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Economy News

Business confidence index remains above 95, despite m/m decline in April

By: Marleny Arnoldi     9th May 2018 The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) declined by 1.6 index points month-on-month to 96 in April.  

AfDB officially launches Africa Investment Forum

By: Anine Kilian     8th May 2018 The African Development Bank (AfDB) on Tuesday launched its Africa Investment Forum (AIF), which will seek to attract investment and public–private partnerships aimed at transformative development on the continent. “The AfDB is championing the AIF as a platform to actively engage the private... 

More banks needed in SA, including State-owned bank – Ramaphosa 

By: African News Agency      8th May 2018 President Cyril Ramaphosa on Tuesday expressed support for a legislative amendment to create a State-owned bank and breaking the monopoly of the big four commercial banks in South Africa.  "We need to move away from the monopoly of just four banks in our country and create more banks so there is... 

 More banks needed in SA, including State-owned bank – Ramaphosa
President Cyril Ramaphosa

No established policy to privatise SA ports of entry – home affairs minister

By: African News Agency      8th May 2018 Home affairs minister Malusi Gigaba on Tuesday told members of parliament that there was no approval policy that has been established regarding the privatisation of sections of national ports of entry. “If the minister had granted permission, the minister would have followed legal prescripts... 

 No established policy to privatise SA ports of entry – home affairs minister
Home Affairs Minister Malusi Gigaba

Social injustice is S Africa’s biggest challenge – Thuli Madonsela

By: Sane Dhlamini     8th May 2018 Former Public Protector Thuli Madonsela on Tuesday gave the keynote address at the 11th Trialogue Business in Society Conference in Johannesburg, where she said that the biggest challenge facing South Africa and the world was social injustice. The conference aims to promote thought leadership,... 

Social injustice is S Africa’s biggest challenge – Thuli Madonsela
Photo by Creamer Media
Advocate Thuli Madonsela

Union urges Parliament to debate SAA

By: Rebecca Campbell     8th May 2018 Trade union Solidarity on Tuesday petitioned Parliament to hold a debate in the House of Assembly on the State-owned flag-carrier airline, South African Airways (SAA). The union also urged the Government to support Solidarity’s application to place the airline under business rescue and to stop... 

Union urges Parliament to debate SAA

SAA requires R5bn bailout to stay afloat – treasury official 

By: Reuters     8th May 2018 State carrier SAA requires a R5-billion cash injection in the current financial year to help it meet its financial obligations, a senior treasury official said on Tuesday. National Treasury director-general Dondo Mogajane told parliament the cash injection could however not come from government,... 

SAA requires R5bn bailout to stay afloat – treasury official

Union wage demands puts South Africa's spending cuts at risk – Nene

By: Reuters     8th May 2018 South Africa will struggle to stick to a promise to cut spending if the government fails to agree inflation-linked wage increase with civil service trade unions, Finance Minister Nhlanhla Nene said on Tuesday. Plans to reduce government spending in Africa's most industrialised economy helped it... 

IMF warns of rising African debt despite faster economic growth

By: Reuters     8th May 2018 Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund (IMF) warned on Tuesday. The sober assessment comes as African countries continue to tap international... 

IMF warns of rising African debt despite faster economic growth

Direct Durban-London air link to be launched by UK carrier

By: Rebecca Campbell     8th May 2018 The Dube TradePort Special Economic Zone announced on Tuesday that the UK’s flag carrier airline, British Airways (BA), is to introduce a direct route between London’s Heathrow Airport and Durban’s King Shaka International Airport. The new service will commence on October 29. (King Shaka is... 

Direct Durban-London air link to be launched by UK carrier
Photo by Dube TradePort
An aerial view of King Shaka International Airport

South African farmers take AB InBev to competition watchdog

By: Reuters     7th May 2018 Farmers in South Africa have filed a complaint with the country's competition watchdog about Anheuser-Busch InBev's decision to change its pricing formula for buying malt barley, a key ingredient in beer making. The farmers lobby group Grain South Africa believes AB InBev, the world's biggest... 

NWK to sell Opti Agri as focus shifts to core business

By: Schalk Burger     7th May 2018 4AX-listed agricultural company NWK will sell its animal feed business Opti Agri to Country Bird Holdings for R290-million. This is in line with NWK’s revised business strategy with an emphasis on greater customer focus around the core business. 

South Africa urged to consider CSP-PV blend to lower cost of dispatchable solar generation 

By: Terence Creamer     7th May 2018 International technology and infrastructure group Abengoa, which has developed a portfolio of three concentrated solar power (CSP) projects in South Africa, believes blending CSP with solar photovoltaic (PV) technology is the logical next step for lowering CSP costs, while also producing... 

South Africa urged to consider CSP-PV blend to lower cost of dispatchable solar generation
The 100 MW XiNa Solar One parabolic-trough CSP power station in the Northern Cape

FNB to roll out biometric banking transaction points in South African townships

By: Schalk Burger     7th May 2018 Financial services firm First National Bank (FNB) will roll out 50 self-service kiosks that use fingerprint biometrics to verify a user’s identity in South African townships over the next six months, FNB Points of Presence CEO Lee-Anne van Zyl said on Monday. The “TouchPoint” is a self-service... 

FNB to roll out biometric banking transaction points in South African townships
The FNB TouchPoint reads a user's thumbprint to identify the user

South Africa, Kenya commit to resolve outstanding bilateral issues ahead of Mombassa trade talks

By: African News Agency      7th May 2018 South Africa and Kenya have committed to resolve outstanding bilateral issues in preparation for the upcoming 6th session of the joint trade committee (JTC) to be held in Mombasa, Kenya in September, the trade and industry department (dti) said on Sunday. The commitment was agreed between dti... 

South Africa, Kenya commit to resolve outstanding bilateral issues ahead of Mombassa trade talks

DA to table motion of no confidence in Premier Makhura

By: News24Wire      7th May 2018 The Democratic Alliance (DA) says it will table a motion of no confidence in Premier David Makhura in the Gauteng provincial legislature later this month. DA Gauteng provincial leader John Moodey said on Sunday that the party will table the motion on May 15. The party blamed Makhura for the 144... 

DA to table motion of no confidence in Premier Makhura
Gauteng Premier David Makhura

Black-owned energy group disputes notion that renewables programme is anti-transformation

By: Terence Creamer     4th May 2018 Black-owned and managed independent power producer (IPP) Pele Green Energy (PGE), which is an active owner and partner in wind and solar projects with a combined capacity of 900 MW, does not agree with prevailing arguments that South Africa’s IPP programmes are failing to deliver on South... 

Black-owned energy group disputes notion that renewables programme is anti-transformation
Pele Green Energy MD Gqi Raoleka

Economist predicts growth for African countries

By: Marleny Arnoldi     4th May 2018 The tide has turned for many African countries in terms of growth, says Citibank Africa economist David Cowan.  

South African NPO suing Indian IT multinational for intellectual property theft

By: Marleny Arnoldi     4th May 2018 One of India’s largest multinational companies, information technology firm Wipro, is being taken to court for allegedly appropriating the intellectual property (IP) of a small South African nonprofit organisation.  

Standard Bank PMI drops on listeria outbreak, VAT hike

By: Simone Liedtke     4th May 2018 The Standard Bank and IHS Markit Purchasing Manager’s Index (PMI) fell to 50.4 index points in April, from 51.1 in March. While any figure greater than 50 indicates an overall improvement in conditions, the rate of growth was only marginal. 

Suspended Sars commissioner Moyane to face disciplinary charges

By: African News Agency      4th May 2018 Suspended South African Revenue Service (Sars) commissioner Tom Moyane will face disciplinary charges, President Cyril Ramaphosa's office said on Friday. The charges were served on Moyane on Thursday and relate to alleged misconduct in violation of his duties and responsibilities in terms of the... 

Suspended Sars commissioner Moyane to face disciplinary charges
Photo by Creamer Media
Suspended Sars commissioner Tom Moyane

Petroleum product suppliers settle information sharing complaint

By: Marleny Arnoldi     4th May 2018 South African petroleum product suppliers have, under a settlement agreement with the Competition Tribunal, agreed to change how they share information.  

Makhosi Khoza joins Outa 

By: Thabi Madiba     4th May 2018 The Organisation Undoing Tax Abuse (Outa) announced on Friday that former African National Congress Member of Parliament Dr Makhosi Khoza will take up the role of executive director and head of the organisation’s Local Government Programme, beginning June. Outa expanded its mandate in February... 

Makhosi Khoza joins Outa
Former ANC member of parliament Makhosi Khoza

Transnet chair resigns on eve of meeting with government 

By: African News Agency      4th May 2018 The chairperson of Transnet, Linda Mabaso, has resigned with immediate effect, Public Enterprises Minister Pravin Gordhan said on Thursday. Mabaso's resignation comes on the eve of a shareholder meeting called by Gordhan for Friday.  

UK enters financial cooperation and development partnerships with African States

By: Rebecca Campbell     4th May 2018 The Bank of England, the South African Reserve Bank, the Bank of Ghana and the Bank of Sierra Leone (the last two being their countries’ central banks) have entered into a partnership to share their expertise, improve regulation and decrease the risks of banks failing in their respective... 

UK, SA leaders hold bilateral trade talks in London

By: Rebecca Campbell     4th May 2018 South African Trade and Industry Minister Dr Rob Davies met with his British counterpart, International Trade Secretary Dr Liam Fox, on the margins of the recent Commonwealth Heads of Government Meeting in London, to discuss the bilateral trade relationship. They both expressed pleasure at the... 

Hydraulics industry on the rise

By: Paige Müller     4th May 2018 After a two-year-long hydraulic industry slump, the South African Fluid Power Association (Safpa) predicts a sustainable boom in demand for new hydraulic equipment. Safpa VP Dustin Pereira told Engineering News that the hydraulics industry has been in a slump since the last quarter of 2015. He... 

Hydraulics industry on the rise
A BRIGHTER FUTURE The hydraulics industry will enjoy a boom for five to ten years

Exclusive CEO Forum to discuss utilities transformation at AUW

By: Melissa Zisengwe     4th May 2018 CEOs from Africa will meet at the Pan-African Utility CEO Forum to discuss pertinent issues affecting the power, energy and water sectors. The Forum at African Utility Week (AUW), taking place from 15 to 17 May, is the largest of the five forums and is the meeting place for CEOs from across the... 

Exclusive CEO Forum to discuss utilities transformation at AUW
UTILITY CEOs About 40 CEOs from the continent are expected to attend the forum

Japan says economic integration will boost Africa’s investment prospects

By: Terence Creamer     3rd May 2018 The Japanese government has confirmed its support for renewed efforts across Africa towards greater economic integration, which Economy, Trade and Industry Minister Hiroshige Seko says will increase the continent’s “market value” and improve prospects for investment by Japanese companies.... 

Japan says economic integration will boost Africa’s investment prospects
Japan's Economy, Trade and Industry Minister Hiroshige Seko

Coal ‘not like buying bread’, Hadebe says as Eskom reverses policy on cost-plus mines  

By: Terence Creamer     3rd May 2018 In a major policy reversal, State-owned electricity producer Eskom is budgeting to invest in the sustenance of mines that supply coal to the utility on a cost-plus basis. During Brian Molefe’s controversial tenure as Eskom CEO, the utility became hostile to the cost-plus model, which Molefe... 

Coal ‘not like buying bread’, Hadebe says as Eskom reverses policy on cost-plus mines
Eskom acting CEO Phakamani Hadebe on what he told investors on a recent roadshow and why load-shedding is unlikely this winter. Camera Work & Editing: Darlene Creamer. Recorded: 3.5.2018

Wesgro says helps land R1.92bn in film & media productions in the Cape

By: African News Agency      3rd May 2018 Nine film and media declarations contributing R1.92-billion to Cape Town and the entire Western Cape province's economy were facilitated in the 2017/2018 financial year by the film and media promotion unit of Wesgro, the city's tourism, trade & investment promotion agency. In a statement, Wesgro... 

Guinea GDP growth surges on mining sector rebound – IMF

By: Reuters     3rd May 2018 Guinea's economy expanded by more than 8% in 2017 and is on track to grow by around 6% this year on the back of a rebound in the mining sector, the International Monetary Fund (IMF) said on Wednesday. Meanwhile, inflation in the West African country – a major producer of the aluminium ore bauxite... 

Go Life to sell 26% stake to empowerment partner

By: Simone Liedtke     3rd May 2018 Go Life International will sell 235-million shares, which represents 26% of the company’s equity, to private investment holding company Caligraph. Caligraph, which is focused largely on black economic empowerment (BEE) opportunities in South Africa, identified a unique opportunity in Go Life to... 

Seifsa encouraged by Absa PMI improvement

By: Anine Kilian     2nd May 2018 The Steel and Engineering Industries Federation of Southern Africa (Seifsa) is encouraged by the improvement in the Absa Purchasing Managers Index (PMI) for April, released on Wednesday, with the data showing that businesses are slowly responding to a buoyant consumer, business and investor... 

WSU awards Sisa Ngebulana honorary doctoral degree in commerce

By: Simone Liedtke     2nd May 2018 South African property developer and entrepreneur Sisa Ngebulana has been recognised for his contribution to society and the national business landscape with an honorary doctoral degree in commerce, which was bestowed on him by Walter Sisulu University (WSU) at a graduation ceremony in his... 

WSU awards Sisa Ngebulana honorary doctoral degree in commerce
South African property developer and entrepreneur Sisa Ngebulana has been awarded with an honorary doctoral degree in commerce

1 000 SA youths to get healthcare skills

By: African News Agency      2nd May 2018 As many as 1 000 South African youths stand to benefit from a healthcare skills development programme in line with government's call to create opportunities for young people to gain work experience. The opportunities, which have been made available by Netcare, will be spread over a five-year period. 

 1 000 SA youths to get healthcare skills

New-vehicle sales on the rise – TransUnion

By: Simone Liedtke     2nd May 2018 New cars were back in vogue during the first quarter of the year as competitive prices driven by rand strength and lower interest rates and inflation boosted new car demand by consumers on the hunt for enhanced value, credit union TransUnion said on Wednesday. The TransUnion South African Vehicle... 

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