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Economy News

South Africa needs to be more wary of upcoming ratings reviews

By: Natasha Odendaal     9th May 2016 While a general sigh of relief and commendations circled industry and government following South Africa’s avoidance of a downgrade by ratings agency Moody’s on Friday, BNP Paribas Securities market economist Jeffrey Schultz warned that pressure from fellow ratings firm Standard and Poor’s (S&P’s)... 

Fabrication of ‘bullets’ for R1.2bn Saldanha LPG facility completed

By: Creamer Media Reporter      9th May 2016 The fabrication of liquefied petroleum gas (LPG) vessels, or ‘bullets’, for an open access LPG terminal being developed at Saldanha Bay, in the Western Cape, has been completed. Sunrise Energy reported on Monday that the bullets would be moved to the terminal site over the coming five weeks,... 

Fabrication of ‘bullets’ for R1.2bn Saldanha LPG facility completed
Aerial photo of the Sunrise Energy terminal site

Ramaphosa to lead SA delegation to World Economic Forum in Rwanda

By: African News Agency      9th May 2016 Deputy President Cyril Ramaphosa will this week lead a high-level government and business delegation to the annual World Economic Forum (WEF) Africa scheduled for Rwanda’s capital Kigali from Wednesday. The Presidency on Monday said Ramaphosa will lead the delegation to the three day WEF... 

Ramaphosa to lead SA delegation to World Economic Forum in Rwanda
Photo by Reuters
Cyril Ramaphosa

Pipes manufacturers take on SABS over unfulfilled mandate 

By: Samantha Herbst     6th May 2016 The Southern African Plastic Pipe Manufacturers Association (Sappma) has taken legal action against the South African Bureau of Standards (SABS) to address the standards body’s alleged failure to perform in terms of its mandate and to meet its obligations, as prescribed in the Standards Act.... 

Pipes manufacturers take on SABS over unfulfilled mandate

Poor turn out at march to save ailing SA Post Office

By: African News Agency      6th May 2016 A small group of about 50 striking South African Post Office (Sapo) workers belonging to the Communication Workers Union (CWU) gathered at the Mary Fitzgerald Square on Friday before marching to Luthuli House, the headquarter of the ruling African National Congress (ANC). The Sapo workers, who... 

Poor turn out at march to save ailing SA Post Office

Westinghouse outlines to ConCourt why it should be awarded Koeberg contract

By: Terence Creamer     6th May 2016 Nuclear vendor Westinghouse has described as “alarmist” Eskom’s argument that the existing steam generators at Koeberg would pose a safety threat after 2018, arguing in an affidavit filed with the Constitutional Court that it is able to install replacement steam generators well before the end of... 

Westinghouse outlines to ConCourt why it should be awarded Koeberg contract

WEF to focus on Africa’s role in a digital world

By: African News Agency      6th May 2016 Africa’s place in a global economy where machine learning is starting to rival manpower and prosperity is built on the ingenuity of people rather than natural resources, will be the focus of the twenty-sixth World Economic Forum on Africa in Kigali, Rwanda, from May 11 to 13. The event will... 

WEF to focus on Africa’s role in a digital world

Sacci BCI continues gradual recovery in April

By: Anine Kilian     6th May 2016 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) continued its gradual recovery in April, recording its fourth consecutive month-on-month improvement. The BCI came in at 82.5 in April, 1.3 points higher than in March, but still 7.4 points below the... 

Sacci BCI continues gradual recovery in April

Africa’s 2015/16 growth projections will be difficult to meet

By: David Oliveira     6th May 2016 Following the drop in commodity prices and China’s demand for Africa’s resources, African economies were slumping and gross domestic product growth was stagnating in most of the continent’s emerging markets, said the New Partnership for Africa’s Development, or Nepad, Business Foundation (NBF)... 

Data protection must be compatible with global flows – Unctad

By: Schalk Burger     6th May 2016 Outdated, incompatible or missing national and regional legal frameworks to protect data in the digital economy will become problematic for the future integration of developing countries into the global economy, and threaten the benefits they could derive from cross-border e-commerce, says The... 

Economic status hinders nuclear developments

By: Simon Sonnekus     6th May 2016 The development of the proposed nuclear energy project in South Africa could become increasingly difficult to complete, should the economy be downgraded to junk status by credit rating companies. According to advisory firm KPMG global infrastructure major projects advisory head De Buys Scott,... 

Economic status hinders nuclear developments
DE BUYS SCOTT As long as the nuclear project remains affordable, South Africa can look forward to a cleaner, larger source of baseload energy

Illness, death claims differ between men and women – Liberty

By: Schalk Burger     6th May 2016 The medical conditions underpinning death or critical illness insurance claims vary significantly between the genders, with men more affected by cardiovascular conditions and women by cancer, says financial services firm Liberty chief medical officer Dr Philippa Peil. Liberty paid out... 

Illness, death claims differ between men and women – Liberty
Photo by Bloomberg
HEALTHCARE Cancer and cardiovascular conditions remain the most prevalent conditions insurance customers claimed for

Nuclear energy not a threat for renewables

     6th May 2016 Renewable energy producers who believe the new nuclear build programme could mean an end to business and the derailment of renewable energy targets can sleep easy, says Sandton-based corporate and commercial law firm Werkmans Attorneys director Happy Masondo. She notes that the derailment of... 

Nuclear energy not a threat for renewables
Photo by Duane Daws
TINA JOEMAT-PETTERSSON As of 2015 a total of 6 300 MW of renewable energy has been procured to be generated from renewable energy sources

Nuclear project affordability a concern for industry

By: Simon Sonnekus     6th May 2016 Owing to the current global economic climate, South Africa’s nuclear procurement deal has had several industry professionals questioning whether the country will be able to afford the projected R1-trillion project. “Currently, there is still a lot of market debate on whether South Africa can... 

Nuclear project affordability a concern for industry
COAL BASELOAD POWER In South Africa, the reality is that coal baseload is the most cost-effective power option as there is direct access to the raw materials

Prompt payment regulations expected to be gazetted later this year

By: David Oliveira     6th May 2016 Amendments to the Construction Industry Development Board Act, which would introduce prompt payment and adjudication regulations, was expected to be released later this year, said Global law firm Clyde & Co at a seminar hosted by the Royal Institute of Chartered Surveyors in Sandton last month.... 

Bridging the gap between strategy and execution key for business success

By: Anine Kilian     5th May 2016 It takes a coherent company to successfully and sustainably close the gap between strategy and execution in Africa, and one of the key factors in doing so is unconventional leadership, which is needed to foster the behavior required of coherent companies, according to PwC partner Jorje Camarate.... 

Bridging the gap between strategy and execution key for business success

Less than 1% of staff on strike, says SA Post Office

By: African News Agency      5th May 2016 Less than one percent of staff stayed away from work on the first day of a strike by members of the Communication Workers Union (CWU), the SA Post Office said on Thursday. CEO Mark Barnes said it was “business as usual” as the first day of the strike had had a minimum impact on operations... 

Less than 1% of staff on strike, says SA Post Office

March air freight volumes drop by 2%

By: Samantha Herbst     5th May 2016 Global air freight volumes saw a 2% year-on-year drop in March, reflecting subdued growth in world trade, according to demand growth data released by the International Air Transport Association (Iata). This decline was exaggerated by the quarter’s comparison with a particularly strong start in... 

March air freight volumes drop by 2%

Billions of rands of investments are yielding results for Johannesburg, says Mayor Tau

By: African News Agency      4th May 2016 At least R14-billion in investments had seen the economic development of the City of Johannesburg, resulting in economic hubs that created jobs and further opportunities for the city’s citizens, mayor Parks Tau said on Wednesday. The city had begun redesigning the region through the Growth and... 

Billions of rands of investments are yielding results for Johannesburg, says Mayor Tau
Photo by Duane Daws
Johannesburg mayor Parks Tau

Gordhan tells Denel to stop being ‘arrogant’ 

By: African News Agency      4th May 2016 Finance Minister Pravin Gordhan on Wednesday termed Denel, which is at loggerheads with National Treasury over a joint venture with a company linked to the Gupta family, arrogant and belligerent. “One of the tendencies that we are noting in recent times is that when boards are beginning to do... 

Gordhan tells Denel to stop being ‘arrogant’

New SAA board to be named soon 

By: African News Agency      4th May 2016 National Treasury was close to naming a new board for the struggling national carrier South African Airways, Deputy Finance Minister Mcebisi Jonas said on Wednesday. “We are finalising the process of appointing a full-strength board,” Jonas said in the debate on the ministry’s budget vote. 

New SAA board to be named soon

Post Office strike going ahead, says union 

By: News24Wire      4th May 2016 Postal services in South Africa risk being disrupted later this week as a union says nationwide strike action is going ahead. The Communication Workers Union (CWU) last week threatened to strike on May 5-6 to demand higher annual pay rises for South African Post Office (Sapo) staff. CWU is also... 

Post Office strike going ahead, says union

Gordhan gets tough on government procurement 

By: News24Wire      4th May 2016 The way the government buys its goods and services is getting a shake-up aimed at saving billions, Finance Minister Pravin Gordhan said on Wednesday. This includes saving a targeted R1.4-billion by reviewing the government's top 100 contracts, saving a possible R1.8-billion by having a closer... 

Gordhan gets tough on government procurement
Photo by Duane Daws
Pravin Gordhan

Eskom claims ‘steady’ recovery in energy availability factor 

By: Terence Creamer     4th May 2016 State-owned electricity utility Eskom this week claimed that there had been a steady improvement in the energy availability factor (EAF) at its power stations, reporting “preliminary figures” indicating an EAF of 76.37% from the start of its financial year to May 3, 2016. The group’s financial... 

Eskom claims ‘steady’ recovery in energy availability factor

Growth is a thirsty business, World Bank water report warns 

By: Terence Creamer     3rd May 2016 A new World Bank report warns that some regions of the world, including parts of Africa, could see their growth rates decline by as much as 6% by 2050 as a result of water-related losses, with water scarcity also exacerbated by climate change. Titled ‘High and Dry: Climate Change, Water and the... 

Growth is a thirsty business, World Bank water report warns

IoT could help increase agri productivity by 70%, says Deloitte report

By: Creamer Media Reporter      3rd May 2016 By 2050, agricultural productivity in Africa has the potential to increase by 70%, through technological innovation leveraged by the Internet of Things (IoT). This would meet the continent’s growing food demand which, based on population growth, is set to grow by 70%, according to a Deloitte US... 

IoT could help increase agri productivity by 70%, says Deloitte report

Civil Aviation, SA Express show regulator and industry can resolve problems fast 

By: Keith Campbell     3rd May 2016 The Airlines Association of Southern Africa (AASA) believes that the swift resolution of the issues that led to the temporary grounding of South African State-owned regional airline SA Express show that the industry and the aviation regulator can work swiftly and effectively together to deal with... 

Civil Aviation, SA Express show regulator and industry can resolve problems fast

Barclays PMI rises to 33-month high in April

     3rd May 2016 The seasonally adjusted Barclays Purchasing Managers’ Index (PMI) improved to 54.9 in April, its highest level since August 2013. This was compared with the 50.5 points registered in March and much higher than market consensus of 50.2. 

Barclays PMI rises to 33-month high in April

South Africa’s growth out of sync with Africa’s other oil importers

By: Terence Creamer     3rd May 2016 While the International Monetary Fund (IMF) expects South Africa’s growth to halve to just 0.6% in 2016, growth in other oil-importing countries across sub-Saharan Africa is projected to remain relatively resilient at 5.2%. Nevertheless, the IMF is forecasting a difficult year for the 45-country... 

South Africa’s growth out of sync with Africa’s other oil importers

DTI invites companies to participate in West Africa trade mission

By: Anine Kilian     29th April 2016 The Department of Trade and Industry (DTI) has invited companies to participate in a trade and investment mission to Ghana and Nigeria from August 8 to 12.   Companies in the agriculture and agroprocessing sectors, built environment professionals, automotive and automotive components, energy,... 

DTI invites companies to participate in West Africa trade mission
Photo by Duane Dawes
Mzwandile Masina

Cabinet approves latest Ipap iteration

By: Anine Kilian     29th April 2016 Cabinet has approved the Industrial Policy Action Plan (Ipap) 2016/17 to 2018/19, which seeks to achieve a higher-impact industrial policy in difficult economic circumstances, including the difficulties faced by the domestic steel industry and the drought which has impacted on the agriculture... 

Cabinet approves latest Ipap iteration

Cabinet to wait for ANC probe on Guptas 

By: African News Agency      29th April 2016 Cabinet expects to get a report on the ANC’s internal investigation into allegations that the Gupta family are influencing government decisions within a fortnight, Minister in the Presidency Jeff Radebe said on Friday. “There is a process taking place from the ANC’s side,” Radebe replied when... 

Cabinet to wait for ANC probe on Guptas
Photo by Duane Daws
Atul Gupta

Cabinet extends contract of finance director general Fuzile

By: African News Agency      29th April 2016 Cabinet has extended the contract of director general of finance Lungisa Fuzile for another five years, Minister in the Presidency Jeff Radebe said on Friday. The renewal of Fuzile’s contract was reported to hang in the balance after President Jacob Zuma reshuffled the finance portfolio and... 

Africa’s growth potential showing consistency

     29th April 2016 Economic growth in Africa is expected to average over 4% in the next five years, according to accountancy and finance body the Institute of Chartered Accountants in England and Wales (ICAEW).  

After so many delays, let’s not now rush the nuclear programme

By: Keith Campbell     29th April 2016 South Africa’s programme to acquire a number of new nuclear power plants (NPPs) seems to be suffering from yet another delay. The Requests for Proposals to the various groups interested in constructing these new NPPs that were apparently meant to have been issued on April 1 were not, in fact,... 

Business incubation can play key role in stimulating and sustaining small firms

By: Mia Breytenbach     29th April 2016 One of the key messages to emerge ahead of the review of South Africa’s sovereign credit rating is that the country needs to outline the practical actions it will take to reignite growth, which has more or less petered out in recent years, with few expecting the economy to expand by better than... 

Business incubation can play key role in stimulating and sustaining small firms

Partnership aims to use Joburg offices as a catalyst for redevelopment

By: Dylan Slater     29th April 2016 State-owned company the Johannesburg Property Company (JPC) is partnering with the South African Property Owners Association (Sapoa) in a municipal property development project valued at R12-billion, which aims to enhance the use of municipal-owned land within the City of Johannesburg’s (CoJ’s)... 

Partnership aims to use Joburg offices as a catalyst for redevelopment
PARTNERSHIP DEAL Helen Botes and Neil Gopal shake hands at the announcement of the property development programme

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