector Code has been gazetted, making it legally binding to entities and organisations operating in the property sector, Trade and Industry Minister Dr Rob Davies said in a statement released at the weekend. Effective June 28, the Amended Property Sector Code, which was... 

Long4Life submits nonbinding offer for Holdsport

By: Natasha Odendaal     3rd July 2017 A few months after its inaugural JSE listing, newcomer Long4Life has set its sights on fellow JSE-listed Holdsport, proposing a potential acquisition on a share exchange basis. The share price of Holdsport rose nearly 7% and Long4Life nearly 5% following the announcement, on Monday morning, that... 

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