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Economy News

South African civil society organisations plan protests to oust Zuma

By: African News Agency      6th April 2016 Corruption Watch, Treatment Action Campaign (TAC), church organisations and trade unions will on Wednesday map a way forward on plans to remove President Jacob Zuma from office after an impeachment motion by political parties failed in Parliament. The organisations, which included Anglican Church... 

V&A Waterfront in spotlight at global tourism awards

By: News24Wire      6th April 2016 The V&A Waterfront is a finalist in the 2016 Tourism for Tomorrow Awards, which will be announced at the AGM of the World Travel and Tourism Council (WTTC) on Thursday. Fiona Jeffery, chairperson of the Tourism for Tomorrow Awards, told Fin24 ahead of the AGM that the judges were impressed by the... 

V&A Waterfront in spotlight at global tourism awards

This is a moment of deep crisis - Manuel

By: News24Wire      6th April 2016 South Africa is in a moment of deep crisis following the Constitutional Court's judgment, and it would be in the country's best interests for President Jacob Zuma to step down, former finance minister Trevor Manuel has said. "When I look at the Constitution... I know that it was president of the... 

This is a moment of deep crisis - Manuel
Photo by Duane Daws
Trevor Manuel

Motion to remove Zuma fails

By: News24Wire      6th April 2016 The National Assembly has voted against removing President Jacob Zuma from office. Following a spirited debate, 233 members voted against the motion, 143 voted in favour and there were no abstentions. MPs on Tuesday debated the removal of Zuma, after a motion filed by Democratic Alliance leader... 

Motion to remove Zuma fails

Vote against the tide, Malema urges ANC MPs

By: News24Wire      5th April 2016 Economic Freedom Fighters leader Julius Malema went on a tirade against the ruling party in the National Assembly on Tuesday. Malema, who had four minutes to get his point across, added two more minutes to his time, without approval from the presiding officer. 

Vote against the tide, Malema urges ANC MPs
Julius Malema

LNG imports a real option for South Africa – IGU president 

By: Terence Creamer     5th April 2016 The development of liquefied natural gas (LNG) export capacity in countries such as the US and Australia is transforming gas into a “global energy market” and creating opportunities for countries such as South Africa to diversify its energy mix and bolster security of supply. This is the view of... 

LNG imports a real option for South Africa – IGU president

How many fake victories will you claim, Maimane asks ANC 

By: News24Wire      5th April 2016 The Democratic Alliance (DA) knows that the ruling party will vote to keep President Jacob Zuma, party leader Mmusi Maimane said on Tuesday. Speaking during the debate to remove Zuma in the National Assembly, Maimane said the African National Congress's vital signs were not looking good. He said... 

How many fake victories will you claim, Maimane asks ANC
Mmusi Maimane

Local consulting engineering firms take a confidence knock

By: Natasha Odendaal     5th April 2016 Despite remaining relatively optimistic owing to pending projects under South Africa’s National Development Plan (NDP), the country’s lack of a concrete pipeline has caused consulting engineers’ confidence to plummet to 36%, matching the business and construction outlooks. There seemed to be... 

Local consulting engineering firms take a confidence knock
Photo by Duane Daws
Industry Insight CEO Elsie Snyman

Brown not leaving – Treasury

By: Natasha Odendaal     5th April 2016 National Treasury chief procurement officer Kenneth Brown was not leaving his post at the end of June, the National Treasury said this week in response to media reports to the contrary. In a statement to clarify the issue, the Treasury said that, despite being approached by the private sector,... 

Brown not leaving – Treasury
Photo by Duane Daws
National Treasury chief procurement officer Kenneth Brown

Rand weakens on political risk, credit downgrade fears

By: Reuters     5th April 2016 South Africa's rand weakened on Tuesday as President Jacob Zuma faced a vote in parliament to remove him from office for failing to uphold the constitution, and a warning by the central bank that the risk of a credit ratings downgrade had increased. Zuma has the backing of the African National... 

Rand weakens on political risk, credit downgrade fears

Dlamini-Zumu urges Africa to focus on youth skills at AU economic conference

By: African News Agency      5th April 2016 The African Union (AU) Conference of African Ministers of Finance, Planning and Integration concludes in Addis Ababa, Ethiopia on Tuesday with Dr Nkosazana Dlamini-Zuma, the Chairperson of the African Union Commission, imploring African countries to improve young people’s skills in science and... 

Dlamini-Zumu urges Africa to focus on youth skills at AU economic conference
AU Commission chairperson Dr Nkosazana Dlamini-Zuma

Constitution is a social contract – Gordhan

By: News24Wire      5th April 2016 The Constitution is the social contract between government and the people and it determines how the country moves towards a better future, Finance Minister Pravin Gordhan said on Monday. "Once our actions are seen to be incongruent with this important document of our democracy we must know that... 

 Constitution is a social contract – Gordhan
Photo by Duane Daws
Pravin Gordhan

Oliphant warns agri employers against noncompliance with new minimum wage

By: Samantha Herbst     4th April 2016 Labour Minister Mildred Oliphant has cautioned against the “disingenuous practice” of farm and forest employers who are not complying with the recently upwardly adjusted minimum wages. Many employers were reportedly paying workers far less than the current stipulated minimum wages, which they... 

Oliphant warns agri employers against noncompliance with new minimum wage
Labour Minister Mildred Oliphant

SA is an overtaxed nation – Outa

By: News24Wire      4th April 2016 South Africa is an overtaxed and uncompetitive country that is inching closer to junk status, according to chairperson of the Organisation Undoing Tax Abuse (Outa) Wayne Duvenage. He was responding to President Jacob Zuma's televised address following the Constitutional Court ruling that he... 

SA is an overtaxed nation – Outa
Wayne Duvenage

Business speaks out on ConCourt ruling 

     1st April 2016 The South African Chamber of Commerce and Industry (Sacci) has welcomed the Constitutional Court’s (ConCourt’s) judgment that Public Protector Thuli Madonsela’s findings on nonsecurity upgrades at President Jacob Zuma’s Nkandla home were binding. “Our Constitutional democracy has been... 

Business speaks out on ConCourt ruling

Sars achieves R1tr revenue collection

By: Natasha Odendaal     1st April 2016 South Africa’s budget deficit target is seemingly achievable as the South African Revenue Service’s (Sars’) revenue collection for the 2015/16 financial year surpassed the February-revised projections by R2-billion, Finance Minister Pravin Gordhan said on Friday. Updating the public on the... 

Sars achieves R1tr revenue collection
Photo by Duane Daws
Finance Minister Pravin Gordhan

Concourt judgment a significant moment for the country – Maimane

By: Sane Dhlamini     1st April 2016 Democratic Alliance (DA) leader Mmusi Maimane said Thursday marked a significant moment in South Africa’s democracy following the Constitutional Court’s judgment in the Nkandla saga. The Constitutional Court ruled that President Jacob Zuma was liable to pay some of the money spent on upgrades at... 

Concourt judgment a significant moment for the country – Maimane
Photo by Duane Daws
Mmusi Maimane

It's game over for Zuma - experts  

By: News24Wire      1st April 2016 President Jacob Zuma’s time is up, various experts said on Friday, following the Constitutional Court’s Nkandla judgment. “This is checkmate. There is no way out for Zuma because there is no ambiguity in the judgement,” politics lecturer at the University of Cape Town Dr Zwelethu Jolobe said. 

 It's game over for Zuma - experts
Photo by Duane Daws
Jacob Zuma

Treasury will be thorough in Zuma's Nkandla payback process – Gordhan  

By: News24Wire      1st April 2016 Finance Minister Pravin Gordhan said on Friday that the National Treasury's process to determine how much President Jacob Zuma may pay back for the Nkandla upgrades will be thorough and governed by the law. "Treasury will study the judgment and constitute a team... the process will thorough," he... 

 Treasury will be thorough in Zuma's Nkandla payback process – Gordhan
Photo by Duane Daws
Pravin Gordhan

Economist warns about impact of inflation spikes

By: Anine Kilian     1st April 2016 Inflation has shot up to its highest level since the 2008 economic downturn and South Africa should brace itself for further increases, especially in the agriculture sector, said Econometrix chief economist Azar Jammine on Friday. Speaking at a BMI Building Research Strategy Consulting Unit... 

Economist warns about impact of inflation spikes

Barclays PMI edged above 50-point mark in March

     1st April 2016 The seasonally adjusted Barclays Purchasing Managers’ Index (PMI) rose to 50.5 index points in March, edging above the neutral 50-point mark for the first time since July 2015. While the improvement in March was encouraging, the average reading of 47 for the first quarter was only 1.4 points... 

Barclays PMI edged above 50-point mark in March

Don't blame Zuma for all SA's problems – economist

By: News24Wire      1st April 2016 Markets are putting too much emphasis on President Jacob Zuma as the root of all problems in South Africa, Peter Attard Montalto, emerging markets economist at Nomura, said on Thursday. Instead, in his view, Zuma needs to be seen as just one component of the so-called "tenderpreneur faction",... 

Don't blame Zuma for all SA's problems – economist
Photo by Duane Daws
President Jacob Zuma

KPMG cuts ties with Gupta business empire

By: News24Wire      1st April 2016 KPMG has terminated its business relationship with the Gupta business empire due to the political storm surrounding the family's friendship with President Jacob Zuma. KPMG was the auditor for all Gupta-owned and -controlled businesses and performed a variety of other services for the Guptas, who... 

KPMG cuts ties with Gupta business empire
Photo by Duane Daws
Atul Gupta

Zuma should make way for new leaders – Mathews Phosa

By: News24Wire      1st April 2016 Former African National Congress (ANC) treasurer general, Mathews Phosa, has called for President Jacob Zuma to resign as the country’s leader, saying the ANC needed a new beginning. Phosa spoke at the gala dinner and year end function of the Phalaborwa Chamber of Business on Thursday evening. He... 

 Zuma should make way for new leaders – Mathews Phosa
Photo by Duane Daws
Jacob Zuma

Policy implementation yields green awareness

By: Victor Moolman     1st April 2016 Green building consulting company WSP ∣ Parsons Brinkerhoff, Africa (WSP) believes that green building awareness is likely to increase this year, owing to the implementation of Gauteng Vision 2055. 

Policy implementation yields green awareness
ALISON GROVES Using green building techniques can increase creativity and productivity

SA drawing on 150 experts as rigorous Karoo shale-gas enviro assessment advances

By: Dylan Slater     1st April 2016 The development of shale gas projects in South Africa was halted with the 2011 issuing of a moratorium on the issuing of shale gas exploration licences within the central Karoo, which has subsequently been lifted.  

SA drawing on 150 experts as rigorous Karoo shale-gas enviro assessment advances

SA, Chinese firms team up on Moz–Gauteng gas pipeline study

By: David Oliveira     1st April 2016 JSE- and Aim-listed oil and gas company SacOil signed a cooperation agreement with the China Petroleum Pipeline Bureau (CPPB) last month for the possible construction of a gas processing facility near the Rovuma basin, in Mozambique, as well as a 2 600-km-long, large-diameter pipeline to... 

SacOil says Lagia oilfield has reached 1 000 bbl/d target

By: David Oliveira     1st April 2016 Dual-listed oil and gas company SacOil’s Mena International Petroleum subsidiary reached its Phase 2 production target of 1 000 bbl/d in February this year at its wholly-owned Lagia onshore oil field in Sinai, Egypt. The first phase production target of 400 bbl/d was reached in February last year. 

South Africa’s new nuclear programme to stimulate coastal industrialisation

By: Keith Campbell     1st April 2016 South Africa's planned new nuclear power plant (NPP) construction programme will serve to stimulate industrial growth in the country's coastal areas. So South African Nuclear Energy Corporation (better known as Necsa) CEO Phumzile Tshelane has affirmed. He did so in his opening address to the... 

Black industrialists funding forum sifting through first 50 applications 

By: Terence Creamer     31st March 2016 South Africa’s black industrialists funding forum had its inaugural meeting in mid-March to consider 50 applications from aspirant black-owned manufacturing enterprises, Trade and Industry Minister Dr Rob Davies revealed this week. Speaking following a meeting with the Black Business Council... 

Black industrialists funding forum sifting through first 50 applications

Constitutional Court has restored hope – Madonsela

By: African News Agency      31st March 2016 Public Protector Thuli Madonsela would not be drawn into the ongoing public discourse about President Jacob Zuma’s fitness for office following a damning Constitutional Court ruling delivered on Thursday. “It’s not my place to determine whether or not the president is fit for office. My job was... 

Constitutional Court has restored hope – Madonsela
Photo by Duane Daws
Thuli Madonsela

First phase of N8 highway rehabilitation due for completion in June

By: Samantha Herbst     31st March 2016 The first of two contracts that will see the rehabilitation of the N8 highway between Bloemfontein and Thaba Nchu is due for completion in June, the South African National Roads Agency Limited (Sanral) revealed on Thursday. Sanral embarked on the two-contract upgrade owing to a significant... 

First phase of N8 highway rehabilitation due for completion in June

Corruption Watch welcomes ConCourt judgment  

By: News24Wire      31st March 2016 Corruption Watch has welcomed the Constitutional Court findings that uphold the powers of the Public Protector.  In a statement on Thursday, the organisation said the court’s ruling was a resounding vindication of the jurisdiction and centrality of the Public Protector in protecting... 

 Corruption Watch welcomes ConCourt judgment
Photo by Duane Daws
David Lewis

CompComm raids particleboard manufacturers in collusion investigation

By: Samantha Herbst     31st March 2016 The Competition Commission on Thursday conducted a search and seizure operation at the Gauteng premises of particleboard and medium-density fibreboard manufacturers PG Bison and Sonae Novobord as part of an investigation into alleged collusion. 

CompComm raids particleboard manufacturers in collusion investigation

President Zuma failed to uphold, defend the Constitution - ConCourt

By: News24Wire      31st March 2016 The Public Protector's remedial action against President Jacob Zuma over the upgrades to his Nkandla home were binding, the Constitutional Court said on Thursday. "The remedial action taken against the president has a binding effect," said Chief Justice Mogoeng Mogoeng. 

 President Zuma failed to uphold, defend the Constitution - ConCourt
Photo by Duane Daws
Jacob Zuma

BBBEE Commission fights fronting and other threats to transformation

By: Creamer Media Reporter      31st March 2016 Creamer Media’s Samantha Herbst speaks to Natasha Odendaal about fronting and other concerns of the BBBEE Commission. 

BBBEE Commission fights fronting and other threats to transformation

WC to create 300 000 new jobs in the next five years

By: Samantha Herbst     30th March 2016 Leveraging the Western Cape’s reputation as the “digital gateway to Africa” and a growing platform for new entrepreneurs, provincial Economic Opportunities Minister Alan Winde on Wednesday recommitted his department to further promoting job creation in an effort to add over 300 000 jobs to the... 

WC to create 300 000 new jobs in the next five years
Alan Winde

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