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Economy News

Transnet asking suppliers to provide details of any third-party ‘commissions’

By: Terence Creamer     23rd October 2017 Transnet CEO Siyabonga Gama says that the freight logistics group is investigating every allegation of possible corruption in relation to the State-owned group’s procurement programmes, revealing that scope of its inquiries extends beyond the R50-billion locomotive contract, which is the subject... 

SA not in a crisis – economist

By: News24Wire      23rd October 2017 South Africa is not necessarily in a crisis, according to Lesiba Mothata, executive chief economist at Alexander Forbes Investments. He based his view on a comparison to other emerging market examples of banks failing systematically, crises of the outright loss of fiscal policy and "Hungarian... 

 SA not in a crisis – economist

Maimane says govt must stop bailing out SAA

By: African News Agency      23rd October 2017 Democratic Alliance (DA) leader Mmusi Maimane, said on Monday that government could not afford to “throw billions” of rand at the loss-making national carrier, South African Airways (SAA), while four children a day die of starvation in the country. “Why keep subsidising the comparatively wealthy... 

Maimane says govt must stop bailing out SAA
Photo by Duane Daws
DA leader Mmusi Maimane

Taxes, bailouts and political instability: Gigaba to deliver inaugural MTBPS

By: African News Agency      23rd October 2017 All eyes will be fixed on South African Finance Minister Malusi Gigaba this week when he delivers his first Medium-Term Budget Policy Statement (MTBPS) amid concerns about the fiscal challenges, widespread perceptions of government corruption and wasteful expenditure. Gigaba, who took over the... 

Taxes, bailouts and political instability: Gigaba to deliver inaugural MTBPS
Photo by Duane Daws
Finance Minister Malusi Gigaba

On third day of Eskom probe, Parly names new chair for public enterprises committee

By: African News Agency      20th October 2017 The African National Congress (ANC) in Parliament on Friday announced the appointment of a new chairperson for the legislature’s public enterprises committee, on the third day of its probe into allegations of widespread impropriety at South Africa’s national power utility, Eskom. It said Lungi... 

On third day of Eskom probe, Parly names new chair for public enterprises committee

New Statistician-General and head of Statistics South Africa appointed

By: Natasha Odendaal     20th October 2017 Statistics South Africa (Stats SA) deputy director-general for statistical collections and outreach Risenga Maluleke has been appointed as successor to Statistician-General and Stats SA head Dr Pali Lehohla. Lehohla’s tenure expires at the end of October. 

Nersa releases dates and venues for upcoming Eskom hearings

By: Creamer Media Reporter      20th October 2017 The National Energy Regulator of South Africa (Nersa) has published the dates and venues for its upcoming public hearings into Eskom’s revenue application for the 2018/19 financial year. Eskom has applied for an allowable revenue of R219.5-billion, which would translate to a 19.9% average... 

Nersa releases dates and venues for upcoming Eskom hearings

Parly committee rejects BLF’s demand that it stop Eskom inquiry

By: African News Agency      20th October 2017 Parliament’s portfolio committee on Public Enterprises on Friday rebuffed a demand from Black First Land First (BLF) to stop its inquiry into Eskom, which the group termed a witchhunt against the Gupta family. Committee chairperson Zukiswa Rantho asked MPs how she should respond to the missive,... 

Parly committee rejects BLF’s demand that it stop Eskom inquiry

Eskom approval is last remaining hurdle for R2.3bn Seriti Coal deal

By: Terence Creamer     20th October 2017 The black-empowerment consortium selected as the preferred bidder for Anglo American’s Eskom-tied coal operations is optimistic that the State-owned utility will approve the ceding of three coal supply agreements (CSAs) from Anglo to Seriti Coal by year-end. The R2.3-billion transaction was... 

Eskom approval is last remaining hurdle for R2.3bn Seriti Coal deal
Photo by Duane Daws
Thebe Energy and Resources CEO Sizwe Mncwango

KPMG ‘rogue unit’ report grossly unfair to former finance minister Gordhan – Ramaphosa

By: African News Agency      20th October 2017 Deputy President Cyril Ramaphosa on Thursday said a report compiled by auditing firm KPMG for the South African Revenue Service into the existence of a “rogue spy unit” was “grossly unfair” to former finance minister Pravin Gordhan. The KPMG report , which insinuated that Gordhan knew of a... 

KPMG ‘rogue unit’ report grossly unfair to former finance minister Gordhan – Ramaphosa
Photo by Duane Daws
Pravin Gordhan

Businesses must take action to drive inclusive growth in Africa

By: Robyn Wilkinson     20th October 2017 There is a need for a new social narrative that balances generating profits with building social capital to drive inclusive economic growth in Africa, says management consultant IQbusiness CEO Adam Craker.  

Businesses must take action to drive inclusive growth in Africa
ADAM CRAKER South Africa must focus on building a strong home economy if it is to be a participant in regional or continental growth

Clarifying sustainability reporting imperative for modern business

By: Robyn Wilkinson     20th October 2017 A clear and shared sustainability reporting framework is integral for enabling companies to demonstrate a positive impact on not only the economies but also the societies and environments in which they operate, says independent international organisation Global Reporting Initiative (GRI) CE Tim... 

Clarifying sustainability reporting imperative for modern business
Photo by Bloomberg
DRIVING GROWTH GRI is assisting SMEs in Africa to gain access to global value chains by building their capacities for corporate sustainability management and reporting

Company expands African footprint to pursue major projects

By: Robyn Wilkinson     20th October 2017 Despite slowing economic growth, political challenges and associated declining investor confidence in many parts of Africa, global project management consultancy Turner & Townsend continues to strengthen its network on the continent as it pursues major projects in mining, oil and gas,... 

Company expands African footprint to pursue major projects
STRATEGIC BASE With several of Turner & Townsend’s multinational clients based in Nairobi, the city was an obvious choice for the location of a new hub

New business model drives group’s resurgence in Africa

By: Robyn Wilkinson     20th October 2017 Economic growth in Africa is ensuring a steady demand for infrastructure development and by tailoring its business model to access this demand, engineering services provider ELB Group has enhanced its activities on the continent and announced a return to profitability. 

New business model drives group’s resurgence in Africa
ACCESSING NEW MARKETS ELB has been focused predominately on the mineral and metals market and diversification will enable it to better protect its balance sheet during future commodity downturns

Gautrain chief on the four pillars of a successful transport megaproject

By: Keith Campbell     20th October 2017 The successful implementation of transport infrastructure megaprojects rest on four equally important “pillars”, Gautrain Management Agency CEO Jack van der Merwe told the recent Sixth Council for Scientific and Industrial Research Conference, in Pretoria. They are: political will and commitment;... 

IDC will invest in infrastructure that unlocks industrialisation

By: Keith Campbell     20th October 2017 The Industrial Development Corporation (IDC), South Africa’s development finance institution which exists to fund entrepreneurs and projects in the industrial sector, also seeks to use investments in infrastructure to free up industrial development opportunities. This was highlighted by IDC... 

CSIR is looking to transform how infrastructure is built in South Africa

By: Keith Campbell     20th October 2017 The Council for Scientific and Industrial Research (CSIR) continues to research innovations and initiatives to transform the local construction industry. This was reported by CSIR Principal Researcher Llewellyn van Wyk at the recent 6th CSIR Conference in Pretoria.  

BAIC implementing catch-up strategy to meet 2018 Coega deadline

By: Dylan Slater     20th October 2017 China-based vehicle manufacturer Beijing Automotive Group (BAIC), is accelerating some of its construction plans for its vehicle manufacturing plant, currently under construction at the Port Elizabeth-based Coega Industrial Development Zone, to catch up on delays incurred owing to primarily... 

BAIC implementing catch-up strategy to meet 2018 Coega deadline
PORT ELIZABETH FACTORY In the foreground of the newly completed steel superstructure are BAIC vehicles that will be available in South Africa once production reaches full capacity

Call for collaborative action to support sustainable tourism

By: Dylan Slater     20th October 2017 In recognition of Africa’s tourism and travel industry’s ability to serve as an engine of progress for socioeconomic transformation, the African Development Bank (AfDB) calls for collaborative actions from all stakeholders for the development of sustainable tourism in Africa.  

Eskom’s new R174bn grid plan includes R18bn for IPP connections

By: Terence Creamer     19th October 2017 State-owned electricity utility Eskom says all connection costs relating to 27 outstanding renewable-energy projects have been included in its latest Transmission Development Plan (TDP), which covers the ten-year period from 2018 to 2027. The renewable-energy projects were legally procured in... 

Eskom’s new R174bn grid plan includes R18bn for IPP connections

Treasury appoints new deputy director-general for public finance

By: Thabi Madiba     19th October 2017 National Treasury on Thursday issued a statement congratulating the newly appointed deputy director-general for public finance Dr Mampho Modise. She was formerly a chief director for strategy and risk management in the department’s Asset and Liability Management division and dealt with policy... 

Treasury appoints new deputy director-general for public finance
Photo by Duane
Finance Minister Malusi Gigaba

Busa welcomes SAA board changes

     19th October 2017 Business Unity South Africa (Busa) on Thursday welcomed the appointment of a new board of directors for South African Airways (SAA) as a step in the right direction to ensuring financial stability and good governance at the State-owned airline.    “The appointment of JB Magawaza, an accomplished... 

If Zuma removes me, I’ll accept it – Ramaphosa

By: African News Agency      19th October 2017 I serve at the pleasure of the President, and If I’m fired, it will be at the pleasure of the President, South Africa’s deputy president said on Thursday. Cyril Ramaphosa was asked by opposition party members in the National Assembly to confirm or deny speculation that he was next in line to be... 

If Zuma removes me, I’ll accept it – Ramaphosa
Deputy President Cyril Ramaphosa

Zuma unveils OR Tambo statue in commemoration

By: Sane Dhlamini     19th October 2017 The life of former African National Congress (ANC) president Oliver Reginald Tambo was commemorated on Thursday with the unveiling of a new statue of the former anti-apartheid struggle stalwart at international arrivals at the OR Tambo International Airport in Johannesburg. President Jacob Zuma... 

Zuma unveils OR Tambo statue in commemoration
Photo by Duane Daws
Jacob Zuma, members of the Tambo family & government officials

4Sight lists on AltX

By: Schalk Burger     19th October 2017 The first pure technology company to list on the JSE’s AltX in 18 years, technology decision support group 4Sight, has artificial intelligence, machine learning, Internet of Things and big data technology capabilities, which are reshaping business and individual lives worldwide, 4Sight CEO... 

4Sight lists on AltX
4Sight Group CEO Antonie Van Rensburg, Group executive merger & acquisitions Gary Lauryssen, Group CFO Jacques Hattingh and non-executive director Conal Lewer-Allen at the JSE on Thursday

Outa accuses Eskom consultants of ‘gambling’ with public money

By: Kim Cloete     19th October 2017 The Organisation Undoing Tax Abuse (Outa) has alleged that Eskom consultants Trillian Capital Partners have been “dabbling” in derivatives and losing billions of rands in the process. “Trillian has been dabbling in derivatives with our public money, racking up losses of R27-billion,” Outa... 

Outa accuses Eskom consultants of ‘gambling’ with public money
Photo by Duane Daws
Ted Blom

‘Absolutely no need' for nuclear, Dames says in State-capture testimony

By: Kim Cloete     18th October 2017 Former Eskom CEO Brian Dames has revealed that he faced a breakdown in communication between the board and management, as well as death threats during his time at the state utility.  He has also told Parliament’s Portfolio Committee on Public Enterprises that there is "absolutely no need" for... 

‘Absolutely no need' for nuclear, Dames says in State-capture testimony
Former Eskom CEO Brian Dames

Economist warns of consequences of low growth, potential tax hikes

By: Ilan Solomons     18th October 2017 It is well known that the South African economy is having serious growth challenges, which is unlikely to improve over the next three years, with best estimates that the country’s gross domestic product (GDP) will grow by just 2% during this period. This is according to financial services company... 

Economist warns of consequences of low growth, potential tax hikes
Photo by Duane Daws
Citibank South Africa chief economist Gina Schoeman

Chamber files for review of 'disastrous' Mining Charter

By: News24Wire      18th October 2017 The Chamber of Mines filed an application in the North Gauteng High court on Tuesday to have a judicial review and setting aside of the Mining Charter. According to the founding affidavit, the Charter released by Mineral Resources Minister Mosebenzi Zwane on June 15 had, and continues to have, a... 

Chamber files for review of 'disastrous' Mining Charter
Photo by Duane Daws
Chamber of Mines CEO Roger Baxter

Brian Dames: Gigaba adviser lured me to meet Guptas

By: News24Wire      18th October 2017 Former Eskom CEO Brian Dames said he was asked to meet “some people” who turned out to be the Guptas by Finance Minister Malusi Gigaba’s adviser Siyabonga Mahlangu. “It was somewhere in Midrand and there was one other individual: I assume it was one of the brothers,” he said. “I was very angry... 

Brian Dames: Gigaba adviser lured me to meet Guptas
Former Eskom CEO Brian Dames

‘You are too late’ – Dames on State capture inquiry

By: News24Wire      18th October 2017 Former Eskom chief executive Brian Dames told Parliament’s State capture inquiry on Wednesday that while the process is a great move, it was too late. “You are too late,” he said. “You should have done this a long time ago.” 

‘You are too late’ – Dames on State capture inquiry
Photo by Duane Daws
Former Eskom CEO Brian Dames

Zwane to Parliament – Am I being investigated?

By: News24Wire      18th October 2017 "Am I being investigated? I need to know so that we can start dealing with facts and not allegations that are in the media." Those were the introductory remarks from Mineral Resources Minister Mosebenzi Zwane who is currently appearing before Parliament's portfolio committee on mineral resources... 

11% of government departments may not be able to operate in future - AG

By: News24Wire      18th October 2017 Auditor General Kimi Makwetu has revealed in Parliament that 11% of government departments face "material uncertainty" about their ability to continue operating in future. Makwetu was reporting before the Standing Committee on Public Accounts (Scopa), the Standing Committee on Appropriations, and... 

Evidence of blatant corruption at Eskom unpacked at Parliament’s inquiry into State capture

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has kicked off its inquiry into alleged State capture with a report revealing “overwhelming evidence of grand corruption”, governance failure and a stream of irregularities at Eskom, South Africa’s largest State-owned entity. Research... 

Evidence of blatant corruption at Eskom unpacked at Parliament’s inquiry into State capture
Research professor Anton Eberhard

EU remains focused on progressive trade policies, transparency

By: Natasha Odendaal     17th October 2017 Transparency, as well as balanced, inclusive and progressive trade policies remain top priorities for the European Union (EU) Commission as it shifts its trade approach in an ever-changing world to harness globalisation fairly. In recent years, global trade has come under immense negative... 

EU remains focused on progressive trade policies, transparency
Photo by Bloomberg
European Union Commissioner for Trade Cecilia Malmström

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

By: Kim Cloete     17th October 2017 Parliament’s Portfolio Committee on Public Enterprises has started its keenly awaited inquiry into allegations of State capture, with a warning that key witnesses will not be allowed to shy away from appearing before Parliament. “We have a right to subpoena a witness if we think that witness has... 

Key witnesses in State capture inquiry will need to face the music, warns parliamentary committee chair

Airbnb injects $1m to boost community-led tourism projects in Africa

By: African News Agency      17th October 2017 Peer-to-peer property rental accommodation platform Airbnb on Tuesday announced that it will invest $1-million through 2020 to promote and support community-led tourism projects in Africa. Airbnb said this commitment is part of its vision to empower communities through home sharing and to promote... 

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